View Filing Data

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2012	Jul. 31, 2012
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Trading Symbol	ACAD
Entity Registrant Name	ACADIA PHARMACEUTICALS INC
Entity Central Index Key	0001070494
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		53,030,009

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2012

Dec. 31, 2011

^[1]

Assets

Cash and cash equivalents

$ 9,208

$ 6,889

Investment securities, available-for-sale

12,141

24,159

Prepaid expenses, receivables and other current assets

426

901

Total current assets

21,775

31,949

Property and equipment, net

151

Other assets

Total assets

21,874

32,114

Liabilities and Stockholders' Equity

Accounts payable

757

1,960

Accrued expenses

5,225

3,504

Current portion of deferred revenue

765

669

Current portion of long-term debt

Total current liabilities

6,760

6,165

Long-term portion of deferred revenue

2,406

2,587

Total liabilities

9,166

8,752

Commitments (Note 8)

Stockholders' equity

Preferred stock, $0.0001 par value; 5,000,000 shares authorized at June 30, 2012 and December 31, 2011; no shares issued and outstanding at June 30, 2012 and December 31, 2011

Common stock, $0.0001 par value; 150,000,000 shares authorized at June 30, 2012 and December 31, 2011; 53,030,009 shares and 52,898,659 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively

Additional paid-in capital

371,208

370,219

Accumulated deficit

(358,508)

(346,871)

Accumulated other comprehensive income

Total stockholders' equity

12,708

23,362

Total liabilities and stockholders' equity

$ 21,874

$ 32,114

[1]	The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares

Jun. 30, 2012

Dec. 31, 2011

^[1]

Preferred stock, par value

$ 0.0001

Preferred stock, shares authorized

5,000,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, par value

$ 0.0001

Common stock, shares authorized

150,000,000

Common stock, shares issued

53,030,009

52,898,659

Common stock, shares outstanding

53,030,009

52,898,659

[1]	The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenues
Collaborative revenues	$ 599	$ 460	$ 1,049	$ 895
Operating expenses
Research and development (includes stock-based compensation of $154, $134, $293, and $255, respectively)	4,472	4,315	9,493	8,727
General and administrative (includes stock-based compensation of $324, $279, $598, and $534, respectively)	1,556	2,729	3,216	4,613
Total operating expenses	6,028	7,044	12,709	13,340
Loss from operations	(5,429)	(6,584)	(11,660)	(12,445)
Interest income, net	10	28	23	56
Net loss	$ (5,419)	$ (6,556)	$ (11,637)	$ (12,389)
Net loss per common share, basic and diluted	$ (0.10)	$ (0.12)	$ (0.22)	$ (0.24)
Weighted average common shares outstanding, basic and diluted	52,961	52,677	52,932	51,535
Comprehensive loss	$ (5,422)	$ (7,083)	$ (11,643)	$ (12,891)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Stock-based compensation	$ 478	$ 413	$ 891	$ 789
Research and development
Stock-based compensation	154	134	293	255
General and Administrative
Stock-based compensation	$ 324	$ 279	$ 598	$ 534

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Cash flows from operating activities

Net loss

$ (11,637)

$ (12,389)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation

225

Stock-based compensation

891

789

Amortization of investment premium/discount

(156)

219

Non-cash charge resulting from lease termination

806

Other

(103)

Changes in operating assets and liabilities:

Prepaid expenses, receivables and other current assets

475

117

Other assets

Accounts payable

(1,203)

(851)

Accrued expenses

1,721

786

Deferred revenue

(85)

(79)

Other long-term liabilities

(45)

Net cash used in operating activities

(10,030)

(10,387)

Cash flows from investing activities

Purchases of investment securities

(9,838)

(33,156)

Maturities of investment securities

22,005

30,843

Proceeds from sales of property and equipment

103

Net cash provided by (used in) investing activities

12,270

(2,313)

Cash flows from financing activities

Proceeds from issuance of common stock and warrants, net of issuance costs

13,914

Repayments of long-term debt

(19)

(57)

Net cash provided by financing activities

13,857

Effect of exchange rate changes on cash

Net increase in cash and cash equivalents

2,319

1,171

Cash and cash equivalents

Beginning of period

6,889

^[1]

6,849

End of period

$ 9,208

$ 8,020

[1]	The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Basis of Presentation

3 Months Ended

Jun. 30, 2012

Basis of Presentation

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of ACADIA Pharmaceuticals Inc. should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2011 included in the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission (the “SEC”). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.

The Company has incurred substantial operating losses since its inception due in large part to expenditures for its research and development activities. As of June 30, 2012, the Company had an accumulated deficit of $358.5 million. The Company expects to continue to incur operating losses for at least the next several years as it pursues the development of its product candidates.

The Company will require significant additional financing in the future to fund its operations. Future capital requirements will depend on many factors, including the progress in, the outcome of and the costs of the Company’s clinical trials, the scope, prioritization and number of its research and development programs, and the ability of its collaborators and the Company to reach the milestones, and other events or developments under its collaboration and license agreements, and the ability of the Company to enter into new, and to maintain existing, collaboration and license agreements. Until the Company can generate significant continuing revenues, it expects to fund its operations through its existing cash, cash equivalents and investment securities, payments from existing and potential future collaborations, proceeds from private or public sales of its equity securities, debt financing, grant funding, or by licensing all or a portion of its product candidates or technology. The Company cannot be certain that additional funding will be available on acceptable terms, or at all. Conditions in the financial markets and other factors could have a material adverse effect on the Company’s ability to access sufficient funding on acceptable terms, or at all. If the Company cannot raise adequate additional capital, it will be required to delay, further reduce the scope of, or eliminate one or more of its research or development programs or its commercialization efforts. In addition, the Company may be required to relinquish greater, or even all, rights to product candidates at earlier stages of development or on less favorable terms than it would otherwise choose.

- Definition

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

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+ Details

Earnings (Loss) Per Share

3 Months Ended

Jun. 30, 2012

Earnings (Loss) Per Share

2. Earnings (Loss) Per Share

Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period increased to include potential dilutive common shares that were outstanding during the period. The effect of outstanding stock options and warrants, when dilutive, is reflected in diluted earnings (loss) per common share by application of the treasury stock method. The Company has excluded all outstanding stock options and warrants from the calculation of diluted net loss per common share because all such securities are antidilutive for all periods presented.

Shares used in calculating basic and diluted net loss per common share exclude these potential common shares (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(unaudited)				(unaudited)
Antidilutive options to purchase common stock		7,178		5,593		6,721		5,172
Antidilutive warrants to purchase common stock		4,655		4,692		4,667		4,423

		11,833		10,285		11,388		9,595

Stock-Based Compensation

3 Months Ended

Jun. 30, 2012

Stock-Based Compensation

3. Stock-Based Compensation

The fair value of each stock option and each employee stock purchase plan right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model. The estimated fair values of the stock option or purchase plan rights, including the effect of estimated forfeitures, are then expensed over the vesting period. The Company recognized stock-based compensation expense of $478,000 and $891,000 during the three and six months ended June 30, 2012, respectively, and $413,000 and $789,000 during the three and six months ended June 30, 2011, respectively. At June 30, 2012, total unrecognized compensation cost related to stock options and purchase plan rights was $3.6 million, which is expected to be recognized over a weighted-average period of 2.5 years.

- 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

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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Accrued Expenses

3 Months Ended

Jun. 30, 2012

Accrued Expenses

4. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2012		December 31, 2011
	(unaudited)
Accrued clinical and research services	$	4,428	$	2,492
Accrued compensation and benefits		495		679
Other		302		333

Total	$	5,225	$	3,504

Fair Value Measurements

3 Months Ended

Jun. 30, 2012

Fair Value Measurements

5. Fair Value Measurements

As of June 30, 2012, the Company held $21.1 million of cash equivalents and available-for-sale investment securities consisting of a money market fund and high quality, marketable debt instruments of corporations, financial institutions and government sponsored enterprises. The Company has adopted an investment policy and established guidelines relating to credit quality, diversification and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least AA or A1+/p1 as determined by Moody’s Investors Service and/or Standard & Poor’s.

The Company’s cash equivalents and available-for-sale investment securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities classified as Level 1 are valued using quoted market prices and the Company’s investment securities classified as Level 2 are valued using other observable inputs such as recent trades for the securities or similar securities, interest rates on similar securities, or yield curves or benchmark interest rates observable at commonly quoted intervals. The Company does not hold any securities classified as Level 3, which are securities valued using unobservable inputs. The Company has not transferred any investment securities between the classifications. No other-than-temporary impairments were identified for the investment securities held by the Company as of June 30, 2012.

The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	June 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(unaudited)
Money market fund	$	6,199	$	6,199	$	—	$	—
Government sponsored enterprise securities		11,138		—		11,138		—
Corporate debt securities		3,780		—		3,780		—

	$	21,117	$	6,199	$	14,918	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(unaudited)
Money market fund	$	6,570	$	6,570	$	—	$	—
U.S. Treasury notes		1,516		1,516		—		—
Government sponsored enterprise securities		9,828		—		9,828		—
Corporate debt securities		12,815		—		12,815		—

	$	30,729	$	8,086	$	22,643	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Collaborative Research and Licensing Agreements

3 Months Ended

Jun. 30, 2012

Collaborative Research and Licensing Agreements

6. Collaborative Research and Licensing Agreements

The Company is currently a party to three separate collaboration agreements with Allergan, Inc. Pursuant to the March 2003 collaboration agreement, the Company had received an aggregate of $19.0 million in payments as of June 30, 2012, consisting of an upfront payment, research funding and related fees. The Company also is eligible to receive up to an aggregate of approximately $13.5 million in license fees and development and regulatory milestone payments per product under this agreement. The 2003 collaboration originally provided for a three-year research term, which has been extended by the parties through March 2013. The Company’s two other collaboration agreements with Allergan involve the development of product candidates in the areas of glaucoma and chronic pain. Under the glaucoma collaboration, the Company had received an aggregate of $9.5 million in payments as of June 30, 2012, and is eligible to receive up to an aggregate of $15 million in additional payments upon the achievement of development and regulatory milestones. Under the chronic pain collaboration, the Company had received an aggregate of $10.5 million in payments as of June 30, 2012, and is eligible to receive up to an aggregate of $10 million in additional payments upon the achievement of development and regulatory milestones. The Company is eligible to receive royalties on future product sales worldwide, if any, under each of the three collaboration agreements with Allergan. The Company recognized research funding and related revenues from its collaboration agreements with Allergan of $285,000 and $548,000 during the three and six months ended June 30, 2012, respectively, and $271,000 and $535,000 during the three and six months ended June 30, 2011, respectively.

In March 2009, the Company entered into a collaboration agreement with Meiji Seika Pharma Co., Ltd. In July 2012, the Company and Meiji Seika Pharma jointly decided to discontinue the development of the product candidate AM-831, which was being pursued under the collaboration, and the collaboration agreement was terminated pursuant to its terms. Under this agreement, the Company had received $3 million in non-refundable license fees and was eligible to receive future milestone and royalty payments. In addition, Meiji Seika Pharma was responsible for the first $15 million of development expenses, of which approximately $3.2 million had been incurred through June 30, 2012. Payments received from Meiji Seika Pharma for license fees and the reimbursement of development costs were deferred and had been recognized as revenues using a contingency-adjusted performance model over the estimated period of the Company’s performance. The Company recognized revenues relating to this collaboration of $109,000 and $222,000 during the three and six months ended June 30, 2012, respectively, and $99,000 and $194,000 during the three and six months ended June 30, 2011, respectively. At June 30, 2012, $2.8 million of revenue was deferred under this agreement, of which $418,000 was included in current liabilities and $2.4 million was included in long-term liabilities. At December 31, 2011, $3.0 million of revenue was deferred under this agreement, of which $414,000 was included in current liabilities and $2.6 million was included in long-term liabilities. Due to the termination of this collaboration agreement and the end of the Company’s related performance obligations, during the third quarter of 2012, the Company will record as revenue all of the remaining unrecognized deferred revenue from this collaboration.

Stockholders' Equity

3 Months Ended

Jun. 30, 2012

Stockholders' Equity

7. Stockholders’ Equity

At-the-Market Agreement

In March 2012, the Company entered into an At-The-Market Issuance Sales Agreement (“ATM Agreement”) with MLV & Co. LLC, pursuant to which the Company may elect to issue and sell registered shares of its common stock having an aggregate offering price of up to $20 million from time to time over a three-year period. MLV, as sales agent, will use commercially reasonable efforts consistent with its normal trading and sales practices and applicable laws, rules and regulations to sell shares of the Company’s common stock based upon the Company’s instructions, including any price, time or size limits or other parameters or conditions the Company may impose. The Company will pay MLV a commission equal to three percent of the gross proceeds from any sales of common stock pursuant to the ATM Agreement. The Company is not obligated to make any sales of common stock under the ATM Agreement and, as of June 30, 2012, no shares had been sold pursuant to the ATM Agreement.

Private Equity Financing

In January 2011, the Company raised net proceeds of $13.9 million through the sale of 12,565,446 units at a price of $1.19375 per unit to a group of institutional investors in a private equity financing. Each unit consisted of one share of the Company’s common stock and a warrant to purchase 0.35 shares of common stock. The warrants, exercisable for an aggregate of 4,397,904 shares of common stock, have an exercise price of $1.38 per share and will expire in January 2018.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ 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.(d),(e))
-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 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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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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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
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-Section S99
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-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 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 15: 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 16: http://www.xbrl.org/2003/role/presentationRef
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-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.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
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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 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Commitments

3 Months Ended

Jun. 30, 2012

Commitments

8. Commitments

The Company has entered into agreements with contract research organizations and other external service providers for services in connection with the development of its product candidates. The Company was contractually obligated for up to approximately $5.4 million of future services under these agreements as of June 30, 2012. The nature of the work being conducted under the Company’s agreements with contract research organizations is such that, in most cases, the services may be stopped with short notice. In such event, the Company would not be liable for the full amount of the contract. The Company’s actual contractual obligations may vary depending upon several factors, including the progress and results of the underlying studies.

Recent Accounting Pronouncements

3 Months Ended

Jun. 30, 2012

Recent Accounting Pronouncements

9. Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which amended existing guidance related to the presentation of comprehensive income. The Company adopted this guidance on January 1, 2012. The Company currently presents comprehensive income (loss) consecutive to the presentation of net income (loss) within one continuous Statements of Operations and Comprehensive Loss for all periods presented. In December 2011, the FASB deferred a portion of the comprehensive income guidance for the requirement to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income. During the deferral period, entities should continue to report reclassifications out of accumulated other comprehensive income consistent with previous presentation guidance.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

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
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Earnings (Loss) Per Share (Tables)

3 Months Ended

Jun. 30, 2012

Potential Common Shares Excluded in Calculating Basic and Diluted Net Loss Per Common Share

Shares used in calculating basic and diluted net loss per common share exclude these potential common shares (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(unaudited)				(unaudited)
Antidilutive options to purchase common stock		7,178		5,593		6,721		5,172
Antidilutive warrants to purchase common stock		4,655		4,692		4,667		4,423

		11,833		10,285		11,388		9,595

Accrued Expenses (Tables)

3 Months Ended

Jun. 30, 2012

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2012		December 31, 2011
	(unaudited)
Accrued clinical and research services	$	4,428	$	2,492
Accrued compensation and benefits		495		679
Other		302		333

Total	$	5,225	$	3,504

Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2012

Fair Value Measurements of Cash Equivalents and Available-For-Sale Investment Securities

The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	June 30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(unaudited)
Money market fund	$	6,199	$	6,199	$	—	$	—
Government sponsored enterprise securities		11,138		—		11,138		—
Corporate debt securities		3,780		—		3,780		—

	$	21,117	$	6,199	$	14,918	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(unaudited)
Money market fund	$	6,570	$	6,570	$	—	$	—
U.S. Treasury notes		1,516		1,516		—		—
Government sponsored enterprise securities		9,828		—		9,828		—
Corporate debt securities		12,815		—		12,815		—

	$	30,729	$	8,086	$	22,643	$	—

Basis of Presentation - Additional Information (Detail) - USD ($)
$ in Thousands

Jun. 30, 2012

Dec. 31, 2011

Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]

Accumulated deficit

$ (358,508)

$ (346,871)

^[1]

[1]	The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Potential Common Shares Excluded in Calculating Basic and Diluted Net Loss Per Common Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	11,833	10,285	11,388	9,595
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	7,178	5,593	6,721	5,172
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	4,655	4,692	4,667	4,423

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-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 13, 14
-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 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 8: 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.

+ Details

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 478	$ 413	$ 891	$ 789
Unrecognized compensation costs	$ 3,600		$ 3,600
Weighted average period to be recognized			2 years 183 days

Accrued Expenses (Detail) - USD ($)
$ in Thousands

Jun. 30, 2012

Dec. 31, 2011

Schedule of Accrued Liabilities [Line Items]

Accrued clinical and research services

$ 4,428

$ 2,492

Accrued compensation and benefits

495

679

Other

302

333

Total

$ 5,225

$ 3,504

^[1]

[1]	The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

- 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

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	$ 21,117	$ 30,729

- 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 investment securities as of the balance sheet date which may include marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Fair Value Measurements of Cash Equivalents and Available-For-Sale Investment Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	$ 21,117	$ 30,729
Money market fund
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	6,199	6,570
Government sponsored enterprise securities
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	11,138	9,828
Corporate debt securities
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	3,780	12,815
U.S. Treasury notes
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure		1,516
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	6,199	8,086
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Money market fund
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	6,199	6,570
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury notes
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure		1,516
Significant Other Observable Inputs (Level 2)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	14,918	22,643
Significant Other Observable Inputs (Level 2) \| Government sponsored enterprise securities
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	11,138	9,828
Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value, Measurement Inputs, Disclosure [Line Items]
Investment, fair value disclosure	$ 3,780	$ 12,815

- Definition

+ References + Details

Collaborative Research and Licensing Agreements - Additional Information (Detail)

3 Months Ended

6 Months Ended

40 Months Ended

112 Months Ended

Jun. 30, 2012

USD ($)

Jun. 30, 2011

USD ($)

Jun. 30, 2012

USD ($)

Contract

Jun. 30, 2011

USD ($)

Jun. 30, 2012

USD ($)

Jun. 30, 2012

USD ($)

Dec. 31, 2011

USD ($)

Mar. 31, 2009

USD ($)

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Collaboration agreement, revenue recognized

$ 599,000

$ 460,000

$ 1,049,000

$ 895,000

Revenue deferred included in the current liabilities

765,000

$ 765,000

$ 669,000

^[1]

Revenue deferred included in long-term liabilities

2,406,000

$ 2,406,000

2,406,000

2,587,000

^[1]

Allergan, Inc.

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Number of collaboration agreements | Contract

Collaboration agreement, payments received

19,000,000

Collaboration agreement, estimated license fees and development and regulatory milestones

13,500,000

$ 13,500,000

13,500,000

Collaboration agreement, beginning date

2003-03

Collaboration agreement, extended date

2013-03

Collaboration agreement, revenue recognized

285,000

271,000

$ 548,000

535,000

Allergan, Inc. | Glaucoma Collaboration

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Collaboration agreement, payments received

9,500,000

Collaboration agreement, estimated development and regulatory milestones

15,000,000

Allergan, Inc. | Chronic Pain Collaboration

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Collaboration agreement, payments received

10,500,000

Collaboration agreement, estimated development and regulatory milestones

10,000,000

Meiji Seika Pharma Co., Ltd.

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Collaboration agreement, revenue recognized

109,000

$ 99,000

222,000

$ 194,000

Collaboration agreement, non-refundable license fees

$ 3,000,000

Collaboration agreement, payments responsible from collaborative company

$ 15,000,000

Incurred development expenses

3,200,000

Collaboration agreement, revenue deferred

2,800,000

3,000,000

Revenue deferred included in the current liabilities

418,000

414,000

Revenue deferred included in long-term liabilities

$ 2,400,000

$ 2,600,000

[1]	The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2011 USD ($) $ / shares $ / Right shares	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Mar. 30, 2012 USD ($)
Stockholders Equity Note [Line Items]
Percentage of commission agreed to pay MLV pursuant to ATM agreement				3.00%
Net proceeds \| $	$ 13,900	$ 98	$ 13,914
Number of units issued	12,565,446
Price per unit issued \| $ / shares	$ 1.19375
Number common stock allowed to purchase	0.35
Warrants issued	4,397,904
Warrants, exercise price \| $ / Right	1.38
Warrants, expiration date	2018-01
Maximum
Stockholders Equity Note [Line Items]
Issuable common stock, aggregate offering price over a three year period \| $				$ 20,000

Commitments - Additional Information (Detail) $ in Millions	Jun. 30, 2012 USD ($)
Maximum
Supply Commitment [Line Items]
Development services	$ 5.4