Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 07, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	GTX INC /DE/
Entity Central Index Key	0001260990
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		62,804,673

Condensed Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 55,909	$ 63,745
Short-term investments	8,045	10,695
Accounts receivable, net	925	981
Inventory	146	161
Prepaid expenses and other current assets	1,498	1,266
Total current assets	66,523	76,848
Property and equipment, net	890	1,096
Intangible and other assets, net	198	240
Total assets	67,611	78,184
Current liabilities:
Accounts payable	937	1,219
Accrued expenses and other current liabilities	4,671	4,857
Total current liabilities	5,608	6,076
Other long-term liabilities	235	234
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value: 120,000,000 shares authorized at both March 31, 2012 and December 31, 2011; 62,803,673 and 62,790,223 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	63	63
Additional paid-in capital	458,959	457,985
Accumulated deficit	(397,254)	(386,174)
Total stockholders' equity	61,768	71,874
Total liabilities and stockholders' equity	$ 67,611	$ 78,184

Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Condensed Balance Sheets [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	62,803,673	62,790,223
Common stock, shares outstanding	62,803,673	62,790,223

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

Condensed Statements of Operations (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenues:
Product sales, net	$ 1,829	$ 1,229
Collaboration revenue		8,066
Total revenues	1,829	9,295
Costs and expenses:
Cost of product sales	274	205
Research and development expenses	9,835	7,303
General and administrative expenses	2,808	4,684
Total costs and expenses	12,917	12,192
Loss from operations	(11,088)	(2,897)
Other income, net	8	302
Net loss	$ (11,080)	$ (2,595)
Net loss per share:
Basic and diluted	$ (0.18)	$ (0.05)
Weighted average shares used in computing net loss per share:
Basic and diluted	62,798,008	51,719,187

Condensed Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net loss	$ (11,080)	$ (2,595)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	210	318
Share-based compensation	882	1,199
Directors' deferred compensation	45	51
Deferred revenue amortization		(8,066)
Impairment of intangible asset		1,598
Changes in assets and liabilities:
Accounts receivable, net	56	3
Inventory	49	7
Prepaid expenses and other current assets	(228)	(788)
Accounts payable	(282)	(190)
Accrued expenses and other long term liabilities	(162)	(766)
Net cash used in operating activities	(10,510)	(9,229)
Cash flows from investing activities:
Purchase of property and equipment		(16)
Purchase of short-term investments, held to maturity	(1,960)	(6,125)
Proceeds from maturities of short-term investments, held to maturity	4,610
Net cash provided by (used in) investing activities	2,650	(6,141)
Cash flows from financing activities:
Proceeds from exercise of employee stock options	47
Payments on capital lease and financed equipment obligations	(23)	(21)
Net cash provided by (used in) financing activities	24	(21)
Net decrease in cash and cash equivalents	(7,836)	(15,391)
Cash and cash equivalents, beginning of period	63,745	58,181
Cash and cash equivalents, end of period	$ 55,909	$ 42,790

Business and Basis of Presentation

3 Months Ended

Mar. 31, 2012

Business and Basis of Presentation [Abstract]

Business and Basis of Presentation

1. Business and Basis of Presentation

Business

GTx, Inc. (“GTx” or the “Company”), a Delaware corporation incorporated on September 24, 1997 and headquartered in Memphis, Tennessee, is a biopharmaceutical company dedicated to the discovery, development and commercialization of small molecules that selectively target hormone pathways for the treatment of cancer, cancer supportive care, and other serious medical conditions.

The Company is developing selective androgen receptor modulators (“SARMs”), including enobosarm (also known as Ostarine^® or GTx-024). SARMs are a new class of drugs with the potential to prevent and treat muscle wasting in patients with cancer and other musculoskeletal wasting or muscle loss conditions, including chronic sarcopenia (age related muscle loss). The Company is conducting two pivotal Phase III clinical trials evaluating enobosarm for the prevention and treatment of muscle wasting in patients with non-small cell lung cancer.

Additionally, the Company has been developing Capesaris^® (GTx-758), an oral nonsteroidal selective estrogen receptor alpha agonist, for primary (first line) androgen deprivation therapy for advanced prostate cancer and secondary (second line) hormonal therapy. In February 2012, the Company announced that the United States Food and Drug Administration (“FDA”) placed a full clinical hold on all three of the Company’s clinical trials evaluating Capesaris^® for primary (first line hormonal) androgen deprivation therapy for advanced prostate cancer and secondary (second line) hormonal therapy. Accordingly, all three of the Company’s clinical trials evaluating Capesaris^® were discontinued. In April 2012, the Company submitted a complete response to the FDA that provided the information required by the FDA for the Company to resolve the safety related clinical hold deficiency before the Company could initiate further clinical studies of Capesaris^®. In May 2012, the FDA removed the full clinical hold. Based upon feedback from the FDA, the Company plans to conduct a Phase II clinical trial to evaluate the safety and efficacy of Capesaris^® as secondary hormonal therapy in men with metastatic castration resistant prostate cancer maintained on primary androgen deprivation therapy.

The Company sells FARESTON^® (toremifene citrate) 60 mg tablets, approved for the treatment of metastatic breast cancer in postmenopausal women, in the United States.

Basis of Presentation

The accompanying unaudited condensed financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of GTx’s financial position, results of operations and cash flows for each period presented in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted from the accompanying condensed financial statements. These interim condensed financial statements should be read in conjunction with the audited financial statements and related notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 31, 2012.

Use of Estimates

The preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts and results could differ from those estimates.

Revenue Recognition

The Company recognizes revenue from product sales of FARESTON ^® less deductions for estimated sales discounts and sales returns. Revenue from product sales is recognized when persuasive evidence of an arrangement exists, title passes, the price is fixed or determinable, and collectability is reasonably assured. The Company accounts for rebates to certain governmental agencies as a reduction of product sales. The Company allows customers to return product within a specified time period prior to and subsequent to the product’s labeled expiration date. The Company estimates an accrual for product returns, which is recorded as a reduction of product sales, based on factors which include historical product returns and estimated product in the distribution channel which is expected to exceed its expiration date. At March 31, 2012 and December 31, 2011, the Company’s accrual for product returns was $1,225 and $1,114, respectively.

Collaboration revenue consisted of non-refundable upfront payments, license fees, reimbursements for research and development activities, and milestone payments associated with the Company’s former collaboration and license agreements. Revenues from the Company’s prior collaboration and license agreements were recognized based on the performance requirements of the specific agreements. The Company analyzed agreements with multiple element arrangements to determine whether the deliverables under the agreement, including license and performance obligations such as joint steering committee participation and research and development activities, could have been separated or whether all of the deliverables must have been accounted for as a single unit of accounting. Revenues from milestone payments for which the Company had no continuing performance obligations were recognized upon achievement of the performance milestone, as defined in the related agreement, provided the milestone was substantive and a culmination of the earnings process had occurred. See Note 4, Collaboration and License Agreements, for further discussion.

Research and Development Expenses

Research and development expenses include, but are not limited to, the Company’s expenses for personnel, supplies, and facilities associated with research activities, screening and identification of product candidates, formulation and synthesis activities, manufacturing, preclinical studies, toxicology studies, clinical trials, regulatory and medical affairs activities, quality assurance activities and license fees. The Company expenses these costs in the period in which they are incurred. The Company estimates its liabilities for research and development expenses in order to match the recognition of expenses to the period in which the actual services are received. As such, accrued liabilities related to third party research and development activities are recognized based upon the Company’s estimate of services received and degree of completion of the services in accordance with the specific third party contract.

Cash, Cash Equivalents and Short-term Investments

The Company considers highly liquid investments with initial maturities of three months or less to be cash equivalents.

At March 31, 2012 and December 31, 2011, short-term investments consisted of Federal Deposit Insurance Corporation insured certificates of deposit with original maturities of greater than three months and less than one year. As the Company has the positive intent and ability to hold the certificates of deposit until maturity, these investments have been classified as held to maturity investments and are stated at cost, which approximates fair value. The Company considers these to be Level 2 investments as the fair values of these investments are determined using third-party pricing sources, which generally utilize observable inputs, such as interest rates and maturities of similar assets.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in facts and circumstances are present, both internally and externally, that may indicate impairment of long-lived assets held for use. An impairment loss is recognized when estimated future cash flows are less than the carrying amount. The cash flow estimates are based on management’s best estimates, using appropriate and customary assumptions and projections at the time.

Based upon the Company’s decision to discontinue toremifene 80 mg development and after analyzing future cash flows and estimates of fair market value from a market participant perspective, the Company determined that its toremifene 80 mg intangible asset was impaired and recorded an impairment charge of $1,598 during the three months ended March 31, 2011. The impaired intangible asset consisted of the unamortized portion of capitalized license fees paid to Orion Corporation (“Orion”) related to the Company’s toremifene 80 mg program. This license fee was paid under the amended and restated license and supply agreement for the Company’s exclusive license from Orion to develop and commercialize toremifene-based products.

The impairment charge was included in research and development expenses in the condensed statement of operations for the three months ended March 31, 2011.

Income Taxes

The Company accounts for deferred taxes by recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, at March 31, 2012 and December 31, 2011, net of the valuation allowance, the net deferred tax assets were reduced to zero. Income taxes are described more fully in Note 9 to the Company’s financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Other Income, net

Other income, net consists of interest earned on the Company’s cash, cash equivalents and short-term investments, interest expense, foreign currency transaction gains and losses, and other non-operating income or expense.

Subsequent Events

The Company has evaluated all events or transactions that occurred after March 31, 2012 up through the date the condensed financial statements were issued. There were no material recognizable or nonrecognizable subsequent events during the period evaluated.

Share-Based Compensation

3 Months Ended

Mar. 31, 2012

Share-Based Compensation [Abstract]

Share-Based Compensation

2. Share-Based Compensation

Share-based payments include stock option grants under the Company’s stock option and equity incentive plans and deferred compensation arrangements for the Company’s non-employee directors. The Company recognizes compensation expense for its share-based payments based on the fair value of the awards over the period during which an employee or non-employee director is required to provide service in exchange for the award. The Company’s share-based compensation plans are described more fully in Note 3 to the Company’s financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

The following table summarizes share-based compensation expense included within the condensed statements of operations for the three months ended March 31, 2012 and 2011:


	Three Months Ended March 31,
	2012		2011
Research and development expenses	$	519	$	509
General and administrative expenses		408		741

Total share-based compensation	$	927	$	1,250

Share-based compensation expense recorded in the condensed statement of operations as general and administrative expense for the three months ended March 31, 2012 and 2011 included share-based compensation expense related to deferred compensation arrangements for the Company’s non-employee directors of $45 and $51, respectively.

The Company uses the Black-Scholes-Merton option pricing valuation model to value stock options. The expected life of options is determined by calculating the average of the vesting term and the contractual term of the options. The expected price volatility is based on the Company’s historical stock price volatility. The risk-free interest rate is determined using U.S. Treasury rates where the term is consistent with the expected life of the stock options. Expected dividend yield is not considered as the Company has not made any dividend payments and has no plans of doing so in the foreseeable future. The amount of share-based compensation expense recognized is reduced ratably over the vesting period by an estimate of the percentage of options granted that are expected to be forfeited or canceled before becoming fully vested.

The fair value of options granted was estimated using the following assumptions for the periods presented:


	Three Months Ended March 31,
	2012			2011
Expected price volatility		69.1	%		65.0	%
Risk-free interest rate		1.2	%		2.5	%
Weighted average expected life in years		6.5 years			6.5 years

The following is a summary of stock option transactions for all of the Company’s stock option and equity incentive plans since the Company’s most recent fiscal year end:


	Number of Shares			Weighted Average Exercise Price Per Share
Options outstanding at December 31, 2011		4,945,565		$	9.12
Options granted		1,023,000			3.36
Options forfeited		(84,600	)		5.85
Options exercised		(13,450	)		3.48

Options outstanding at March 31, 2012		5,870,515			8.17

- 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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+ Details

Basic and Diluted Net Loss Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Basic and Diluted Net Loss Per Share

3. Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders is calculated based on the weighted average number of common shares outstanding during the period. Diluted net loss per share gives effect to the dilutive potential of common stock consisting of stock options. Weighted average options outstanding to purchase shares of common stock of 5,933,153 and 5,729,635 for the three months ended March 31, 2012 and 2011, respectively, were excluded from the calculations of diluted net loss per share as inclusion of the options would have had an anti-dilutive effect on the net loss per share for the periods.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Collaboration and License Agreements

3 Months Ended

Mar. 31, 2012

Collaboration and License Agreements [Abstract]

Collaboration and License Agreements

4. Collaboration and License Agreements

University of Tennessee Research Foundation License Agreements

The Company and the University of Tennessee Research Foundation (“UTRF”) are parties to a consolidated, amended and restated license agreement (the “SARM License Agreement”) pursuant to which the Company was granted exclusive worldwide rights in all existing SARM technologies owned or controlled by UTRF, including all improvements thereto, and exclusive rights to future SARM technology that may be developed by certain scientists at the University of Tennessee or subsequently licensed to UTRF under certain existing inter-institutional agreements with The Ohio State University. Under the SARM License Agreement, the Company is obligated to pay UTRF annual license maintenance fees, low single-digit royalties on net sales of products and mid single-digit royalties on sublicense revenues.

Ipsen Collaboration and License Agreement

In September 2006, the Company entered into a collaboration and license agreement with Ipsen Biopharm Limited (the “Ipsen Collaboration Agreement”) pursuant to which the Company granted Ipsen exclusive rights in the European Union, Switzerland, Norway, Iceland, Lichtenstein, and the Commonwealth of Independent States (the “European Territory”) to develop and commercialize toremifene in all indications which the Company has licensed from Orion, which include all indications in humans except the treatment and prevention of breast cancer outside of the United States.

In accordance with the terms of the Ipsen Collaboration Agreement, Ipsen paid the Company €23,000 as a license fee and expense reimbursement. Under the Ipsen Collaboration Agreement, the Company recorded deferred revenue of $29,330 related to the Ipsen upfront license fee and expense reimbursement which was being amortized into revenue on a straight-line basis over the estimated ten year development period for toremifene in the European Territory.

In March 2011, the Company reacquired full rights to its toremifene program following the termination by the Company and Ipsen of the collaboration and license agreement, as amended. During the three months ended March 31, 2011, the Company recognized as collaboration revenue all of the remaining $8,066 unamortized revenue.