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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2012	Feb. 28, 2013	Jun. 30, 2012
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	TRGT
Entity Registrant Name	TARGACEPT INC
Entity Central Index Key	0001124105
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		33,616,675
Entity Public Float			$ 123,869,997

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 82,240	$ 107,283
Investments in marketable securities-short term	42,721	87,721
Receivables from collaborations and other	1,380	218
Prepaid expenses	1,402	2,995
Total current assets	127,743	198,217
Investments in marketable securities-long term	59,966	54,266
Property and equipment, net	1,639	5,035
Intangible assets	115	132
Other assets	116	476
Total assets	189,579	258,126
Current liabilities:
Accounts payable	2,056	3,489
Accrued expenses	6,085	16,167
Current portion of long-term debt	851	1,241
Current portion of deferred revenue	2,357	57,714
Total current liabilities	11,349	78,611
Long-term debt, net of current portion	1,136	1,986
Deferred revenue, net of current portion	1,179	3,241
Total liabilities	13,664	83,838
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value, 100,000,000 shares authorized; 33,615,081 and 33,383,403 shares issued and outstanding at December 31, 2012 and December 31 2011, respectively	34	33
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2012 and 2011
Capital in excess of par value	409,608	401,149
Accumulated other comprehensive income	201	36
Accumulated deficit	(233,928)	(226,930)
Total stockholders' equity	175,915	174,288
Total liabilities and stockholders' equity	$ 189,579	$ 258,126

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2012	Dec. 31, 2011
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	33,615,081	33,383,403
Common stock, shares outstanding	33,615,081	33,383,403
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
Statements of Comprehensive Income (Loss) - USD ($)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating revenues:
License fees and milestones from collaborations	$ 57,420,000	$ 96,979,000	$ 83,380,000
Grant revenue	440,000	658,000	2,333,000
Net operating revenues	57,860,000	97,637,000	85,713,000
Operating expenses:
Research and development (including stock-based compensation of $3,792, $4,885 and $2,768 in 2012, 2011 and 2010, respectively)	49,087,000	95,215,000	64,546,000
General and administrative (including stock-based compensation of $3,956, $3,628 and $2,169 in 2012, 2011 and 2010, respectively)	13,193,000	12,167,000	8,052,000
Reduction in force (including stock-based compensation of $98 in 2012)	3,718,000
Total operating expenses	65,998,000	107,382,000	72,598,000
(Loss) income from operations	(8,138,000)	(9,745,000)	13,115,000
Other income (expense):
Interest income	1,070,000	1,348,000	1,463,000
Gain on sale of property and equipment	55,000
Interest expense	(86,000)	(132,000)	(153,000)
Total other income (expense)	1,039,000	1,216,000	1,310,000
(Loss) income before income taxes	(7,099,000)	(8,529,000)	14,425,000
Income tax benefit (expense)	101,000		(3,526,000)
Net (loss) income	$ (6,998,000)	$ (8,529,000)	$ 10,899,000
Basic net (loss) income per share	$ (0.21)	$ (0.27)	$ 0.38
Diluted net (loss) income per share	$ (0.21)	$ (0.27)	$ 0.36
Weighted average common shares outstanding-basic	33,476,316	31,637,283	28,543,408
Weighted average common shares outstanding-diluted	33,476,316	31,637,283	30,150,324
Net (loss) income	$ (6,998,000)	$ (8,529,000)	$ 10,899,000
Unrealized gain (loss) on available-for-sale securities, net	165,000	(189,000)	225,000
Comprehensive (loss) income	$ (6,833,000)	$ (8,718,000)	$ 11,124,000

Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Research and development
Stock-based compensation	$ 3,792	$ 4,885	$ 2,768
General and Administrative Expense
Stock-based compensation	3,956	$ 3,628	$ 2,169
Reduction in force
Stock-based compensation	$ 98

- Definition

Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.

+ References + Details

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2009		28,226,829
Beginning balance at Dec. 31, 2009	$ 68,991	$ 28	$ 298,263		$ (229,300)
Issuance of common stock related to exercise of stock options (in shares)		643,862
Issuance of common stock related to exercise of stock options	3,292	$ 1	3,291
Stock-based compensation	4,937		4,937
Excess tax deductions from stock-based compensation	3,503		3,503
Net change in unrealized holding gain on available-for-sale marketable securities, net of taxes	225			$ 225
Net income	10,899				10,899
Comprehensive (loss) income	11,124
Ending balance (in shares) at Dec. 31, 2010		28,870,691
Ending balance at Dec. 31, 2010	91,847	$ 29	309,994	225	(218,401)
Issuance of common stock related to exercise of stock options (in shares)		305,395
Issuance of common stock related to exercise of stock options	1,802		1,802
Stock-based compensation	8,513		8,513
Net proceeds from public stock offering (in shares)		4,207,317
Net proceeds from public stock offering	80,844	$ 4	80,840
Net change in unrealized holding gain on available-for-sale marketable securities, net of taxes	(189)			(189)
Net income	(8,529)				(8,529)
Comprehensive (loss) income	(8,718)
Ending balance (in shares) at Dec. 31, 2011		33,383,403
Ending balance at Dec. 31, 2011	$ 174,288	$ 33	401,149	36	(226,930)
Issuance of common stock related to exercise of stock options (in shares)	231,678	231,678
Issuance of common stock related to exercise of stock options	$ 614	$ 1	613
Stock-based compensation	7,846		7,846
Net change in unrealized holding gain on available-for-sale marketable securities, net of taxes	165			165
Net income	(6,998)				(6,998)
Comprehensive (loss) income	(6,833)
Ending balance (in shares) at Dec. 31, 2012		33,615,081
Ending balance at Dec. 31, 2012	$ 175,915	$ 34	$ 409,608	$ 201	$ (233,928)

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating activities
Net (loss) income	$ (6,998)	$ (8,529)	$ 10,899
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Recognition of deferred revenue	(57,860)	(97,439)	(83,767)
Amortization of premium on marketable securities, net	937	911	416
Depreciation and amortization	2,212	2,480	1,997
Stock-based compensation expense	7,846	8,513	4,937
Excess tax benefits from stock-based compensation			(3,503)
Gain on disposal of property and equipment	(55)
Income tax benefit from other comprehensive income	(101)
Changes in operating assets and liabilities:
Receivables from collaborations	(1,162)	620	200,963
Other assets	2,017	(443)	(1,815)
Accounts payable, license fees payable and accrued expenses	(11,515)	4,419	(3,802)
Deferred license fee revenue	440	5,750	11,973
Net cash (used in) provided by operating activities	(64,239)	(83,718)	138,298
Investing activities
Purchase of investments in marketable securities	(120,972)	(156,253)	(144,012)
Proceeds from sale of investments in marketable securities	159,538	100,012	84,481
Purchase of property and equipment	(333)	(1,431)	(3,311)
Proceeds from sale of property and equipment	1,589	5	43
Net cash provided by (used in) investing activities	39,822	(57,667)	(62,799)
Financing activities
Proceeds from issuance of long-term debt		2,132	1,228
Principal payments on long-term debt	(1,240)	(1,964)	(1,577)
Proceeds from issuance of common stock, net	614	82,646	3,292
Excess tax benefits from stock-based compensation			3,503
Net cash (used in) provided by financing activities	(626)	82,814	6,446
Net (decrease) increase in cash and cash equivalents	(25,043)	(58,571)	81,945
Cash and cash equivalents at beginning of year	107,283	165,854	83,909
Cash and cash equivalents at end of year	$ 82,240	$ 107,283	$ 165,854

The Company and Nature of Operations

12 Months Ended

Dec. 31, 2012

The Company and Nature of Operations

1. The Company and Nature of Operations

Targacept, Inc., or the Company, is a Delaware corporation formed on March 7, 1997. The Company is a biopharmaceutical company engaged in the development of novel NNR Therapeutics™ for the treatment of various diseases and disorders of the nervous system. The Company’s NNR Therapeutics selectively target neuronal nicotinic receptors, which it refers to as NNRs. Its facilities are located in Winston-Salem, North Carolina.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates, Reclassifications and Revisions

The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenues and expenses reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Certain reclassifications have been made to the financial statements for the years ended December 31, 2011 and 2010 to conform to the presentation in the financial statements for the year ended December 31, 2012. These reclassifications had no impact on previously reported net loss or stockholders’ equity.

Cash and Cash Equivalents

The Company considers cash equivalents to be those investments which are highly liquid, readily convertible to cash and mature within three months from the date of purchase.

Investments in Marketable Securities

Consistent with its investment policy, the Company invests its cash allocated to fund its short-term liquidity requirements with prominent financial institutions in bank depository accounts and institutional money market funds and the Company invests the remainder of its cash in U.S. Treasury notes and bonds, U.S. and state government agency-backed securities, corporate debt securities that are rated at least A quality or equivalent, municipal bonds and certificates of deposit.

The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates its classification as of each balance sheet date. All marketable securities owned during 2012 and 2011 were classified as available-for-sale. The cost of securities sold is based on the specific identification method. Investments in marketable securities are recorded as of each balance sheet date at fair value, with unrealized gains and, to the extent deemed temporary, unrealized losses included in stockholders’ equity. Interest and dividend income on investments in marketable securities, accretion of discounts and amortization of premiums and realized gains and losses are included in interest income in the statement of comprehensive income (loss).

An investment in marketable securities is considered to be impaired when a decline in fair value below its cost basis is determined to be other than temporary. The Company evaluates whether a decline in fair value of an investment in marketable securities below its cost basis is other than temporary using available evidence. In the event that the cost basis of the investment exceeds its fair value, the Company evaluates, among other factors, the amount and duration of the period that the fair value is less than the cost basis, the financial health of and business outlook for the issuer, including industry and sector performance and operational and financing cash flow factors, overall market conditions and trends, the Company’s intent to sell the investment and whether it is more likely than not the Company would be required to sell the investment before its anticipated recovery. If a decline in fair value is determined to be other than temporary, the Company records an impairment charge in the statement of comprehensive income (loss) and establishes a new cost basis in the investment.

Receivables from Collaborations

Substantially all of the Company’s collaboration revenue is related to the collaboration and alliance agreements discussed in Note 12. A substantial portion of the Company’s receivables from collaborations and other at December 31, 2012 and 2011 is related to the Company’s two collaboration agreements with AstraZeneca AB, one of which remained in effect as of December 31, 2012.

During 2012, 2011, and 2010, the Company recognized revenue of $57,420,000, $96,979,000, and $83,380,000, respectively, or 99%, 99% and 97% of net operating revenues, respectively, from the collaboration and alliance agreements discussed in Note 12.

Long-lived Assets

Property and equipment consists primarily of laboratory equipment, office furniture and fixtures and, prior to December 31, 2012, leasehold improvements and is recorded at historical cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets ranging from 3 to 10 years. Laboratory equipment is typically depreciated over 3 to 5 years, office furniture and fixtures are typically depreciated over 5 to 10 years, and leasehold improvements are typically amortized over the lesser of the asset life or the lease term.

The Company capitalizes the costs of intellectual property acquired or licensed from external sources as intangible assets if, at the time of acquisition, the intellectual property has reached technological feasibility. Intellectual property acquired or licensed from external sources that has not reached technological feasibility at the time of acquisition or that has no expected future use is charged to research and development expense as incurred. The Company records all other charges related to the filing, prosecution and maintenance of patents to expense as incurred.

The Company assesses the net realizable value of its long-lived assets and evaluates these assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment charge would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. An impairment charge, if recognized, would be based on the excess of the carrying value of the impaired asset over its estimated fair value.

Research and Development Expense

Research and development costs are expensed as incurred and include direct costs incurred to third parties related to research or development of the Company’s product candidates, salaries of, and stock-based compensation for, personnel involved in research and development activities, contractor fees, administrative expenses and allocations of research and development-related overhead costs. Administrative expenses and research and development-related overhead costs included in research and development expense consist of allocations of facility and equipment lease charges, depreciation and amortization of assets, and insurance, legal and supply costs that are directly related to research and development activities. The Company directly reduces research and development expenses for amounts reimbursed pursuant to the cost-sharing agreements described in Note 12.

Accrued Expenses

The Company records accruals based on estimates of the services received, efforts expended and amounts owed pursuant to contracts with clinical trial sites, contract research organizations and other service providers. In the normal course of business, the Company contracts with third parties to perform various clinical trial and other research and development activities in the ongoing development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under these agreements depend on the performance of services or the achievement of specified events, such as the production of drug substance or clinical trial materials, the recruitment of clinical trial subjects, the completion of portions of a non-clinical study or clinical trial or similar conditions. The objective of the Company’s accrual policy is to match the recording of expenses in its financial statements to the actual services received and efforts expended. As such, expense accruals are recognized based on the Company’s estimate of the degree of completion of the event or events specified in a particular contract as giving rise to a payment.

Credit Risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash, investments in marketable securities and receivables from collaborations. The Company has established guidelines for investment of its cash that are designed to emphasize safety, liquidity and preservation of capital. The Company places its cash and cash equivalents with prominent financial institutions. At December 31, 2012 and 2011, the Company had deposits in excess of federally insured limits of $87,081,000 and $102,412,000, respectively.

Revenue Recognition

The Company uses the revenue recognition guidance established by Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 605, Revenue Recognition, or ASC 605. In determining the accounting for collaboration and alliance agreements, the Company follows the provisions of ASC 605, Subtopic 25, Multiple Element Arrangements, or ASC 605-25. ASC 605-25 provides guidance on whether an arrangement that involves multiple revenue-generating activities or deliverables should be divided into separate units of accounting for revenue recognition purposes and, if division is required, how the arrangement consideration should be allocated among the separate units of accounting. If the arrangement constitutes separate units of accounting according to the separation criteria of ASC 605-25, the consideration received is allocated among the separate units of accounting and the applicable revenue recognition criteria must be applied to each unit. If the arrangement constitutes a single unit of accounting, the revenue recognition policy must be determined for the entire arrangement and the consideration received is recognized over the period of inception through the date on which the last deliverable within the single unit of accounting is expected to be delivered. Revisions to the estimated period of recognition are reflected in revenue prospectively.

Collaboration research and development revenue is earned and recognized as research is performed and related expenses are incurred. Non-refundable upfront fees, which may include, for example, an initial payment upon effectiveness of the contractual relationship, payment representing a common stock purchase premium or payment to secure a right for a future license, are recorded as deferred revenue and recognized into revenue as license fees and milestones from collaborations on a straight-line basis over the estimated period of the Company’s substantive performance obligations. If the Company does not have substantive performance obligations, it recognizes non-refundable upfront fees into revenue through the date the deliverable is satisfied.

Revenue for non-refundable payments based on the achievement of milestone events under collaboration agreements is recognized in accordance with ASC 605, Subtopic 28, Milestone Method, or ASC 605-28, which the Company adopted as of January 1, 2011. Milestone events under the Company’s collaboration agreements may include research, development, regulatory, commercialization or sales events. Under ASC 605-28, a milestone payment is recognized as revenue when the applicable event is achieved if the event meets the definition of a milestone and the milestone is determined to be substantive. ASC 605-28 defines a milestone event as an event having all of the following characteristics: (1) there is substantive uncertainty regarding achievement of the milestone event at the inception of the arrangement; (2) the event can only be achieved based, in whole or in part, on either the company’s performance or a specific outcome resulting from the company’s performance; and (3) if achieved, the event would result in additional payment due to the company. The Company also treats events that can only be achieved based, in whole or in part, on either a third party’s performance or a specific outcome resulting from a third party’s performance as milestone events if the criteria of ASC 605-28 are otherwise satisfied. A milestone is considered substantive if it meets all of the following criteria: (A) the payment is commensurate with either the Company’s performance to achieve the milestone or with the enhancement of the value of the delivered item; (B) the payment relates solely to past performance; and (C) the payment is reasonable relative to all of the deliverables and payment terms within the arrangement. If any of these conditions is not met, the milestone payment is deferred and recognized on a straight-line basis over a period determined as discussed above.

Research and development costs that are reimbursable under collaboration agreements are recorded in accordance with ASC 605, Subtopic 45, Principal Agent Considerations. Amounts reimbursed under a cost sharing arrangement are reflected as a reduction of research and development expense.

Grant payments received prior to the Company’s performance of work required by the terms of the award are recorded as deferred revenue and recognized as grant revenue as the Company performs the work and incurs qualifying costs.

Income Taxes

The Company uses the liability method in accounting for income taxes as required by ASC Topic 740, Income Taxes, or ASC 740. Under ASC 740, deferred tax assets and liabilities are recorded for operating loss and tax credit carryforwards and for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that the assets will be realized. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. The Company’s policy is to classify any interest recognized in accordance with ASC 740 as interest expense and to classify any penalties recognized in accordance with ASC 740 as an expense other than income tax expense.

Net Income or Loss Per Share

The Company computes net income or loss per share in accordance with ASC Topic 260, Earnings Per Share, or ASC 260. Under the provisions of ASC 260, basic net income or loss per share, or Basic EPS, is computed by dividing net income or loss by the weighted average number of common shares outstanding. Diluted net income or loss per share, or Diluted EPS, is computed by dividing net income or loss by the weighted average number of common shares outstanding plus, in the case of diluted net income per share, dilutive common share equivalents outstanding.

The calculations of Basic EPS and Diluted EPS are set forth in the table below (in thousands, except share and per share amounts):


	Year Ended December 31,
	2012			2011			2010
Basic:
Net (loss) income	$	(6,998	)	$	(8,529	)	$	10,899

Weighted average common shares—basic		33,476,316			31,637,283			28,543,408

Basic EPS	$	(0.21	)	$	(0.27	)	$	0.38

Diluted:
Net (loss) income	$	(6,998	)	$	(8,529	)	$	10,899

Weighted average common shares—basic		33,476,316			31,637,283			28,543,408
Common share equivalents		—			—			1,606,916

Weighted average common shares—diluted		33,476,316			31,637,283			30,150,324

Diluted EPS	$	(0.21	)	$	(0.27	)	$	0.36

Common share equivalents consist of the incremental common shares that would be outstanding upon the exercise of stock options, calculated using the treasury stock method. For each of the years ended December 31, 2012 and 2011, the Company excluded all common share equivalents from the calculation of Diluted EPS because the Company had a net loss. As a result, Diluted EPS is identical to Basic EPS for those years. If the Company had been in a net income position for the years ended December 31, 2012 and 2011, 4,250,964 and 3,597,530 shares, respectively, subject to outstanding stock options may have been included in the calculation of common share equivalents using the treasury stock method. For the year ended December 31, 2010, a period in which the Company had net income, shares subject to outstanding stock options that were antidilutive and consequently not included in the calculation of common share equivalents totaled 850,683, calculated on a weighted-average basis.

Public Offerings of Common Stock

In May 2011, the Company completed an underwritten public offering of 3,658,537 shares of its common stock. In June 2011, the Company sold an additional 548,780 shares of its common stock upon the exercise of the over-allotment option granted to the underwriters. The Company’s net proceeds from the offering, after deducting underwriters’ discounts and commissions and offering expenses paid by the Company, were $80,840,000.

Stock-Based Compensation

The Company has two stock-based incentive plans, the 2000 Equity Incentive Plan of Targacept, Inc., as amended and restated through March 15, 2006, or the 2000 Plan, and the Targacept, Inc. 2006 Stock Incentive Plan, as amended and restated through March 9, 2011 and further amended on December 7, 2012, or the 2006 Plan. The 2000 Plan and the 2006 Plan, or the Plans, are described more fully in Note 9.

The Company records stock-based compensation under the fair value recognition provisions of ASC Topic 718, Compensation—Stock Compensation, or ASC 718. Under ASC 718, the Company calculates the fair value of each option grant using the Black-Scholes-Merton valuation formula. The fair value of each grant is recorded as expense on a straight-line basis over the option’s vesting period.

ASC 718 also requires the benefits of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow. This requirement reduces net operating cash flows and increases net financing cash flows for periods after adoption. The Company cannot estimate the future effect of excess tax deductions or shortfalls on cash flows because they depend on, among other things, when employees exercise stock options and the tax deductions available to the Company at those times.

Prepaid Expenses

The Company defers and capitalizes non-refundable advance payments for goods or services to be received in the future. The Company then charges the advance payments to expense ratably as the goods are delivered or the services are rendered. The Company may make adjustments to the amount charged to expense each period if expectations change regarding the timing of delivery of goods or rendering of services.

Fair Value

The carrying amounts of cash and cash equivalents, investments in marketable securities, receivables from collaborations, accounts payable and accrued expenses are considered to be representative of their respective fair values due to their short-term natures and, in the case of investments in marketable securities, their market interest rates. Likewise, the carrying amounts of the Company’s long-term debts are considered to be representative of their fair value due to their respective market interest rates.

The Company follows ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820, for application to financial assets. ASC 820 defines fair value, provides a consistent framework for measuring fair value under GAAP and requires fair value financial statement disclosures. ASC 820 applies only to the measurement and disclosure of financial assets that are required or permitted to be measured and reported at fair value under other ASC topics (except for standards that relate to share-based payments such as ASC Topic 718, Compensation—Stock Compensation).

The valuation techniques required by ASC 820 may be based on either observable or unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, and unobservable inputs reflect the Company’s market assumptions. These inputs are classified into the following hierarchy:

Level 1 Inputs—quoted prices (unadjusted) in active markets for identical assets that the reporting entity has the ability to access at the measurement date;

Level 2 Inputs—inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly; and

Level 3 Inputs—unobservable inputs for the assets.

The following tables present the Company’s investments in marketable securities (including those classified on the Company’s balance sheet as cash equivalents) that are measured at fair value on a recurring basis as of December 31, 2012 and 2011, respectively:


December 31, 2012	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
U.S. Treasury and U.S. or state government agency-backed securities	$	46,371	$	—	$	—
Corporate debt securities		—		47,173		—
Municipal bonds		—		2,700		—
Certificates of deposit		10,000		—		—
Accrued interest		443		—		—

Total cash equivalents and marketable securities	$	56,814	$	49,873	$	—


December 31, 2011	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
U.S. Treasury and U.S. or state government agency-backed securities	$	69,474	$	—	$	—
Corporate debt securities		—		75,007		—
Certificates of deposit		13,000		—		—
Accrued interest		506		—		—

Total cash equivalents and marketable securities	$	82,980	$	75,007	$	—

Corporate debt securities and municipal bonds are valued based on various observable inputs such as benchmark yields, reported trades, broker/dealer quotes, benchmark securities and bids.

Accumulated Other Comprehensive Income or Loss

Accumulated other comprehensive income or loss, as presented in stockholders’ equity on the Company’s balance sheet, reflects the cumulative net unrealized gains or losses on available-for-sale securities for all periods. The table below reflects changes in accumulated other comprehensive income for the year ended December 31, 2012, in thousands.


Accumulated other comprehensive income, January 1, 2012	$	36
Unrealized gain on available-for-sale securities, net		344
Net realized gains on available-for sale securities reclassified out of other comprehensive income		(78	)
Income taxes		(101	)

Accumulated other comprehensive income, December 31, 2012	$	201

Investments in Marketable Securities

12 Months Ended

Dec. 31, 2012

Investments in Marketable Securities

3. Investments in Marketable Securities

The following is a reconciliation of amortized cost to fair value of available-for-sale marketable securities (including those classified on the Company’s balance sheet as cash equivalents) held at December 31, 2012 and 2011:


December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Security type
Cash Equivalents
Corporate debt securities	$	4,000	$	—	$	—		$	4,000
Marketable Securities—Short term
U.S. Treasury and U.S. or state government agency-backed securities		25,412		27		—			25,439
Corporate debt securities		7,193		16		—			7,209
Certificates of deposit		10,000		—		—			10,000
Accrued interest		73		—		—			73
Marketable Securities—Long term
U.S. Treasury and U.S. or state government agency-backed securities		20,846		86		—			20,932
Corporate debt securities—long term		35,802		177		(15	)		35,964
Municipal Bonds		2,689		11		—			2,700
Accrued interest		370		—		—			370

Total available-for-sale marketable securities	$	106,385	$	317	$	(15	)	$	106,687


December 31, 2011	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Security type
Cash Equivalents
Corporate debt securities	$	16,000	$	—	$	—		$	16,000
Marketable Securities—Short term
U.S. Treasury and U.S. or state government agency-backed securities		35,908		32		—			35,940
Corporate debt securities		38,531		37		(34	)		38,534
Certificates of deposit		13,000		—		—			13,000
Accrued interest		247		—		—			247
Marketable Securities—Long term
U.S. Treasury and U.S. or state government agency-backed securities		33,466		75		(7	)		33,534
Corporate debt securities—long term		20,540		39		(106	)		20,473
Accrued interest		259		—		—			259

Total available-for-sale marketable securities	$	157,951	$	183	$	(147	)	$	157,987

As of December 31, 2012, the Company held investments in marketable securities with unrealized gains of $317,000 and unrealized losses of $15,000. For the investments in an unrealized loss position, the duration of the loss was less than 12 months, and the investments are not considered to be other-than-temporarily impaired.

As of December 31, 2012, the Company’s investments in marketable securities including those classified on its balance sheet as cash equivalents, reach maturity between January 10, 2013 and December 7, 2015, with a weighted average maturity date of approximately April 23, 2014.

Property and Equipment

12 Months Ended

Dec. 31, 2012

Property and Equipment

4. Property and Equipment

As of the respective dates shown, property and equipment consisted of the following:


	December 31,
	2012			2011
	(in thousands)
Laboratory equipment	$	2,628		$	12,218
Office furniture and fixtures		2,880			4,254
Leasehold improvements		—			1,395

		5,508			17,867
Less: accumulated depreciation		(3,869	)		(12,832	)

Property and equipment, net	$	1,639		$	5,035

The Company recorded $2,195,000, $2,463,000, and $1,979,000 of depreciation expense for the years ended December 31, 2012, 2011 and 2010, respectively. During the year ended December 31, 2012, the Company closed its laboratory operations and completed two reductions in force (see Note 13), which resulted in the sale of laboratory equipment and office furniture and fixtures with a book value of $1,534,000 and a cumulative gain on the sales of $55,000.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. 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. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Intangible Assets

12 Months Ended

Dec. 31, 2012

Intangible Assets

5. Intangible Assets

As of the respective dates shown, intangible assets consisted of the following:


	December 31,
	2012			2011
	(in thousands)
Patents	$	296		$	296
Less: accumulated amortization		(181	)		(164	)

Total	$	115		$	132

Intangible assets consist of licensed patent rights assigned to the Company by Layton Bioscience, Inc. in 2002, which had an original value to the Company of $296,000.

The Company’s prospective amortization of its intangible assets is $17,000 per year to research and development expense on a straight-line basis over the remaining useful life of the patents, a period of 17 years from the date of acquisition.

Accrued Expenses

12 Months Ended

Dec. 31, 2012

Accrued Expenses

6. Accrued Expenses

As of the respective dates shown, accrued expenses consisted of the following:


	December 31,
	2012		2011
	(in thousands)
Clinical trial and preclinical study costs	$	5,232	$	14,859
Employee compensation		797		1,178
Other		56		130

Total	$	6,085	$	16,167

Long-term Debt

12 Months Ended

Dec. 31, 2012

Long-term Debt

7. Long-term Debt

In July 2010, the Company entered into a loan agreement with a bank that provides aggregate borrowing capacity of $4,000,000 to be provided in up to three individual term loans on or prior to June 30, 2011 to fund the purchase of equipment, furnishings, software and other fixed assets. The Company borrowed $1,228,000 under the loan agreement in September 2010 and borrowed an additional $2,132,000 in June 2011. The Company’s September 2010 borrowing bears interest at a fixed rate of 3.40% per annum and is repayable in equal monthly installments of $28,000 beginning January 1, 2011 through the maturity date of December 1, 2014. The Company’s June 2011 borrowing bears interest at a fixed rate of 3.471% per annum and is repayable in equal monthly installments of $48,000 beginning July 1, 2011 through the maturity date of June 1, 2015. Pursuant to the loan agreement, the Company granted a first priority security interest in favor of the bank in the assets acquired with the proceeds of the loan.

In March 2008, the Company entered into a loan agreement with a bank that provided borrowing capacity of $5,300,000 to fund the purchase of equipment, furnishings, software and other fixed assets and enable the refinancing of an existing loan facility with another lender. The Company borrowed $4,811,000 upon entering into the loan agreement and borrowed the remaining $489,000 in September 2008. The Company’s March 2008 borrowing bore interest at a fixed rate of 5.231% per annum and was repayable in equal monthly installments of $112,000 beginning April 1, 2008 through the maturity date of March 1, 2012. The March 2008 borrowing was paid and satisfied in full on March 1, 2012. The Company used $1,679,000 of the proceeds from the March 2008 borrowing to pay and satisfy in full the principal and interest outstanding on two tranches of the existing loan facility with another lender and granted a first priority security interest in favor of the bank in assets previously acquired with the proceeds of those tranches. The Company’s September 2008 borrowing bears interest at a fixed rate of 6.131% per annum and is repayable in equal monthly installments of $11,000 beginning October 1, 2008 through the maturity date of September 1, 2012. The September 2008 borrowing was paid and satisfied in full on August 31, 2012.

During 2002, the Company borrowed $500,000 from the City of Winston-Salem. No payments were due on the City of Winston-Salem note until April 2007, when the Company began making monthly payments of $9,000 on the loan based on an interest rate of 5%. The note payable to the City of Winston-Salem was scheduled to mature on April 19, 2012. In December 2010, the Company repaid the remaining $135,000 balance of the note payable.

The Company paid $91,000, $134,000 and $156,000 in interest under notes payable during the years ended December 31, 2012, 2011 and 2010, respectively. Future scheduled maturities of long-term debt were as follows at December 31, 2012 (in thousands):


2013	$	851
2014		853
2015		283
2016 and thereafter		—

	$	1,987

Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes

8. Income Taxes

For the year ended December 31, 2012, the Company recognized $101,000 of income tax benefit as a result of the application of intraperiod tax allocation provisions of ASC 740, under which the Company is required to consider all items (including items recorded in other comprehensive income) in determining the amount of tax benefit that should be allocated to net loss. The non-cash income tax benefit was offset in full by income tax expense recorded in other comprehensive income. For the year ended December 31, 2011, the Company did not recognize any income tax expense or benefit. For the year ended December 31, 2010, the Company recognized $3,526,000 of income tax expense primarily as a result of the application of ASC 740 to stock-based compensation. Exercises of stock options during year ended December 31, 2010 resulted in tax deductions for stock-based compensation in excess of expense recorded for the stock options under GAAP, resulting in an income tax benefit of $3,503,000. The Company recognized the income tax benefit related to the excess tax deductions as an increase to capital in excess of par value, which based on ASC 740 resulted in an offsetting charge in the same amount to income tax expense. The Company has incurred cumulative net operating losses since inception. For the years shown, components of the Company’s income tax expense (benefit) were as follows:


	Year Ended December 31,
	2012			2011			2010
	(in thousands)
Current:
Federal	$	—		$	—		$	3,086
State		—			—			440

Net current income tax (benefit) expense		—			—			3,526

Deferred:
Federal		(1,128	)		(6,147	)		1,519
State		(718	)		(1,095	)		(1,321	)
Valuation allowance		1,745			7,242			(198	)

Net deferred income tax expense (benefit)		(101	)		—			—

Net income tax (benefit) expense	$	(101	)	$	—		$	3,526

The following is a reconciliation from the federal income tax rate to the Company’s effective tax rate.


	Year Ended December 31,
	2012			2011			2010
Expected federal income tax benefit/expense at statutory rate		35	%		35	%		35	%
Increase (decrease) resulting from:
Research and development credits		—			19			(12	)
Stock-based compensation		(15	)		(13	)		4
State income tax expense, net of federal benefit		2			3			3
Qualifying Therapeutic Drug Project grant		—			—			(3	)
Change in unrecognized tax benefit reserves		—			—			(3	)
Change in valuation allowance		(25	)		(85	)		(1	)
Other		4			41			1

		1	%		—	%		24	%

At December 31, 2012, 2011 and 2010, the Company had net operating loss carryforwards for federal income tax purposes of $187,752,000, $135,860,000, and $39,011,000, respectively, and for state income tax purposes of $176,296,000, $134,470,000 and $76,178,000, respectively. At December 31, 2012, 2011 and 2010, the Company had research and development income tax credit carryforwards for federal income tax purposes of $10,762,000, $10,778,000 and $9,556,000, respectively. The Company had research and development income tax credit carryforwards for state income tax purposes of $587,000 at December 31, 2012, 2011 and 2010. The federal net operating loss carryforwards begin to expire in 2024. The state net operating loss carryforwards begin to expire in 2019. The federal and state research and development tax credits begin to expire in 2021.

Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to ownership change limitations provided by Section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. A series of stock issuances gave rise to such an ownership change in December 2004. As a result, an annual limitation is imposed on the Company’s use of net operating loss and credit carryforwards attributable to periods before the change.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s net deferred tax assets relate principally to its recognition of deferred license fees from collaborations, research and development tax credits and net operating loss carryforwards. A valuation allowance has been recognized to offset the deferred tax assets. If and when recognized, the tax benefit for those items will be reflected in the period in which the benefit is recorded as a reduction of income tax expense. However, in the event the Company has excess tax deductions related to the exercise of stock options, the tax benefit will be reflected as an increase to capital in excess of par value. The utilization of the loss carryforwards to reduce future income taxes will depend on the Company’s ability to generate sufficient taxable income prior to the expiration of the net operating loss carryforwards. The valuation allowance increased by $1,745,000 and $7,242,000 for the years ended December 31, 2012 and 2011, respectively. For the year ended December 31, 2010, the valuation allowance decreased by $198,000.

As of the respective dates shown, significant components of the Company’s deferred tax assets (liabilities) were as follows:


	December 31,
	2012			2011
	(in thousands)
Deferred tax assets:
Collaboration revenue	$	1,341		$	21,193
Research and development tax credit		10,033			10,049
Net operating loss carryforward		65,935			45,901
Patents		1,798			1,968
Stock-based compensation		5,260			3,509
Other		94			48

Total gross deferred tax assets		84,461			82,668
Valuation allowance		(84,101	)		(82,356	)

Net deferred tax asset		360			312
Deferred tax liabilities
Equipment and other		(360	)		(312	)

Net deferred tax asset	$	—		$	—

As of December 31, 2012, the Company had cumulative tax deductions from exercises of stock options in excess of expense recorded for the stock options under GAAP. The $7,540,000 benefit of these excess tax deductions had not begun to be realized as of December 31, 2012 because the Company incurred operating losses in the years the respective stock options were exercised and has incurred cumulative net operating losses since inception. Accordingly, the tax benefit will not be recognized as an increase to capital in excess of par value unless and until the excess deductions reduce income taxes payable.

The Company follows the provisions of ASC 740, which prescribes a threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods and disclosures. There was no cumulative effect adjustment upon adoption.

A reconciliation of beginning and ending unrecognized tax benefits is as follows (in thousands).


Balance at January 1, 2010	$	1,886
Decreases based on tax positions related to prior years		(412	)

Balance at December 31, 2010		1,474
Additions (decreases) based on tax positions related to current and prior years		—

Balance at December 31, 2011		1,474
Additions (decreases) based on tax positions related to current and prior years		—

Balance at December 31, 2012	$	1,474

None of the unrecognized tax benefits would, if recognized, affect the effective tax rate because the Company has recorded a valuation allowance to fully offset federal and state deferred tax assets. The Company has no tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease during 2013. No interest or penalties with respect to unrecognized tax positions are recognized in the statement of comprehensive income (loss) for any of the years ended December 31, 2012, 2011 or 2010.

Because the Company has incurred cumulative net operating losses since inception, all tax years remain open to examination by U.S. federal, North Carolina and Massachusetts tax authorities. An examination of the Company’s 2006 federal income tax return was completed in 2009 with no adjustments. An examination of the Company’s 2009, 2008, 2007, and 2006 North Carolina income tax returns was completed in 2012 with no material adjustments.

In November 2010, the Internal Revenue Service notified the Company that it had approved cumulative grants of $1,467,000 to the Company under the Qualifying Therapeutic Discovery Project tax credit program enacted as part of the Patient Protection and Affordable Care Act of 2010. In the fourth quarter of 2010, the Company recorded the cumulative grants as grant revenue in its financial statements.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Stock-Based Incentive Plans

12 Months Ended

Dec. 31, 2012

Stock-Based Incentive Plans

9. Stock-Based Incentive Plans

The 2000 Plan became effective in August 2000. The 2006 Plan became effective in April 2006 and is the successor equity incentive program to the 2000 Plan. All shares previously reserved under the 2000 Plan and not subject to outstanding awards under the 2000 Plan are now reserved for grant under the 2006 Plan. As of December 31, 2012, the number of shares authorized for issuance under the Plans was 7,282,078, of which 854,557 shares remained available for grant.

Awards may be made with respect to the 2006 Plan, or may have been made with respect to both Plans, to participants under the Plans in the form of incentive and nonqualified stock options, restricted stock, stock appreciation rights, stock awards, and performance awards. Eligible participants under the Plans include employees, directors and certain independent contractors, consultants or advisors of the Company or a related corporation. Awards made under the Plans have vesting periods that are determined at the discretion of the administrator and range from 0 to 5 years and most commonly have 10-year contractual terms or, in some cases, shorter terms designed to comply with Section 409A of the Internal Revenue Code. The exercise price of stock options granted under the Plans may not be less than 100% of the fair market value of the common stock on the date of grant, as determined by the administrator.

In addition to awards made under the Plans, on December 3, 2012, the Company granted a nonqualified option to purchase 400,000 shares of its common stock pursuant to an employment agreement entered into by the Company in connection with the hire of its president and chief executive officer. The option, which was not granted pursuant to a Plan, has similar terms to nonqualified stock options granted under the 2006 Plan.

Under ASC 718, the Company recognizes the grant date fair value of stock options issued to employees and non-employee directors over the requisite service periods, which are typically the vesting periods. The Company uses the Black-Scholes-Merton formula to estimate the fair value of its stock-based payments. The volatility assumption used in the Black-Scholes-Merton formula is primarily based on the Company’s implied volatility, the calculated historical volatility of twelve to sixteen benchmark companies in the Company’s industry that have been identified as comparable public entities, the Company’s historical volatility and the implied volatility of the same benchmark companies. The expected term for stock options granted during 2012, 2011 and 2010 is based on historical analysis. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

The following table illustrates the weighted average assumptions for the Black-Scholes-Merton model used in determining the fair value of stock options granted as of the respective dates shown:


	Year ended December 31,
	2012			2011			2010
Dividend yield		—			—			—
Risk-free interest rate		1.0	%		2.5	%		2.9	%
Volatility		69	%		67	%		75	%
Expected term		6.16 years			6.00 years			6.27 years

During 2012, the Company partially accelerated the vesting of, and/or extended the permitted period for exercise for, some outstanding stock options held by several executive and non-executive employees who departed the Company. These modifications resulted in incremental compensation cost recorded by the Company for the year ended December 31, 2012 of $1,397,000.

A summary of option activity and changes during the year ended December 31, 2012 appears below.


	Shares Subject to Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
								(in thousands)
Outstanding at January 1, 2012		3,779,866		$	14.51
Granted		1,713,835			4.54
Forfeited		(892,219	)		16.38
Exercised		(231,678	)		2.65

Outstanding at December 31, 2012		4,369,804		$	10.84		6.3 years	$	624,538

Vested and exercisable at December 31, 2012		2,802,294		$	11.80		4.7 years	$	608,091

The weighted average grant date fair value of options granted during the years ended December 31, 2012, 2011, and 2010 was $2.98, $15.87 and $13.46, respectively. The total intrinsic value of options exercised during the years ended December 31, 2012, 2011, and 2010 was $471,680, $6,082,000, and $11,527,000, respectively.

A summary of the status of non-vested stock options outstanding as of December 31, 2012 and changes during the year ended December 31, 2012 appears below.


	Shares Subject to Options			Weighted Average Grant-Date Fair Value Per Share
Non-vested at January 1, 2012		1,376,081		$	13.28
Granted		1,713,835			2.98
Vested		(891,443	)		8.80
Forfeited		(630,963	)		10.15

Non-vested at December 31, 2012		1,567,510		$	5.84

As of December 31, 2012, there was $9,153,000 of total unrecognized compensation expense related to non-vested stock-based compensation arrangements, before considering forfeitures. That cost is expected to be recorded over a weighted average period of 3.14 years. The total fair value of shares subject to stock-based compensation arrangements that vested during the years ended December 31, 2012, 2011, and 2010 was $7,836,000, $8,481,000 and $4,396,000, respectively.

The Company had 4,369,804 and 3,779,866 shares of common stock reserved for future issuance upon the exercise of outstanding stock options at December 31, 2012 and 2011, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies

10. Commitments and Contingencies

Leases

On March 1, 2002, the Company entered into an agreement with Wake Forest University Health Sciences (WFUHS) to lease an office and research facility in Winston-Salem, North Carolina with an initial term that extended through July 31, 2007. The lease contained a renewal option for up to one additional five-year term, with a rental rate for the renewal term similar to the initial term. From 2005 to 2012, the terms of the lease were amended to, among other things, adjust and readjust the amount of rental space and include a second renewal term, exercisable at the Company’s option, at the then-existing market rate for similar space in the Piedmont Triad in North Carolina. The Company exercised its first renewal option in January 2007 and, as a result, the lease extended until July 31, 2012. Effective July 31, 2012, the Company and WFUHS further amended the lease to extend the lease term until the end of 2012, reduce the space leased by the Company from approximately 79,000 square feet to 48,318 square feet and reduce the monthly rent payable by the Company by approximately 37% to $131,141. The Company’s lease with WFUHS expired on December 31, 2012.

On December 4, 2012, the Company entered into an agreement with B/E Aerospace, Inc. to sublease approximately 18,282 square feet of office space in Winston-Salem, North Carolina. The term of the sublease began on January 1, 2013 and ends on December 30, 2015. The monthly rent payable by the Company under the sublease is approximately $22,000 for the first year, subject to escalation of approximately 3% for each subsequent year of the term. The sublease is subject to the terms and conditions of the prime lease covering the subleased space between B/E Aerospace and its landlord, SL Winston-Salem LLC.

The Company has entered into various other lease agreements, primarily for storage space and equipment. Rent expense incurred by the Company under the office lease and other operating leases was $2,819,000, $2,575,000 and $2,003,000 for the years ended December 31, 2012, 2011 and 2010, respectively.

The following table illustrates expected future lease payments under all operating leases (in thousands):


2013		556
2014		507
2015		327
2016
2017 and thereafter		—

	$	1,390

Employment Arrangements

The Company has entered into employment agreements with some of its executive officers. Under the agreements, if the Company terminates the employment of the executive officer other than for just cause or if the executive officer terminates his employment for good reason, in each case as that term is defined in the agreement, the executive officer is entitled, among other things, to receive severance equal to his current base salary for from up to nine to 18 months following termination, depending on the executive and the circumstances of termination. The executive officer would also be entitled to continuation of the health and life insurance benefits coverage provided to him as of the date of termination for the period during which he receives severance.

Under an employment agreement with the Company’s former chief executive officer, the Company has agreed to pay severance equal to the departing executive’s regular base salary as of May 31, 2012 and continue the departing executive’s health and life insurance benefits coverage provided to him as of May 31, 2012 for twelve months, representing an aggregate estimated amount of $506,000 that the Company recorded as general and administrative expense for the year ended December 31, 2012.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Retirement Savings Plan

12 Months Ended

Dec. 31, 2012

Retirement Savings Plan

11. Retirement Savings Plan

The Company has a 401(k) retirement plan in which all of its employees are eligible to participate. The Company contributed $454,000, $535,000, and $487,000 to the plan for the years ended December 31, 2012, 2011 and 2010, respectively. The Company matched employee contributions to the plan, on a per employee basis, up to 4% of each employee’s wages for the years ended December 31, 2012, 2011 and 2010.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Strategic Alliance and Collaboration Agreements

12 Months Ended

Dec. 31, 2012

Strategic Alliance and Collaboration Agreements

12. Strategic Alliance and Collaboration Agreements

AstraZeneca AB

In December 2005, the Company entered into a collaborative research and license agreement with AstraZeneca AB that was initially focused in cognitive disorders. In March 2013, the Company and AstraZeneca amended the agreement. As amended, the agreement permits AstraZeneca to pursue development and commercialization of compounds that it has licensed from the Company in any therapeutic area.

The Company is eligible to receive license fees and milestone payments under the agreement. The amount of license fees and milestone payments depends on the timing and achievement of specified milestone events.

AstraZeneca paid the Company an initial fee of $10,000,000 in February 2006. Based on the agreement terms, the Company allocated $5,000,000 of the initial fee to the research collaboration, which the Company recognized as revenue on a straight-line basis over the four-year term of the research collaboration. The Company deferred recognition of the remaining $5,000,000 of the initial fee, which was allocated to grants of licenses to develop and commercialize the Company’s product candidate TC-1734 (also known as AZD3480), until December 2006, when AstraZeneca made a determination to proceed with further development of TC-1734. As a result, in the first quarter of 2007, the Company began recognizing the $5,000,000 of the initial fee that it had previously deferred as revenue on a straight-line basis over the estimated development period for TC-1734. In July 2009, based on feedback received from AstraZeneca regarding its development plans for TC-1734 as a treatment for attention deficit/hyperactivity disorder, or ADHD, the Company extended its estimate of the development period for TC-1734 to continue through 2013 and began recognizing the part of the $5,000,000 portion of the initial fee not yet recognized as of April 1, 2009 into revenue on a straight-line basis over the remaining estimated development period. In September 2010, the Company and AstraZeneca amended the agreement to enable the Company to conduct a clinical trial of TC-1734 in mild to moderate Alzheimer’s disease and to provide for respective roles and responsibilities and associated financial terms for such a study. Under the 2010 amendment, the Company received from AstraZeneca $500,000 in October 2010, $2,000,000 in September 2011 and $3,500,000 in December 2011.

As of December 31, 2012, the Company was recognizing both the portion of the $5,000,000 of the initial fee attributable to TC-1734 license grants not yet recognized and the payments received under the amendment into revenue on a straight-line basis over the period of the Company’s substantive performance obligations under the agreement, as amended. In March 2013, AstraZeneca exercised its right to terminate TC-1734 from the collaboration. As a result, the Company expects to recognize into revenue in 2013 the portion of these amounts not yet recognized as of the date of AstraZeneca’s action, totaling $3,536,000. The Company recognized an aggregate of $2,946,000, $1,192,000, and $641,000 of the initial fee and the payments received under the amendment as revenue for the years ended December 31, 2012, 2011, and 2010, respectively.

The Company is eligible to receive additional payments from AstraZeneca if specified milestone events under the agreement are achieved for the Company’s product candidate AZD1446. The amounts of the contingent milestone payments vary depending on the applicable indication pursued and range from an additional $7,000,000 to $14,000,000 if development milestone events are achieved, an additional $8,000,000 to $10,000,000 if a regulatory milestone event is achieved, up to an additional $12,000,000 to $49,000,000 if first commercial sale milestone events are achieved and, in specified circumstances, up to an additional $30,000,000 if sales-related milestone events are achieved. If regulatory approval is achieved for AZD1446 for any indication, the Company is also eligible to receive stepped royalties on any sales of AZD1446 for that indication or any other indication. If AZD1446 is subsequently developed under the agreement for other indications, the Company would also be eligible to receive contingent milestone payments of up to $35,000,000 for each successive indication, if development, regulatory and first detail milestone events are achieved. Based solely on projected activities and timelines, the Company expects that the maximum amount of contingent milestone payments that could conceivably be earned during 2013 with respect to AZD1446 is $2,000,000, if a development milestone event is achieved. The likelihood that the Company will earn that milestone amount or achieve any particular milestone event with respect to AZD1446 in 2013 or in any future period is uncertain, and the Company may not earn any milestone amount or achieve any milestone event with respect to AZD1446 in 2013 or ever.

The Company considers that each of the potential milestone events under the agreement with respect to AZD1446 would be substantive because the applicable criteria of its revenue recognition policy (see Note 2) would be satisfied.

The Company and AstraZeneca conducted a multi-year preclinical research collaboration under the agreement. The term of the research collaboration expired in January 2010 and, as a result, the Company did not recognize any collaboration research and development revenue for the years ended December 31, 2012, 2011 or 2010.

In October 2007, the Company provided notice under the agreement offering AstraZeneca the right to license its product candidate TC-5619 for specified conditions characterized by cognitive impairment. Based on a subsequent election by AstraZeneca made under the terms of the agreement, AstraZeneca paid the Company $2,000,000 and the Company agreed to develop TC-5619 independently through completion of Phase 1 clinical development and a Phase 2 clinical proof of concept clinical trial in accordance with a mutually acceptable development plan, following which AstraZeneca would have the right to license TC-5619 on terms specified in the agreement (as it was amended in April 2010 as described below). The Company recognized the $2,000,000 payment as revenue on a straight-line basis over the period estimated from time to time for the Company’s research and development obligations for TC-5619 under the agreement. In April 2010, the Company and AstraZeneca amended the agreement to modify the terms applicable to TC-5619. In conjunction with the amendment, the Company and AstraZeneca agreed to an expanded development program for TC-5619 and the Company received a payment of $11,000,000 to maintain AstraZeneca’s option to license TC-5619. The Company recorded the $11,000,000 payment as deferred revenue and recognized it as revenue on a straight-line basis over the period estimated from time to time for the Company’s research and development obligations for TC-5619 under the agreement. The Company completed its research and development obligations for TC-5619 under the agreement in the second quarter of 2011. Accordingly, the Company recognized all of the $2,000,000 and $11,000,000 payments related to TC-5619 received from AstraZeneca into revenue by June 30, 2011. The Company recognized $4,801,000 and $6,564,000 of the payments as revenue for the years ended December 31, 2011 and 2010, respectively. In late April 2011, the Company received notice from AstraZeneca that it had determined not to exercise its license option.

The Company has received payments upon achievement of milestone events under the agreement that it recognized in full as revenue upon achievement because the event met each of the conditions required for immediate recognition under its revenue recognition policy (see Note 2). In particular, the Company received a $10,000,000 payment from AstraZeneca in July 2009 based on achievement of the objective in a completed Phase 2 clinical trial of TC-1734 in adults with ADHD, a milestone event under an amendment to the agreement. Under the terms of an existing sponsored research agreement and subsequent license agreement between the Company and University of Kentucky Research Foundation, or UKRF, the Company made a payment of $350,000 to UKRF in January 2010 as a result of the $10,000,000 payment received from AstraZeneca. The Company has also received cumulative payments from AstraZeneca of $2,600,000 based on the achievement of milestone events related to the development of product candidates arising under the parties’ completed preclinical research collaboration, including AZD1446.

AstraZeneca has paid the Company an aggregate of $88,120,000 under the agreement since its inception. As of December 31, 2012, $3,536,000 of the amounts received remained to be recognized into revenue in future periods.

Prior Collaboration Agreement

In December 2009, the Company entered into a collaboration and license agreement with AstraZeneca AB for the global development and commercialization of TC-5214 as a treatment for major depressive disorder. Under the agreement, AstraZeneca made an upfront payment to the Company of $200,000,000. The Company recorded the upfront payment made by AstraZeneca as deferred revenue and began recognizing the payment as revenue on a straight-line basis over the estimated period of the Company’s substantive performance obligations under the agreement, or approximately 33 months after the agreement date. The Company recognized $54,473,000 of the upfront payment as revenue for the year ended December 31, 2012 and $72,565,000 for each of the years ended December 31, 2011 and 2010. Under the terms of an existing license agreement, the Company paid $16,000,000 to University of South Florida Research Foundation, in February 2011 based on the Company’s receipt of the upfront payment from AstraZeneca

The Company and AstraZeneca jointly designed a program for the global development of TC-5214 as an adjunct therapy and as a “switch” monotherapy, in each case in patients with major depressive disorder who do not respond adequately to initial antidepressant treatment. AstraZeneca was responsible for 80% and the Company was responsible for 20% of the costs of this program, except that AstraZeneca was responsible for 100% of development costs that were required only for countries outside the United States and the European Union. In addition, for each of the Company and AstraZeneca, costs that were not contemplated at execution to be part of the program were in some cases excluded from the cost-sharing arrangement.

The Company’s portion of the costs of the TC-5214 development program was $2,175,000, $32,046,000 and $10,771,000 for the years ended December 31, 2012, 2011 and 2010, respectively. AstraZeneca’s allocable portion of the program costs paid by the Company was $127,000, $336,000 and $2,023,000 for the years ended December 31, 2012, 2011 and 2010, respectively. AstraZeneca’s allocable portion of the program costs paid by the Company is reflected in the Company’s financial statements as a reduction to research and development expense.

In the first quarter of 2012, the Company and AstraZeneca announced that, based on the totality of the results of the Phase 3 development program for TC-5214, a regulatory filing for TC-5214 as an adjunct therapy for major depressive disorder would not be pursued. Also in the first quarter of 2012, the Company reported that the Company and AstraZeneca determined to discontinue a Phase 2b clinical trial of TC-5214 as a “switch” monotherapy. The determinations to not pursue a regulatory filing for TC-5214 as an adjunct therapy for major depressive disorder and to discontinue the Phase 2b clinical trial of TC-5214 as a “switch” monotherapy resulted in a change in the estimated period of the Company’s substantive performance obligations under the agreement, and the Company revised the revenue recognition period for the upfront payment accordingly.

In April 2012, the Company received notice of termination of the agreement from AstraZeneca. By the terms of the agreement, the termination became effective in late May 2012. As a result, the Company recognized into revenue the portion of the upfront payment previously received and not yet recognized as of the notice of termination date and the entire upfront payment was recognized into revenue by June 30, 2012. Final activities in the TC-5214 program in major depressive disorder wound down after termination and were completed during the fourth quarter of 2012.

GlaxoSmithKline

On July 27, 2007, the Company entered into a product development and commercialization agreement with SmithKline Beecham Corporation, doing business as GlaxoSmithKline, and Glaxo Group Limited, which are referred to together as GlaxoSmithKline, that set forth the terms of an alliance designed to discover, develop and market product candidates that selectively target specified NNR subtypes for specified therapeutic focus areas. In February 2011, the Company received notice of termination of the agreement from GlaxoSmithKline. By the terms of the agreement, the termination became effective in May 2011.

Under the agreement and a related stock purchase agreement, GlaxoSmithKline made an initial payment to the Company of $20,000,000 and purchased 1,275,502 shares of the Company’s common stock for an aggregate purchase price of $15,000,000 on July 27, 2007. The purchase price paid by GlaxoSmithKline reflected an aggregate deemed premium of $3,521,000, based on the closing price of the Company’s common stock on the trading day immediately preceding the date that the agreements were signed and announced. The Company deferred recognition of both the initial payment made by GlaxoSmithKline and the deemed premium paid for the shares of the Company’s common stock purchased by GlaxoSmithKline and began recognizing both amounts into revenue on a straight-line basis over the nine-year period of the Company’s research and early development obligations estimated at inception of the agreement. The Company recognized $2,613,000 of the initial payment and deemed premium as revenue for the year ended December 31, 2010.

In December 2007, the Company received a $6,000,000 payment from GlaxoSmithKline upon the achievement of a specified milestone event under the agreement. The Company determined the payment did not meet each of the conditions of its revenue recognition policy (see Note 2) required for recognition of the full amount into revenue upon achievement of the milestone. Specifically, based on the progress as of inception of the agreement of the product candidate to which the payment related, there was not substantive uncertainty regarding achievement of the milestone event within the meaning of the Company’s revenue recognition policy. Accordingly, the Company recorded the payment as deferred revenue and began recognizing it into revenue on a straight-line basis over the remaining portion of the nine-year period of the Company’s research and early development obligations estimated at inception of the agreement. The Company recognized $692,000 of the payment as revenue for the year ended December 31, 2010.

As a result of its receipt in February 2011 of notice of termination of the agreement, the Company recognized the remaining $18,421,000 of the payments discussed above that had not previously been recognized into revenue for the first quarter of 2011 in accordance with its revenue recognition policy (see Note 2).

Reductions In Force

12 Months Ended

Dec. 31, 2012

Reductions In Force

13. Reductions In Force

On April 25, 2012, the Company announced a reduction in force as part of a plan to focus its resources on its clinical programs and select preclinical opportunities. The restructuring was completed in the second quarter of 2012. The Company recorded as expense and paid $2,312,000 in severance and other charges related to the reduction in force for the year ended December 31, 2012. Upon the completion of the restructuring, the Company’s workforce was reduced by 65 employees, or approximately 46%.

On October 8, 2012, the Company announced a further reduction in force and the closing of its laboratory operations. Both of these actions were completed in the fourth quarter of 2012. The Company recorded as expense and paid $1,406,000 in severance and other charges related to the reduction in force for the year ended December 31, 2012. Upon the completion of the restructuring, the Company’s workforce was further reduced by 27 employees, or approximately 38%.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References + Details

Selected Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2012

Selected Quarterly Financial Data (unaudited)

14. Selected Quarterly Financial Data (unaudited)


	2012 Quarter
	First		Second			Third			Fourth
	(in thousands, except share and per share amounts)
Net operating revenues	$	22,857	$	33,645		$	768		$	590
Income (loss) from operations		1,986		14,234			(8,098	)		(16,260	)
Net income (loss)		2,259		14,492			(7,879	)		(15,870	)
Basic net income (loss) per share(1)	$	0.07	$	0.43		$	(0.24	)	$	(0.47	)
Diluted net income (loss) per share(1)	$	0.07	$	0.43		$	(0.24	)	$	(0.47	)
Weighted average common shares outstanding—basic		33,390,286		33,409,341			33,494,106			33,609,867
Weighted average common shares outstanding—diluted		33,822,010		33,638,629			33,494,106			33,609,867

	2011 Quarter
	First		Second			Third			Fourth
	(in thousands, except share and per share amounts)
Net operating revenues	$	38,994	$	20,743		$	18,955		$	18,945
Income (loss) from operations		12,302		(2,571	)		(9,331	)		(10,145	)
Net income (loss)		12,587		(2,257	)		(9,054	)		(9,805	)
Basic net income (loss) per share(1)	$	0.43	$	(0.07	)	$	(0.27	)	$	(0.29	)
Diluted net income (loss) per share(1)	$	0.41	$	(0.07	)	$	(0.27	)	$	(0.29	)
Weighted average common shares outstanding—basic		28,996,060		30,725,227			33,377,874			33,382,640
Weighted average common shares outstanding—diluted		30,399,750		30,725,227			33,377,874			33,382,640

(1)

Per common share amounts for the quarters and full years have been calculated separately. Accordingly, the sum of quarterly amounts may not equal the annual amount because of differences in the weighted average common shares outstanding during each period, principally due to the effect of share issuances by the Company during the year.

(2)

Diluted weighted average common shares outstanding are identical to basic weighted average common shares outstanding and Diluted EPS is identical to Basic EPS for the third and fourth quarters of 2012 and for the second, third and fourth quarter of 2011 because common share equivalents are excluded from the calculations of diluted weighted average common shares outstanding for those quarters, as their effect is antidilutive.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2012
Subsequent Event	15. Subsequent Event In March 2013, the Company and AstraZeneca amended their collaborative research and license agreement as discussed in Note 12.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2012

Use of Estimates, Reclassifications and Revisions

Use of Estimates, Reclassifications and Revisions

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers cash equivalents to be those investments which are highly liquid, readily convertible to cash and mature within three months from the date of purchase.

Investments in Marketable Securities

Investments in Marketable Securities

Receivables from Collaborations

Receivables from Collaborations

Long-lived Assets

Long-lived Assets

Research and Development Expense

Research and Development Expense

Accrued Expenses

Accrued Expenses

Credit Risk

Credit Risk

Revenue Recognition

Revenue Recognition

Income Taxes

Income Taxes

Net Income or Loss Per Share

Net Income or Loss Per Share

The calculations of Basic EPS and Diluted EPS are set forth in the table below (in thousands, except share and per share amounts):


	Year Ended December 31,
	2012			2011			2010
Basic:
Net (loss) income	$	(6,998	)	$	(8,529	)	$	10,899

Weighted average common shares—basic		33,476,316			31,637,283			28,543,408

Basic EPS	$	(0.21	)	$	(0.27	)	$	0.38

Diluted:
Net (loss) income	$	(6,998	)	$	(8,529	)	$	10,899

Weighted average common shares—basic		33,476,316			31,637,283			28,543,408
Common share equivalents		—			—			1,606,916

Weighted average common shares—diluted		33,476,316			31,637,283			30,150,324

Diluted EPS	$	(0.21	)	$	(0.27	)	$	0.36

Public Offerings of Common Stock

Public Offerings of Common Stock

Stock-Based Compensation

Stock-Based Compensation

Prepaid Expenses

Prepaid Expenses

Fair Value

Fair Value

Level 1 Inputs—quoted prices (unadjusted) in active markets for identical assets that the reporting entity has the ability to access at the measurement date;

Level 2 Inputs—inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly; and

Level 3 Inputs—unobservable inputs for the assets.


December 31, 2012	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
U.S. Treasury and U.S. or state government agency-backed securities	$	46,371	$	—	$	—
Corporate debt securities		—		47,173		—
Municipal bonds		—		2,700		—
Certificates of deposit		10,000		—		—
Accrued interest		443		—		—

Total cash equivalents and marketable securities	$	56,814	$	49,873	$	—


December 31, 2011	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
U.S. Treasury and U.S. or state government agency-backed securities	$	69,474	$	—	$	—
Corporate debt securities		—		75,007		—
Certificates of deposit		13,000		—		—
Accrued interest		506		—		—

Total cash equivalents and marketable securities	$	82,980	$	75,007	$	—

Corporate debt securities and municipal bonds are valued based on various observable inputs such as benchmark yields, reported trades, broker/dealer quotes, benchmark securities and bids.

Accumulated Other Comprehensive Income or Loss

Accumulated Other Comprehensive Income or Loss


Accumulated other comprehensive income, January 1, 2012	$	36
Unrealized gain on available-for-sale securities, net		344
Net realized gains on available-for sale securities reclassified out of other comprehensive income		(78	)
Income taxes		(101	)

Accumulated other comprehensive income, December 31, 2012	$	201

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Calculations of Basic EPS and Diluted EPS

The calculations of Basic EPS and Diluted EPS are set forth in the table below (in thousands, except share and per share amounts):


	Year Ended December 31,
	2012			2011			2010
Basic:
Net (loss) income	$	(6,998	)	$	(8,529	)	$	10,899

Weighted average common shares—basic		33,476,316			31,637,283			28,543,408

Basic EPS	$	(0.21	)	$	(0.27	)	$	0.38

Diluted:
Net (loss) income	$	(6,998	)	$	(8,529	)	$	10,899

Weighted average common shares—basic		33,476,316			31,637,283			28,543,408
Common share equivalents		—			—			1,606,916

Weighted average common shares—diluted		33,476,316			31,637,283			30,150,324

Diluted EPS	$	(0.21	)	$	(0.27	)	$	0.36

Investments In Marketable Securities Measured at Fair Value On a Recurring Basis


December 31, 2012	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
U.S. Treasury and U.S. or state government agency-backed securities	$	46,371	$	—	$	—
Corporate debt securities		—		47,173		—
Municipal bonds		—		2,700		—
Certificates of deposit		10,000		—		—
Accrued interest		443		—		—

Total cash equivalents and marketable securities	$	56,814	$	49,873	$	—


December 31, 2011	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
U.S. Treasury and U.S. or state government agency-backed securities	$	69,474	$	—	$	—
Corporate debt securities		—		75,007		—
Certificates of deposit		13,000		—		—
Accrued interest		506		—		—

Total cash equivalents and marketable securities	$	82,980	$	75,007	$	—

Changes in Accumulated Other Comprehensive Income or Loss

The table below reflects changes in accumulated other comprehensive income for the year ended December 31, 2012, in thousands.


Accumulated other comprehensive income, January 1, 2012	$	36
Unrealized gain on available-for-sale securities, net		344
Net realized gains on available-for sale securities reclassified out of other comprehensive income		(78	)
Income taxes		(101	)

Accumulated other comprehensive income, December 31, 2012	$	201

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References + Details

Investments in Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2012

Reconciliation of Amortized Cost to Fair Value of Available-For-Sale Marketable Securities


December 31, 2012	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Security type
Cash Equivalents
Corporate debt securities	$	4,000	$	—	$	—		$	4,000
Marketable Securities—Short term
U.S. Treasury and U.S. or state government agency-backed securities		25,412		27		—			25,439
Corporate debt securities		7,193		16		—			7,209
Certificates of deposit		10,000		—		—			10,000
Accrued interest		73		—		—			73
Marketable Securities—Long term
U.S. Treasury and U.S. or state government agency-backed securities		20,846		86		—			20,932
Corporate debt securities—long term		35,802		177		(15	)		35,964
Municipal Bonds		2,689		11		—			2,700
Accrued interest		370		—		—			370

Total available-for-sale marketable securities	$	106,385	$	317	$	(15	)	$	106,687


December 31, 2011	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Security type
Cash Equivalents
Corporate debt securities	$	16,000	$	—	$	—		$	16,000
Marketable Securities—Short term
U.S. Treasury and U.S. or state government agency-backed securities		35,908		32		—			35,940
Corporate debt securities		38,531		37		(34	)		38,534
Certificates of deposit		13,000		—		—			13,000
Accrued interest		247		—		—			247
Marketable Securities—Long term
U.S. Treasury and U.S. or state government agency-backed securities		33,466		75		(7	)		33,534
Corporate debt securities—long term		20,540		39		(106	)		20,473
Accrued interest		259		—		—			259

Total available-for-sale marketable securities	$	157,951	$	183	$	(147	)	$	157,987

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2012

Property and Equipment

As of the respective dates shown, property and equipment consisted of the following:


	December 31,
	2012			2011
	(in thousands)
Laboratory equipment	$	2,628		$	12,218
Office furniture and fixtures		2,880			4,254
Leasehold improvements		—			1,395

		5,508			17,867
Less: accumulated depreciation		(3,869	)		(12,832	)

Property and equipment, net	$	1,639		$	5,035

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2012

Intangible Assets

As of the respective dates shown, intangible assets consisted of the following:


	December 31,
	2012			2011
	(in thousands)
Patents	$	296		$	296
Less: accumulated amortization		(181	)		(164	)

Total	$	115		$	132

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2012

Accrued Expenses

As of the respective dates shown, accrued expenses consisted of the following:


	December 31,
	2012		2011
	(in thousands)
Clinical trial and preclinical study costs	$	5,232	$	14,859
Employee compensation		797		1,178
Other		56		130

Total	$	6,085	$	16,167

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2012

Maturities of Long-Term Debt

Future scheduled maturities of long-term debt were as follows at December 31, 2012 (in thousands):


2013	$	851
2014		853
2015		283
2016 and thereafter		—

	$	1,987

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Company's Income Tax Expense (Benefit)

For the years shown, components of the Company’s income tax expense (benefit) were as follows:


	Year Ended December 31,
	2012			2011			2010
	(in thousands)
Current:
Federal	$	—		$	—		$	3,086
State		—			—			440

Net current income tax (benefit) expense		—			—			3,526

Deferred:
Federal		(1,128	)		(6,147	)		1,519
State		(718	)		(1,095	)		(1,321	)
Valuation allowance		1,745			7,242			(198	)

Net deferred income tax expense (benefit)		(101	)		—			—

Net income tax (benefit) expense	$	(101	)	$	—		$	3,526

Reconciliation of Federal Income Tax Rate to Company's Effective Tax Rate

The following is a reconciliation from the federal income tax rate to the Company’s effective tax rate.


	Year Ended December 31,
	2012			2011			2010
Expected federal income tax benefit/expense at statutory rate		35	%		35	%		35	%
Increase (decrease) resulting from:
Research and development credits		—			19			(12	)
Stock-based compensation		(15	)		(13	)		4
State income tax expense, net of federal benefit		2			3			3
Qualifying Therapeutic Drug Project grant		—			—			(3	)
Change in unrecognized tax benefit reserves		—			—			(3	)
Change in valuation allowance		(25	)		(85	)		(1	)
Other		4			41			1

		1	%		—	%		24	%

Components of the Company's Deferred Tax Assets (Liabilities)

As of the respective dates shown, significant components of the Company’s deferred tax assets (liabilities) were as follows:


	December 31,
	2012			2011
	(in thousands)
Deferred tax assets:
Collaboration revenue	$	1,341		$	21,193
Research and development tax credit		10,033			10,049
Net operating loss carryforward		65,935			45,901
Patents		1,798			1,968
Stock-based compensation		5,260			3,509
Other		94			48

Total gross deferred tax assets		84,461			82,668
Valuation allowance		(84,101	)		(82,356	)

Net deferred tax asset		360			312
Deferred tax liabilities
Equipment and other		(360	)		(312	)

Net deferred tax asset	$	—		$	—

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of beginning and ending unrecognized tax benefits is as follows (in thousands).


Balance at January 1, 2010	$	1,886
Decreases based on tax positions related to prior years		(412	)

Balance at December 31, 2010		1,474
Additions (decreases) based on tax positions related to current and prior years		—

Balance at December 31, 2011		1,474
Additions (decreases) based on tax positions related to current and prior years		—

Balance at December 31, 2012	$	1,474

Stock-Based Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Weighted Average Assumptions of Stock Options Granted

The following table illustrates the weighted average assumptions for the Black-Scholes-Merton model used in determining the fair value of stock options granted as of the respective dates shown:


	Year ended December 31,
	2012			2011			2010
Dividend yield		—			—			—
Risk-free interest rate		1.0	%		2.5	%		2.9	%
Volatility		69	%		67	%		75	%
Expected term		6.16 years			6.00 years			6.27 years

Summary of Option Activity

A summary of option activity and changes during the year ended December 31, 2012 appears below.


	Shares Subject to Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
								(in thousands)
Outstanding at January 1, 2012		3,779,866		$	14.51
Granted		1,713,835			4.54
Forfeited		(892,219	)		16.38
Exercised		(231,678	)		2.65

Outstanding at December 31, 2012		4,369,804		$	10.84		6.3 years	$	624,538

Vested and exercisable at December 31, 2012		2,802,294		$	11.80		4.7 years	$	608,091

Summary of Non-Vested Stock Options

A summary of the status of non-vested stock options outstanding as of December 31, 2012 and changes during the year ended December 31, 2012 appears below.


	Shares Subject to Options			Weighted Average Grant-Date Fair Value Per Share
Non-vested at January 1, 2012		1,376,081		$	13.28
Granted		1,713,835			2.98
Vested		(891,443	)		8.80
Forfeited		(630,963	)		10.15

Non-vested at December 31, 2012		1,567,510		$	5.84

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Expected Future Lease Payments Under All Operating Leases

The following table illustrates expected future lease payments under all operating leases (in thousands):


2013		556
2014		507
2015		327
2016
2017 and thereafter		—

	$	1,390

Selected Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Data


	2012 Quarter
	First		Second			Third			Fourth
	(in thousands, except share and per share amounts)
Net operating revenues	$	22,857	$	33,645		$	768		$	590
Income (loss) from operations		1,986		14,234			(8,098	)		(16,260	)
Net income (loss)		2,259		14,492			(7,879	)		(15,870	)
Basic net income (loss) per share(1)	$	0.07	$	0.43		$	(0.24	)	$	(0.47	)
Diluted net income (loss) per share(1)	$	0.07	$	0.43		$	(0.24	)	$	(0.47	)
Weighted average common shares outstanding—basic		33,390,286		33,409,341			33,494,106			33,609,867
Weighted average common shares outstanding—diluted		33,822,010		33,638,629			33,494,106			33,609,867

	2011 Quarter
	First		Second			Third			Fourth
	(in thousands, except share and per share amounts)
Net operating revenues	$	38,994	$	20,743		$	18,955		$	18,945
Income (loss) from operations		12,302		(2,571	)		(9,331	)		(10,145	)
Net income (loss)		12,587		(2,257	)		(9,054	)		(9,805	)
Basic net income (loss) per share(1)	$	0.43	$	(0.07	)	$	(0.27	)	$	(0.29	)
Diluted net income (loss) per share(1)	$	0.41	$	(0.07	)	$	(0.27	)	$	(0.29	)
Weighted average common shares outstanding—basic		28,996,060		30,725,227			33,377,874			33,382,640
Weighted average common shares outstanding—diluted		30,399,750		30,725,227			33,377,874			33,382,640

(1)

(2)

Company and Nature of Operations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2012
Organization and Nature of Operations [Line Items]
Corporation formed	Mar. 07, 1997

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2012 USD ($) Contract EquityPlan shares	Dec. 31, 2011 USD ($) Contract shares	Dec. 31, 2010 USD ($) shares	Jun. 30, 2011 shares	May 31, 2011 shares
Significant Accounting Policies [Line Items]
License fees and milestones from collaborations \| $	$ 57,420,000	$ 96,979,000	$ 83,380,000
Percent of net operating revenue recognized from collaborative activity	99.00%	99.00%	97.00%
Deposits in excess of federally insured limits \| $	$ 87,081,000	$ 102,412,000
Shares subject to outstanding stock options, anti-dilutive, weighted average \| shares	4,250,964	3,597,530	850,683
Common stock shares issued \| shares					3,658,537
Additional common stock shares issued \| shares				548,780
Net proceeds from public stock offering \| $		$ 80,840,000
Number of stock-based incentive plans \| EquityPlan	2
AstraZeneca
Significant Accounting Policies [Line Items]
Number of collaboration agreements receivables and other are attributable to \| Contract	2	2
Number of collaboration agreements in effect \| Contract	1
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of long lived assets	3 years
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of long lived assets	10 years
Laboratory Equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of long lived assets	3 years
Laboratory Equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of long lived assets	5 years
Office Equipment And Furniture \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of long lived assets	5 years
Office Equipment And Furniture \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of long lived assets	10 years

Summary of Calculations of Basic EPS and Diluted EPS (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Basic:

Net (loss) income

$ (15,870)

$ (7,879)

$ 14,492

$ 2,259

$ (9,805)

$ (9,054)

$ (2,257)

$ 12,587

$ (6,998)

$ (8,529)

$ 10,899

Weighted average common shares-basic

33,609,867

33,494,106

33,409,341

33,390,286

33,382,640

33,377,874

30,725,227

28,996,060

33,476,316

31,637,283

28,543,408

Basic EPS

$ (0.47)

^[1]

$ (0.24)

^[1]

$ 0.43

^[1]

$ 0.07

^[1]

$ (0.29)

^[1]

$ (0.27)

^[1]

$ (0.07)

^[1]

$ 0.43

^[1]

$ (0.21)

$ (0.27)

$ 0.38

Diluted:

Net (loss) income

$ (15,870)

$ (7,879)

$ 14,492

$ 2,259

$ (9,805)

$ (9,054)

$ (2,257)

$ 12,587

$ (6,998)

$ (8,529)

$ 10,899

Weighted average common shares-basic

33,609,867

33,494,106

33,409,341

33,390,286

33,382,640

33,377,874

30,725,227

28,996,060

33,476,316

31,637,283

28,543,408

Common share equivalents

1,606,916

Weighted average common shares-diluted

33,609,867

^[2]

33,494,106

^[2]

33,638,629

^[2]

33,822,010

33,382,640

^[2]

33,377,874

^[2]

30,725,227

^[2]

30,399,750

33,476,316

31,637,283

30,150,324

Diluted EPS

$ (0.47)

^[1]

$ (0.24)

^[1]

$ 0.43

^[1]

$ 0.07

^[1]

$ (0.29)

^[1]

$ (0.27)

^[1]

$ (0.07)

^[1]

$ 0.41

^[1]

$ (0.21)

$ (0.27)

$ 0.36

[1]

[2]

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

+ Details

- 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.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

- 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.

+ References + Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Investments in Marketable Securities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	$ 106,687	$ 157,987
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	56,814	82,980
Fair Value, Inputs, Level 1 \| US Treasury and Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	46,371	69,474
Fair Value, Inputs, Level 1 \| Certificates of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	10,000	13,000
Fair Value, Inputs, Level 1 \| Accrued Interest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	443	506
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	49,873	75,007
Fair Value, Inputs, Level 2 \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	47,173	$ 75,007
Fair Value, Inputs, Level 2 \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents and marketable securities	$ 2,700

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

+ References + Details

Changes in Accumulated Other Comprehensive Income Loss (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($)
Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, January 1, 2012	$ 36
Unrealized gain on available-for-sale securities, net	344
Net realized gains on available-for sale securities reclassified out of other comprehensive income	(78)
Income taxes	(101)
Accumulated other comprehensive income, December 31, 2012	$ 201

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

- Definition

Before tax amount of the income statement impact of the reclassification adjustment for unrealized gain (loss) realized upon the sale of available-for-sale securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e709-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e689-108580

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e716-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 18, 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tax effect of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e640-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=18498875&loc=d3e39076-109324

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 36
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Investments in Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 106,385	$ 157,951
Gross Unrealized Gains	317	183
Gross Unrealized Losses	(15)	(147)
Fair Value	106,687	157,987
Cash Equivalents \| Corporate Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,000	16,000
Fair Value	4,000	16,000
Marketable Securities - Short term \| Corporate Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,193	38,531
Gross Unrealized Gains	16	37
Gross Unrealized Losses		(34)
Fair Value	7,209	38,534
Marketable Securities - Short term \| US Treasury and Government
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	25,412	35,908
Gross Unrealized Gains	27	32
Fair Value	25,439	35,940
Marketable Securities - Short term \| Certificates of Deposit
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,000	13,000
Fair Value	10,000	13,000
Marketable Securities - Short term \| Accrued Interest
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	73	247
Fair Value	73	247
Marketable Securities - Long term \| Corporate Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	35,802	20,540
Gross Unrealized Gains	177	39
Gross Unrealized Losses	(15)	(106)
Fair Value	35,964	20,473
Marketable Securities - Long term \| US Treasury and Government
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	20,846	33,466
Gross Unrealized Gains	86	75
Gross Unrealized Losses		(7)
Fair Value	20,932	33,534
Marketable Securities - Long term \| Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,689
Gross Unrealized Gains	11
Fair Value	2,700
Marketable Securities - Long term \| Accrued Interest
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	370	259
Fair Value	$ 370	$ 259

Investments in Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Investment [Line Items]
Unrealized gains on marketable securities	$ 317	$ 183
Unrealized losses on marketable securities	$ 15	$ 147
Unrealized loss position, period	Less than 12 months
Maturity date of investments in marketable securities, range start	Jan. 10, 2013
Maturity date of investments in marketable securities, range end	Dec. 07, 2015
Weighted average maturity date	Apr. 23, 2014

Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Property, Plant, and Equipment Disclosure [Line Items]
Property, Plant and Equipment, Gross	$ 5,508	$ 17,867
Less: accumulated depreciation	(3,869)	(12,832)
Property and equipment, net	1,639	5,035
Laboratory Equipment
Property, Plant, and Equipment Disclosure [Line Items]
Property, Plant and Equipment, Gross	2,628	12,218
Office Furniture and Fixtures
Property, Plant, and Equipment Disclosure [Line Items]
Property, Plant and Equipment, Gross	$ 2,880	4,254
Leasehold Improvements
Property, Plant, and Equipment Disclosure [Line Items]
Property, Plant and Equipment, Gross		$ 1,395

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References + Details

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Depreciation and Other Amortization Expenses [Line Items]
Depreciation expense	$ 2,195,000	$ 2,463,000	$ 1,979,000
Sale of office property and equipment	1,534,000
Gain on sale of property and equipment	$ 55,000

Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]
Patents	$ 296	$ 296
Less: accumulated amortization	(181)	(164)
Total	$ 115	$ 132

Intangible Assets - Additional Information (Detail)	12 Months Ended
Intangible Assets - Additional Information (Detail)	Dec. 31, 2012 USD ($) yr	Dec. 31, 2011 USD ($)
Finite Lived Intangible Assets Future Amortization Expense [Line Items]
Patents	$ 296,000	$ 296,000
Finite lived intangible assets prospective amortization per year	$ 17,000
Number of years assets to be amortized \| yr	17

Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Accrued Liabilities [Line Items]
Clinical trial and preclinical study costs	$ 5,232	$ 14,859
Employee compensation	797	1,178
Other	56	130
Total	$ 6,085	$ 16,167

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Long-term Debt - Additional Information (Detail) - USD ($)	1 Months Ended					12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Sep. 30, 2010	Sep. 30, 2008	Mar. 31, 2008	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2002	Jul. 31, 2010
Debt Instrument [Line Items]
Repayments of other debt					$ 1,679,000
Interest paid under notes payable						$ 91,000	$ 134,000	$ 156,000
Loan Agreement
Debt Instrument [Line Items]
Aggregate borrowing capacity					5,300,000					$ 4,000,000
City of Winston-Salem Note
Debt Instrument [Line Items]
Monthly installment									$ 9,000
Repayments of other debt		$ 135,000
Proceeds from other debt									$ 500,000
Interest on borrowings									5.00%
Bank Term Loan
Debt Instrument [Line Items]
Bank loan	$ 2,132,000		$ 1,228,000	$ 489,000	$ 4,811,000
Interest on borrowings	3.471%		3.40%	6.131%	5.231%
Monthly installment	$ 48,000		$ 28,000	$ 11,000	$ 112,000
Installment start date	Jul. 01, 2011		Jan. 01, 2011	Oct. 01, 2008	Apr. 01, 2008
Installment end date	Jun. 01, 2015		Dec. 01, 2014	Sep. 01, 2012	Mar. 01, 2012

Maturities of Long-term Debt (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Long Term Debt Maturities Repayments Of Principal [Line Items]
2013	$ 851
2014	853
2015	283
2016
Long-term Debt, Total	$ 1,987

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Tax [Line Items]
Income tax expense recognized	$ (101,000)		$ 3,526,000
Stock option exercise and related tax benefits	7,540,000		3,503,000
Deferred tax assets valuation allowance increase (Decrease)	1,745,000	$ 7,242,000	(198,000)
Grant revenue	440,000	658,000	2,333,000
Federal Income Tax
Income Tax [Line Items]
Net operating loss carryforwards	187,752,000	135,860,000	39,011,000
Research and development carryforwards	$ 10,762,000	10,778,000	9,556,000
Net operating loss carry forwards expire period	2024
Research and development tax credit carryforward expiration period	2021
State Income Tax Credits
Income Tax [Line Items]
Net operating loss carryforwards	$ 176,296,000	134,470,000	76,178,000
Research and development carryforwards	$ 587,000	$ 587,000	587,000
Net operating loss carry forwards expire period	2019
Research and development tax credit carryforward expiration period	2021
Internal Revenue Service (IRS) \| Qualifying Therapeutic Discovery Project Program
Income Tax [Line Items]
Grant revenue			$ 1,467,000

Components of Income Tax Expense (Benefit) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Current:
Federal			$ 3,086,000
State			440,000
Net current income tax (benefit) expense			3,526,000
Deferred:
Federal	$ (1,128,000)	$ (6,147,000)	1,519,000
State	(718,000)	(1,095,000)	(1,321,000)
Valuation allowance	1,745,000	$ 7,242,000	(198,000)
Net deferred income tax expense (benefit)	(101,000)
Net income tax (benefit) expense	$ (101,000)		$ 3,526,000

Reconciliation of Federal Income Tax Rate to Company's Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Tax Examination [Line Items]
Expected federal income tax benefit/expense at statutory rate	35.00%	35.00%	35.00%
Increase (decrease) resulting from:
Research and development credits		19.00%	(12.00%)
Stock-based compensation	(15.00%)	(13.00%)	4.00%
State income tax expense, net of federal benefit	2.00%	3.00%	3.00%
Qualifying Therapeutic Drug Project grant			(3.00%)
Change in unrecognized tax benefit reserves			(3.00%)
Change in valuation allowance	(25.00%)	(85.00%)	(1.00%)
Other	4.00%	41.00%	1.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Total	1.00%		24.00%

Components of Company's Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Deferred tax assets:
Collaboration revenue	$ 1,341	$ 21,193
Research and development tax credit	10,033	10,049
Net operating loss carryforward	65,935	45,901
Patents	1,798	1,968
Stock-based compensation	5,260	3,509
Other	94	48
Total gross deferred tax assets	84,461	82,668
Valuation allowance	(84,101)	(82,356)
Net deferred tax asset	360	312
Deferred tax liabilities
Equipment and other	(360)	(312)
Net deferred tax asset

Reconciliation of Beginning and Ending Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Unrecognized Tax Benefits [Line Items]
Beginning Balance	$ 1,886
Additions (decreases) based on tax positions related to current and prior years
Decreases based on tax positions related to prior years	(412)
Ending Balance	$ 1,474

Stock-Based Incentive Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2012 USD ($) yr $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for future issuance \| shares	4,369,804	3,779,866
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock shares available to purchase under nonqualified option plan \| shares	400,000
Two Thousand And Six Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance \| shares	7,282,078
Common stock available for grant \| shares	854,557
Contractual term of stock	10 years
Incremental compensation costs as a result of modifications \| $	$ 1,397,000
Weighted average grant date fair value \| $ / shares	$ 2.98	$ 15.87	$ 13.46
Intrinsic value of options \| $	$ 471,680	$ 6,082,000	$ 11,527,000
Unrecognized compensation expense \| $	$ 9,153,000
Unrecognized compensation cost, recognition period \| yr	3.14
Fair value of shares vested under 2006 plans \| $	$ 7,836,000	$ 8,481,000	$ 4,396,000
Two Thousand And Six Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	0 years
Exercise price as a percentage of the fair market value of the common stock	100.00%
Two Thousand And Six Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

Summary of Weighted Average Assumptions of Stock Options Granted (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share based Compensation Arrangement Assumptions Used to Estimate Fair Values of Share Options Granted [Line Items]
Dividend yield
Risk-free interest rate	1.00%	2.50%	2.90%
Volatility	69.00%	67.00%	75.00%
Expected term	6 years 1 month 28 days	6 years	6 years 3 months 7 days

Summary of Option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($) $ / shares shares
Shares
Shares, Beginning Balance \| shares	3,779,866
Granted \| shares	1,713,835
Forfeited \| shares	(892,219)
Exercised \| shares	(231,678)
Shares, Ending Balance \| shares	4,369,804
Vested and exercisable at December 31, 2012 \| shares	2,802,294
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Beginning Balance \| $ / shares	$ 14.51
Granted \| $ / shares	4.54
Forfeited \| $ / shares	16.38
Exercised \| $ / shares	2.65
Weighted Average Exercise Price Per Share, Ending Balance \| $ / shares	10.84
Vested and exercisable at December 31, 2012 \| $ / shares	$ 11.80
Outstanding at December 31, 2012	6 years 3 months 18 days
Vested and exercisable at December 31, 2012	4 years 8 months 12 days
Outstanding at December 31, 2012 \| $	$ 624,538
Vested and exercisable at December 31, 2012 \| $	$ 608,091

Summary of Nonvested Stock Options (Detail)	12 Months Ended
Summary of Nonvested Stock Options (Detail)	Dec. 31, 2012 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at January 1, 2012 \| shares	1,376,081
Granted \| shares	1,713,835
Vested \| shares	(891,443)
Forfeited \| shares	(630,963)
Non-vested at December 31, 2012 \| shares	1,567,510
Weighted Average Grant-Date Fair Value Per Share
Non-vested at January 1, 2012 \| $ / shares	$ 13.28
Granted \| $ / shares	2.98
Vested \| $ / shares	8.80
Forfeited \| $ / shares	10.15
Non-vested at December 31, 2012 \| $ / shares	$ 5.84

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended						12 Months Ended
	Dec. 31, 2012	Dec. 04, 2012 USD ($) ft²	Oct. 08, 2012 USD ($)	Jul. 31, 2012 USD ($) ft²	Apr. 25, 2012 USD ($)	Mar. 01, 2012	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Loss Contingencies [Line Items]
Subleased office area \| ft²		18,282
Sublease agreement entry date		Jan. 01, 2013
Sublease agreement end date		Dec. 30, 2015
Monthly rent payable on sublease		$ 22,000
Annual percentage increases in monthly rental payment		3.00%
Operating lease rent expense							$ 2,819,000	$ 2,575,000	$ 2,003,000
Severance cost included in general and administrative expenses			$ 1,406,000		$ 2,312,000
Minimum
Loss Contingencies [Line Items]
Severance period for executive officers							9 months
Maximum
Loss Contingencies [Line Items]
Severance period for executive officers							18 months
Employee Severance
Loss Contingencies [Line Items]
Severance cost included in general and administrative expenses							$ 506,000
Wake Forest University Health Sciences
Loss Contingencies [Line Items]
Lease renewal option						5 years
Percentage of reduction in monthly rent payable				(37.00%)
Monthly rental payment				$ 131,141
Lease expiration date	Dec. 31, 2012
Wake Forest University Health Sciences \| Before Amendment
Loss Contingencies [Line Items]
Office area leased \| ft²				79,000
Wake Forest University Health Sciences \| After Amendment
Loss Contingencies [Line Items]
Office area leased \| ft²				48,318

Expected Future Lease Payments Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Loss Contingencies [Line Items]
2013	$ 556
2014	507
2015	327
2016
2017 and thereafter
Operating Leases, Future Minimum Payments Due, Total	$ 1,390

Retirement Savings Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Retirement Plans [Line Items]
Employees contribution under 401(k) retirement plan	$ 454,000	$ 535,000	$ 487,000
Maximum percentage of employee gross pay that the employer may contribute	4.00%	4.00%	4.00%

Strategic Alliance and Collaboration Agreements (Detail) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended			15 Months Ended	34 Months Ended	45 Months Ended	48 Months Ended	83 Months Ended
	Dec. 31, 2007	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jun. 30, 2011	Sep. 30, 2012	Jun. 30, 2011	Dec. 31, 2010	Dec. 31, 2012	Sep. 30, 2011	Oct. 31, 2010	Apr. 30, 2010	Feb. 28, 2010	Jan. 31, 2010	Dec. 31, 2009	Jul. 31, 2009	Oct. 31, 2007	Jul. 27, 2007	Feb. 28, 2006
Strategic Alliance And Collaboration [Line Items]
Amount received for research and development process recognized																	$ 10,000,000
Deferred revenue recognition			$ 57,860,000	$ 97,439,000	$ 83,767,000
TC - 5619
Strategic Alliance And Collaboration [Line Items]
Recognition of deferred revenue								$ 2,000,000
TC-5619
Strategic Alliance And Collaboration [Line Items]
Recognition of deferred revenue				4,801,000	6,564,000	$ 11,000,000
TC - 5214
Strategic Alliance And Collaboration [Line Items]
Initial fee																$ 200,000,000
Deferred revenue recognition period																33 months
Recognized of upfront fee as revenue			54,473,000	72,565,000	72,565,000
Percentage of development costs, responsible party Rest of World							100.00%
Initial program cost for research and development			2,175,000	32,046,000	10,771,000
Allocable portion of the program costs			127,000	336,000	2,023,000
Clinical Trial TC-1734
Strategic Alliance And Collaboration [Line Items]
Recognized of initial fee as revenue and payments received under amendment			2,946,000	1,192,000	641,000
Expected revenue to be recognized in 2013			3,536,000							$ 3,536,000
AstraZeneca
Strategic Alliance And Collaboration [Line Items]
Initial fee																				$ 10,000,000
Allocation of initial fee to research collaboration																				$ 5,000,000
Term of research collaboration																				4 years
Initial fee unrecognized, recognition deferred																				$ 5,000,000
Aggregate amount received for research and development process										88,120,000
Deferred revenue			$ 3,536,000							$ 3,536,000
AstraZeneca \| TC - 5619
Strategic Alliance And Collaboration [Line Items]
Amount received for research and development process													$ 11,000,000					$ 2,000,000
AstraZeneca \| TC - 5214
Strategic Alliance And Collaboration [Line Items]
Percentage cost of the program attributable to respective party US and Europe			80.00%							80.00%
AstraZeneca \| Clinical Trial TC-1734
Strategic Alliance And Collaboration [Line Items]
Amount received for research and development process				$ 3,500,000							$ 2,000,000	$ 500,000
AstraZeneca \| Research Collaboration
Strategic Alliance And Collaboration [Line Items]
Cumulative payments received on achievement of milestone events									$ 2,600,000
AstraZeneca \| Development Milestone Events \| AZD 1446
Strategic Alliance And Collaboration [Line Items]
Contingent milestone payment			$ 2,000,000
AstraZeneca \| Development Milestone Events \| AZD 1446 \| Minimum
Strategic Alliance And Collaboration [Line Items]
Additional payments receivable on milestone achievements			7,000,000							$ 7,000,000
AstraZeneca \| Development Milestone Events \| AZD 1446 \| Maximum
Strategic Alliance And Collaboration [Line Items]
Additional payments receivable on milestone achievements			14,000,000							14,000,000
AstraZeneca \| Regulatory Milestone Events \| AZD 1446 \| Minimum
Strategic Alliance And Collaboration [Line Items]
Additional payments receivable on milestone achievements			8,000,000							8,000,000
AstraZeneca \| Regulatory Milestone Events \| AZD 1446 \| Maximum
Strategic Alliance And Collaboration [Line Items]
Additional payments receivable on milestone achievements			10,000,000							10,000,000
AstraZeneca \| First Commercial Sale Milestone Events \| AZD 1446 \| Minimum
Strategic Alliance And Collaboration [Line Items]
Additional payments receivable on milestone achievements			12,000,000							12,000,000
AstraZeneca \| First Commercial Sale Milestone Events \| AZD 1446 \| Maximum
Strategic Alliance And Collaboration [Line Items]
Additional payments receivable on milestone achievements			49,000,000							49,000,000
AstraZeneca \| Sales Milestone \| AZD 1446
Strategic Alliance And Collaboration [Line Items]
Additional payments receivable on milestone achievements			30,000,000							30,000,000
AstraZeneca \| Other Prepayment \| AZD 1446
Strategic Alliance And Collaboration [Line Items]
Additional payments receivable on milestone achievements			$ 35,000,000							$ 35,000,000
University Of South Florida Research Foundation \| TC - 5214
Strategic Alliance And Collaboration [Line Items]
Payment made to UKRF and USFRF														$ 16,000,000
Parent Company \| TC - 5214
Strategic Alliance And Collaboration [Line Items]
Percentage cost of the program attributable to respective party US and Europe			20.00%							20.00%
GlaxoSmithKline
Strategic Alliance And Collaboration [Line Items]
Initial fee																			$ 20,000,000
Term of research collaboration																			9 years
Recognition of deferred revenue		$ 18,421,000
Common stock purchased by GSK																			1,275,502
Purchase price of common stock																			$ 15,000,000
Aggregate deemed premium																			$ 3,521,000
Deemed premium and initial fee recognized					2,613,000				$ 2,613,000
Payment received on achievement of milestone events	$ 6,000,000
Deferred revenue recognition					$ 692,000
Ukrf \| Clinical Trial TC-1734
Strategic Alliance And Collaboration [Line Items]
Payment made to UKRF and USFRF															$ 350,000

Reduction In Force (Detail)	1 Months Ended
Reduction In Force (Detail)	Oct. 08, 2012 USD ($) Person	Apr. 25, 2012 USD ($) Person
Severance and other charges related to the reduction in force \| $	$ 1,406,000	$ 2,312,000
Number of positions eliminated \| Person	27	65
Percentage of workforce reduced	38.00%	46.00%

- Definition

The charge against earnings in the period for known and estimated costs of termination benefits provided to current employees that are involuntarily terminated under a benefit arrangement associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding costs or losses pertaining to an entity newly acquired in a business combination or a discontinued operation as defined by generally accepted accounting principles and costs associated with one-time termination benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 5.P.4(b))
-URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(10)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.P.3)
-URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5-8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section P
-Subsection 3, 4

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 146
-Paragraph 8-13, 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS146-1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 112
-Paragraph 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.