Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015 | |
Document And Entity Information [Abstract] | |
Document Type | S-1/A |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Trading Symbol | BIOC |
Entity Registrant Name | BIOCEPT INC |
Entity Central Index Key | 1,044,378 |
Entity Filer Category | Smaller Reporting Company |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | |||
Cash and cash equivalents | $ 12,541,919 | $ 5,364,582 | $ 69,178 |
Accounts receivable | 40,360 | 10,600 | 9,200 |
Inventories, net | 302,005 | 188,728 | 92,823 |
Prepaid expenses and other current assets | 456,894 | 338,721 | 799,131 |
Total current assets | 13,341,178 | 5,902,631 | 970,332 |
Fixed assets, net | 855,208 | 662,422 | 358,887 |
Other non-current assets, net | 500 | ||
Total assets | 14,196,386 | 6,565,053 | 1,329,719 |
Current liabilities: | |||
Accounts payable | 766,436 | 641,406 | 1,540,618 |
Accrued liabilities | 916,730 | 699,903 | 2,242,058 |
Supplier financings | 33,674 | 218,925 | |
Notes payable, net | 5,200,599 | ||
Warrant liability | 709 | 1,070 | 2,140,532 |
Current portion of equipment financing | 125,920 | 55,800 | |
Current portion of credit facility | 1,556,909 | 1,981,000 | |
Current portion of deferred rent | 24,752 | ||
Total current liabilities | 3,390,747 | 1,430,783 | 13,323,732 |
Non-current portion of equipment financing, net | 244,612 | 68,801 | |
Non-current portion of credit facility, net | 3,020,166 | 4,731,322 | |
Non-current portion of interest payable | 131,543 | 54,537 | |
Non-current portion of deferred rent | 481,041 | 500,179 | 462,001 |
Total liabilities | $ 7,268,109 | $ 6,785,622 | $ 13,785,733 |
Commitments and contingencies | |||
Shareholders' equity/(deficit): | |||
Common stock | $ 1,877 | $ 445 | $ 19 |
Additional paid-in capital | 157,545,448 | 138,066,008 | 109,958,001 |
Accumulated deficit | (150,619,048) | (138,287,022) | (122,420,976) |
Total shareholders' equity/(deficit) | 6,928,277 | (220,569) | (12,456,014) |
Series A convertible preferred stock, $0.0001 par value, 100,000,000 authorized; 69,421,047 issued and outstanding at December 31, 2013; liquidation preference of $41,652,628 at December 31, 2013; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2014 (see Note 2). | 6,942 | ||
Total liabilities and shareholders' equity/(deficit) | $ 14,196,386 | 6,565,053 | $ 1,329,719 |
Scenario, Previously Reported [Member] | |||
Current liabilities: | |||
Accrued liabilities | $ 698,833 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value | $ 0.0001 | ||
Preferred stock, shares outstanding | 0 | 0 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 53,000,000 |
Common stock, shares issued | 18,766,903 | 4,449,603 | 185,550 |
Common stock, shares outstanding | 18,766,903 | 4,449,603 | 185,550 |
Series A Convertible Preferred Stock [Member] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 5,000,000 | 100,000,000 | |
Preferred stock, shares outstanding | 0 | 69,421,047 | |
Preferred stock, shares issued | 0 | 69,421,047 | |
Preferred stock, liquidation preference | $ 41,652,628 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement [Abstract] | |||||||
Revenues | $ 164,856 | $ 10,274 | $ 391,626 | $ 57,794 | $ 133,415 | $ 134,245 | |
Costs and expenses: | |||||||
Cost of revenues | 1,159,710 | 538,181 | 3,320,467 | 1,555,861 | 2,170,548 | 2,329,900 | |
Gross loss | (527,907) | (2,037,133) | (2,195,655) | ||||
Research and development expenses | 677,729 | 1,310,905 | 2,073,391 | 3,427,513 | 4,497,790 | 3,086,737 | |
General and administrative expenses | 1,630,608 | 1,060,812 | 4,281,883 | 3,970,579 | 5,201,997 | 2,513,136 | |
Sales and marketing expenses | 1,055,653 | 812,005 | 2,616,218 | 1,246,507 | 2,137,004 | 148,903 | |
Total costs and expenses | 4,523,700 | 3,721,903 | 12,291,959 | 10,200,460 | |||
Loss from operations | (4,358,844) | (3,711,629) | (11,900,333) | (10,142,666) | (13,873,924) | (7,944,431) | |
Other income/(expense) | |||||||
Interest expense, net | (176,120) | (151,491) | (494,596) | (1,640,045) | (1,789,680) | (2,070,064) | |
Change in fair value of warrant liability | 558 | 3,326 | 361 | (200,994) | (200,936) | 782,112 | |
Other income | 38,412 | 64,020 | |||||
Total other income/(expense) | (137,150) | (148,165) | (430,215) | (1,841,039) | (1,990,616) | (1,287,952) | |
Loss before income taxes | (4,495,994) | (3,859,794) | (12,330,548) | (11,983,705) | (15,864,540) | (9,232,383) | |
Income tax expense | (199) | (1,478) | (800) | (1,506) | (800) | ||
Net loss & comprehensive loss | $ (4,496,193) | $ (3,859,794) | $ (12,332,026) | $ (11,984,505) | $ (15,866,046) | $ (9,233,183) | |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | |||||||
Basic | 18,727,806 | 4,449,603 | 15,735,907 | 3,845,540 | 3,997,797 | 181,762 | |
Diluted | 18,727,806 | 4,449,603 | 15,735,907 | 3,845,540 | 3,997,797 | 181,762 | |
Net loss per common share: | |||||||
Basic | $ (0.24) | $ (0.87) | [1] | $ (0.78) | $ (3.12) | $ (3.97) | $ (50.80) |
Diluted | $ (0.24) | $ (0.87) | [1] | $ (0.78) | $ (3.12) | $ (3.97) | $ (50.80) |
[1] | Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Statements of Shareholders' Def
Statements of Shareholders' Deficit - USD ($) | Total | Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2012 | $ (27,384,895) | $ 2,718 | $ 16 | $ 85,800,164 | $ (113,187,793) |
Beginning balance, shares at Dec. 31, 2012 | 27,175,213 | 160,393 | |||
Net loss | (1,925,974) | ||||
Ending balance at Mar. 31, 2013 | (29,300,361) | ||||
Beginning balance at Dec. 31, 2012 | (27,384,895) | $ 2,718 | $ 16 | 85,800,164 | (113,187,793) |
Beginning balance, shares at Dec. 31, 2012 | 27,175,213 | 160,393 | |||
Stock-based compensation expense | $ 952,521 | 952,521 | |||
Stock issuance for RSU | $ 2 | (2) | |||
Stock issuance for RSU, shares | 21,846 | 21,846 | |||
Exercise of stock options | $ 20,105 | $ 1 | 20,104 | ||
Exercise of stock options, shares | 4,021 | 4,021 | |||
Repurchase of common shares | $ (4,111) | (4,111) | |||
Repurchase of common shares, shares | (710) | ||||
Shares issued for conversion of notes payable and accrued interest | 22,812,404 | $ 4,224 | 22,808,180 | ||
Shares issued for conversion of notes payable and accrued interest, shares | 42,245,834 | ||||
Reclassification of warrant liability derivative due to triggering event | 381,145 | 381,145 | |||
Net loss | (9,233,183) | (9,233,183) | |||
Ending balance at Dec. 31, 2013 | (12,456,014) | $ 6,942 | $ 19 | 109,958,001 | (122,420,976) |
Ending balance, shares at Dec. 31, 2013 | 69,421,047 | 185,550 | |||
Beginning balance at Mar. 31, 2013 | (29,300,361) | ||||
Net loss | (1,975,009) | ||||
Ending balance at Jun. 30, 2013 | (8,215,261) | ||||
Net loss | (2,860,191) | ||||
Ending balance at Sep. 30, 2013 | (10,272,840) | ||||
Net loss | (2,472,009) | ||||
Ending balance at Dec. 31, 2013 | (12,456,014) | $ 6,942 | $ 19 | 109,958,001 | (122,420,976) |
Ending balance, shares at Dec. 31, 2013 | 69,421,047 | 185,550 | |||
Net loss | (5,127,871) | ||||
Ending balance at Mar. 31, 2014 | 9,356,778 | ||||
Beginning balance at Dec. 31, 2013 | (12,456,014) | $ 6,942 | $ 19 | 109,958,001 | (122,420,976) |
Beginning balance, shares at Dec. 31, 2013 | 69,421,047 | 185,550 | |||
Net loss | (11,984,505) | ||||
Ending balance at Sep. 30, 2014 | 3,344,897 | ||||
Beginning balance at Dec. 31, 2013 | (12,456,014) | $ 6,942 | $ 19 | 109,958,001 | (122,420,976) |
Beginning balance, shares at Dec. 31, 2013 | 69,421,047 | 185,550 | |||
Stock-based compensation expense | 1,822,661 | 1,822,661 | |||
Shares issued for conversion of Series A Preferred Stock | $ (6,942) | $ 165 | 6,777 | ||
Shares issued for conversion of Series A Preferred Stock, shares | (69,421,047) | 1,652,851 | |||
Shares issued for conversion of notes payable and accrued interest | 7,111,999 | $ 71 | 7,111,928 | ||
Shares issued for conversion of notes payable and accrued interest, shares | 711,202 | ||||
Reclassification of warrant liability derivative due to triggering event | 2,475,620 | 2,475,620 | |||
Shares issued for initial public offering | 16,458,104 | $ 190 | 16,457,914 | ||
Shares issued for initial public offering, shares | 1,900,000 | ||||
Warrants issued in connection with credit facility | 233,107 | 233,107 | |||
Net loss | (15,866,046) | (15,866,046) | |||
Ending balance at Dec. 31, 2014 | (220,569) | $ 445 | 138,066,008 | (138,287,022) | |
Ending balance, shares at Dec. 31, 2014 | 4,449,603 | ||||
Beginning balance at Mar. 31, 2014 | 9,356,778 | ||||
Net loss | (2,996,840) | ||||
Ending balance at Jun. 30, 2014 | 6,883,269 | ||||
Net loss | (3,859,794) | ||||
Ending balance at Sep. 30, 2014 | 3,344,897 | ||||
Net loss | (3,881,541) | ||||
Ending balance at Dec. 31, 2014 | (220,569) | $ 445 | $ 138,066,008 | $ (138,287,022) | |
Ending balance, shares at Dec. 31, 2014 | 4,449,603 | ||||
Net loss | (12,332,026) | ||||
Ending balance at Sep. 30, 2015 | $ 6,928,277 |
Statements of Shareholders' De6
Statements of Shareholders' Deficit (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt, principal amount converted | $ 6,600 | $ 20,231 |
Accrued interest [Member] | ||
Accrued interest on convertible debt converted | $ 500 | $ 2,600 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities | ||||
Net loss | $ (12,332,026) | $ (11,984,505) | $ (15,866,046) | $ (9,233,183) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 188,120 | 177,516 | 251,203 | 266,554 |
Inventory reserve | (20,277) | (9,616) | (13,779) | (70,004) |
Stock-based compensation | 1,016,266 | 1,506,586 | 1,822,661 | 952,521 |
Non-cash interest expense related to convertible debt, credit facility and other financing activities | 93,454 | 1,428,324 | 1,445,068 | 2,066,287 |
Change in fair value of warrant liability | (361) | 200,994 | 200,936 | (782,112) |
Increase/(decrease) in cash resulting from changes in: | ||||
Accounts receivable | (29,760) | (3,245) | (1,400) | 9,685 |
Inventory | (93,000) | (46,201) | (82,126) | 38,464 |
Prepaid expenses and other current assets | (181,284) | (528,988) | (401,355) | (37,691) |
Other non-current assets | 500 | 500 | 268,583 | |
Accounts payable | 142,028 | (992,399) | (981,869) | (175,280) |
Accrued liabilities | 218,829 | (1,177,010) | (1,042,160) | 233,852 |
Accrued interest | 96,295 | 38,304 | 54,537 | |
Deferred rent | 5,614 | 33,238 | 38,178 | 259,961 |
Net cash used in operating activities | (10,896,102) | 11,356,502 | (14,575,652) | (6,202,363) |
Cash Flows From Investing Activities | ||||
Purchases of fixed assets | (118,896) | (201,835) | (394,925) | (711) |
Net cash used in investing activities | (118,896) | (201,835) | (394,925) | (711) |
Cash Flows From Financing Activities | ||||
Proceeds from exercise of stock options | 20,105 | |||
Payments for repurchase of shares | (4,111) | |||
Principal payments on equipment financing | (23,250) | |||
Net proceeds from issuance of common stock | 8,830,057 | 17,390,240 | 17,390,240 | |
Proceeds from exercise of common stock warrants | 9,697,660 | |||
Payments on equipment financings | (54,007) | (9,300) | ||
Payments on supplier and other third party financings | (33,674) | (163,411) | (192,511) | (154,998) |
Payments on line of credit | (247,701) | (2,346,000) | (2,346,000) | |
Proceeds from borrowings on line of credit | 365,000 | 365,000 | 1,981,000 | |
Proceeds from issuance of convertible notes and warrants | 175,000 | 175,000 | 4,245,000 | |
Net proceeds from borrowings on credit facility and warrants | 4,897,502 | 4,897,502 | ||
Net cash provided by financing activities | 18,192,335 | 20,309,031 | 20,265,981 | 6,086,996 |
Net increase/(decrease) in Cash and Cash Equivalents | 7,177,337 | 8,750,694 | 5,295,404 | (116,078) |
Cash and Cash Equivalents at Beginning of Period | 5,364,582 | 69,178 | 69,178 | 185,256 |
Cash and Cash Equivalents at End of Period | 12,541,919 | 8,819,872 | 5,364,582 | 69,178 |
Cash paid during the period for: | ||||
Interest | 309,324 | 298,381 | 402,075 | 3,777 |
Taxes | $ 2,054 | $ 800 | $ 800 | $ 800 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) - USD ($) | Feb. 10, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Warrants reclassified to additional paid-in capital | $ 2,475,620 | ||||
Common stock, shares issued for restricted stock units | 21,846 | ||||
Purchases of fixed assets | $ 3,190 | $ 4,775 | $ 19,546 | ||
Exercise price of warrants | $ 10 | ||||
Fixed assets purchased under capital lease obligations | $ 279,008 | 140,267 | 140,267 | ||
Debt, principal amount converted | $ 6,600,000 | $ 20,231,000 | |||
Conversion price of notes | $ 10 | ||||
Overallotment issued to underwriter to purchase common stock, period | 45 days | 45 days | 45 days | ||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 7,690,395 | $ 202,143 | |||
Warrants to purchase common stock, period | 5 years | 5 years | |||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,627,396 | $ 544,116 | |||
Common shares issuable to underwriters under granted option | 1,200,000 | ||||
Common Shares issuable to underwriters under warrants granted | 1,200,000 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Offering costs recorded in prepaid expenses and other current assets reclassified to common stock issuance costs | $ 63,111 | ||||
Preferred stock, par value | $ 0.0001 | ||||
Warrant coverage amount | $ 502,605 | ||||
Fair value of common stock warrants issued in conjunction with guarantees on additional borrowings | 135,222 | $ 135,222 | 309,000 | ||
Cost related to IPO issuance | 63,111 | 538,318 | |||
Liability for associated unpaid invoices | 63,111 | 328,221 | |||
Financed insurance premium through third party financing | 62,774 | $ 122,777 | |||
Cancellation of insurance premiums amount, other | 44,559 | 44,559 | |||
Cancellation of insurance premiums partial amount received | 10,955 | $ 10,955 | |||
Series A Preferred Stock, shares converted to common stock | 69,421,047 | ||||
Common stock, shares issued upon conversion of Series A Preferred Stock | 1,652,851 | ||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 285,000 | 285,000 | |||
Purchase of common stock by underwriters to cover overallotments, per share | $ 9.30 | ||||
Underwriter IPO costs | $ 279,760 | ||||
Underwriter discount from initial public offering | 1,330,000 | ||||
Deferred offering costs classified to additional paid in capital | $ 932,136 | ||||
Common Stock [Member] | |||||
Common stock, shares issued for restricted stock units | 21,846 | ||||
Convertible Note converted into preferred/common stock | 433,883 | ||||
Series A Convertible Preferred Stock [Member] | |||||
Convertible Note converted into preferred/common stock | 42,245,834 | ||||
Convertible Bridge Notes And Line Of Credit [Member] | |||||
Warrants reclassified to additional paid-in capital | $ 2,475,620 | ||||
Exercise price of warrants | $ 10 | ||||
Warrants reclassified to additional paid-in capital | 387,152 | ||||
2013 Convertible Bridge Notes [Member] | |||||
Warrants reclassified to additional paid-in capital | $ 1,562,968 | ||||
Exercise price of warrants | $ 10 | ||||
Debt, principal amount converted | $ 5,165,000 | ||||
Warrants reclassified to additional paid-in capital | 258,249 | ||||
Accrued interest on convertible debt converted | $ 313,017 | ||||
Conversion price of notes | $ 10 | ||||
Convertible Note converted into preferred/common stock | 548,803 | ||||
2013 Convertible Bridge Notes [Member] | Common Stock [Member] | |||||
Convertible Note converted into preferred/common stock | 547,794 | ||||
2008 Convertible Note [Member] | |||||
Debt, principal amount converted | $ 1,400,000 | ||||
Conversion price of notes | $ 10 | ||||
Convertible Note converted into preferred/common stock | 163,399 | ||||
2008 Convertible Note [Member] | Common Stock [Member] | |||||
Convertible Note converted into preferred/common stock | 163,399 | ||||
Variable Underlying Exercise [Member] | |||||
Warrants reclassified to additional paid-in capital | $ 236,799 | ||||
Fixed Underlying Exercise [Member] | |||||
Warrants reclassified to additional paid-in capital | 144,346 | ||||
April 2014 Credit Facility [Member] | |||||
Warrants to purchase common stock, period | 10 years | ||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 233,107 | $ 233,107 | |||
Accrued interest [Member] | |||||
Accrued interest on convertible debt converted | $ 233,982 | $ 2,581,000 | |||
Accrued interest [Member] | 2013 Convertible Bridge Notes [Member] | |||||
Accrued interest on convertible debt converted | 313,017 | ||||
Accrued interest [Member] | 2008 Convertible Note [Member] | |||||
Accrued interest on convertible debt converted | $ 233,982 | ||||
Aegis Capital Corp. [Member] | |||||
Exercise price of warrants | $ 12.50 | ||||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 202,143 | ||||
Issuance of warrants to purchase shares of common stock | 95,000 | 95,000 | |||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 544,116 |
The Company and Business Activi
The Company and Business Activities | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Business Activities | 1. The Company and Business Activities Biocept, Inc. (“the Company”) was founded in California in May 1997 and is a commercial-stage cancer diagnostics company developing and commercializing proprietary circulating tumor cell (CTC) and circulating tumor DNA (ctDNA) tests utilizing a standard blood sample to improve the treatment that oncologists provide to their patients by providing better, more detailed information on the characteristics of their tumor. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited (by the College of American Pathologists), and manufactures CEE microfluidic channels, related equipment and certain reagents to perform the Company’s diagnostic tests in a facility located in San Diego, California. CLIA certification and accreditation are required before any clinical laboratory may perform testing on human specimens for the purpose of obtaining information for the diagnosis, prevention, treatment of disease, or assessment of health. The tests the Company offers are classified as laboratory developed tests (LDTs), under the CLIA regulations. In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Initial Public Offering | 2. Initial Public Offering Pursuant to an underwriting agreement dated February 4, 2014 between the Company and Aegis Capital Corp. (“Aegis”), as representative of the several underwriters named therein, an IPO of 1,900,000 shares of common stock at $10.00 per share was effected on February 5, 2014. The closing of the sale of these shares to the underwriters occurred on February 10, 2014. The Company received, after deducting underwriting discounts and additional costs paid to the underwriters, approximately $17.4 million of net cash proceeds from the sale of these 1,900,000 shares. The total increase in capital as a result of the sale of these shares was approximately $16.5 million after deducting $0.9 million of additional non-underwriter costs incurred that are netted against these proceeds under applicable accounting guidance. Additionally, the underwriters were granted a 45 day option from the closing date of the IPO to purchase up to 285,000 shares of common stock at $9.30 per share to cover overallotments with a grant date fair value of approximately $202,000 (see Note 5), which was not exercised. In addition, designees of Aegis were issued warrants to buy (in the aggregate) up to 95,000 shares of common stock at $12.50 per share with a term of five years and a grant date fair value of approximately $544,000 (see Note 5). On February 4, 2014, as contemplated by the registration statement covering the IPO, 69,421,047 shares of outstanding Series A Preferred Stock were converted into 1,652,851 shares of common stock and the Company’s certificate of incorporation was amended to provide for an authorized capitalization of 40,000,000 shares of common stock and 5,000,000 shares of preferred stock. In connection with the closing of the Company’s IPO on February 10, 2014, (i) the $1,400,000 principal amount and $233,982 of accrued interest related to the convertible note issued in 2008 were converted at $10.00 per share into a total of 163,399 shares of common stock, (ii) the $5,165,000 principal amount and $313,017 of accrued interest related to the convertible notes issued in 2013 were converted at $10.00 per share into a total of 547,794 shares of common stock, (iii) the exercise price of the warrants associated with the convertible notes issued in 2013 was fixed at $10.00 per share for an aggregate 258,249 shares of common stock, (iv) the exercise price of the warrants associated with the $2,578,104 of collateral provided to secure the Company’s line of credit was fixed at $10.00 per share for an aggregate 128,903 shares of common stock, (v) 73,151 shares of common stock vested as settlement of certain restricted stock units (which were previously expressed in shares of preferred stock) and became issuable subsequent to the expiration of the 180 day lock-up period, (vi) the Company’s Executive Chairman ceased to be an employee and continues to serve as non-executive Chairman, (vii) the number of shares of common stock covered by the Company’s 2013 Equity Incentive Plan increased by 800,000, (viii) all but 1,587 of the preferred warrants previously outstanding were canceled due to early termination clauses associated with the IPO, (ix) derivative warrant liabilities of $2,475,620 associated with the aggregate of 387,152 common stock warrants related to the convertible notes issued in 2013 and line of credit were reclassified to additional paid-in capital when their underlying exercise price was fixed, (x) unamortized discounts of $996,024 related to the warrants associated with the convertible notes issued in 2013 and line of credit were reclassified to interest expense, and (xi) offering costs associated with the IPO of $932,136 were reclassified from prepaid expenses and other current assets to additional paid-in capital, while additional underwriter IPO costs and discounts of $279,760 and $1,330,000, respectively, were netted against the proceeds from the IPO and are reflected as an offset to additional paid-in capital. Subsequent to December 31, 2013, the maximum amount of the Company’s line of credit was increased to approximately $2.6 million and common stock warrants were issued to four shareholders in conjunction with their guarantees on the Company’s additional borrowings under the line of credit. On February 10, 2014, the current outstanding balance under the line of credit of $2,346,000 plus accrued interest of $27,043 was paid in full using the net proceeds from the IPO. On February 13, 2014, the Compensation Committee of the Company’s Board of Directors approved the payment of an aggregate $1,009,552 in deferred salary obligations, including contractual interest, to current and former named executive officers pursuant to previously existing agreements, which was fully disbursed by April 2014 using the net proceeds from the IPO. An additional $344,883 in deferred salary obligations and interest thereon was paid to former employees other than named executive officers. Also on February 13, 2014, in connection with the closing of the IPO and pursuant to a resolution for a director compensation policy adopted in 2013, the Company’s Board of Directors approved annual cash retainers to non-employee directors, and granted 238,500 stock options under the Company’s 2013 Equity Incentive Plan to non-employee directors. These option awards vest in equal annual installments over 3 years from the date of grant with a 10 year term, subject to continuing service requirements. In February 2014, the Company’s Board of Directors approved grants of 54,298 stock options as a result of the closing of the IPO pursuant to the terms of underlying employment agreements. Included in the stock options granted pursuant to the terms of underlying employment agreements are 53,108 option awards granted to the Company’s non-executive Chairman, which vested fully on the date of grant. Under the terms of certain employment agreements with executive officers, the Company incurred additional cash compensation expense of $150,000 immediately, and $225,000 annually, upon the closing of its IPO. All payments required under these agreements as a result of the closing of the Company’s IPO on February 10, 2014 were subsequently made in February and March 2014, using the net proceeds from the IPO. During the year ended December 31, 2014, the Company repaid in full the remaining amounts outstanding of approximately $70,000 due for laboratory equipment under financing agreements with a supplier, which is a business owned by a member of the Company’s Board of Directors, using the net proceeds from the IPO. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Liquidity | 3. Liquidity At December 31, 2013 and December 31, 2014, the Company had accumulated deficits of approximately $122.4 million and $138.3 million, respectively. For the years ended December 31, 2013 and 2014, the Company incurred net losses of approximately $9.2 million and $15.9 million, respectively. The Company borrowed a total of $6.2 million and $0.5 million during the years ended December 31, 2013 and 2014, respectively, under note agreements with certain shareholders and a line of credit. In addition, the Company borrowed $5.0 million during the year ended December 31, 2014 under the April 2014 Credit Facility. While the Company is currently in the commercialization stage of operations, the Company has not yet achieved profitability and anticipates that it will continue to incur net losses in the foreseeable future. Historically, the Company’s principal sources of cash have included proceeds from the issuance of common and preferred stock, proceeds from the issuance of debt, and revenues from clinical laboratory testing through contracted partners. The Company’s principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. The Company expects that the principal uses of cash in the future will be for continuing operations, hiring of sales and marketing personnel and increased sales and marketing activities, funding of research and development, capital expenditures, and general working capital requirements. The Company expects that, as revenues grow, sales and marketing and research and development expenses will continue to grow, albeit at a slower rate and, as a result, the Company will need to generate significant net revenues to achieve and sustain income from operations. As of December 31, 2014, cash and cash equivalents totaled approximately $5.4 million. On February 13, 2015, the Company received cash proceeds of approximately $9.1 million as a result of the closing of a second public offering, net of underwriting discounts and additional underwriting costs incurred. Subsequent to the closing of the second public offering on February 13, 2015, additional cash proceeds of approximately $6.7 million were received from the exercise of warrants sold in such offering (see Note 21). Management believes that its cash resources should be sufficient to support currently forecasted operations through at least the next twelve months. Management expects that the Company may need additional financing in the future to execute on its current or future business strategies beyond the next twelve months. Until the Company can generate significant cash from operations, the Company expects to continue to fund its operations with the proceeds of offerings of the Company’s equity and debt securities. Management can provide no assurances that any sources of a sufficient amount of financing will be available to the Company on favorable terms, if at all. In addition to test revenues, such financing may be derived from one or more of the following types of transactions: debt, equity, product development, technology licensing or collaboration. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 4. Summary of Significant Accounting Policies Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments, including those related to inventories, long-lived assets, convertible debt, derivative liabilities, income taxes, and stock-based compensation. The Company bases its estimates on various assumptions that it believes are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Reverse Stock Split and Change in Par Value of Common Stock and Preferred Stock In July 2013, in conjunction with its reincorporation in the state of Delaware, the Company initiated par values for preferred and common shares equal to $0.0001. In November 2013, the Company effected a 1:14 reverse stock split for all common shares. All references to share and per share amounts in the financial statements and accompanying notes to the financial statements have been retroactively restated to reflect the 1:14 reverse stock split and the change in par value. Revenue Recognition Revenue is recognized in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition Health Care Entities, Revenue Recognition The Company’s main source of revenue for the year ended December 31, 2013, and a significant source of revenue for the year ended December 31, 2014, is through contracted partners. This revenue is derived from clinical laboratory testing performed in the Company’s laboratories under agreements with such partners. As there is a contractually agreed upon price, and collectability from the partners is reasonably assured, revenues for these tests are recognized at the time the test is completed. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company places its cash and cash equivalents with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC). At times, deposits held may exceed the amount of insurance provided by the FDIC. The Company has not experienced any losses in its cash and cash equivalents and believes they are not exposed to any significant credit risk. Fair Value Measurement The Company uses a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company believes the carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of these financial instruments. See Note 5 for further details about the inputs and assumptions used to determine fair value measurements. Concentration of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company has not experienced losses in such accounts. Management believes that the Company is not exposed to any significant credit risk with respect to its cash and cash equivalents. In 2012, the Company launched commercial operations in partnership with a commercial partner, Clarient Diagnostic Services, Inc. (“Clarient”), a GE Healthcare Company. During the years ended December 31, 2013, the final year of this partnership, and December 31, 2014, when subsequent cash collections were made, 10% and 6%, respectively, of the revenues earned were billed through this relationship. In 2013, the Company entered into a research support agreement with a not-for-profit tax-exempt organization, Dana-Farber Partners Cancer Care, Inc. (“Dana-Farber”). For the years ended December 31, 2013 and 2014, 77% and 32%, respectively, of the revenues earned were billed through this relationship. In addition, 100% and 72% of the receivables were due from Dana-Farber at December 31, 2013 and 2014, respectively. In 2014, the Company entered into a research support agreement with a not-for-profit tax-exempt organization, The University of Texas MD Anderson Cancer Center (“MD Anderson”). For the year ended December 31, 2014, 2% of the revenues earned were billed through this relationship. In addition, 28% of the receivables were due from MD Anderson at December 31, 2014. Concentrations of credit risk with respect to revenues and accounts receivable are primarily limited to certain clients including Clarient, Dana-Farber, and MD Anderson, and geographies to which the Company provides a significant volume of its services, and to specific payers of our services such as Medicare and individual insurance companies. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. For the year ended December 31, 2013, revenues derived from clients within the states of Massachusetts, California, and Texas accounted for approximately 77%, 22% and 1%, respectively, of total revenues. For the year ended December 31, 2014, revenues derived from clients within the states of Massachusetts, California, and Texas accounted for approximately 32%, 15% and 34%, respectively, of total revenues. All of the Company’s sales for all periods presented were generated in the United States of America. Certain components used in the Company’s current or planned products are available from only one supplier, and substitutes for these components cannot be obtained easily or would require substantial design or manufacturing modifications or identification and qualification of alternative sources. Accounts Receivable Accounts receivable are carried at original invoice amounts, less an estimate for doubtful receivables, based on a review of all outstanding amounts on a periodic basis. The estimate for doubtful receivables is determined from an analysis of the accounts receivable on a quarterly basis, and is recorded as bad debt expense. As the Company only recognizes revenue to the extent collection is expected and reasonably assured, bad debt expense related to receivables from patient service revenue is recorded in general and administrative expense in the statement of operations and comprehensive loss. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. As of December 31, 2013 and 2014, management determined that all of the amounts recorded as accounts receivable were collectible, and no allowance for doubtful accounts was needed. Inventories Inventories are valued at the lower of cost or market value. Cost is determined by the average cost method. The Company records adjustments to its inventory for estimated obsolescence or diminution in market value equal to the difference between the cost of the inventory and the estimated market value. At the point of loss recognition, a new cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Fixed Assets Fixed assets consist of machinery and equipment, furniture and fixtures, computer equipment and software, leasehold improvements, capital leased equipment and construction in process. Fixed assets are stated at cost less accumulated depreciation and amortization. Additions, improvements, and major renewals are capitalized. Maintenance, repairs, and minor renewals are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold improvements are amortized over the life of the lease or the asset, whichever is shorter. Depreciation expense for the years ended December 31, 2013 and 2014 was approximately $267,000 and $251,000, respectively. Upon sale, retirement or disposal of fixed assets, the accounts are relieved of the cost and the related accumulated depreciation or amortization with any gain or loss recorded to the statement of operations. Fixed assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These computations utilize judgments and assumptions inherent in the estimates of future cash flows to determine recoverability of these assets. If the assumptions about these assets were to change as a result of events or circumstances, the Company may be required to record an impairment loss. Warrant Liability Warrants for shares that are contingently redeemable and for which the exercise price is not fixed are classified as liabilities on the accompanying balance sheets and carried at their estimated fair value, determined through use of a Black-Scholes valuation model. As of and for the years ended December 31, 2013 and 2014, the Company evaluated and concluded that the fair value obtained from the Black-Scholes method of valuing the warrant liability does not materially differ from the valuation of such warrants using the Monte Carlo or binomial lattice simulation models, and therefore the use of the Black-Scholes valuation model was considered a reasonable method to value the warrants. At the end of each reporting period, any changes in fair value are recorded as a component of other income (expense). As of the closing of the Company’s IPO on February 10, 2014, the exercise price underlying the majority of the Company’s outstanding warrants was fixed and the fair value of those warrants was reclassified to shareholders’ deficit, while a preferred stock warrant to purchase an equivalent of 1,587 shares of common stock remains liability-classified at December 31, 2014. Stock-based Compensation The Company accounts for stock-based compensation under the provisions of FASB ASC Topic 718, Compensation—Stock Compensation The Company accounts for stock-based compensation awards to non-employees in accordance with FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees Calculating the fair value of stock-based awards requires the input of highly subjective assumptions into the Black-Scholes valuation model. Stock-based compensation expense is calculated using the Company’s best estimates, which involves inherent uncertainties, and the application of management’s judgment. Significant estimates include the fair value of the Company’s common stock at the date of grant for awards granted prior to its IPO, the expected life of the stock option, stock price volatility, risk-free interest rate and forfeiture rate. Research and Development Research and development costs are expensed as incurred. The amounts expensed in the years ended December 31, 2013 and 2014 were approximately $3,087,000 and $4,498,000, respectively, which includes salaries of research and development personnel. Income Taxes The Company provides for income taxes utilizing the liability method. Under the liability method, current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits. Tax rate changes are reflected in the computation of the income tax provision during the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in management’s opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company’s valuation allowance is based on available evidence, including its current year operating loss, evaluation of positive and negative evidence with respect to certain specific deferred tax assets including evaluation sources of future taxable income to support the realization of the deferred tax assets. The Company has established a full valuation allowance on the deferred tax assets as of December 31, 2013 and 2014, and therefore has not recognized any income tax benefit or expense in the periods presented. ASC 740, Income Taxes The Company recognizes interest and/or penalties related to income tax matters in income tax expense. There is no accrual for interest or penalties for income taxes on the balance sheets at December 31, 2013 and 2014, and the Company has not recognized interest and/or penalties in the statements of operations for the years ended December 31, 2013 and 2014. Recent Accounting Pronouncements In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires netting unrecognized tax benefits against deferred tax assets for a loss or other carryforward that would apply in settlement of uncertain tax positions. This guidance is effective for annual reporting periods beginning after December 15, 2013, and was effective for the Company’s fiscal year beginning January 1, 2014. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In May 2014, the FASB issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In June 2014, the FASB issued authoritative guidance requiring share-based payments with a performance target which affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2014, the FASB issued authoritative guidance requiring management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. This guidance is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In November 2014, the FASB issued authoritative guidance requiring entities to consider all of a hybrid instrument’s stated and implied substantive terms and features, including any embedded derivative features being evaluated for bifurcation. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurement | 4. Fair Value Measurement The Company uses a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company believes the carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, other than warrant liability, approximate their estimated fair values due to the short-term maturities of these financial instruments. The estimated fair value of the Company’s credit facility at September 30, 2015 approximated carrying value, which was determined using a discounted cash flow analysis. The analysis considered interest rates of instruments with similar maturity dates, which involved the use of significant unobservable Level 3 inputs. In connection with the closing of the Company’s public offering on February 13, 2015, warrants were issued to buy (in the aggregate) up to 8,000,000 shares of common stock with an estimated grant date fair value of $7,690,395, which was recorded as an offset to additional paid-in capital within common stock issuance costs. Also in connection with the closing of the Company’s follow-on public offering on February 13, 2015, the underwriters were granted a 45 day option from the closing date of the offering to purchase up to 1,200,000 additional shares of common stock at a price of $1.25 per share and/or additional warrants to purchase up to 1,200,000 shares of common stock at a price of $0.0001 per warrant, less underwriting discounts and commissions, to cover over-allotments, if any. The estimated aggregate grant date fair value of these over-allotment options and warrants of $1,627,396 was also recorded to common stock issuance costs as a component of additional paid-in capital. The fair values of these over-allotment options and all common stock warrants issued in this offering were estimated using Black-Scholes valuation models with the following assumptions: Over- Warrants Stock price $ 1.41 $ 1.41 Exercise price $ 1.25 $ 1.56 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.02 % 1.53 % Expected life (in years) 0.12 5.00 Expected volatility 168.1 % 90.0 % | 5. Fair Value Measurement Warrant Liability Derivatives The Company classified the fair value measurements of the Company’s warrant liability derivatives as Level 3 in all periods presented. The Company adjusted the carrying value of the warrants classified as liabilities until the completion of its IPO on February 10, 2014, at which time the exercise price was fixed at $10.00 per share and the fair value of the warrants was reclassified to shareholders’ deficit, except for a warrant for 1,587 preferred shares that remains outstanding at December 31, 2014 (see Note 2). As of December 31, 2013, the aggregate common stock warrant liability of approximately $2,132,000 was estimated using a probability weighted Black-Scholes valuation model with the following assumptions for both the five-year and two-year common stock warrant terms separately: Five-year term Two-year term Stock price $ 1.48 – 7.69 $ 1.48 – 7.69 Exercise price $ 1.48 – 7.69 $ 1.48 – 7.69 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 1.73 % 0.38 % Expected life (in years) 5.00 2.00 Expected volatility 100.0 % 90.0 % At December 31, 2013 the values of both the five-year and two-year common stock warrants using the probability weighted Black-Scholes valuation models accounted for a probability of 75%, while a fair value of $0 was weighted 25%. As of closing of the Company’s IPO on February 10, 2014, the aggregate common stock warrant liability of approximately $2,476,000 was estimated using a Black-Scholes valuation model with the following assumptions for both the five-year and two-year common stock warrant terms separately: Five-year term Two-year term Stock price $ 8.91 $ 8.91 Exercise price $ 10.00 $ 10.00 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 1.48 % 0.32 % Expected life (in years) 5.00 2.00 Expected volatility 90.0 % 90.0 % The fair value attributed to the common and preferred share warrants as of December 31, 2013 and 2014 is as follows: Fair Value Measurements Using Quoted Prices Significant Significant (Level 3) Liabilities Warrant Liability at December 31, 2013 — — 2,140,532 Warrant Liability at December 31, 2014 — — 1,070 The following table includes a summary of changes in the fair value of the common and preferred share warrants for the years ended December 31, 2013 and 2014: Fair Value Measurements Significant Unobservable Inputs (Level 3) Balance at December 31, 2012 $ 981,747 Warrant liability incurred in 2013 2,322,042 Change in fair value included in expense in 2013 (782,112 ) Warrant liability reclassified to additional paid-in capital in 2013 (381,145 ) Balance at December 31, 2013 2,140,532 Warrant liability incurred in 2014 135,222 Change in fair value included in expense in 2014 200,936 Warrant liability reclassified to additional paid-in capital in 2014 (2,475,620 ) Balance at December 31, 2014 $ 1,070 The change in the estimated fair value of the total liability outstanding for all outstanding warrants of approximately $782,000 and ($201,000) was recognized as a non-cash gain/(loss) and included in total other income/(expense) in the Company’s statements of operations and comprehensive loss for the years ended December 31, 2013 and 2014, respectively. Other Fair Value Measurements In connection with the closing of the Company’s IPO on February 10, 2014, the IPO’s underwriters were granted a 45 day option to purchase up to 285,000 shares of common stock to cover overallotments with a grant date fair value of $202,143, which was not exercised. Additionally, certain designees of the representative of the underwriters were issued warrants to buy (in the aggregate) up to 95,000 shares of common stock with a grant date fair value of $544,116. The fair values of these stock option and common stock warrants were estimated using Black-Scholes valuation models with the following assumptions: Options Warrants Stock price $ 8.91 $ 8.91 Exercise price $ 9.30 $ 12.50 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.07 % 1.46 % Expected life (in years) 0.12 5.00 Expected volatility 70.0 % 90.0 % The estimated grant date fair values of these non-cash equity classified instruments were recorded as an offset to additional paid-in capital within common stock issuance costs. In connection with the closing of the April 2014 Credit Facility on April 30, 2014, the lender was granted a warrant to purchase 52,966 shares of common stock with a 10 year term and an estimated grant date fair value of $233,107 (see Note 7). The fair value of this warrant was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 4.74 Exercise price $ 4.72 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.67 % Expected life (in years) 10.00 Expected volatility 110.0 % The estimated grant date fair value of this non-cash equity classified instrument was recorded as a discount to outstanding debt and is amortized to interest expense utilizing the effective interest method over the underlying term of the loan. The estimated fair value of the April 2014 Credit Facility at December 31, 2014 approximated carrying value, which was determined using a discounted cash flow analysis. The analysis considered interest rates of instruments with similar maturity dates, which involved the use of significant unobservable Level 3 inputs (see Note 7). |
Balance Sheet Details
Balance Sheet Details | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Balance Sheet Details | 5. Balance Sheet Details The following provides certain balance sheet details: December 31, September 30, Fixed Assets Machinery and equipment $ 2,922,303 $ 2,997,676 Furniture and office equipment 209,844 212,659 Computer equipment and software 681,508 756,365 Leasehold improvements 506,328 514,614 Financed equipment 878,447 1,157,455 Construction in process 72,172 12,739 5,270,602 5,651,508 Less accumulated depreciation and amortization 4,608,180 4,796,300 Total fixed assets, net $ 662,422 $ 855,208 Accrued Liabilities Accrued interest $ 33,125 $ 31,484 Accrued payroll 82,241 216,154 Accrued vacation 276,574 286,125 Accrued bonuses 302,763 286,557 Accrued sales commissions — 63,167 Warrant liability 1,070 709 Other 4,130 32,534 Total accrued liabilities $ 699,903 $ 916,730 | 6. Balance Sheet Details The following provides certain balance sheet details: December 31, December 31, Fixed Assets Machinery and equipment $ 2,761,560 $ 2,922,303 Furniture and office equipment 209,844 209,844 Computer equipment and software 681,508 681,508 Leasehold improvements 373,653 506,328 Financed equipment 677,000 878,447 Construction in process 12,299 72,172 4,715,864 5,270,602 Less accumulated depreciation and amortization 4,356,977 4,608,180 Total fixed assets, net $ 358,887 $ 662,422 Accrued Liabilities Accrued interest $ 524,885 $ 33,125 Accrued payroll 125,299 82,241 Deferred wages 1,377,987 — Accrued vacation 213,601 276,574 Accrued bonuses — 302,763 Other 286 4,130 Total accrued liabilities $ 2,242,058 $ 698,833 As of December 31, 2013, the Company incurred $538,318 in costs directly associated with its IPO, which are reflected on the Company’s balance sheet as a component of prepaid expenses and other current assets. A liability of $328,221 for associated unpaid invoices is recorded as a component of accounts payable at December 31, 2013. As of December 31, 2014, a balance of $1,211,896 of such costs, in addition to underwriting discounts of $1,330,000 and an aggregate $746,259 of associated stock option and restricted stock awards, are offset against additional paid-in capital as a result of the closing of the Company’s IPO on February 10, 2014 (see Note 2). Costs associated with the Company’s February 2015 public offering totaling $63,111 were incurred during the year ended December 31, 2014, which are reflected on the Company’s balance sheet as a component of prepaid expenses and other current assets at December 31, 2014. A liability of $63,111 for associated unpaid invoices is recorded as a component of accounts payable at December 31, 2014. |
April 2014 Credit Facility
April 2014 Credit Facility | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Text Block [Abstract] | ||
April 2014 Credit Facility | 6. April 2014 Credit Facility On April 30, 2014, the Company received net cash proceeds of approximately $4,927,000 pursuant to the execution of its April 2014 Credit Facility with Oxford Finance LLC. A second term loan of up to a principal amount of $5 million will be funded at the Company’s request prior to December 31, 2015, subject to the achievement of product and services revenues of at least $9 million for the trailing six months, with such six-month period ending no later than November 30, 2015. Upon the entry into the April 2014 Credit Facility, the Company was required to pay the lenders a facility fee of $50,000 in conjunction with the funding of the first term loan. Another $50,000 facility fee will be due and payable to the lenders on the funding date of the second term loan (if such date occurs). The April 2014 Credit Facility is secured by substantially all of the Company’s personal property other than its intellectual property. Each term loan under the April 2014 Credit Facility bears interest at an annual rate equal to the greater of (i) 7.95% or (ii) the sum of (a) the three-month U.S. LIBOR rate reported in the Wall Street Journal three business days prior to the funding date of the applicable term loan, plus (b) 7.71%, such rate to be fixed at the time of borrowing. The first term loan bears interest at an annual rate of 7.95%. The Company was required to make interest-only payments on the first term loan through August 1, 2015. If the Company requests and the lenders fund the second term loan, the Company is required to make interest-only payments on the second term loan through the seventh month following the funding date of the second term loan. All outstanding term loans under the April 2014 Credit Facility will begin amortizing at the end of the applicable interest-only period, with monthly payments of principal and interest being made by the Company to the lenders in consecutive monthly installments following such interest-only period. The first term loan under the April 2014 Credit Facility matures on July 1, 2018, and the second term loan matures on the first day of the 29th month following the end of the applicable interest-only period. Upon repayment of each term loan, the Company is also required to make a final payment to the lenders equal to 5.5% of the original principal amount of such term loan funded. At its option, the Company may prepay the outstanding principal balance of the term loans in whole but not in part, subject to a prepayment fee of 2% of the amount prepaid if the prepayment occurs prior to April 30, 2016, and 1% of any amount prepaid after April 30, 2016. The April 2014 Credit Facility includes affirmative and negative covenants applicable to the Company and any subsidiaries the Company creates in the future. The affirmative covenants include, among others, covenants requiring the Company to maintain its legal existence and governmental approvals, deliver certain financial reports and maintain insurance coverage. The negative covenants include, among others, restrictions on the Company’s transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets, and suffering a change in control, in each case subject to certain exceptions. The April 2014 Credit Facility also includes events of default, the occurrence and continuation of which provide Oxford Finance LLC, as collateral agent, with the right to exercise remedies against the Company and the collateral securing the term loans under the April 2014 Credit Facility, including foreclosure against the Company’s properties securing the April 2014 Credit Facility, including the Company’s cash. These events of default include, among other things, the Company’s failure to pay any amounts due under the April 2014 Credit Facility, a breach of covenants under the April 2014 Credit Facility, the Company’s insolvency, a material adverse change, the occurrence of any default under certain other indebtedness in an amount greater than $250,000, and a final judgment against the Company in an amount greater than $250,000. A warrant to purchase up to 52,966 shares of the Company’s common stock at an exercise price of $4.72 per share with a term of 10 years was issued to Oxford Finance LLC on April 30, 2014. The estimated fair value of the warrant issued of $233,107 was recorded as a discount to outstanding debt as of the closing date. Additional warrants to purchase shares of the Company’s common stock will be issued upon execution of the second term loan under the April 2014 Credit Facility in an amount equal to 5.0% of the funded amount divided by the exercise price, which will be equal to the lower of (i) the closing price per share of the Company’s common stock on the NASDAQ on the date prior to the funding date of the second term loan or (ii) the ten-day average closing price per share prior to the funding date of the second term loan. The effective annual interest rate associated with the April 2014 Credit Facility was 10.81% at December 31, 2014 and 11.50% at September 30, 2015. | 7. April 2014 Credit Facility On April 30, 2014, the Company received net cash proceeds of approximately $4,927,000 pursuant to the execution of its April 2014 Credit Facility with Oxford Finance LLC. A second term loan of up to a principal amount of $5 million will be funded at the Company’s request prior to December 31, 2015, subject to the achievement of product and services revenues of at least $9 million for the trailing six months, with such six-month period ending no later than November 30, 2015. Upon the entry into the April 2014 Credit Facility, the Company was required to pay the lenders a facility fee of $50,000 in conjunction with the funding of the first term loan. Another $50,000 facility fee will be due and payable to the lenders on the funding date of the second term loan (if such date occurs). The April 2014 Credit Facility is secured by substantially all of the Company’s personal property other than its intellectual property. Each term loan under the April 2014 Credit Facility bears interest at an annual rate equal to the greater of (i) 7.95% or (ii) the sum of (a) the three-month U.S. LIBOR rate reported in the Wall Street Journal three business days prior to the funding date of the applicable term loan, plus (b) 7.71%, such rate to be fixed at the time of borrowing. The first term loan bears interest at an annual rate of 7.95%. The Company is required to make interest-only payments on the first term loan through February 1, 2016 if the funding date of the second term loan occurs before June 30, 2015, or through August 1, 2015 otherwise. If the Company requests and the lenders fund the second term loan, the Company is required to make interest-only payments on the second term loan through February 1, 2016 if the funding date of the second term loan occurs before June 30, 2015, or through the seventh month following the funding date of the second term loan otherwise. All outstanding term loans under the April 2014 Credit Facility will begin amortizing at the end of the applicable interest-only period, with monthly payments of principal and interest being made by the Company to the lenders in consecutive monthly installments following such interest-only period. The first term loan under the April 2014 Credit Facility matures on July 1, 2018, and the second term loan matures on the first day of the 29th month following the end of the applicable interest-only period. Upon repayment of each term loan, the Company is also required to make a final payment to the lenders equal to 5.50% of the original principal amount of such term loan funded. At its option, the Company may prepay the outstanding principal balance of the term loans in whole but not in part, subject to a prepayment fee of 3% of any amount prepaid if the prepayment occurs on or prior to April 30, 2015, 2% of the amount prepaid if the prepayment occurs after April 30, 2015 but on or prior to April 30, 2016, and 1% of any amount prepaid after April 30, 2016. The April 2014 Credit Facility includes affirmative and negative covenants applicable to the Company and any subsidiaries the Company creates in the future. The affirmative covenants include, among others, covenants requiring the Company to maintain its legal existence and governmental approvals, deliver certain financial reports and maintain insurance coverage. The negative covenants include, among others, restrictions on the Company’s transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets, and suffering a change in control, in each case subject to certain exceptions. The April 2014 Credit Facility also includes events of default, the occurrence and continuation of which provide Oxford Finance LLC, as collateral agent, with the right to exercise remedies against the Company and the collateral securing the term loans under the April 2014 Credit Facility, including foreclosure against the Company’s properties securing the April 2014 Credit Facility, including the Company’s cash. These events of default include, among other things, the Company’s failure to pay any amounts due under the April 2014 Credit Facility, a breach of covenants under the April 2014 Credit Facility, the Company’s insolvency, a material adverse change, the occurrence of any default under certain other indebtedness in an amount greater than $250,000, and a final judgment against the Company in an amount greater than $250,000. A warrant to purchase up to 52,966 shares of the Company’s common stock at an exercise price of $4.72 per share with a term of 10 years was issued to Oxford Finance LLC on April 30, 2014 (see Note 5). Additional warrants for shares of the Company’s common stock will be issued upon execution of the second term loan under the April 2014 Credit Facility in an amount equal to 5.0% of the funded amount divided by the exercise price, which will be equal to the lower of (i) the closing price per share of the Company’s common stock on the NASDAQ on the date prior to the funding date of the second term loan or (ii) the ten-day average closing price per share prior to the funding date of the second term loan. Issuance costs of $102,498 associated with the first term loan under the April 2014 Credit Facility were recorded as a discount to outstanding debt as of the closing date, resulting in net proceeds of $4,897,502. The estimated fair value of the warrant issued of $233,107 was recorded as a discount to outstanding debt as of the closing date. The discounts and other issuance costs are amortized to interest expense utilizing the effective interest method over the underlying term of the loan. The total amount of interest expense recorded during the year ended December 31, 2014 related to the April 2014 Credit Facility was $380,264. Approximately $61,000 related to accretion of the discount was recognized as interest expense during the year ended December 31, 2014, with approximately $269,000 remaining unamortized and reflected as a discount to the debt. The April 2014 Credit Facility bears an effective annual interest rate of 10.81% at both April 30, 2014 and December 31, 2014. |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Line of Credit | 8. Line of Credit In July 2013, the Company entered into a revolving line of credit with UBS Bank USA in the initial amount of $1.5 million. Interest accrued daily on the outstanding balance and was paid monthly at a variable rate which, as of December 31, 2013, was 2.75% over the 30 day LIBOR rate or a nominal annual interest rate of 2.92%. As of December 31, 2013, the amount outstanding under this revolving line of credit was approximately $2.0 million. Subsequent to December 31, 2013, the maximum amount of the line of credit was increased to approximately $2.6 million. Five of the Company’s affiliated parties guaranteed the loan and pledged financial assets to the bank to secure their guaranties, as approved by the Company’s Board of Directors. In return, the Company issued common stock warrants to the guarantors. The number of shares subject to the common stock warrants was determined by dividing the warrant coverage amount, which is 50% of the fair market value of the collateral provided by the respective guarantors to secure their respective guaranty obligations to the bank, by the exercise price set at the price per share of the Company’s common stock sold in its IPO. See Note 5 for further discussion of the warrant liabilities. The Company entered into an agreement with the guarantors that provided for reimbursement of any amounts paid by them on their guaranties. This reimbursement obligation was secured by a security interest in the Company’s assets. In connection with the closing of the Company’s IPO on February 10, 2014, the current outstanding balance under the line of credit of $2,346,000 plus accrued interest of $27,043 was paid in full, and the exercise price of the warrants associated with the $2,578,104 of collateral provided was fixed at $10.00 per share for an aggregate 128,903 shares of common stock, with associated derivative warrant liabilities of $513,603 reclassified to additional paid-in capital. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Notes Payable | 9. Notes Payable The following is a summary of the Company’s short-term and long-term debt obligations: December 31, 2013 2014 Secured convertible note to a major shareholder. As of February 10, 2014, the secured convertible note was converted into common shares. (“2008 Convertible Note”) (See Note 10) $ 1,400,000 $ — Unsecured convertible notes, issued under a note and warrant purchase agreement dated as of June 28, 2013, net of discounts related to warrants aggregating $874,158 and $0 at December 31, 2013 and 2014, respectively. Includes notes of $2,505,000 and $0 to a major shareholder at December 31, 2013 and 2014, respectively. As of February 10, 2014, the unsecured convertible notes were converted into common shares. (“2013 Convertible Bridge Notes”) (See Note 10) 4,115,842 — Secured term loan agreement, net of discounts related to warrants and lender fees aggregating $0 and $268,678 at December 31, 2013 and 2014, respectively. (“April 2014 Credit Facility”) (see Note 7) — 4,731,322 Other debt discount. As of February 10, 2014, the remaining unamortized portion of the other debt discount was reclassified to interest expense. (See Notes 8 and 10) (315,243 ) — Total notes payable 5,200,599 4,731,322 Less current portion 5,200,599 — Long-term portion $ — $ 4,731,322 The Company was unable to make principal and interest payments on all outstanding notes payable and convertible notes payable except for the non-current balance of the 2013 Convertible Bridge Notes prior to the conversion of certain of the notes as of June 28, 2013. None of the lenders had sought any remedy for this default prior to the conversion of the notes as of June 28, 2013. On June 28, 2013, approximately $20,231,000 of outstanding notes payable and $2,581,000 of accrued interest were converted into 42,245,834 preferred shares, in accordance with the provisions of the debt conversion agreements of that date. In connection with the closing of the Company’s IPO on February 10, 2014, (i) the $1,400,000 principal amount and $233,982 of accrued interest related to the 2008 Convertible Note were converted at $10.00 per share into a total of 163,399 shares of common stock, (ii) the $5,165,000 principal amount and $313,017 of accrued interest related to the 2013 Convertible Bridge Notes were converted at $10.00 per share into a total of 547,794 shares of common stock, and (iii) derivative warrant liabilities of $1,562,968 associated with an aggregate of 258,249 common stock warrants related to the 2013 Convertible Bridge Notes were reclassified to additional paid-in capital when their underlying exercise price was fixed at $10.00 per share. Total interest expense incurred for all notes, convertible notes, and the line of credit, including amortization of debt discounts, for the years ended December 31, 2013 and 2014 was approximately $1,964,000 and $1,768,000, respectively, of which approximately $516,000 and $88,000 was recorded as accrued interest as of December 31, 2013 and 2014, respectively. |
Convertible Notes and Warrants
Convertible Notes and Warrants | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Convertible Notes and Warrants | 10. Convertible Notes and Warrants Preferred Shares Goodman Note During April 2005, the Company entered into an unsecured loan agreement for $15,000,000 (the “Goodman Note”). The note required interest payments and principal settlement upon maturity at the earliest of (a) April 20, 2010, (b) the Company being acquired, or (c) the Company having a change in control, other than through the sale of preferred shares. During January 2009, the Company entered into an amendment and restatement of the unsecured amended loan, whereby the parties agreed that the principal amount would be reduced to $3,000,000. The amended and restated unsecured note accrued interest at a variable rate per annum based on prime plus 25 basis points. 25% of the accrued interest was due and payable quarterly in arrears on the last business day of each three-month quarter beginning February 1, 2009. The remaining 75% of the accrued interest was not to be compounded by becoming part of the principal, and was due and payable in a lump-sum payment on the maturity date. The principal and any interest amounts that remain outstanding was set to mature at the earlier of (a) April 20, 2010, or (b) the date immediately prior to the Company’s closing of an acquisition or asset transfer as defined by the Company’s amended and restated articles of incorporation. In conjunction with the 2009 amendment, the Company issued a warrant to purchase preferred shares issued in the first equity financing to occur subsequent to the execution of the note, and in which the Company receives at least $2,000,000 in gross aggregate proceeds. The exercise price of the warrant would have been equal to the per share price of preferred shares sold in that equity financing, and the number of shares that may have been exercised was equal to 10% of the principal amount of the convertible loan divided by the exercise price. Early termination of the warrant could occur upon an IPO, or if the Company was acquired. The holder of the warrant was to be given 20 days advance notice of such an event, and the warrant would terminate if not exercised before the date of the event. A qualifying equity financing occurred during February 2009, which set the warrant exercise price at $0.60 per share. During May 2010, the Company entered into a second amendment and restatement of the Goodman Note in order to extend the maturity date and amend the timing of payments to be made to the lender and to secure the Company’s obligations under the note. The secured amended and restated note accrued interest at a per annum fixed rate of 3.25% and was due and payable quarterly in arrears on the last business day of each three-month quarter beginning May 1, 2010. On the effective date of the second amendment, the Company paid the lender $750,000 which was applied to the principal balance of $3,000,000. Beginning May 1, 2010, principal payments were due and payable quarterly in advance. For principal payments due and payable during the period of May 1, 2010 through January 31, 2011, the quarterly principal payment was equal to $45,000; for principal payments due and payable during the period of February 1, 2012 through January 31, 2014, the quarterly principal payment was equal to $90,000; and for principal payments due and payable during the period of February 1, 2014 through the maturity date, the quarterly principal payment was equal to $150,000. In addition to the $750,000 principal paid on the effective date of the amendment, the Company paid principal payments of $135,000 and $180,000 during the years ended December 31, 2010 and 2011, respectively. No principal payments were made during the years ended December 31, 2012 or 2013. As of June 28, 2013 the holder of the Goodman Note agreed to convert the total principal balance owed under the Goodman Note of $1,935,000 and accrued interest of approximately $105,000 into 3,777,324 preferred shares at a conversion price of $0.54 per share. Although the conversion price of the debt was greater than the value of the preferred shares at the time of conversion, the Company did not record a gain on the conversion under the troubled debt restructuring accounting guidance since the transaction occurred between related parties, and thus, was treated as a capital transaction. As of the closing of the Company’s IPO on February 10, 2014, such shares of preferred stock automatically converted into 89,936 shares of common stock. In July 2013, in connection with this conversion, the Company issued to such beneficial owner a warrant to purchase 23,809 shares of common stock at an exercise price of $10.00 per share, which was set at the price of the Company’s common stock sold in the Company’s IPO. The warrants are exercisable for a two-year period beginning with the closing of the Company’s IPO on February 10, 2014. In accordance with guidance applicable to accounting for derivative financial instruments that are accounted for as liabilities, the warrants were initially recorded at their fair value and were then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For the warrants for common shares issued under the Goodman Note agreement, the Company used a probability weighted Black-Scholes valuation model. The fair value of the Goodman Note warrants was approximately $62,000 at December 31, 2013 and was included in warrant liabilities until the underlying exercise price was fixed at the closing of the Company’s IPO on February 10, 2014, when the warranty liability balance of approximately $95,000 was reclassified to additional paid-in capital (see Notes 2 and 5). 2008 Convertible Note In December 2008, the Company issued the 2008 Convertible Note in the principal amount of $1,400,000 which was secured by all assets of the Company to an affiliate of a major shareholder. The 2008 Convertible Note accrued interest at a variable rate based on prime per annum payable at maturity, and matured at the earliest occurrence of, (a) the passing of 48 months from inception of the note, (b) the closing date of an acquisition or asset transfer as defined by the note, or (c) the closing date of the issuance and sale of shares of common stock of the Company in the Company’s IPO. Upon the closing of a sale by the Company of its preferred shares in which the Company received an aggregate of at least $20,000,000 in cumulative gross proceeds, including conversion of the convertible loan amount before the maturity date, the unpaid principal and accrued interest would automatically be converted into the number of preferred shares, of the series sold by the Company in such sale, equal to the unpaid principal and accrued interest divided by the per share purchase price of the preferred shares in such sale. The 2008 Convertible Note may have also been converted before the maturity date at the option of the holder at the closing of an equity financing involving the sale of the Company’s preferred shares in which the Company received an aggregate of at least $2,000,000 in cumulative gross proceeds, with a conversion price equal to the per share price included in that equity financing. In July 2013, the Company amended the 2008 Convertible Note to provide that all principal and accrued interest on the note would automatically convert into common stock upon the closing of an IPO at the price per share at which common stock is sold in such IPO. Issued with the 2008 Convertible Note was a warrant to purchase preferred shares issued in the first equity financing to occur subsequent to the execution of the 2008 Convertible Note, and in which the Company would have received at least $2,000,000 in gross aggregate proceeds. The exercise price of the warrant would have been equal to the per share price of preferred shares sold in that equity financing, and the number of shares that may have been exercised was equal to 10% of the principal amount of the convertible loan divided by the exercise price. Early termination of the warrant could occur upon an IPO or if the Company was acquired. The holder of the warrant was to be given 20 days advance notice of such an event, and the warrant would terminate if not exercised before the date of the event. A qualifying equity financing occurred during February 2009, which set the 2008 Convertible Note conversion price and the warrant exercise price at $0.60 per share. In connection with the closing of the Company’s IPO on February 10, 2014, the $1,400,000 principal amount and $233,982 of accrued interest related to the 2008 Convertible Note were converted at $10.00 per share into a total of 163,399 shares of common stock (see Note 2). 2011 Convertible Bridge Notes In February 2011, the Company executed a note and warrant purchase agreement with a major shareholder’s affiliates. In exchange for a series of loans in an aggregate amount equal to $5,000,000 over a period through September 1, 2011, the Company issued the 2011 Convertible Bridge Notes and warrants to purchase preferred shares. The aggregate amount was subsequently raised to $6,000,000 and then $15,000,000 during the year and the funding period was first extended to February 2012 and then to December 2012. Other investors, including related parties, also became party to this arrangement and purchased 2011 Convertible Bridge Notes and warrants. All unpaid principal and interest outstanding was initially payable on December 31, 2011. During 2012, the maturity date was extended to December 31, 2012. The 2011 Convertible Bridge Notes were secured by virtually all of the assets of the Company. The 2011 Convertible Bridge Notes accrued interest at 8%, payable at maturity. The number of preferred shares for which the warrants were exercisable was determined by dividing the warrant coverage amount, which was 20% of the principal amount of the notes issued under the agreement, by the exercise price. Upon the closing of the sale by the Company of its preferred stock in which the Company received an aggregate of at least $20,000,000 in cumulative gross proceeds, including conversion of the 2011 Convertible Bridge Notes, before the maturity date, the unpaid principal and accrued interest would automatically have been converted into the number of preferred shares, of the series sold by the Company in such sale, equal to the unpaid principal and accrued interest divided by the per share purchase price of the preferred shares in such sale. At any time before the maturity date the investor could elect to convert all or any amount of the unpaid principal and accrued interest into the Company’s Series A preferred shares at $0.54 per share. Early termination of the warrants could occur upon an IPO or if the Company was acquired. The holders of the warrants were to be given 20 days advance notice of such an event, and the warrants would terminate if not exercised before the date of the event. In accordance with guidance applicable to accounting for derivative financial instruments that are accounted for as liabilities, the warrants were initially recorded at their fair value and were then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments issued under the note and warrant purchase agreement dated February 2011, the Company used the Black-Scholes valuation model. The Company recorded approximately $1,400,000 related to the fair value of the warrants at the date of issuance, as a discount to the carrying value of the 2011 Convertible Bridge Notes, accreted as interest expense over the life of the debt. The Company valued the warrants at the date of each issuance using the Black-Scholes valuation model with the following underlying assumptions: contractual term of 5 years, an underlying preferred share price between $0.25 and $0.54, an exercise price of $0.54, an average risk-free interest rate between 0.70% and 2.26%, a dividend yield of 0%, and volatilities between 100.0% and 105.0%. The discount was fully accreted as of December 31, 2012. As of December 31, 2012, the Company had issued the 2011 Convertible Bridge Notes with an aggregate principal amount of approximately $12,336,000. No further note or warrant issuances were made under this agreement during the year ended December 31, 2013. As of December 31, 2012, the Company was in default for payment on the 2011 Convertible Bridge Notes, and no principal payments were made in 2013 prior to their conversion. As of June 28, 2013 the investors under these notes elected to convert the total principal balance owed under the 2011 Convertible Bridge Notes of approximately $12,336,000 and accrued interest of approximately $1,832,000 into 26,237,611 preferred shares at a conversion price of $0.54 per share. Upon the conversion, the exercise price of the related warrants was set at $0.54 per share, and the $236,799 fair value of the warrants was reclassified into additional paid-in capital as of June 28, 2013. Although the conversion price of the debt was greater than the value of the preferred shares at the time of conversion, the Company did not record a gain on the conversion under the troubled debt restructuring accounting guidance since the transaction occurred between related parties, and thus, was treated as a capital transaction. As of the closing of the Company’s IPO on February 10, 2014, such shares of preferred stock automatically converted into 624,705 shares of common stock. 2012 Revolver Notes On January 13, 2012, the Company executed a note and warrant purchase agreement with several shareholders, including a major shareholder, calling for (in addition to the issuance of certain related warrants) the issuance of a series of 2012 Revolver Notes to be issued between January 13, 2012 and April 5, 2012 totaling up to $1,750,000, with an original maturity date in April 2012. The 2012 Revolver Notes were amended on April 5, 2012 to extend the maturity date to May 31, 2012 or July 31, 2012, depending on certain milestones, and to allow the Company to issue up to $5,000,000 in notes payable under this agreement, as needed. The 2012 Revolver Notes were amended again on November 8, 2012 to increase the amount of notes payable the Company could issue to $8,000,000, and to provide that all notes issued under this agreement would have the same maturity date of either November 30, 2012 or December 31, 2012, depending on certain milestones. The 2012 Revolver Notes accrued interest at 10%, payable at maturity. Beginning on the closing of the sale by the Company of its preferred shares in which the Company received an aggregate of at least $20,000,000 in cumulative gross proceeds, the warrants would have been exercisable for preferred shares of the series sold by the Company in such sale, at an exercise price equal to the purchase price per share of the preferred shares sold by the Company in such sale. The number of preferred shares for which the warrants would have been exercisable was determined by dividing the warrant coverage amount, which was 20% of the principal amount of the notes issued under the agreement on the issuance date of such 2012 Revolver Notes, by the exercise price. At any time prior to the maturity date, the investor could elect to convert all or any amount of the unpaid principal and accrued interest into the Company’s Series A preferred stock at $0.54 per share, or if a qualified financing had occurred, at the purchase price per share of the preferred shares sold by the Company in such qualified financing. Early termination of the warrant could occur upon an IPO, or if the Company was acquired. The holders of the warrants were to be given 20 days advance notice of such an event, and the warrants would terminate if not exercised before the date of the event. In accordance with guidance applicable to accounting for derivative financial instruments that are accounted for as liabilities, the warrants were initially recorded at their fair value and were then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For the 2012 Revolver Notes and warrants issued under the note and warrant purchase agreement dated January 13, 2012, the Company used the Black-Scholes valuation model. The Company recorded approximately $396,000 related to the fair value of the warrants issued, as a discount to the carrying value of the debt, accreted as interest expense over the life of the debt. The Company valued the warrants at the date of each issuance using the Black-Scholes valuation model with the following underlying assumptions: contractual term of 5 years, an underlying preferred share price between $0.24 and $0.30, an exercise price of $0.54, an average risk-free interest rate between 0.62% and 1.02%, a dividend yield of 0%, and volatility of 105.0%. Approximately $396,000 related to accretion of the discount was recognized as interest expense during the year ended December 31, 2012. The discount was fully accreted as of December 31, 2012. As of December 31, 2012, the Company had issued $5,960,000 in 2012 Revolver Notes. The Company was in default for payment of these notes as of December 31, 2012, and no principal payments were made in 2013 prior to conversion. As of June 28, 2013 the investors under the 2012 Revolver Notes elected to convert the total principal balance of approximately $5,960,000 owed under the 2012 Revolver Notes and accrued interest of approximately $645,000 into 12,230,899 preferred shares at a conversion price of $0.54 per share, pursuant to note conversion agreements of that date. Although the conversion price of the debt was greater than the value of the preferred shares at the time of conversion, the Company did not record a gain on the conversion under the troubled debt restructuring accounting guidance since the transaction occurred between related parties, and thus, was treated as a capital transaction. On September 13, 2013, the exercise price of the warrants was fixed at $0.54 per share, and the fair value of the warrant liability of approximately $144,000 on that date was reclassified to additional paid-in capital. As of the closing of the Company’s IPO on February 10, 2014, such shares of preferred stock automatically converted into 291,212 shares of common stock. Other On September 10, 2012, the Company issued a warrant to its landlord in exchange for a rent deferral through November 30, 2012. The number of Series A preferred shares exercisable under the warrant agreement is determined by dividing the warrant coverage amount of $40,000 by the exercise price. The exercise price of the warrants is $0.60, or, upon the closing of the sale by the Company of its preferred stock in which the Company receives an aggregate of at least $15,000,000 in cumulative gross proceeds, the warrant’s exercise price will be the price per share for which the Company sells its preferred shares in such sale. The term of the warrant is seven years. Early termination of the warrant can occur if the Company is acquired. The holder of the warrant is to be given 20 days advance notice of such an event, and the warrant will terminate if not exercised before the date of the event. The fair value of such liability-classified preferred warrant to purchase an equivalent 1,587 shares of common stock at December 31, 2013 and 2014 is not material to the financial statements. As of December 31, 2012, warrants to purchase preferred stock were reflected as a liability on the balance sheet, which was adjusted to estimated fair value at the end of each reporting period over the term of the warrants. These warrants were reclassified to additional paid-in capital during the year ended December 31, 2013. The fair value of the warrant liability for warrants to purchase preferred stock as of December 31, 2012 of approximately $982,000 was estimated using the Black-Scholes valuation model with the following assumptions: contractual term between 3.08 and 4.92 years, an underlying preferred share price of $0.25, an exercise price of $0.54, an average risk-free interest rate between 0.35% and 0.70%, a dividend yield of 0%, and volatility of 105.0%. Common Shares 2013 Convertible Bridge Notes The Company executed a convertible note and warrant purchase agreement as of June 28, 2013 with several shareholders, including a major shareholder, relating to the Company’s borrowing as needed of, and issuance of the 2013 Convertible Bridge Notes for, up to $7,000,000. The Company had borrowed $4,990,000 and $5,165,000 as of December 31, 2013 and as of the closing of the Company’s IPO on February 10, 2014, respectively, against the 2013 Convertible Bridge Notes, including $2,505,000 at each date from a major shareholder. As of December 31, 2013, the maturity date of the 2013 Convertible Bridge Notes was May 31, 2014 with the option to extend by the respective note holders for two successive six month periods. The 2013 Convertible Bridge Notes accrued interest at 8.0% per annum, payable at maturity. The 2013 Convertible Bridge Notes would automatically convert into the Company’s common stock upon the closing of an IPO of at least $8,000,000 in cumulative gross proceeds, at a price equal to the price per share of the Company’s common stock sold in the IPO. The number of common shares for which the warrants were exercisable was determined by dividing the warrant coverage amount, which was 50% of the principal amount of the notes issued under the agreement, by the exercise price of $10.00, which was the price per share of the Company’s common stock sold in the IPO. The warrants are exercisable for a five-year period beginning with the closing of the Company’s IPO on February 10, 2014. Early termination of the warrants can occur upon any capital reorganization, any reclassification of the capital stock, or an asset transfer or acquisition of the Company. The holders of the warrants are to be given 20 days advance notice of such an event, and the warrants will terminate if not exercised prior to the date of the event. In accordance with guidance applicable to accounting for derivative financial instruments that are accounted for as liabilities, the warrants were initially recorded at their fair value and were then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For the warrants for common shares issued together with the 2013 Convertible Bridge Notes, the Company used a probability weighted Black-Scholes valuation model. The Company recorded approximately $1,612,000 related to the fair value of the warrants issued, as a discount to the carrying value of the debt, accreted to interest expense using the effective interest method from the date of issuance over the life of the debt. These warrants to purchase common stock were valued as of their date of issuance, using the following assumptions: exercise price of between $1.48 and $14.28 per share, contractual term of 5 years, a risk-free interest rate between 1.38% and 1.73%, a dividend yield of 0%, and volatility between 100.0%—105.0%. The value of the warrants using the probability weighted Black-Scholes valuation model accounted for a probability between 75% and 80%, while a fair value of $0 was weighted between 20% and 25%. The fair value of the warrants was approximately $1,399,000 at December 31, 2013 and was included in warrant liabilities until the underlying exercise price was fixed at the closing of the Company’s IPO on February 10, 2014, when the warranty liability balance of approximately $1,563,000 was reclassified to additional paid-in capital (see Notes 2 and 5). Approximately $685,000 related to accretion of the discount was recognized as interest expense during the year ended December 31, 2013, with approximately $874,000 remaining unamortized and reflected as a discount to the debt at December 31, 2013. Approximately $928,000 related to accretion and write-off of the discount was recognized as interest expense from January 1, 2014 until the closing of the Company’s IPO on February 10, 2014, when the $5,165,000 principal amount and $313,017 of accrued interest related to the 2013 Convertible Bridge Notes were converted at $10.00 per share into a total of 547,794 shares of common stock (see Note 2). Line of Credit Five of the Company’s related parties guaranteed the Company’s Line of Credit (see Note 8) and pledged financial assets to the bank to secure their guaranties, as approved by the Company’s Board of Directors. In return, the Company issued common stock warrants to the guarantors. The fair market value of the collateral provided by the respective guarantors until the closing of the Company’s IPO on February 10, 2014 was $2,578,076. The number of shares subject to the common stock warrants was determined by dividing the warrant coverage amount, which was 50% of the fair market value of the collateral provided by the respective guarantors to secure their respective guaranty obligations to the bank, by the exercise price of $10.00, which was set at the price per share of the Company’s common stock sold in its IPO. The warrants are exercisable for a two-year period beginning with the closing of the Company’s IPO on February 10, 2014. In accordance with guidance applicable to accounting for derivative financial instruments that are accounted for as liabilities, the warrants were initially recorded at their fair value and were then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For the warrants for common shares issued in connection with the Company’s Line of Credit, the Company used a probability weighted Black-Scholes valuation model. The Company recorded approximately $536,000 related to the fair value of the warrants issued, as a discount to the carrying value of the debt, accreted to interest expense on a straight line basis from the date of issuance over the life of the debt. These warrants to purchase common stock were valued as of their date of issuance, using the following assumptions: exercise price between $1.48 and $14.28 per share, contractual term of 2 years, a risk-free interest rate between 0.38% and 1.38%, a dividend yield of 0%, and volatility between 90.0% and 105.0%. The value of the warrants using the probability weighted Black-Scholes valuation model accounted for a probability of 75%, while a fair value of $0 was weighted 25%. The fair value of the warrants was approximately $390,000 at December 31, 2013 and was included in warrant liabilities until the underlying exercise price was fixed at the closing of the Company’s IPO on February 10, 2014, when the warranty liability balance of approximately $514,000 was reclassified to additional paid-in capital (see Notes 2 and 5). Approximately $139,000 related to accretion of the discount was recognized as interest expense during the year ended December 31, 2013, with approximately $315,000 remaining unamortized and reflected as a discount to outstanding debt at December 31, 2013. Approximately $397,000 related to accretion and write-off of the discount was recognized as interest expense from January 1, 2014 until the closing of the Company’s IPO on February 10, 2014, after which the total outstanding $2,346,000 principal amount and $27,043 of accrued interest were repaid using the net proceeds from the IPO. Other On September 10, 2013, the Company, as part of a lease amendment for its non-cancellable operating lease for its office, laboratory, and warehouse space at its San Diego, California facility, issued a warrant to its landlord with a coverage amount of $502,605. The warrant is exercisable for a five-year period beginning with the closing of the Company’s IPO on February 10, 2014, when such warrant became exercisable for 50,260 shares of common stock and the exercise price was fixed at $10.00 per share. In accordance with guidance applicable to accounting for derivative financial instruments that are accounted for as liabilities, the warrant was initially recorded at fair value and then was re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For the warrant for common shares issued to the landlord, the Company used a probability weighted Black-Scholes valuation model. The Company recorded approximately $309,000 related to the fair value of the warrant issued at issuance in September 2013, as a reduction in deferred rent liability, accreted to rent expense on a straight line basis from the date of issuance over the term of the amended lease. The warrant was valued as of the date of issuance, using the following assumptions: exercise price of between $3.08 and $14.28 per share, contractual term of 5 years, a risk-free interest rate of 1.38%, a dividend yield of 0%, and volatility of 105.0%. The value of the warrant using the probability weighted Black-Scholes valuation model accounted for a probability of 75%, while a fair value of $0 was weighted 25%. The fair value of the warrant was approximately $282,000 at December 31, 2013 and was included in warrant liabilities until the underlying exercise price was fixed at $10.00 per share at the closing of the Company’s IPO on February 10, 2014, when the warranty liability balance of approximately $304,000 was reclassified to additional paid-in capital (see Notes 2 and 5). |
Supplier Financing
Supplier Financing | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Supplier Financing | 11. Supplier Financing In 2011, the Company purchased certain laboratory equipment under financing agreements with a supplier, a business owned by a member of the Company’s Board of Directors, totaling approximately $256,000. Financing was granted for the purchase of the equipment at a stated interest rate of 0.0%. The Company utilized its average interest rate for 2013 of 8.0% to amortize the payments and record interest expense of approximately $5,000 for the year ended December 31, 2013, utilizing the effective interest expense method. The remaining balance owed under these financing agreements was approximately $66,000 as of December 31 2013 and was due in 2013, and was subsequently paid in full using the net proceeds from the Company’s IPO. In 2011, the Company purchased laboratory software under a financing agreement with a supplier for approximately $177,000. This software financing agreement bears an interest rate of 7.4% per annum. The balance owed under these financing agreements was approximately $62,000 at December 31, 2013 and was subsequently paid in full using the net proceeds from the Company’s IPO. In 2013 and 2014, the Company obtained third-party financing for certain business insurance premiums. The financing bears an interest rate of 5.95% per annum, and all financing is due within one year. The balances due under these annual financing arrangements were approximately $91,000 and $34,000 as of December 31, 2013 and 2014, respectively. |
Shareholders' Deficit
Shareholders' Deficit | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Shareholders' Deficit | 12. Shareholders’ Deficit (a) Common Stock On November 1, 2013, the Company effected a 1:14 reverse stock split for all common shares. All references to share and per share amounts in the financial statements and accompanying notes to the financial statements have been retroactively restated to reflect the 1:14 reverse stock split. On July 22, 2013, the Company amended its articles of incorporation to increase the number of authorized shares of common stock from 14,600,000 to 53,000,000. In addition, on July 30, 2013, the Company assigned a par value to its common shares of $0.0001 in conjunction with its reincorporation in Delaware. The new par value per common share has been retroactively reflected in the financial statements for all periods presented. The authorized number of shares of common stock at December 31, 2013 was 53,000,000. On February 4, 2014, as contemplated by the registration statement covering the Company’s IPO, the Company’s certificate of incorporation was amended to provide for an authorized capitalization of 40,000,000 shares of common stock. (b) Preferred Stock As of December 31, 2012, all 36,460,000 authorized shares of preferred stock were designated as Series A preferred stock. On July 22, 2013, the Company amended its articles of incorporation to increase the number of authorized preferred shares from 14,600,000 to 100,000,000. In addition, on July 30, 2013, the Company assigned a par value to its preferred shares of $0.0001 in conjunction with its reincorporation in Delaware. The new par value per preferred share has been retroactively reflected in the financial statements for all periods presented. On February 4, 2014, as contemplated by the registration statement covering the Company’s IPO, the Company’s certificate of incorporation was amended to provide for an authorized capitalization of 5,000,000 shares of preferred stock. Holders of the Company’s preferred shares were entitled to receive, when and as declared by the Board of Directors and in preference to common shareholders, non-cumulative cash dividends at the rate of 8% per annum of the applicable original issue price on each outstanding preferred share. The original issue price of each share of Series A preferred stock was $0.60. No dividends were declared during 2013 or 2014. Dividends cannot be granted for common shareholders while shares of preferred stock remain outstanding. The holders of preferred shares had the right to one vote for each common share into which the preferred shares were convertible. Upon the liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, the preferred shareholders would have been paid out an amount equal to the original issue price plus all declared and unpaid dividends. If, upon any liquidation, distribution, or winding up of the Company, and the assets of the Company were insufficient to make payment in full to all holders of preferred shares of the liquidation preference, then such assets would have been distributed among the holders of preferred shares ratably in proportion to the full amounts to which they would be entitled. The convertible preferred shares could have been converted into common shares at any time at the option of the holder utilizing the then effective Series A preferred conversion price. All preferred shares would have been automatically converted into common shares utilizing the then effective Series A preferred conversion price upon a) the election of the holders of a majority of the outstanding shares of Series A preferred stock, or b) the closing of a firmly underwritten public offering pursuant to an effective registration statement under the Securities Act covering the sale of the Company’s common stock if gross proceeds are at least $20,000,000 and the per share price is at least $25.20. The effective conversion price was equal to the original issue price divided by $25.20 and could have been adjusted for dilutive issuances of common shares, common share rights or options, common share splits and combinations, dividends, and distributions. The effective conversion rate would not have been adjusted for issuances of common share options, warrants or rights to employees, directors, or non-employee service providers. During the year ended December 31, 2013, 42,245,834 shares of Series A preferred stock were issued for the conversion of approximately $20,231,000 of debt and $2,581,000 of accrued interest, primarily to related parties (see Notes 9 and 10). |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock-based Compensation | 7. Stock-based Compensation Equity Incentive Plans On January 1, 2015, the number of shares of common stock covered by the Company’s 2013 Equity Incentive Plan automatically increased by 222,480 shares, or 5% of the number of common shares then outstanding, to a total of 1,426,051 shares. At the Company’s annual meeting of stockholders held on June 16, 2015, the stockholders approved the Company’s Amended and Restated 2013 Equity Incentive Plan (“2013 Plan”), which included (i) an increase in the number of shares of common stock authorized for issuance under the 2013 Plan by 1,500,000 shares, and (ii) a provision that shares available for grant under the Company’s 2007 Equity Incentive Plan (“2007 Plan”) become available for issuance under the 2013 Plan and are no longer available for issuance under the 2007 Plan. As of September 30, 2015, under all plans, a total of 3,104,622 shares were authorized for issuance, 2,131,603 stock options and restricted stock units (“RSUs”) had been issued and were outstanding, and 836,082 shares were available for grant. Stock Options A summary of stock option activity for option awards granted under the 2013 Plan and 2007 Plan for the nine months ended September 30, 2015 is as follows: Number of Shares Weighted Average Contractual Vested and unvested expected to vest, December 31, 2014 901,882 $ 6.28 8.9 Outstanding at December 31, 2014 906,194 $ 6.29 9.0 Granted 1,194,871 $ 2.07 Exercised — — Cancelled/forfeited/expired (46,727 ) $ 4.33 Outstanding at September 30, 2015 2,054,338 $ 3.88 9.1 Vested and unvested expected to vest, September 30, 2015 1,899,759 $ 4.01 9.0 The intrinsic values of options outstanding and options vested and unvested expected to vest at September 30, 2015 were $313,095 and $287,631, respectively. The fair values of option awards granted during the nine months ended September 30, 2015 were estimated using a Black-Scholes pricing model with the following assumptions: Stock and exercise prices $2.01-$3.38 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.52% -1.93% Expected life (in years) 5.23 -6.08 Expected volatility 70.0% -100.0% Using the assumptions described above, with stock and exercise prices being equal on date of grant, the weighted-average estimated fair value of options granted in the nine months ended September 30, 2015 was $1.35 per share. On August 31, 2015, the Company’s Board of Directors approved the issuance of 100,000 stock options with an estimated grant date fair value of $1.47 per share to its Chief Executive Officer pursuant to the 2013 Plan. Vesting of these stock options may occur based on the Company’s achievement of specified objectives as determined by the Company’s Board of Directors, or a committee of the Company’s Board of Directors in its sole discretion, as follows: Percentage of Target Minimum number of accessions processed, billed and collected in fiscal 2016 25 % Minimum revenues from contracts with pharmaceutical companies in fiscal 2016 20 % Attainment of a sustainable positive GAAP gross margin by December 31, 2016 25 % Minimum operating cash on-hand at December 31, 2016, with no more than one interim dilutive equity financing event 30 % Total 100 % Further information about the options outstanding and exercisable at September 30, 2015 is as follows: Weighted Average Exercise Price Total Shares Outstanding Weighted Average Total Shares Exercisable $ 2.01 1,079,637 9.9 — $ 2.65 152,734 9.6 1,000 $ 4.51 79,526 8.0 46,192 $ 5.12 406,643 8.1 297,977 $ 7.50 43,000 8.5 16,125 $ 8.88 238,500 8.4 79,497 $ 9.11 54,298 8.4 54,298 2,054,338 495,089 The intrinsic value of options exercisable at September 30, 2015 was zero. Restricted Stock At September 30, 2015, there were 150,418 RSUs outstanding, of which 121,829 shares were vested and unvested expected to vest. The intrinsic values of RSUs outstanding and RSUs vested and unvested expected to vest at September 30, 2015 were $345,961 and $280,207, respectively. Stock-based Compensation Expense The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the unaudited condensed statement of operations and comprehensive loss during the periods presented: For the three months ended For the nine months ended 2014 2015 2014 2015 Stock Options Cost of revenues $ — $ 15,029 $ — $ 48,839 Research and development expenses 35,569 20,910 149,626 65,835 General and administrative expenses 236,769 257,404 908,490 706,026 Sales and marketing expenses 27,834 31,888 46,762 93,989 Total expenses related to stock options 300,172 325,231 1,104,878 914,689 RSUs Research and development expenses 7,500 1,625 22,500 10,724 General and administrative expenses 13,750 12,515 379,208 90,853 Total stock-based compensation $ 321,422 $ 339,371 $ 1,506,586 $ 1,016,266 Stock-based compensation expense was recorded net of estimated forfeitures of 0%—5% and 0%—4% per annum during the three and nine months ended September 30, 2014 and 2015, respectively. As of September 30, 2015 total unrecognized stock-based compensation expense related to unvested stock option and RSU awards, adjusted for estimated forfeitures, was approximately $2,993,000 and $17,000, respectively, and is expected to be recognized over a weighted-average period of 2.7 years and 0.3 years, respectively. | 13. Accounting for Stock-Based Compensation Expense 2007 Equity Incentive Plan The 2007 Equity Incentive Plan (“2007 Plan”) authorizes the grant of the following types of awards: (i) nonstatutory stock options, or NSOs, (ii) incentive stock options, or ISOs, (iii) restricted stock awards, (iv) restricted stock unit awards, or RSUs, (v) stock appreciation rights, or SARs, (vi) performance awards, and (vii) other stock awards. Awards may be granted to employees, officers, non-employee board members, consultants, and other service providers of the Company. However, ISOs may not be granted to non-employees. In conjunction with the 1:14 reverse common stock split in November 2013, the number of shares authorized under the 2007 Plan decreased to 178,571 shares. As of December 31, 2013 and 2014, shares available for grant under the 2007 Plan were 77,061 and 86,001, respectively. 2013 Equity Incentive Plan In July 2013, the Company adopted a new stock-based compensation plan entitled the 2013 Equity Incentive Plan (“2013 Plan”). The 2013 Plan authorizes the grant of the following types of awards: (i) nonstatutory stock options, (ii) ISOs, (iii) restricted stock awards, (iv) restricted stock unit awards, (v) stock appreciation rights, and (vi) performance compensation awards. Awards may be granted to employees, officers, non-employee board members, consultants, and other service providers of the Company. However, ISOs may not be granted to non-employees. The Company has authorized a total of 403,571 shares of common stock for issuance pursuant to awards granted under the 2013 Equity Incentive Plan, subject to an increase of 800,000 shares upon the completion of an IPO, and subject to additional increases every January 1 equal to the lesser of (i) 5% of the Company’s outstanding common stock on such January 1, or (ii) a number of shares determined by the Company’s Board of Directors in its discretion for use on such particular January 1. On February 10, 2014, in connection with the closing of the Company’s IPO, the number of shares of common stock covered by the 2013 Plan increased by 800,000. As of December 31, 2014, 1,027,846 stock options and RSUs have been granted under the 2013 Plan, and 175,725 shares are available for grant under the 2013 Plan. Stock Options Options granted under either plan vest over a maximum period of four years and expire ten years from the date of grant. Options generally vest either (i) over four years, 25% on the one year anniversary of the date of grant and monthly thereafter for the remaining three years; or (ii) over four years, monthly vesting beginning month-one after the grant and monthly thereafter. Certain options have been granted which vest 50% on the grant date and monthly thereafter for the remaining two years. The fair value of stock options is determined on the date of grant using the Black-Scholes valuation model. For non-performance awards, such value is recognized as expense over the requisite service period, net of estimated forfeitures, using the straight-line method. The amount and timing of compensation expense recognized for performance awards is based on management’s estimate of the most likely outcome. The determination of the fair value of stock options is affected by the Company’s stock price, as well as assumptions regarding a number of complex and subjective variables. The volatility assumption is based on a combination of the historical volatility of the Company’s common stock and the volatilities of similar companies over a period of time equal to the expected term of the stock options. The volatilities of similar companies are used in conjunction with the Company’s historical volatility because of the lack of sufficient relevant history for the Company’s common stock equal to the expected term. The expected term of employee stock options represents the weighted-average period the stock options are expected to remain outstanding. The expected term assumption is estimated based primarily on the options’ vesting terms and remaining contractual life and employees’ expected exercise and post-vesting employment termination behavior. The risk-free interest rate assumption is based upon observed interest rates on the grant date appropriate for the term of the employee stock options. The dividend yield assumption is based on the expectation of no future dividend payouts by the Company. The assumptions used in the Black-Scholes valuation model for options granted during the years ended December 31, 2013 and 2014 are as follows: 2013 2014 Stock and exercise prices $5.18 $2.79 – $9.11 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 1.38% – 1.69% 1.56% – 2.06% Expected life (in years) 5.26 – 6.02 5.00 – 6.08 Expected volatility 105.0% 90.0% – 100.0% Expected forfeiture rate 0.00% – 5.00% 0.00% – 5.00% Using the assumptions described above, the weighted-average estimated fair value of options granted in 2013 and 2014 were approximately $4.43 and $5.25, respectively. A summary of stock option activity for 2013 and 2014 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2012 63,518 $ 4.97 6.2 Granted 300,438 $ 5.18 Exercised (4,021 ) $ 5.00 Cancelled/forfeited/expired (26,829 ) $ 5.20 Outstanding at December 31, 2013 333,106 $ 5.14 9.3 Granted 647,298 $ 6.71 Exercised — — Cancelled/forfeited/expired (74,210 ) $ 4.77 Outstanding at December 31, 2014 906,194 $ 6.29 9.0 Vested and unvested expected to vest, December 31, 2014 901,882 $ 6.28 8.9 The intrinsic value of options exercised during the year ended December 31, 2013 was $3,450. The intrinsic value of options outstanding at December 31, 2013 and 2014 was $8,204 and $0, respectively. The Company received $20,105 in proceeds from stock options exercised during the year ended December 31, 2013. The tax benefit related to stock options exercised during the year ended December 31, 2013 was not significant. Further information about the options outstanding and exercisable is as follows: Options Outstanding and Exercisable at December 31, 2013 Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 4.62 20,208 7.3 13,731 $ 5.04 12,460 5.5 12,455 $ 5.18 300,438 9.6 110,825 333,106 137,011 Options Outstanding and Exercisable at December 31, 2014 Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 2.79 52,500 9.8 — $ 4.42 103,934 8.8 29,715 $ 5.22 413,962 8.8 241,918 $ 7.50 43,000 9.2 — $ 8.88 238,500 9.1 — $ 9.11 54,298 9.1 54,298 906,194 325,931 The intrinsic value of options exercisable at December 31, 2013 and 2014 was $5,575 and $0, respectively. Restricted Stock The fair value of restricted stock awarded under either plan is determined by the closing price of the Company’s common stock on the date of grant. For non-performance awards, such value is recognized as expense over the requisite service period, net of estimated forfeitures, using the straight-line method. The amount and timing of compensation expense recognized for performance-based awards is based on management’s estimate of the most likely outcome. In November 2010, the Company issued to a member of the Board of Directors a restricted stock unit award for 390,000 shares of Series BB preferred stock. In November 2011, these RSUs were modified to be redeemable for Series A preferred stock under the same terms and conditions of the original grant. As of the closing of the Company’s IPO on February 10, 2014, 9,285 RSUs with an estimated grant date fair value of $4.62 per share vested in accordance with the terms of the underlying agreement. The common shares underlying this vested RSU award are not yet distributed. In March 2011, the Company awarded a restricted stock unit award to a member of the Board of Directors for 428,597 shares of Series BB preferred stock. Also in March 2011, the Company awarded an additional performance-based restricted stock unit award for an estimated 574,108 shares of Series BB preferred stock to the same member. In November 2011, these RSUs were modified to be redeemable for Series A preferred stock under the same terms and conditions of the original grant. The number of shares in the RSUs is based on certain milestones to be achieved. As of the closing of the Company’s IPO on February 10, 2014, 63,866 RSUs with an estimated grant date fair value of $4.62 per share vested in accordance with the terms of the underlying agreements. The common shares underlying these vested RSU awards are not yet distributed. The Board of Directors approved a resolution in December 2010, that each January 1 each person (other than two identified individuals) who is serving as a non-employee director on such January 1 shall be automatically granted an annual restricted stock unit award covering a number of common shares equal to 0.25% of the fully diluted outstanding common stock of the Company as of the December 31 immediately preceding such January 1. These RSUs will be granted automatically on each January 1 and will vest in equal monthly installments over 12 months from the date of the grant. Additionally, in January 2012, each person (other than two identified individuals) who is serving as a non-employee director is to be granted a “true up grant” in addition to the annual grant covering a number of common shares equal to 0.25% of the fully diluted outstanding common shares of the Company as of the immediately preceding December 31. These RSUs will vest 100% on the date of the grant. In January 2012, five restricted stock unit awards for a total of 20,930 common shares were granted in accordance with this resolution. In addition, on January 1, 2012, an additional five restricted stock unit awards were granted to non-employee directors for a total of 20,930 common shares, vesting immediately upon grant. Although vested, shares are only delivered on the earlier of (i) the date that is 10 years from the grant date, (ii) the date of a change in control, (iii) the date of termination of the holder from the Company, (iv) the date of death or disability, or (v) the date of an unforeseeable emergency as described in Internal Revenue Code section 409A. RSU awards for 8,735 shares of common stock each were granted to three directors and an RSU award for 14,285 shares of common stock was granted to another director, on July 31, 2013. All RSUs awarded in July 2013 have an estimated grant date fair value of $5.60 per share and vest in equal monthly installments over five months beginning August 1, 2013. The common shares underlying these vested RSU awards are not yet distributed. In August 2013, 60,712 RSU awards with an estimated grant date fair value of $5.60 per share were granted to certain executive employees. These awards vest 50% on the date of grant, with the remaining 50% vesting in equal monthly installments over twenty-four months beginning August 31, 2013. The common shares underlying the vested portions of these RSU awards are not yet distributed. On June 12, 2014, the Company’s Board of Directors approved the issuance of 44,496 RSUs with a grant date fair value of $5.35 per share to its Chief Executive Officer pursuant to the 2013 Plan. Vesting of these RSUs may occur based on the Company’s achievement of specified objectives as determined by the Company’s Board of Directors or Compensation Committee, as follows: Percentage of Target Minimum revenue in 2015 25 % Maximum EBITDA loss in 2015 15 % Attainment of financial plan for fiscal 2015 20 % Minimum value of strategic agreements by December 31, 2015 20 % Implementation of four new diagnostic test panels by December 31, 2015 20 % Total 100 % Stock-based Compensation Expense The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the statement of operations during the periods presented: Years Ended December 31, 2013 2014 Stock Options Cost of revenues $ — $ 20,961 Research and development expenses 298,618 163,229 General and administrative expenses 221,726 1,139,309 Sales and marketing expenses — 76,204 Total expenses related to stock options 520,344 1,399,703 RSUs Research and development expenses 72,500 30,000 General and administrative expenses 359,677 392,958 Total stock-based compensation $ 952,521 $ 1,822,661 As of December 31, 2014, total unrecognized share-based compensation expense related to nonvested stock option and restricted stock awards, adjusted for estimated forfeitures, was approximately $2,735,000 and $50,000, respectively, and is expected to be recognized over a weighted-average period of approximately 2.6 years and 0.6 years, respectively. |
Net Loss per Common Share
Net Loss per Common Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Net Loss per Common Share | 9. Net Loss per Common Share Basic and diluted net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted-average common shares outstanding during the period. Because there is a net loss attributable to common shareholders for the three and nine months ended September 30, 2014 and 2015, the outstanding RSUs, warrants, and common stock options have been excluded from the calculation of diluted loss per common share because their effect would be anti-dilutive. Therefore, the weighted-average shares used to calculate both basic and diluted loss per share are the same. The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the three and nine months ended 2014 2015 Preferred warrants outstanding (number of common stock equivalents) 1,587 1,587 Preferred share RSUs (number of common stock equivalents) 73,151 73,151 Common warrants outstanding 609,187 2,392,738 Common share RSUs 178,467 77,267 Common options outstanding 875,042 2,054,338 Total anti-dilutive common share equivalents 1,737,434 4,599,081 | 14. Net Loss per Common Share Basic and diluted net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted-average common shares outstanding during the period. Because there is a net loss attributable to common shareholders for the years ended December 31, 2013 and 2014, the outstanding shares of Series A preferred stock, RSUs, convertible debt, warrants, and common stock options have been excluded from the calculation of diluted loss per common share because their effect would be anti-dilutive. Therefore, the weighted-average shares used to calculate both basic and diluted loss per share are the same. In November 2013, the Company effected a 1:14 reverse stock split of all common shares outstanding. The calculation of weighted-average shares outstanding has been adjusted for this reverse split as if it had occurred on January 1, 2013. The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the year ended 2013 2014 Series A preferred (number of common stock equivalents) 1,652,851 — Preferred warrants outstanding (number of common stock equivalents) 192,262 1,587 Preferred share RSUs (number of common stock equivalents) 89,647 73,151 Common warrants outstanding 836,890 609,187 Notes payable convertible into common shares 1,110,649 — Common share RSUs 133,971 178,467 Common options outstanding 333,106 906,194 Total anti-dilutive common share equivalents 4,349,376 1,768,586 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
401(k) Plan | 15. 401(k) Plan The Company sponsors a 401(k) savings plan for all eligible employees. The Company may make discretionary matching contributions to the plan to be allocated to employee accounts based upon employee deferrals and compensation. To date, the Company has not made any matching contributions into the savings plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes For the year ended December 31, 2013 and 2014, the provision for income taxes was calculated as follows: For the year ended December 31, 2013 2014 Current: Federal $ — $ — State 800 1,506 Total 800 1,506 Deferred Federal — — State — — Total — — Provision for income tax $ 800 $ 1,506 The following table provides a reconciliation between income taxes computed at the federal statutory rate and the Company’s provision for income taxes: For the year ended December 31, 2013 2014 Income tax at statutory rate $ (3,139,368 ) $ (5,393,944 ) State liability (321,058 ) (813,039 ) Permanent items 6,932 14,374 Stock Compensation 171,003 159,128 Nondeductible Interest 395,089 399,249 Expiration of net operating losses 188,316 1,136,317 Other (6,723 ) 339,636 Research and development credit (103,500 ) (127,491 ) Valuation allowance 2,810,109 4,287,276 Provision for income tax $ 800 $ 1,506 Deferred income taxes are provided for temporary differences in recognizing certain income and expense items for financial and tax reporting purposes. The deferred tax assets consisted primarily of the income tax benefits from net operating loss carryforwards, deferred rent, and research and development credits. Valuation allowances have been recorded to fully offset deferred tax assets at December 31, 2013 and 2014, as it is more likely than not that the assets will not be utilized. At December 31, 2014, the Company had federal net operating loss carryforwards of approximately $124,601,000 expiring beginning in 2020 and California net operating loss carryforwards of approximately $84,764,000 expiring beginning in 2015. California net operating loss carryforwards of approximately $13,655,000, $15,808,000 and $55,301,000 will expire in 2015, 2016, and in 2017 and beyond, respectively. Additionally, at December 31, 2014, the Company had research and development credits of approximately $3,205,000 and $3,087,000 for federal and California purposes, respectively. The federal research and development tax credits will begin to expire in 2018. The California research and development tax credits do not expire. For the years ended December 31, 2013 and 2014, the Company has evaluated the various tax positions reflected in its income tax returns for both federal and state jurisdictions, to determine if the Company has any uncertain tax positions on the historical tax returns. The Company recognizes the impact of an uncertain tax position on an income tax return at the largest amount that the relevant taxing authority is more-likely-than not to sustain upon audit. The Company does not recognize uncertain income tax positions if they have less than 50 percent likelihood of being sustained. Based on this assessment, the Company believes there are no tax positions for which a liability for unrecognized tax benefits should be recorded as of December 31, 2013 or 2014. The Company is subject to taxation in the United States, California and other states. The Company may earn taxable income in some states in future periods for which there are no net operating loss carryforward credits to offset the resulting taxes owed to these states. The Company’s federal filings prior to 2010 and the Company’s state filings prior to 2009 are no longer subject to examination. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. Due to the existence of the valuation allowance, future changes in unrecognized tax benefits will not impact the Company’s effective tax rate. The Company is currently not under examination by any taxing authorities and does not believe its unrecognized tax benefits will significantly change in the next twelve months. The tax effects of carryforwards that give rise to deferred tax assets consist of the following: For the year ended December 31, 2013 2014 Net operating loss carryforward $ 43,666,636 $ 47,329,815 Research and development credits 5,114,652 5,242,144 Accruals and other 742,045 1,216,600 Deferred rent 176,893 198,945 49,700,226 53,987,504 Less valuation allowance (49,700,226 ) (53,987,504 ) Net deferred tax assets $ — $ — Utilization of the domestic net operating loss and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Section 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), as well as similar state provisions. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders. Since the Company’s formation, the Company has raised capital through the issuance of capital stock on several occasions which on its own or combined with the purchasing stockholders’ subsequent disposition of those shares, may have resulted in such an ownership change, or could result in an ownership change in the future. Upon the occurrence of an ownership change under Section 382 of the Code as outlined above, utilization of the net operating loss and research and development credit carryforwards are subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term, tax-exempt rate, which could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the net operating loss or research and development credit carryforwards before utilization. The Company has not yet completed an analysis to determine whether an ownership change has occurred. On September 13, 2013, the U.S. Treasury Department released final income tax regulations on the deduction and capitalization of expenditures related to tangible property. These final regulations apply to tax years beginning on or after January 1, 2014, and may be adopted in earlier years. The Company adopted the tax treatment of expenditures to improve tangible property and the capitalization of inherently facilitative costs to acquire tangible property for the tax year beginning on January 1, 2014. The impact of these changes to was not material to the Company’s financial statements or disclosures. |
Collaborative Arrangements
Collaborative Arrangements | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative Arrangements | 17. Collaborative Agreements On August 17, 2011, the Company entered into a three year exclusive collaboration agreement with Clarient to collaborate to promote and maximize the commercialization of the Company’s or jointly developed diagnostic tests (together, the “Diagnostic Tests”) in the United States. Clarient is responsible for marketing, providing customer service, and for third party billing on all Diagnostic Tests performed under the agreement, and for performing the professional component of the Diagnostic Tests. The Company is responsible for promoting sales of the Diagnostic Tests in the United States, as well as performing all technical components of all Diagnostic Tests sold by either party. Under this agreement, the Company invoices Clarient for the performance of each of the Diagnostic Tests at a contractually agreed-upon rate. Clarient is responsible for billing the patient, provider and/or payer for each completed test, and bears all collection risk related to such billings. Sales of Diagnostic Tests under this agreement did not commence until 2012. The total amount of revenue the Company earned under this agreement was approximately $14,000 and $8,000 for the years ended December 31, 2013 and 2014, respectively. The agreement was replaced as of May 2013 to remove exclusivity provisions and to modify the performance obligations of the parties. As a result of the replacement agreement, the Company will be responsible for billing third party payors for tests performed under the Clarient agreement. Revenue derived from the Clarient arrangement after the replacement date is recognized as collected, provided all other revenue recognition criteria are met. In January 2013, the Company entered into a research support agreement with Dana-Farber, a not-for-profit tax-exempt organization. The Company is responsible for performing all technical components of the diagnostic tests as ordered by Dana-Farber and recognizes revenue as services are delivered, provided all other revenue recognition criteria are met. The total amount of revenue the Company earned under this agreement was approximately $104,000 and $43,000 for the years ended December 31, 2013 and 2014, respectively. In September 2014, the Company entered into a two year research support agreement with MD Anderson, a not-for-profit tax-exempt organization. The Company is responsible for performing all technical components of the diagnostic tests as ordered by MD Anderson and recognizes revenue as services are rendered, provided all other revenue recognition criteria are met. The total amount of revenue the Company earned under this agreement was approximately $3,000 for the year ended December 31, 2014. |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 11. Related Party Transactions Each of the members of the Company’s Board of Directors participated in its public offering in February 2015, purchasing an aggregate of 142,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 142,000 shares of its common stock for a total purchase price of $177,500 (see Note 2). Pursuant to a sublease agreement dated March 30, 2015, the Company rented 9,849 square feet, plus free use of an additional area, of its San Diego facility to an entity affiliated with the Company’s non-executive Chairman for $12,804 per month, with a refundable security deposit of $12,804 due from the subtenant. The initial term of the sublease expired on July 31, 2015, and is subject to renewal on a month-to-month basis thereafter. A member of the Company’s management is the controlling person of Aegea Biotechnologies, Inc. (“Aegea”). On September 2, 2012, the Company entered into an Assignment and Exclusive Cross-License Agreement (the “Cross-License Agreement”) with Aegea. The Company received payments totaling $25,763 from Aegea as reimbursements for shared patent costs under the Cross-License Agreement. The Company believes that these transactions were on terms at least as favorable to the Company as could have been obtained from unrelated third parties. | 18. Related Party Transactions During 2005, the Company executed the Goodman Note in favor of an investor which became a beneficial owner of more than 5% of the Company’s common stock. As of December 31, 2012, the Company had $1,935,000 outstanding on this note. In June 2013, the investor converted the entire principal amount of $1,935,000 and accrued interest of approximately $105,000 due on the Goodman Note into 3,777,324 shares of Series A preferred stock. As of the closing of the Company’s IPO on February 10, 2014, such shares of preferred stock automatically converted into 89,936 shares of common stock. During 2008, the Company executed the 2008 Convertible Note with an affiliate of a major shareholder who was a member of the Board of Directors in the amount of $1,400,000. A warrant to purchase preferred shares was issued along with the convertible promissory note (see Notes 9 and 10). In July 2013, the Company amended the 2008 Convertible Note with a principal balance of $1,400,000, held by a related party, to provide that all principal of and accrued interest on the note would automatically convert into common stock upon the closing of an IPO at the price per share at which common stock is sold in such IPO. In connection with the closing of the Company’s IPO on February 10, 2014, the $1,400,000 principal amount and $233,982 of accrued interest related to the 2008 Convertible Note were converted at $10.00 per share into a total of 163,399 shares of common stock (see Note 2). As of June 28, 2013, $17,060,000 of principal and $2,339,000 of interest due to affiliates of a major shareholder who was a member of the Board of Directors under several note and warrant purchase agreements was converted into shares of 35,923,845 Series A preferred stock. As of December 31, 2013, the Company had $3,905,000 of such notes payable due to affiliates of this major shareholder (see Notes 9 and 10). In connection with the closing of the Company’s IPO on February 10, 2014, the total balance of outstanding notes payable of $3,905,000 together with $433,821 of accrued interest were converted at $10.00 per share into a total of 433,883 shares of common stock, including 163,399 shares associated with the 2008 Convertible Note (see Note 2). As of June 28, 2013, approximately $975,000 of principal and $101,000 of interest due on a portion of notes payable outstanding with members of the Board of Directors under several different note and warrant purchase agreements were converted into 1,993,591 preferred shares (see Notes 9 and 10). As of December 31, 2013 and the closing of the Company’s IPO on February 10, 2014, the Company had approximately $1,479,000 and $1,554,000, respectively, of notes payable outstanding under such note and warrant purchase agreements. In connection with the closing of the Company’s IPO on February 10, 2014, the total aggregate balance of outstanding notes payable of $1,554,000 together with $87,531 of accrued interest were converted at $10.00 per share into a total of 164,104 shares of common stock (see Note 2). In September and December 2013, and January 2014, the Company issued common stock warrants to five shareholders who were also affiliates in conjunction with their guarantees on the Company’s borrowings under the Company’s line of credit (see Notes 8 and 10). During 2011, the Company entered into two supplier financing arrangements with a business owned by a member of the Board of Directors totaling $256,000, of which $66,000 is outstanding as of December 31, 2013 and was subsequently paid in full using the net proceeds from the Company’s IPO (see Notes 2 and 11). A member of the Company’s management is the controlling person of Aegea Biotechnologies, Inc. (“Aegea”). On September 2, 2012, the Company entered into an Assignment and Exclusive Cross-License Agreement with Aegea Biotechnologies, Inc. The total amount of invoices received by the Company from Aegea during the year ended December 31, 2013 was approximately $2,000, which are unpaid and recorded in accounts payable at December 31, 2013 and 2014. All of the members of the Company’s Board of Directors participated in its public offering in February 2015, purchasing an aggregate 142,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 142,000 shares of its common stock for total proceeds of $177,500 (see Note 21). The Company believes that these transactions were on terms at least as favorable to the Company as could have been obtained from unrelated third parties. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 10. Commitments and Contingencies In the normal course of business, the Company may be involved in legal proceedings or threatened legal proceedings. The Company is not party to any legal proceedings or aware of any threatened legal proceedings that are expected to have a material adverse effect on its financial condition, results of operations or liquidity. The Company’s former Vice President of Operations filed an administrative proceeding against the Company with the California Labor Commissioner in April 2013, seeking damages for alleged unpaid wages and penalties. A hearing was held on August 19, 2013 which resulted in a finding against the Company for approximately $65,000, of which $40,000 was paid during the year ended December 31, 2013 and $25,000 was accrued as of December 31, 2013. On February 25, 2014, the aforementioned administrative proceeding filed with the California Labor Commissioner by the Company’s former Vice President of Operations was settled in full following payment of the remaining $25,000 due. | 19. Commitments and Contingencies Operating Leases The Company leases office, laboratory, and warehouse space at its San Diego, California facility under a non-cancelable operating lease. The initial lease was for an eight-year term expiring in 2012. In November 2011, the Company extended the lease term through October 31, 2018 and expanded the original premises by 9,849 square feet. Under the amended lease, the landlord delivered the expanded premises in May 2013. The Company records rent expense on a straight-line basis over the life of the lease and records the excess of expense over the amounts paid as deferred rent. For the years ended December 31, 2013 and 2014, rent expense was approximately $1,143,000 and $1,272,000, respectively. As of December 31, 2012 the Company owed rent in arrears of approximately $185,000, and as of December 31, 2013 and 2014, the Company owed no rent in arrears. In September 2013, the Company amended its non-cancellable operating lease for its office, laboratory, and warehouse space at its San Diego, California facility. The amendment extends the maturity date of the lease through July 31, 2020. As part of this amendment, the landlord waived the lease payments due from August 1, 2013 through December 31, 2013 of approximately $503,000, and the Company forfeited its long-term deposit of approximately $269,000. In conjunction with this amendment, the Company granted to the landlord a warrant to purchase common shares with a warrant coverage amount of $502,605. The warrant is exercisable for a five-year period beginning with the closing of the Company’s IPO on February 10, 2014, when such warrant became exercisable for 50,260 shares of common stock and the exercise price was fixed at $10.00 per share (see Notes 2, 5 and 10). The future minimum lease payments under the amended lease agreement as December 31, 2014 are as follows: 2015 $ 1,270,501 2016 1,307,187 2017 1,348,257 2018 1,388,705 2019 1,430,366 Thereafter 855,136 Total $ 7,600,152 Employment Agreements Under the terms of certain employment agreements with executive officers, the Company incurred cash compensation expense of $150,000 immediately, and $225,000 annually, upon the closing of its IPO. All payments required under these agreements as a result of the closing of the Company’s IPO on February 10, 2014 were subsequently made in February and March 2014. Legal Proceedings In the normal course of business, the Company may be involved in legal proceedings or threatened legal proceedings. The Company is not party to any legal proceedings or aware of any threatened legal proceedings which are expected to have a material adverse effect on its financial condition, results of operations or liquidity. The Company’s former Vice President of Operations filed an administrative proceeding against the Company with the California Labor Commissioner in April 2013, seeking damages for alleged unpaid wages and penalties. A hearing was held on August 19, 2013 which resulted in a finding against the Company for approximately $65,000, of which $40,000 was paid during the year ended December 31, 2013 and $25,000 was accrued as of December 31, 2013. On February 25, 2014, the aforementioned administrative proceeding was settled in full following payment of the remaining $25,000 due. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 20. Selected Quarterly Financial Data (Unaudited) The following is selected quarterly financial data as of and for the periods ending: First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2013 Balance sheet data: Cash & cash equivalents $ 17,964 $ 4,483 $ 302,908 $ 69,178 Total assets 1,095,023 991,576 1,083,089 1,329,719 Total non-current liabilities 1,252,921 508,527 167,291 462,001 Total shareholders’ equity/(deficit) (29,300,361 ) (8,215,261 ) (10,272,840 ) (12,456,014 ) Statement of operations and comprehensive loss data: Revenues $ 35,154 $ 48,369 $ 31,922 $ 18,800 Gross profit/(loss) (512,097 ) (544,868 ) (587,158 ) (551,532 ) Research and development expenses 710,206 690,582 975,104 710,845 General and administrative expenses 451,157 478,163 806,872 776,944 Sales and marketing expenses 96,404 27,932 5,342 19,225 Loss from operations (1,769,864 ) (1,741,545 ) (2,374,476 ) (2,058,546 ) Net loss $ (1,925,974 ) $ (1,975,009 ) $ (2,860,191 ) $ (2,472,009 ) Net loss per common share:1 Basic $ (10.67 ) $ (10.83 ) $ (15.72 ) $ (13.57 ) Diluted $ (10.67 ) $ (10.83 ) $ (15.72 ) $ (13.57 ) Weighted-average shares outstanding used in computing net loss per shareattributable to common shareholders: Basic 180,540 182,304 181,954 182,203 Diluted 180,540 182,304 181,954 182,203 1 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2014 Balance sheet data: Cash & cash equivalents $ 10,417,277 $ 12,460,565 $ 8,819,872 $ 5,364,582 Total assets 11,289,508 13,359,982 9,875,039 6,565,053 Total non-current liabilities 473,080 5,203,742 5,339,618 5,354,839 Total shareholders’ equity/(deficit) 9,356,778 6,883,269 3,344,897 (220,569 ) Statement of operations and comprehensive loss data: Revenues $ 28,275 $ 19,245 $ 10,274 $ 75,621 Gross profit/(loss) (630,040 ) (340,119 ) (527,907 ) (539,067 ) Research and development expenses 1,008,929 1,107,678 1,310,905 1,070,278 General and administrative expenses 1,876,912 1,032,855 1,060,812 1,231,418 Sales and marketing expenses 11,142 423,361 812,005 890,496 Loss from operations (3,527,023 ) (2,904,013 ) (3,711,629 ) (3,731,259 ) Net loss $ (5,127,871 ) $ (2,996,840 ) $ (3,859,794 ) $ (3,881,541 ) Net loss per common share:1 Basic $ (1.96 ) $ (0.67 ) $ (0.87 ) $ (0.87 ) Diluted $ (1.96 ) $ (0.67 ) $ (0.87 ) $ (0.87 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 2,617,275 4,449,603 4,449,603 4,449,603 Diluted 2,617,275 4,449,603 4,449,603 4,449,603 1 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events Pursuant to an underwriting agreement dated February 9, 2015 between the Company, Aegis and Feltl and Company, as underwriters named therein, a public offering of 8,000,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 8,000,000 shares of common stock was effected at a combined offering price of $1.25. All of the members of the Company’s Board of Directors participated in this offering, purchasing an aggregate 142,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 142,000 shares of its common stock for total proceeds of $177,500. All warrants sold in this offering have a per share exercise price of $1.56, are exercisable immediately and expire five years from the date of issuance. The closing of the sale of these securities to the underwriters occurred on February 13, 2015, when the Company received, after deducting underwriting discounts and additional costs paid to the underwriters, approximately $9.1 million of net cash proceeds. The total increase in capital as a result of the sale of these shares and warrants is expected to be approximately $8.9 million after deducting an estimated $0.2 million of additional non-underwriter costs incurred. Additionally, the underwriters were granted a 45-day option to purchase up to 1,200,000 additional shares of common stock at a price of $1.25 per share and/or additional warrants to purchase up to 1,200,000 shares of common stock at a price of $0.0001 per warrant, less underwriting discounts and commissions, to cover over-allotments, if any. Subsequent to the closing of our second public offering on February 13, 2015, additional cash proceeds of approximately $6.7 million were received from the exercise of warrants sold in such offering. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited condensed financial statements included in this prospectus have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions for Quarterly Reports on Form 10-Q. Accordingly, the condensed financial statements are unaudited and do not contain all the information required by U.S. Generally Accepted Accounting Principles (“GAAP”) to be included in a full set of financial statements. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for a complete set of financial statements. The audited financial statements for the year ended December 31, 2014, filed with the SEC with our Annual Report on Form 10-K on March 11, 2015, and included earlier in this prospectus, include a summary of our significant accounting policies and should be read in conjunction with these unaudited condensed financial statements. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in this prospectus. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. Certain prior period amounts have been reclassified to conform to the current period presentation. Additionally, a total of $318,565 of revenue-generating costs previously allocated to research and development expenses during the six months ended June 30, 2015 were reclassified to cost of revenues in the current period presentation of the unaudited condensed statement of operations and comprehensive loss for the nine months ended September 30, 2015. The Company and Business Activities Biocept, Inc. (the “Company”) was founded in California in May 1997 and is a commercial-stage cancer diagnostics company developing and commercializing proprietary circulating tumor cell (“CTC”) and circulating tumor DNA (“ctDNA”) assays utilizing a standard blood sample to improve the treatment that oncologists provide to their patients by providing better, more detailed information on the characteristics of their tumor. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited (by the College of American Pathologists), and manufactures Cell Enrichment and Extraction (“CEE”) microfluidic channels, related equipment and certain reagents to perform the Company’s diagnostic assays in a facility located in San Diego, California. CLIA certification and accreditation are required before any clinical laboratory may perform testing on human specimens for the purpose of obtaining information for the diagnosis, prevention, treatment of disease, or assessment of health. The assays the Company offers are classified as laboratory developed tests under the CLIA regulations. In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. Recent Accounting Pronouncements In May 2014, the Financial Standards Accounting Board (the “FASB”) issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This proposed guidance has been deferred and would be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In June 2014, the FASB issued authoritative guidance requiring share-based payments with a performance target which affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2014, the FASB issued authoritative guidance requiring management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. This guidance is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In April 2015, the FASB issued authoritative guidance requiring debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This guidance is effective on a retrospective basis for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company early adopted this guidance on a retrospective basis for the interim reporting period ended March 31, 2015. A balance of $23,194 of such costs were reclassified from other non-current assets, net to non-current portion of credit facility, net in the Company’s balance sheet as of December 31, 2014. A total of $15,093 of such costs remain unamortized and recorded as an offset to non-current portion of credit facility, net in the Company’s unaudited condensed balance sheet at September 30, 2015. In July 2015, the FASB issued authoritative guidance requiring entities that do not measure inventory using the retail inventory method or on a last-in, first-out basis to record inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective on a prospective basis for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2015, the FASB issued amendments to SEC paragraphs referenced in authoritative guidance around the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. These amendments state that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company’s adoption of these amendments upon issuance did not have a material impact on its financial statements or disclosures. |
Public Offerings
Public Offerings | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Public Offerings | 2. Public Offerings Pursuant to an underwriting agreement dated February 4, 2014 between the Company and Aegis Capital Corp. (“Aegis”), as representative of the several underwriters named therein, an IPO of 1,900,000 shares of common stock at $10.00 per share was effected on February 5, 2014. The closing of the sale of these shares to the underwriters occurred on February 10, 2014. The Company received, after deducting underwriting discounts and additional costs paid to the underwriters, $17.4 million of net cash proceeds from the sale of these 1,900,000 shares. The total increase in capital as a result of the sale of these shares was $16.5 million after deducting $0.9 million of additional non-underwriter costs incurred that were netted against these proceeds under applicable accounting guidance. Additionally, the underwriters were granted a 45 day option from the closing date of the IPO to purchase up to 285,000 shares of common stock at $9.30 per share to cover overallotments with an estimated grant date fair value of $0.2 million, which was not exercised. In addition, designees of Aegis were issued warrants to buy (in the aggregate) up to 95,000 shares of common stock at $12.50 per share with a term of five years and an estimated grant date fair value of $0.5 million. On February 4, 2014, as contemplated by the registration statement covering the IPO, 69,421,047 shares of outstanding Series A Convertible Preferred Stock with a par value of $0.0001 per share were converted into 1,652,851 shares of common stock and the Company’s certificate of incorporation was amended to provide for an authorized capitalization of 40,000,000 shares of common stock and 5,000,000 shares of preferred stock. There were no shares of preferred stock issued or outstanding as of December 31, 2014 or September 30, 2015. In connection with the closing of the IPO on February 10, 2014, (i) the $1.4 million principal amount and $0.2 million of accrued interest related to the convertible note issued in 2008 were converted at $10.00 per share into a total of 163,399 shares of common stock, (ii) the $5.2 million principal amount and $0.3 million of accrued interest related to the convertible notes issued in 2013 were converted at $10.00 per share into a total of 547,794 shares of common stock, (iii) the exercise price of the warrants associated with the convertible notes issued in 2013 was fixed at $10.00 per share for an aggregate 258,249 shares of common stock, (iv) the exercise price of the warrants associated with the $2.6 million of collateral provided to secure the Company’s line of credit was fixed at $10.00 per share for an aggregate 128,903 shares of common stock, (v) 73,151 shares of common stock vested as settlement of certain restricted stock units (which were previously expressed in shares of preferred stock) and became issuable subsequent to the expiration of the 180 day lock-up period following the IPO, (vi) the Company’s Executive Chairman ceased to be an employee and continues to serve as non-executive Chairman, (vii) the number of shares of common stock covered by the Company’s 2013 Equity Incentive Plan increased by 800,000, (viii) all but 1,587 of the preferred warrants previously outstanding were canceled due to early termination clauses associated with the IPO, (ix) derivative warrant liabilities of $2.5 million associated with the aggregate of 387,152 common stock warrants related to the convertible notes issued in 2013 and line of credit were reclassified to additional paid-in capital when their underlying exercise price was fixed, (x) unamortized discounts of $1.0 million related to the warrants associated with the convertible notes issued in 2013 and line of credit were reclassified to interest expense, and (xi) offering costs associated with the IPO of $0.9 million were reclassified from prepaid expenses and other current assets to additional paid-in capital, while additional underwriter IPO costs and discounts of $0.3 million and $1.3 million, respectively, were netted against the proceeds from the IPO and are reflected as an offset to additional paid-in capital. Subsequent to December 31, 2013, the maximum amount of the Company’s line of credit was increased to approximately $2.6 million and common stock warrants were issued to four shareholders in conjunction with their guarantees on the Company’s additional borrowings under the line of credit. On February 10, 2014, the current outstanding balance under the line of credit of approximately $2.3 million plus accrued interest of $27,043 was paid in full using the net proceeds from the IPO. On February 13, 2014, the Compensation Committee of the Company’s Board of Directors approved payments of approximately $1.0 million for deferred salary obligations, including contractual interest, to current and former executive officers pursuant to previously existing agreements, which was fully disbursed by April 2014 using the net proceeds from the IPO. An additional $344,883 in deferred salary obligations and interest thereon was paid to former employees other than executive officers. Also on February 13, 2014, in connection with the closing of the IPO and pursuant to a director compensation policy adopted by the Company’s Board of Directors in 2013, the Company’s Board of Directors approved annual cash retainers to non-employee directors, and granted 238,500 stock options under the Company’s 2013 Equity Incentive Plan to non-employee directors. These option awards vest in equal annual installments over 3 years from the date of grant with a 10 year term, subject to continuing service requirements. Subsequently in February 2014, the Company’s Board of Directors approved grants of 54,298 stock options as a result of the closing of the IPO pursuant to the terms of underlying employment agreements. Included in the stock options granted pursuant to the terms of underlying employment agreements were 53,108 option awards granted to the Company’s non-executive Chairman, which vested fully on the date of grant. Under the terms of certain employment agreements with executive officers, the Company incurred additional cash compensation expense of $150,000 immediately, and $225,000 annually, upon the closing of its IPO. All payments required under these agreements as a result of the closing of the IPO on February 10, 2014 were subsequently made in February and March 2014, using the net proceeds from the IPO. During the year ended December 31, 2014, the Company repaid in full the remaining amounts outstanding of approximately $70,000 due for laboratory equipment under financing agreements with a supplier, which is a business owned by a member of the Company’s board of directors, using the net proceeds from the IPO. Pursuant to an underwriting agreement dated February 9, 2015 between the Company, Aegis and Feltl and Company, as underwriters named therein, a public offering of 8,000,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 8,000,000 shares of common stock was effected at a combined offering price of $1.25. The estimated grant date fair value of these warrants of $7.7 million was recorded as an offset to additional paid-in capital within common stock issuance upon the closing of this offering (see Note 4). Each of the members of the Company’s Board of Directors participated in this offering, purchasing an aggregate 142,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 142,000 shares of its common stock for a total purchase price of $177,500. All warrants sold in this offering have a per share exercise price of $1.56, are exercisable immediately and expire five years from the date of issuance. The closing of the sale of these securities to the underwriters occurred on February 13, 2015, when the Company received, after deducting underwriting discounts and additional costs paid to the underwriters, $9.1 million of net cash proceeds. The total increase in capital as a result of the sale of these shares and warrants was $8.8 million after deducting $0.3 million of additional non-underwriter costs incurred. Additionally, the underwriters were granted a 45-day option to purchase up to 1,200,000 additional shares of common stock at a price of $1.25 per share and/or additional warrants to purchase up to 1,200,000 shares of common stock at a price of $0.0001 per warrant, less underwriting discounts and commissions, to cover over-allotments, if any, which was not exercised. The estimated grant date fair value of the over-allotment options and warrants of $1.6 million was recorded as an offset to additional paid-in capital within common stock issuance costs upon the closing of this offering (see Note 4). Underwriter costs and discounts of $0.2 million and $0.7 million, respectively, as well as additional non-underwriter costs associated with the offering of $0.3 million, were also recorded to common stock issuance costs upon closing. Subsequent to the closing of this offering on February 13, 2015 and through November 2, 2015, additional cash proceeds of $9.8 million have been received from the exercise of warrants sold in such offering. As such, the aggregate total increase in capital related to this offering has been $18.6 million, after deducting $0.9 million of underwriter costs and discounts and $0.3 million of additional non-underwriter costs incurred, which were netted against these proceeds under applicable accounting guidance. |
Liquidity & Going Concern Uncer
Liquidity & Going Concern Uncertainty | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Liquidity & Going Concern Uncertainty | 3. Liquidity & Going Concern Uncertainty These unaudited condensed financial statements have been prepared and presented on a basis assuming the Company will continue as a going concern. The factors below raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty. At December 31, 2014 and September 30, 2015, the Company had accumulated deficits of $138.3 million and $150.6 million, respectively. For the year and nine month periods ended December 31, 2014 and September 30, 2015, the Company incurred net losses of $15.9 million and $12.3 million, respectively. The Company borrowed a total of $0.5 million during the year ended December 31, 2014 under note agreements with certain shareholders and a line of credit. In addition, the Company borrowed $5.0 million during the year ended December 31, 2014 under a credit facility entered into in April 2014. While the Company is currently in the commercialization stage of operations, the Company has not yet achieved profitability and anticipates that it will continue to incur net losses in the foreseeable future. Historically, the Company’s principal sources of cash have included proceeds from the issuance of common and preferred stock, proceeds from the exercise of warrants to purchase common stock, proceeds from the issuance of debt, and revenues from clinical laboratory testing through contracted partners. The Company’s principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. The Company expects that the principal uses of cash in the future will be for continuing operations, hiring of sales and marketing personnel and increased sales and marketing activities, funding of research and development, capital expenditures, and general working capital requirements. The Company expects that, as revenues grow, sales and marketing and research and development expenses will continue to grow, albeit at a slower rate and, as a result, the Company will need to generate significant net revenues to achieve and sustain income from operations. As of September 30, 2015, cash and cash equivalents totaled $12.5 million. On February 13, 2015, the Company received net cash proceeds of $9.1 million as a result of the closing of a follow-on public offering, before deducting $0.3 million of additional non-underwriting costs incurred. Subsequent to the closing of the follow-on public offering on February 13, 2015 and through November 2, 2015, additional cash proceeds of $9.8 million have been received from the exercise of warrants sold in such offering. Management expects that the Company will need additional financing in the future to execute on its current or future business strategies beyond June 2016. Until the Company can generate significant cash from operations, including assay revenues, the Company expects to continue to fund its operations with the proceeds from offerings of the Company’s equity securities or debt, or transactions involving product development, technology licensing or collaboration. Management can provide no assurances that any sources of a sufficient amount of financing will be available to the Company on favorable terms, if at all. In May 2015, the SEC declared effective a shelf registration statement filed by the Company. The shelf registration statement allows the Company to issue any combination of its common stock, preferred stock, debt securities and warrants from time to time for an aggregate initial offering price of up to $50 million, subject to certain limitations for so long as the Company’s public float is less than $75 million. As of September 30, 2015, the Company had not sold any securities under this shelf registration statement. The specific terms of future offerings, if any, under this shelf registration statement would be established at the time of such offerings. |
Common Warrants Outstanding
Common Warrants Outstanding | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Common Warrants Outstanding | 8. Common Warrants Outstanding A summary of equity-classified common stock warrant activity for the nine months ended September 30, 2015 is as follows: Number of Weighted Average Outstanding at December 31, 2014 609,187 $ 9.93 3.8 Issued 9,200,000 $ 1.56 Exercised (6,216,449 ) $ 1.56 Expired (1,200,000 ) $ 1.56 Outstanding at September 30, 2015 2,392,738 $ 3.69 4.0 Further information about equity-classified common stock warrants outstanding and exercisable at September 30, 2015 is as follows: Weighted Average Exercise Price Total Shares Outstanding Weighted Average Contractual Life (in years) $ 1.56 1,783,551 4.4 $ 4.72 52,966 8.6 $ 10.00 461,221 2.4 $ 12.50 95,000 3.4 2,392,738 The intrinsic value of equity-classified common stock warrants outstanding and exercisable at September 30, 2015 was $1,319,828. |
The Company and Business Acti34
The Company and Business Activities (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
The Company and Business Activities | The Company and Business Activities Biocept, Inc. (the “Company”) was founded in California in May 1997 and is a commercial-stage cancer diagnostics company developing and commercializing proprietary circulating tumor cell (“CTC”) and circulating tumor DNA (“ctDNA”) assays utilizing a standard blood sample to improve the treatment that oncologists provide to their patients by providing better, more detailed information on the characteristics of their tumor. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited (by the College of American Pathologists), and manufactures Cell Enrichment and Extraction (“CEE”) microfluidic channels, related equipment and certain reagents to perform the Company’s diagnostic assays in a facility located in San Diego, California. CLIA certification and accreditation are required before any clinical laboratory may perform testing on human specimens for the purpose of obtaining information for the diagnosis, prevention, treatment of disease, or assessment of health. The assays the Company offers are classified as laboratory developed tests under the CLIA regulations. In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. | 1. The Company and Business Activities Biocept, Inc. (“the Company”) was founded in California in May 1997 and is a commercial-stage cancer diagnostics company developing and commercializing proprietary circulating tumor cell (CTC) and circulating tumor DNA (ctDNA) tests utilizing a standard blood sample to improve the treatment that oncologists provide to their patients by providing better, more detailed information on the characteristics of their tumor. The Company operates a clinical laboratory that is CLIA-certified (under the Clinical Laboratory Improvement Amendment of 1988) and CAP-accredited (by the College of American Pathologists), and manufactures CEE microfluidic channels, related equipment and certain reagents to perform the Company’s diagnostic tests in a facility located in San Diego, California. CLIA certification and accreditation are required before any clinical laboratory may perform testing on human specimens for the purpose of obtaining information for the diagnosis, prevention, treatment of disease, or assessment of health. The tests the Company offers are classified as laboratory developed tests (LDTs), under the CLIA regulations. In July 2013, the Company effected a reincorporation to Delaware by merging itself with and into Biocept, Inc., a Delaware corporation, which had been formed to be and was a wholly-owned subsidiary of the Company since July 23, 2013. |
Basis of Presentation | Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited condensed financial statements included in this prospectus have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions for Quarterly Reports on Form 10-Q. Accordingly, the condensed financial statements are unaudited and do not contain all the information required by U.S. Generally Accepted Accounting Principles (“GAAP”) to be included in a full set of financial statements. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for a complete set of financial statements. The audited financial statements for the year ended December 31, 2014, filed with the SEC with our Annual Report on Form 10-K on March 11, 2015, and included earlier in this prospectus, include a summary of our significant accounting policies and should be read in conjunction with these unaudited condensed financial statements. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in this prospectus. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. Certain prior period amounts have been reclassified to conform to the current period presentation. Additionally, a total of $318,565 of revenue-generating costs previously allocated to research and development expenses during the six months ended June 30, 2015 were reclassified to cost of revenues in the current period presentation of the unaudited condensed statement of operations and comprehensive loss for the nine months ended September 30, 2015. | Basis of Presentation The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments, including those related to inventories, long-lived assets, convertible debt, derivative liabilities, income taxes, and stock-based compensation. The Company bases its estimates on various assumptions that it believes are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. | |
Reverse Stock Split and Change in Par Value of Common Stock and Preferred Stock | Reverse Stock Split and Change in Par Value of Common Stock and Preferred Stock In July 2013, in conjunction with its reincorporation in the state of Delaware, the Company initiated par values for preferred and common shares equal to $0.0001. In November 2013, the Company effected a 1:14 reverse stock split for all common shares. All references to share and per share amounts in the financial statements and accompanying notes to the financial statements have been retroactively restated to reflect the 1:14 reverse stock split and the change in par value. | |
Revenue Recognition | Revenue Recognition Revenue is recognized in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition Health Care Entities, Revenue Recognition The Company’s main source of revenue for the year ended December 31, 2013, and a significant source of revenue for the year ended December 31, 2014, is through contracted partners. This revenue is derived from clinical laboratory testing performed in the Company’s laboratories under agreements with such partners. As there is a contractually agreed upon price, and collectability from the partners is reasonably assured, revenues for these tests are recognized at the time the test is completed. | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company places its cash and cash equivalents with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC). At times, deposits held may exceed the amount of insurance provided by the FDIC. The Company has not experienced any losses in its cash and cash equivalents and believes they are not exposed to any significant credit risk. | |
Fair Value Measurement | Fair Value Measurement The Company uses a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company believes the carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of these financial instruments. See Note 5 for further details about the inputs and assumptions used to determine fair value measurements. | |
Concentration of Risk | Concentration of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company has not experienced losses in such accounts. Management believes that the Company is not exposed to any significant credit risk with respect to its cash and cash equivalents. In 2012, the Company launched commercial operations in partnership with a commercial partner, Clarient Diagnostic Services, Inc. (“Clarient”), a GE Healthcare Company. During the years ended December 31, 2013, the final year of this partnership, and December 31, 2014, when subsequent cash collections were made, 10% and 6%, respectively, of the revenues earned were billed through this relationship. In 2013, the Company entered into a research support agreement with a not-for-profit tax-exempt organization, Dana-Farber Partners Cancer Care, Inc. (“Dana-Farber”). For the years ended December 31, 2013 and 2014, 77% and 32%, respectively, of the revenues earned were billed through this relationship. In addition, 100% and 72% of the receivables were due from Dana-Farber at December 31, 2013 and 2014, respectively. In 2014, the Company entered into a research support agreement with a not-for-profit tax-exempt organization, The University of Texas MD Anderson Cancer Center (“MD Anderson”). For the year ended December 31, 2014, 2% of the revenues earned were billed through this relationship. In addition, 28% of the receivables were due from MD Anderson at December 31, 2014. Concentrations of credit risk with respect to revenues and accounts receivable are primarily limited to certain clients including Clarient, Dana-Farber, and MD Anderson, and geographies to which the Company provides a significant volume of its services, and to specific payers of our services such as Medicare and individual insurance companies. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. For the year ended December 31, 2013, revenues derived from clients within the states of Massachusetts, California, and Texas accounted for approximately 77%, 22% and 1%, respectively, of total revenues. For the year ended December 31, 2014, revenues derived from clients within the states of Massachusetts, California, and Texas accounted for approximately 32%, 15% and 34%, respectively, of total revenues. All of the Company’s sales for all periods presented were generated in the United States of America. Certain components used in the Company’s current or planned products are available from only one supplier, and substitutes for these components cannot be obtained easily or would require substantial design or manufacturing modifications or identification and qualification of alternative sources. | |
Accounts Receivable | Accounts Receivable Accounts receivable are carried at original invoice amounts, less an estimate for doubtful receivables, based on a review of all outstanding amounts on a periodic basis. The estimate for doubtful receivables is determined from an analysis of the accounts receivable on a quarterly basis, and is recorded as bad debt expense. As the Company only recognizes revenue to the extent collection is expected and reasonably assured, bad debt expense related to receivables from patient service revenue is recorded in general and administrative expense in the statement of operations and comprehensive loss. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. As of December 31, 2013 and 2014, management determined that all of the amounts recorded as accounts receivable were collectible, and no allowance for doubtful accounts was needed. | |
Inventories | Inventories Inventories are valued at the lower of cost or market value. Cost is determined by the average cost method. The Company records adjustments to its inventory for estimated obsolescence or diminution in market value equal to the difference between the cost of the inventory and the estimated market value. At the point of loss recognition, a new cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. | |
Fixed Assets | Fixed Assets Fixed assets consist of machinery and equipment, furniture and fixtures, computer equipment and software, leasehold improvements, capital leased equipment and construction in process. Fixed assets are stated at cost less accumulated depreciation and amortization. Additions, improvements, and major renewals are capitalized. Maintenance, repairs, and minor renewals are expensed as incurred. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold improvements are amortized over the life of the lease or the asset, whichever is shorter. Depreciation expense for the years ended December 31, 2013 and 2014 was approximately $267,000 and $251,000, respectively. Upon sale, retirement or disposal of fixed assets, the accounts are relieved of the cost and the related accumulated depreciation or amortization with any gain or loss recorded to the statement of operations. Fixed assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These computations utilize judgments and assumptions inherent in the estimates of future cash flows to determine recoverability of these assets. If the assumptions about these assets were to change as a result of events or circumstances, the Company may be required to record an impairment loss. | |
Warrant Liability | Warrant Liability Warrants for shares that are contingently redeemable and for which the exercise price is not fixed are classified as liabilities on the accompanying balance sheets and carried at their estimated fair value, determined through use of a Black-Scholes valuation model. As of and for the years ended December 31, 2013 and 2014, the Company evaluated and concluded that the fair value obtained from the Black-Scholes method of valuing the warrant liability does not materially differ from the valuation of such warrants using the Monte Carlo or binomial lattice simulation models, and therefore the use of the Black-Scholes valuation model was considered a reasonable method to value the warrants. At the end of each reporting period, any changes in fair value are recorded as a component of other income (expense). As of the closing of the Company’s IPO on February 10, 2014, the exercise price underlying the majority of the Company’s outstanding warrants was fixed and the fair value of those warrants was reclassified to shareholders’ deficit, while a preferred stock warrant to purchase an equivalent of 1,587 shares of common stock remains liability-classified at December 31, 2014. | |
Stock-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation under the provisions of FASB ASC Topic 718, Compensation—Stock Compensation The Company accounts for stock-based compensation awards to non-employees in accordance with FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees Calculating the fair value of stock-based awards requires the input of highly subjective assumptions into the Black-Scholes valuation model. Stock-based compensation expense is calculated using the Company’s best estimates, which involves inherent uncertainties, and the application of management’s judgment. Significant estimates include the fair value of the Company’s common stock at the date of grant for awards granted prior to its IPO, the expected life of the stock option, stock price volatility, risk-free interest rate and forfeiture rate. | |
Research and Development | Research and Development Research and development costs are expensed as incurred. The amounts expensed in the years ended December 31, 2013 and 2014 were approximately $3,087,000 and $4,498,000, respectively, which includes salaries of research and development personnel. | |
Income Taxes | Income Taxes The Company provides for income taxes utilizing the liability method. Under the liability method, current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits. Tax rate changes are reflected in the computation of the income tax provision during the period such changes are enacted. Deferred tax assets are reduced by a valuation allowance when, in management’s opinion, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company’s valuation allowance is based on available evidence, including its current year operating loss, evaluation of positive and negative evidence with respect to certain specific deferred tax assets including evaluation sources of future taxable income to support the realization of the deferred tax assets. The Company has established a full valuation allowance on the deferred tax assets as of December 31, 2013 and 2014, and therefore has not recognized any income tax benefit or expense in the periods presented. ASC 740, Income Taxes The Company recognizes interest and/or penalties related to income tax matters in income tax expense. There is no accrual for interest or penalties for income taxes on the balance sheets at December 31, 2013 and 2014, and the Company has not recognized interest and/or penalties in the statements of operations for the years ended December 31, 2013 and 2014. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Standards Accounting Board (the “FASB”) issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This proposed guidance has been deferred and would be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In June 2014, the FASB issued authoritative guidance requiring share-based payments with a performance target which affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2014, the FASB issued authoritative guidance requiring management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. This guidance is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In April 2015, the FASB issued authoritative guidance requiring debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This guidance is effective on a retrospective basis for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company early adopted this guidance on a retrospective basis for the interim reporting period ended March 31, 2015. A balance of $23,194 of such costs were reclassified from other non-current assets, net to non-current portion of credit facility, net in the Company’s balance sheet as of December 31, 2014. A total of $15,093 of such costs remain unamortized and recorded as an offset to non-current portion of credit facility, net in the Company’s unaudited condensed balance sheet at September 30, 2015. In July 2015, the FASB issued authoritative guidance requiring entities that do not measure inventory using the retail inventory method or on a last-in, first-out basis to record inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective on a prospective basis for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2015, the FASB issued amendments to SEC paragraphs referenced in authoritative guidance around the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. These amendments state that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company’s adoption of these amendments upon issuance did not have a material impact on its financial statements or disclosures. | Recent Accounting Pronouncements In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires netting unrecognized tax benefits against deferred tax assets for a loss or other carryforward that would apply in settlement of uncertain tax positions. This guidance is effective for annual reporting periods beginning after December 15, 2013, and was effective for the Company’s fiscal year beginning January 1, 2014. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In May 2014, the FASB issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In June 2014, the FASB issued authoritative guidance requiring share-based payments with a performance target which affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2014, the FASB issued authoritative guidance requiring management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. This guidance is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its financial statements and disclosures. In November 2014, the FASB issued authoritative guidance requiring entities to consider all of a hybrid instrument’s stated and implied substantive terms and features, including any embedded derivative features being evaluated for bifurcation. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Assumptions Used for Determining Fair Values of Common Stock Warrants | As of December 31, 2013, the aggregate common stock warrant liability of approximately $2,132,000 was estimated using a probability weighted Black-Scholes valuation model with the following assumptions for both the five-year and two-year common stock warrant terms separately: Five-year term Two-year term Stock price $ 1.48 – 7.69 $ 1.48 – 7.69 Exercise price $ 1.48 – 7.69 $ 1.48 – 7.69 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 1.73 % 0.38 % Expected life (in years) 5.00 2.00 Expected volatility 100.0 % 90.0 % Five-year term Two-year term Stock price $ 8.91 $ 8.91 Exercise price $ 10.00 $ 10.00 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 1.48 % 0.32 % Expected life (in years) 5.00 2.00 Expected volatility 90.0 % 90.0 % | |
Schedule of Fair Value of Common and Preferred Stock Warrant Liability | The fair value attributed to the common and preferred share warrants as of December 31, 2013 and 2014 is as follows: Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities Warrant Liability at December 31, 2013 — — 2,140,532 Warrant Liability at December 31, 2014 — — 1,070 | |
Summary of Changes in Fair Value of Common and Preferred Stock Warrants | The following table includes a summary of changes in the fair value of the common and preferred share warrants for the years ended December 31, 2013 and 2014: Fair Value Measurements Significant Unobservable Inputs (Level 3) Balance at December 31, 2012 $ 981,747 Warrant liability incurred in 2013 2,322,042 Change in fair value included in expense in 2013 (782,112 ) Warrant liability reclassified to additional paid-in capital in 2013 (381,145 ) Balance at December 31, 2013 2,140,532 Warrant liability incurred in 2014 135,222 Change in fair value included in expense in 2014 200,936 Warrant liability reclassified to additional paid-in capital in 2014 (2,475,620 ) Balance at December 31, 2014 $ 1,070 | |
Over Allotment Option And Common Stock Warrants [Member] | ||
Assumptions Used for Determining Fair Values of Over-allotment Option and Common Stock Warrants | The fair values of these over-allotment options and all common stock warrants issued in this offering were estimated using Black-Scholes valuation models with the following assumptions: Over- Warrants Stock price $ 1.41 $ 1.41 Exercise price $ 1.25 $ 1.56 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.02 % 1.53 % Expected life (in years) 0.12 5.00 Expected volatility 168.1 % 90.0 % | |
Stock Option And Common Stock Warrants [Member] | ||
Assumptions Used for Determining Fair Values of Over-allotment Option and Common Stock Warrants | The fair values of these stock option and common stock warrants were estimated using Black-Scholes valuation models with the following assumptions: Options Warrants Stock price $ 8.91 $ 8.91 Exercise price $ 9.30 $ 12.50 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.07 % 1.46 % Expected life (in years) 0.12 5.00 Expected volatility 70.0 % 90.0 % | |
Common Stock Warrants [Member] | ||
Assumptions Used for Determining Fair Values of Stock Option and Common Stock Warrants | The fair value of this warrant was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 4.74 Exercise price $ 4.72 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.67 % Expected life (in years) 10.00 Expected volatility 110.0 % |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Schedule of Fixed Assets and Accrued Liabilities | The following provides certain balance sheet details: December 31, September 30, Fixed Assets Machinery and equipment $ 2,922,303 $ 2,997,676 Furniture and office equipment 209,844 212,659 Computer equipment and software 681,508 756,365 Leasehold improvements 506,328 514,614 Financed equipment 878,447 1,157,455 Construction in process 72,172 12,739 5,270,602 5,651,508 Less accumulated depreciation and amortization 4,608,180 4,796,300 Total fixed assets, net $ 662,422 $ 855,208 Accrued Liabilities Accrued interest $ 33,125 $ 31,484 Accrued payroll 82,241 216,154 Accrued vacation 276,574 286,125 Accrued bonuses 302,763 286,557 Accrued sales commissions — 63,167 Warrant liability 1,070 709 Other 4,130 32,534 Total accrued liabilities $ 699,903 $ 916,730 | The following provides certain balance sheet details: December 31, December 31, Fixed Assets Machinery and equipment $ 2,761,560 $ 2,922,303 Furniture and office equipment 209,844 209,844 Computer equipment and software 681,508 681,508 Leasehold improvements 373,653 506,328 Financed equipment 677,000 878,447 Construction in process 12,299 72,172 4,715,864 5,270,602 Less accumulated depreciation and amortization 4,356,977 4,608,180 Total fixed assets, net $ 358,887 $ 662,422 Accrued Liabilities Accrued interest $ 524,885 $ 33,125 Accrued payroll 125,299 82,241 Deferred wages 1,377,987 — Accrued vacation 213,601 276,574 Accrued bonuses — 302,763 Other 286 4,130 Total accrued liabilities $ 2,242,058 $ 698,833 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Summary of Short-term and Long-term Debt Obligations | The following is a summary of the Company’s short-term and long-term debt obligations: December 31, 2013 2014 Secured convertible note to a major shareholder. As of February 10, 2014, the secured convertible note was converted into common shares. (“2008 Convertible Note”) (See Note 10) $ 1,400,000 $ — Unsecured convertible notes, issued under a note and warrant purchase agreement dated as of June 28, 2013, net of discounts related to warrants aggregating $874,158 and $0 at December 31, 2013 and 2014, respectively. Includes notes of $2,505,000 and $0 to a major shareholder at December 31, 2013 and 2014, respectively. As of February 10, 2014, the unsecured convertible notes were converted into common shares. (“2013 Convertible Bridge Notes”) (See Note 10) 4,115,842 — Secured term loan agreement, net of discounts related to warrants and lender fees aggregating $0 and $268,678 at December 31, 2013 and 2014, respectively. (“April 2014 Credit Facility”) (see Note 7) — 4,731,322 Other debt discount. As of February 10, 2014, the remaining unamortized portion of the other debt discount was reclassified to interest expense. (See Notes 8 and 10) (315,243 ) — Total notes payable 5,200,599 4,731,322 Less current portion 5,200,599 — Long-term portion $ — $ 4,731,322 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model | The fair values of option awards granted during the nine months ended September 30, 2015 were estimated using a Black-Scholes pricing model with the following assumptions: Stock and exercise prices $2.01-$3.38 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.52% -1.93% Expected life (in years) 5.23 -6.08 Expected volatility 70.0% -100.0% | The assumptions used in the Black-Scholes valuation model for options granted during the years ended December 31, 2013 and 2014 are as follows: 2013 2014 Stock and exercise prices $5.18 $2.79 – $9.11 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 1.38% – 1.69% 1.56% – 2.06% Expected life (in years) 5.26 – 6.02 5.00 – 6.08 Expected volatility 105.0% 90.0% – 100.0% Expected forfeiture rate 0.00% – 5.00% 0.00% – 5.00% |
Summary of Stock Option Activity for Option Awards Granted | A summary of stock option activity for option awards granted under the 2013 Plan and 2007 Plan for the nine months ended September 30, 2015 is as follows: Number of Shares Weighted Average Contractual Vested and unvested expected to vest, December 31, 2014 901,882 $ 6.28 8.9 Outstanding at December 31, 2014 906,194 $ 6.29 9.0 Granted 1,194,871 $ 2.07 Exercised — — Cancelled/forfeited/expired (46,727 ) $ 4.33 Outstanding at September 30, 2015 2,054,338 $ 3.88 9.1 Vested and unvested expected to vest, September 30, 2015 1,899,759 $ 4.01 9.0 | A summary of stock option activity for 2013 and 2014 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2012 63,518 $ 4.97 6.2 Granted 300,438 $ 5.18 Exercised (4,021 ) $ 5.00 Cancelled/forfeited/expired (26,829 ) $ 5.20 Outstanding at December 31, 2013 333,106 $ 5.14 9.3 Granted 647,298 $ 6.71 Exercised — — Cancelled/forfeited/expired (74,210 ) $ 4.77 Outstanding at December 31, 2014 906,194 $ 6.29 9.0 Vested and unvested expected to vest, December 31, 2014 901,882 $ 6.28 8.9 |
Schedule of Information about Options Outstanding and Exercisable | Further information about the options outstanding and exercisable at September 30, 2015 is as follows: Weighted Average Exercise Price Total Shares Outstanding Weighted Average Total Shares Exercisable $ 2.01 1,079,637 9.9 — $ 2.65 152,734 9.6 1,000 $ 4.51 79,526 8.0 46,192 $ 5.12 406,643 8.1 297,977 $ 7.50 43,000 8.5 16,125 $ 8.88 238,500 8.4 79,497 $ 9.11 54,298 8.4 54,298 2,054,338 495,089 | Further information about the options outstanding and exercisable is as follows: Options Outstanding and Exercisable at December 31, 2013 Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 4.62 20,208 7.3 13,731 $ 5.04 12,460 5.5 12,455 $ 5.18 300,438 9.6 110,825 333,106 137,011 Options Outstanding and Exercisable at December 31, 2014 Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 2.79 52,500 9.8 — $ 4.42 103,934 8.8 29,715 $ 5.22 413,962 8.8 241,918 $ 7.50 43,000 9.2 — $ 8.88 238,500 9.1 — $ 9.11 54,298 9.1 54,298 906,194 325,931 |
Schedule of Performance Stock Units Vesting Percentage | Vesting of these RSUs may occur based on the Company’s achievement of specified objectives as determined by the Company’s Board of Directors or Compensation Committee, as follows: Percentage of Target Minimum revenue in 2015 25 % Maximum EBITDA loss in 2015 15 % Attainment of financial plan for fiscal 2015 20 % Minimum value of strategic agreements by December 31, 2015 20 % Implementation of four new diagnostic test panels by December 31, 2015 20 % Total 100 % | |
Effects of Stock-Based Compensation Related to Equity Awards to Employees and Nonemployees on Condensed Statement of Operations and Comprehensive Loss | The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the unaudited condensed statement of operations and comprehensive loss during the periods presented: For the three months ended For the nine months ended 2014 2015 2014 2015 Stock Options Cost of revenues $ — $ 15,029 $ — $ 48,839 Research and development expenses 35,569 20,910 149,626 65,835 General and administrative expenses 236,769 257,404 908,490 706,026 Sales and marketing expenses 27,834 31,888 46,762 93,989 Total expenses related to stock options 300,172 325,231 1,104,878 914,689 RSUs Research and development expenses 7,500 1,625 22,500 10,724 General and administrative expenses 13,750 12,515 379,208 90,853 Total stock-based compensation $ 321,422 $ 339,371 $ 1,506,586 $ 1,016,266 | The following table presents the effects of stock-based compensation related to equity awards to employees and nonemployees on the statement of operations during the periods presented: Years Ended December 31, 2013 2014 Stock Options Cost of revenues $ — $ 20,961 Research and development expenses 298,618 163,229 General and administrative expenses 221,726 1,139,309 Sales and marketing expenses — 76,204 Total expenses related to stock options 520,344 1,399,703 RSUs Research and development expenses 72,500 30,000 General and administrative expenses 359,677 392,958 Total stock-based compensation $ 952,521 $ 1,822,661 |
Schedule of Performance Stock Options Vesting Percentage | Vesting of these stock options may occur based on the Company’s achievement of specified objectives as determined by the Company’s Board of Directors, or a committee of the Company’s Board of Directors in its sole discretion, as follows: Percentage of Target Minimum number of accessions processed, billed and collected in fiscal 2016 25 % Minimum revenues from contracts with pharmaceutical companies in fiscal 2016 20 % Attainment of a sustainable positive GAAP gross margin by December 31, 2016 25 % Minimum operating cash on-hand at December 31, 2016, with no more than one interim dilutive equity financing event 30 % Total 100 % |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Schedule of Anti-Dilutive Securities Excluded from Computations of Diluted Weighted-Average Shares | The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the three and nine months ended 2014 2015 Preferred warrants outstanding (number of common stock equivalents) 1,587 1,587 Preferred share RSUs (number of common stock equivalents) 73,151 73,151 Common warrants outstanding 609,187 2,392,738 Common share RSUs 178,467 77,267 Common options outstanding 875,042 2,054,338 Total anti-dilutive common share equivalents 1,737,434 4,599,081 | The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the year ended 2013 2014 Series A preferred (number of common stock equivalents) 1,652,851 — Preferred warrants outstanding (number of common stock equivalents) 192,262 1,587 Preferred share RSUs (number of common stock equivalents) 89,647 73,151 Common warrants outstanding 836,890 609,187 Notes payable convertible into common shares 1,110,649 — Common share RSUs 133,971 178,467 Common options outstanding 333,106 906,194 Total anti-dilutive common share equivalents 4,349,376 1,768,586 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | For the year ended December 31, 2013 and 2014, the provision for income taxes was calculated as follows: For the year ended December 31, 2013 2014 Current: Federal $ — $ — State 800 1,506 Total 800 1,506 Deferred Federal — — State — — Total — — Provision for income tax $ 800 $ 1,506 |
Reconciliation of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes | The following table provides a reconciliation between income taxes computed at the federal statutory rate and the Company’s provision for income taxes: For the year ended December 31, 2013 2014 Income tax at statutory rate $ (3,139,368 ) $ (5,393,944 ) State liability (321,058 ) (813,039 ) Permanent items 6,932 14,374 Stock Compensation 171,003 159,128 Nondeductible Interest 395,089 399,249 Expiration of net operating losses 188,316 1,136,317 Other (6,723 ) 339,636 Research and development credit (103,500 ) (127,491 ) Valuation allowance 2,810,109 4,287,276 Provision for income tax $ 800 $ 1,506 |
Summary of Deferred Tax Assets | The tax effects of carryforwards that give rise to deferred tax assets consist of the following: For the year ended December 31, 2013 2014 Net operating loss carryforward $ 43,666,636 $ 47,329,815 Research and development credits 5,114,652 5,242,144 Accruals and other 742,045 1,216,600 Deferred rent 176,893 198,945 49,700,226 53,987,504 Less valuation allowance (49,700,226 ) (53,987,504 ) Net deferred tax assets $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum lease payments under the amended lease agreement as December 31, 2014 are as follows: 2015 $ 1,270,501 2016 1,307,187 2017 1,348,257 2018 1,388,705 2019 1,430,366 Thereafter 855,136 Total $ 7,600,152 |
Selected Quarterly Financial 42
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | The following is selected quarterly financial data as of and for the periods ending: First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2013 Balance sheet data: Cash & cash equivalents $ 17,964 $ 4,483 $ 302,908 $ 69,178 Total assets 1,095,023 991,576 1,083,089 1,329,719 Total non-current liabilities 1,252,921 508,527 167,291 462,001 Total shareholders’ equity/(deficit) (29,300,361 ) (8,215,261 ) (10,272,840 ) (12,456,014 ) Statement of operations and comprehensive loss data: Revenues $ 35,154 $ 48,369 $ 31,922 $ 18,800 Gross profit/(loss) (512,097 ) (544,868 ) (587,158 ) (551,532 ) Research and development expenses 710,206 690,582 975,104 710,845 General and administrative expenses 451,157 478,163 806,872 776,944 Sales and marketing expenses 96,404 27,932 5,342 19,225 Loss from operations (1,769,864 ) (1,741,545 ) (2,374,476 ) (2,058,546 ) Net loss $ (1,925,974 ) $ (1,975,009 ) $ (2,860,191 ) $ (2,472,009 ) Net loss per common share:1 Basic $ (10.67 ) $ (10.83 ) $ (15.72 ) $ (13.57 ) Diluted $ (10.67 ) $ (10.83 ) $ (15.72 ) $ (13.57 ) Weighted-average shares outstanding used in computing net loss per shareattributable to common shareholders: Basic 180,540 182,304 181,954 182,203 Diluted 180,540 182,304 181,954 182,203 1 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2014 Balance sheet data: Cash & cash equivalents $ 10,417,277 $ 12,460,565 $ 8,819,872 $ 5,364,582 Total assets 11,289,508 13,359,982 9,875,039 6,565,053 Total non-current liabilities 473,080 5,203,742 5,339,618 5,354,839 Total shareholders’ equity/(deficit) 9,356,778 6,883,269 3,344,897 (220,569 ) Statement of operations and comprehensive loss data: Revenues $ 28,275 $ 19,245 $ 10,274 $ 75,621 Gross profit/(loss) (630,040 ) (340,119 ) (527,907 ) (539,067 ) Research and development expenses 1,008,929 1,107,678 1,310,905 1,070,278 General and administrative expenses 1,876,912 1,032,855 1,060,812 1,231,418 Sales and marketing expenses 11,142 423,361 812,005 890,496 Loss from operations (3,527,023 ) (2,904,013 ) (3,711,629 ) (3,731,259 ) Net loss $ (5,127,871 ) $ (2,996,840 ) $ (3,859,794 ) $ (3,881,541 ) Net loss per common share:1 Basic $ (1.96 ) $ (0.67 ) $ (0.87 ) $ (0.87 ) Diluted $ (1.96 ) $ (0.67 ) $ (0.87 ) $ (0.87 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 2,617,275 4,449,603 4,449,603 4,449,603 Diluted 2,617,275 4,449,603 4,449,603 4,449,603 1 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Common Warrants Outstanding (Ta
Common Warrants Outstanding (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Summary of Equity-Classified Common Stock Warrant Activity | A summary of equity-classified common stock warrant activity for the nine months ended September 30, 2015 is as follows: Number of Weighted Average Outstanding at December 31, 2014 609,187 $ 9.93 3.8 Issued 9,200,000 $ 1.56 Exercised (6,216,449 ) $ 1.56 Expired (1,200,000 ) $ 1.56 Outstanding at September 30, 2015 2,392,738 $ 3.69 4.0 |
Schedule of Equity-Classified Common Stock Warrants Outstanding And Exercisable | Further information about equity-classified common stock warrants outstanding and exercisable at September 30, 2015 is as follows: Weighted Average Exercise Price Total Shares Outstanding Weighted Average Contractual Life (in years) $ 1.56 1,783,551 4.4 $ 4.72 52,966 8.6 $ 10.00 461,221 2.4 $ 12.50 95,000 3.4 2,392,738 |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) - USD ($) | Feb. 13, 2015 | Feb. 09, 2015 | Apr. 30, 2014 | Feb. 21, 2014 | Feb. 13, 2014 | Feb. 10, 2014 | Feb. 04, 2014 | Jun. 28, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 30, 2013 | Jul. 22, 2013 | Jul. 21, 2013 |
Class Of Stock [Line Items] | ||||||||||||||||
Public offering, number of shares issued | 1,900,000 | |||||||||||||||
Initial public offering, price per share | $ 10 | |||||||||||||||
Net cash proceeds from issue of initial public offering after deducting underwriting discounts and additional costs | $ 9,100,000 | $ 17,400,000 | ||||||||||||||
Increase in capital shares value | $ 8,800,000 | $ 16,458,104 | ||||||||||||||
Additional costs incurred prior to, and associated with IPO, beginning of period | $ 900,000 | |||||||||||||||
Overallotment issued to underwriter to purchase common stock, period | 45 days | 45 days | 45 days | 45 days | ||||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,200,000 | 285,000 | 285,000 | |||||||||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.25 | $ 9.30 | ||||||||||||||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 7,690,395 | $ 7,690,395 | $ 202,143 | |||||||||||||
Issuance of warrants to purchase shares of common stock | 1,200,000 | |||||||||||||||
Exercise price of warrants | $ 1.56 | $ 10 | ||||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | 1,627,396 | $ 1,627,396 | $ 544,116 | |||||||||||||
Warrants to purchase common stock, period | 5 years | 5 years | 5 years | |||||||||||||
Series A Preferred Stock, shares converted to common stock | 69,421,047 | 69,421,047 | ||||||||||||||
Common stock, shares issued upon conversion of Series A Preferred Stock | 1,652,851 | 1,652,851 | ||||||||||||||
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 | 53,000,000 | 14,600,000 | |||||||||||
Preferred stock, shares authorized | 5,000,000 | 100,000,000 | 14,600,000 | |||||||||||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | $ 20,231,000 | |||||||||||||
Conversion price of notes | $ 10 | |||||||||||||||
Shares of common stock vested as settlement of certain restricted stock units | 73,151 | |||||||||||||||
Lock-up period | 180 days | |||||||||||||||
Preferred warrants outstanding after cancellation of warrants due to early termination clauses | 1,587 | |||||||||||||||
Warrants reclassified to additional paid-in capital | $ 2,475,620 | |||||||||||||||
Unamortized discounts related to warrants | 996,024 | |||||||||||||||
Underwriter IPO costs | 279,760 | 279,760 | ||||||||||||||
Underwriter IPO discounts | 1,330,000 | |||||||||||||||
Offering costs associated with IPO | $ 900,000 | 932,136 | ||||||||||||||
Line of credit, outstanding balance repaid | 2,346,000 | $ 247,701 | $ 2,346,000 | $ 2,346,000 | ||||||||||||
Line of credit, accrued interest paid | 27,043 | |||||||||||||||
Stock options granted | 1,194,871 | 647,298 | 300,438 | |||||||||||||
Option awards vesting period | 10 years | |||||||||||||||
Annual cash compensation expense | $ 225,000 | |||||||||||||||
Repayment of laboratory equipment dues to supplier | $ 70,000 | |||||||||||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||||||||||
Preferred stock, shares issued | 0 | 0 | ||||||||||||||
Proceeds from issuance of common stock | $ 177,500 | $ 8,830,057 | $ 17,390,240 | $ 17,390,240 | ||||||||||||
Net proceeds from issuance of common stock | 9,100,000 | |||||||||||||||
Non-underwriter costs | $ 300,000 | $ 300,000 | ||||||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Underwriter cost | $ 200,000 | |||||||||||||||
Underwriting discounts | 700,000 | $ 1,330,000 | ||||||||||||||
Proceeds from exercise of common stock warrants | 9,697,660 | |||||||||||||||
Aggregate increase in capital from public offerings | $ 18,600,000 | |||||||||||||||
2008 Convertible Note [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Debt, principal amount converted | $ 1,400,000 | |||||||||||||||
Conversion price of notes | $ 10 | |||||||||||||||
Convertible Note converted into preferred/common stock | 163,399 | |||||||||||||||
2013 Convertible Bridge Notes [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Exercise price of warrants | $ 10 | |||||||||||||||
Debt, principal amount converted | $ 5,165,000 | |||||||||||||||
Conversion price of notes | $ 10 | |||||||||||||||
Accrued interest on convertible debt converted | $ 313,017 | |||||||||||||||
Convertible Note converted into preferred/common stock | 548,803 | |||||||||||||||
Warrants reclassified to additional paid-in capital | 258,249 | |||||||||||||||
Warrants reclassified to additional paid-in capital | $ 1,562,968 | |||||||||||||||
Line of Credit [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Exercise price of warrants | $ 10 | |||||||||||||||
Warrants reclassified to additional paid-in capital | 128,903 | |||||||||||||||
Collateral amount provided to secure Line of Credit | $ 2,578,104 | |||||||||||||||
Maximum amount of line of credit | 2,600,000 | |||||||||||||||
Line of credit, outstanding balance repaid | $ 2,346,000 | |||||||||||||||
Convertible Bridge Notes And Line Of Credit [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Exercise price of warrants | $ 10 | |||||||||||||||
Warrants reclassified to additional paid-in capital | 387,152 | |||||||||||||||
Warrants reclassified to additional paid-in capital | $ 2,475,620 | |||||||||||||||
Accrued interest [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Accrued interest on convertible debt converted | 233,982 | $ 2,581,000 | $ 2,581,000 | |||||||||||||
Accrued interest [Member] | 2008 Convertible Note [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Accrued interest on convertible debt converted | 233,982 | |||||||||||||||
Accrued interest [Member] | 2013 Convertible Bridge Notes [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Accrued interest on convertible debt converted | 313,017 | |||||||||||||||
Aegis and Feltl [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Public offering, number of shares issued | 8,000,000 | |||||||||||||||
Issuance of warrants to purchase shares of common stock | 8,000,000 | |||||||||||||||
Offering, price per share | $ 1.25 | |||||||||||||||
Aegis Capital Corp. [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 202,143 | |||||||||||||||
Issuance of warrants to purchase shares of common stock | 8,000,000 | 95,000 | 95,000 | |||||||||||||
Exercise price of warrants | $ 12.50 | |||||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 544,116 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Public offering, number of shares issued | 1,900,000 | |||||||||||||||
Increase in capital shares value | $ 16,500,000 | $ 190 | ||||||||||||||
Exercise price of warrants | $ 4.72 | |||||||||||||||
Warrants to purchase common stock, period | 10 years | |||||||||||||||
Convertible Note converted into preferred/common stock | 433,883 | |||||||||||||||
Common Stock [Member] | 2008 Convertible Note [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Convertible Note converted into preferred/common stock | 163,399 | |||||||||||||||
Common Stock [Member] | 2013 Convertible Bridge Notes [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Convertible Note converted into preferred/common stock | 547,794 | |||||||||||||||
Director [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Public offering, number of shares issued | 142,000 | |||||||||||||||
Issuance of warrants to purchase shares of common stock | 142,000 | |||||||||||||||
Executive Officers [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Payment of deferred salary obligations | $ 1,009,552 | |||||||||||||||
Payment of additional deferred salary obligations | $ 344,883 | |||||||||||||||
Additional cash compensation expense | $ 150,000 | |||||||||||||||
Annual cash compensation expense | $ 225,000 | |||||||||||||||
2013 Equity Incentive Plan [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Common stock, shares authorized | 1,426,051 | 403,571 | ||||||||||||||
Increase in number of shares of common stock covered by plan | 800,000 | |||||||||||||||
Stock options granted | 54,298 | |||||||||||||||
Option awards vesting period | 3 years | |||||||||||||||
Option awards expiration period | 10 years | |||||||||||||||
2013 Equity Incentive Plan [Member] | Director [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock options granted | 238,500 | |||||||||||||||
2013 Equity Incentive Plan [Member] | Non Executive Chairman [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Stock options granted | 53,108 |
Liquidity and Going Concern Unc
Liquidity and Going Concern Uncertainty- Additional Information (Detail) - USD ($) | Feb. 13, 2015 | Feb. 10, 2014 | Mar. 05, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Nov. 02, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | May. 31, 2015 | Dec. 31, 2012 |
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||
Accumulated deficit | $ (150,619,048) | $ (138,287,022) | $ (122,420,976) | $ (150,619,048) | $ (138,287,022) | $ (122,420,976) | |||||||||||||
Net loss | (4,496,193) | (3,881,541) | $ (3,859,794) | $ (2,996,840) | $ (5,127,871) | (2,472,009) | $ (2,860,191) | $ (1,975,009) | $ (1,925,974) | (12,332,026) | $ (11,984,505) | (15,866,046) | (9,233,183) | ||||||
Cash and cash equivalents | 12,541,919 | 5,364,582 | $ 8,819,872 | $ 12,460,565 | $ 10,417,277 | 69,178 | $ 302,908 | $ 4,483 | $ 17,964 | 12,541,919 | $ 8,819,872 | 5,364,582 | 69,178 | $ 185,256 | |||||
Net proceeds from issuance of common stock | $ 9,100,000 | $ 17,400,000 | |||||||||||||||||
Proceeds from exercise of common stock warrants | 9,697,660 | ||||||||||||||||||
Non-underwriter costs | 300,000 | $ 300,000 | $ 300,000 | ||||||||||||||||
Note Agreements with Certain Shareholders and Line of Credit [Member] | |||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||
Debt instrument carrying amount | 500,000 | $ 6,200,000 | 500,000 | $ 6,200,000 | |||||||||||||||
Shelf Registration Statement [Member] | |||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||
Minimum public float limit for initial offering | $ 75,000,000 | ||||||||||||||||||
Securities issued during period | 0 | 0 | |||||||||||||||||
Maximum [Member] | Shelf Registration Statement [Member] | |||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||
Aggregate initial offering price | $ 50,000,000 | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||
Net proceeds from issuance of common stock | $ 9,100,000 | ||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 6,700,000 | $ 9,800,000 | |||||||||||||||||
April 2014 Credit Facility [Member] | |||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||
Debt instrument carrying amount | 4,731,322 | 4,731,322 | |||||||||||||||||
Credit facility, net | $ 5,000,000 | $ 5,000,000 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Additional Information (Detail) | Dec. 31, 2010 | Nov. 30, 2013 | Sep. 30, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($)$ / shares | Sep. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | Feb. 13, 2015$ / shares | Feb. 10, 2014shares | Feb. 04, 2014$ / shares | Jul. 31, 2013$ / shares | Jul. 30, 2013$ / shares |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||
Reverse stock split of common shares, ratio | 0.25 | 0.0714 | ||||||||||||||||||
Reverse stock split, description | In November 2013, the Company effected a 1:14 reverse stock split of all common shares outstanding. The calculation of weighted-average shares outstanding has been adjusted for this reverse split as if it had occurred on January 1, 2013. | |||||||||||||||||||
Number of suppliers | one supplier | |||||||||||||||||||
Allowance for doubtful accounts | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Depreciation expense | 251,000 | 267,000 | ||||||||||||||||||
Preferred warrants outstanding after cancellation of warrants due to early termination clauses | shares | 1,587 | |||||||||||||||||||
Research and development expenses | $ 677,729 | 1,070,278 | $ 1,310,905 | $ 1,107,678 | $ 1,008,929 | 710,845 | $ 975,104 | $ 690,582 | $ 710,206 | $ 2,073,391 | $ 3,427,513 | 4,497,790 | 3,086,737 | |||||||
Accrual for interest or penalties for income taxes | $ 0 | $ 0 | 0 | 0 | ||||||||||||||||
Interest or penalties expense on income taxes | $ 0 | $ 0 | ||||||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Clarient Diagnostic Services, Inc. [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Concentration risk percentage | 6.00% | 10.00% | ||||||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Dana Farber Partners Cancer Care, Inc. [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Concentration risk percentage | 32.00% | 77.00% | ||||||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | MD Anderson Cancer Center [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Concentration risk percentage | 2.00% | |||||||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Massachusetts [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Concentration risk percentage | 32.00% | 77.00% | ||||||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | California [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Concentration risk percentage | 15.00% | 22.00% | ||||||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Texas [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Concentration risk percentage | 34.00% | 1.00% | ||||||||||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Dana Farber Partners Cancer Care, Inc. [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Concentration risk percentage | 72.00% | 100.00% | ||||||||||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | MD Anderson Cancer Center [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Concentration risk percentage | 28.00% | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life of assets | 3 years | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated useful life of assets | 5 years |
Fair Value Measurement - Warran
Fair Value Measurement - Warranty Liability Derivatives - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Exercise price of warrants | $ 10 | $ 1.56 | |||||||
Warrant for preferred shares outstanding | 1,587 | ||||||||
Warrant liability | $ 709 | $ 709 | $ 1,070 | $ 2,140,532 | |||||
Change in fair value of warrant liability | $ 558 | $ 3,326 | $ 361 | $ (200,994) | $ (200,936) | $ 782,112 | $ (536,000) | ||
Five-Year Term [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Expected life (in years) | 5 years | 5 years | |||||||
Two-Year Term [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Expected life (in years) | 2 years | 2 years | |||||||
Common Stock Warrants [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Exercise price of warrants | $ 10 | ||||||||
Warrant liability | $ 2,132,000 | ||||||||
Fair value assumption, probability rate | 25.00% | ||||||||
Fair value price | $ 0 | ||||||||
Common Stock Warrants [Member] | IPO | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Warrant liability | $ 2,476,000 | ||||||||
Common Stock Warrants [Member] | Black Scholes Valuation Model | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Fair value assumption, probability rate | 75.00% | ||||||||
Common Stock Warrants [Member] | Five-Year Term [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Expected life (in years) | 5 years | ||||||||
Common Stock Warrants [Member] | Five-Year Term [Member] | IPO | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Expected life (in years) | 5 years | ||||||||
Common Stock Warrants [Member] | Two-Year Term [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Expected life (in years) | 2 years | ||||||||
Common Stock Warrants [Member] | Two-Year Term [Member] | IPO | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Expected life (in years) | 2 years |
Fair Value Measurement - Assump
Fair Value Measurement - Assumptions Used for Determining Fair Values (Detail) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Five-Year Term [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | $ 8.91 | ||
Exercise price | $ 10 | ||
Expected dividend yield | 0.00% | 0.00% | |
Discount rate-bond equivalent yield | 1.48% | 1.73% | |
Expected life (in years) | 5 years | 5 years | |
Expected volatility | 90.00% | 100.00% | |
Five-Year Term [Member] | Minimum [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | $ 1.48 | ||
Exercise price | 1.48 | ||
Five-Year Term [Member] | Maximum [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | 7.69 | ||
Exercise price | $ 7.69 | ||
Two-Year Term [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | $ 8.91 | ||
Exercise price | $ 10 | ||
Expected dividend yield | 0.00% | 0.00% | |
Discount rate-bond equivalent yield | 0.32% | 0.38% | |
Expected life (in years) | 2 years | 2 years | |
Expected volatility | 90.00% | 90.00% | |
Two-Year Term [Member] | Minimum [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | $ 1.48 | ||
Exercise price | 1.48 | ||
Two-Year Term [Member] | Maximum [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | 7.69 | ||
Exercise price | $ 7.69 | ||
Revolving Credit Facility | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | $ 4.74 | ||
Exercise price | $ 4.72 | ||
Expected dividend yield | 0.00% | ||
Discount rate-bond equivalent yield | 2.67% | ||
Expected life (in years) | 10 years | ||
Expected volatility | 110.00% | ||
Options [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | $ 8.91 | ||
Exercise price | $ 9.30 | ||
Expected dividend yield | 0.00% | ||
Discount rate-bond equivalent yield | 0.07% | ||
Expected life (in years) | 1 month 13 days | ||
Expected volatility | 70.00% | ||
Warrants [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | $ 1.41 | $ 8.91 | |
Exercise price | $ 1.56 | $ 12.50 | |
Expected dividend yield | 0.00% | 0.00% | |
Discount rate-bond equivalent yield | 1.53% | 1.46% | |
Expected life (in years) | 5 years | 5 years | |
Expected volatility | 90.00% | 90.00% | |
Over-allotment Options [Member] | |||
Warrant Fair Value Black Scholes Method [Line Items] | |||
Stock price | $ 1.41 | ||
Exercise price | $ 1.25 | ||
Expected dividend yield | 0.00% | ||
Discount rate-bond equivalent yield | 0.02% | ||
Expected life (in years) | 1 month 13 days | ||
Expected volatility | 168.10% |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Common and Preferred Stock Warrant Liability (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Warrant liability | $ 709 | $ 1,070 | $ 2,140,532 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Warrant liability | $ 1,070 | $ 2,140,532 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Changes in Fair Value of Common and Preferred Stock Warrants (Detail) - Warrants [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 2,140,532 | $ 981,747 |
Warrant liability incurred | 135,222 | 2,322,042 |
Change in fair value included in expense | 200,936 | (782,112) |
Warrant liability reclassified to additional paid-in capital | (2,475,620) | (381,145) |
Ending Balance | $ 1,070 | $ 2,140,532 |
Fair Value Measurement - Other
Fair Value Measurement - Other Fair Value Measurements - Additional Information (Detail) - USD ($) | Feb. 13, 2015 | Feb. 09, 2015 | Feb. 10, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 30, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,200,000 | 285,000 | 285,000 | ||||||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 7,690,395 | $ 7,690,395 | $ 202,143 | ||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,627,396 | $ 1,627,396 | $ 544,116 | ||||||
Overallotment issued to underwriter to purchase common stock, period | 45 days | 45 days | 45 days | 45 days | |||||
Issuance of warrants to purchase shares of common stock | 1,200,000 | ||||||||
Warrant term | 5 years | 5 years | 5 years | ||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.25 | $ 9.30 | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
April 2014 Credit Facility [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 233,107 | $ 233,107 | |||||||
Warrant issued to lender | 52,966 | ||||||||
Warrant term | 10 years | ||||||||
Aegis Capital Corp. [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 202,143 | ||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 544,116 | ||||||||
Issuance of warrants to purchase shares of common stock | 8,000,000 | 95,000 | 95,000 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Fixed Assets and Accrued Liabilities (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fixed Assets | |||
Machinery and equipment | $ 2,997,676 | $ 2,922,303 | $ 2,761,560 |
Furniture and office equipment | 212,659 | 209,844 | 209,844 |
Computer equipment and software | 756,365 | 681,508 | 681,508 |
Leasehold improvements | 514,614 | 506,328 | 373,653 |
Financed equipment | 1,157,455 | 878,447 | 677,000 |
Construction in process | 12,739 | 72,172 | 12,299 |
Total fixed assets, gross | 5,651,508 | 5,270,602 | 4,715,864 |
Less accumulated depreciation and amortization | 4,796,300 | 4,608,180 | 4,356,977 |
Total fixed assets, net | 855,208 | 662,422 | 358,887 |
Accrued Liabilities | |||
Accrued interest | 31,484 | 33,125 | 524,885 |
Accrued payroll | 216,154 | 82,241 | 125,299 |
Deferred wages | 1,377,987 | ||
Accrued vacation | 286,125 | 276,574 | 213,601 |
Accrued bonuses | 286,557 | 302,763 | |
Accrued sales commissions | 63,167 | ||
Warrant liability | 709 | 1,070 | 2,140,532 |
Other | 32,534 | 4,130 | 286 |
Total accrued liabilities | $ 916,730 | 699,903 | $ 2,242,058 |
Scenario, Previously Reported [Member] | |||
Accrued Liabilities | |||
Total accrued liabilities | $ 698,833 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cost related to IPO Issuance [Abstract] | |||
Cost related to IPO issuance | $ 63,111 | $ 538,318 | |
Liability for associated unpaid invoices | 63,111 | $ 328,221 | |
Additional stock issuance cost offset against paid-in capital | 1,211,896 | ||
Non-cash discount | $ 700,000 | 1,330,000 | |
Stock option and restricted stock offset against paid-in capital | $ 746,259 |
April 2014 Credit Facility - Ad
April 2014 Credit Facility - Additional Information (Detail) - USD ($) | Feb. 13, 2015 | Feb. 09, 2015 | Apr. 30, 2014 | Feb. 10, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Line of Credit | ||||||||||
Exercise price of warrants | $ 1.56 | $ 10 | ||||||||
Warrant term | 5 years | 5 years | 5 years | |||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,627,396 | $ 1,627,396 | $ 544,116 | |||||||
Total amount of interest expense recorded | $ 176,120 | $ 151,491 | $ 494,596 | $ 1,640,045 | 1,789,680 | $ 2,070,064 | ||||
Unamortized discount | $ 996,024 | |||||||||
Oxford Finance LLC [Member] | Scenario One | ||||||||||
Line of Credit | ||||||||||
Line of Credit Facility, Interest Rate During Period | 7.95% | |||||||||
Oxford Finance LLC [Member] | Scenario Two | ||||||||||
Line of Credit | ||||||||||
Line of Credit Facility, Interest Rate During Period | 7.71% | |||||||||
Minimum [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Debt Default limit amount | $ 250,000 | |||||||||
Debt default final judgment amount | $ 250,000 | |||||||||
One Year [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Term Loan prepayment fee percentage | 2.00% | |||||||||
Two Years [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Term Loan prepayment fee percentage | 1.00% | |||||||||
One Year [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Term Loan prepayment fee percentage | 3.00% | |||||||||
Two Years [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Term Loan prepayment fee percentage | 2.00% | |||||||||
Three Years [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Term Loan prepayment fee percentage | 1.00% | |||||||||
Common Stock [Member] | ||||||||||
Line of Credit | ||||||||||
Exercise price of warrants | $ 4.72 | |||||||||
Warrant issued to lender | 52,966 | |||||||||
Warrant term | 10 years | |||||||||
Common Stock [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Exercise price of warrants | $ 4.72 | |||||||||
Warrant issued to lender | 52,966 | |||||||||
Warrant term | 10 years | |||||||||
First Term Loan [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Net cash proceeds on term loan | $ 4,927,000 | |||||||||
Line Of Credit Facility Fees Amount Payable | 50,000 | |||||||||
Credit facility fee due | $ 50,000 | |||||||||
Line of Credit Facility, Interest Rate During Period | 7.95% | |||||||||
Percentage of final interest payment due at maturity | 5.50% | |||||||||
Issuance costs | 102,498 | |||||||||
Net proceeds from credit facility | 4,897,502 | |||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | 233,107 | |||||||||
Total amount of interest expense recorded | 380,264 | |||||||||
Unamortized discount | 269,000 | |||||||||
Accretion of discount recognized as interest expense | $ 61,000 | |||||||||
Effective annual interest rate | 10.81% | 11.50% | 11.50% | 10.81% | ||||||
Additional warrants issued percentage | 5.00% | |||||||||
Second Term Loan [Member] | Oxford Finance LLC [Member] | ||||||||||
Line of Credit | ||||||||||
Maximum amount of line of credit | $ 5,000,000 | |||||||||
Debt Instrument covenant requirement revenue | 9,000,000 | |||||||||
Line Of Credit Facility Fees Amount Payable | $ 50,000 | |||||||||
Percentage of final interest payment due at maturity | 5.50% |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) | Feb. 10, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)RelatedParty | Dec. 31, 2013USD ($) | Feb. 13, 2015$ / shares | Jul. 31, 2013USD ($) |
Line Of Credit [Line Items] | |||||||
Number of related parties guaranteed the loan and pledged financial assets to the bank | RelatedParty | 5 | ||||||
Line of credit, outstanding balance repaid | $ 2,346,000 | $ 247,701 | $ 2,346,000 | $ 2,346,000 | |||
Line of credit, accrued interest paid | 27,043 | ||||||
Reclassification of warrant liability derivative due to triggering event | $ 513,603 | 2,475,620 | $ 381,145 | ||||
Exercise price of warrants | $ / shares | $ 10 | $ 1.56 | |||||
U B S Bank | Line of Credit [Member] | |||||||
Line Of Credit [Line Items] | |||||||
Credit facility, net | $ 2,000,000 | $ 1,500,000 | |||||
Maximum amount of line of credit | $ 2,600,000 | ||||||
Common stock warrants coverage amount of the fair market value | 50.00% | ||||||
Debt instrument, description of variable rate basis | Interest accrued daily on the outstanding balance and was paid monthly at a variable rate which, as of December 31, 2013, was 2.75% over the 30 day LIBOR rate or a nominal annual interest rate of 2.92%. | ||||||
Collateral amount provided to secure Line of Credit | $ 2,578,104 | ||||||
Exercise price of warrants | $ / shares | $ 10 | ||||||
Warrants reclassified to additional paid-in capital | shares | 128,903 | ||||||
U B S Bank | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Line Of Credit [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||
U B S Bank | Line of Credit [Member] | Base Rate [Member] | |||||||
Line Of Credit [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.92% |
Notes Payable - Summary of Shor
Notes Payable - Summary of Short-term and Long-term Debt Obligations (Detail) - USD ($) | Dec. 31, 2014 | Feb. 10, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Debt Instrument unamortized discount | $ (996,024) | ||
Total notes payable | $ 4,731,322 | $ 5,200,599 | |
Less current portion | 5,200,599 | ||
Long-term portion | 4,731,322 | ||
April 2014 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 4,731,322 | ||
Debt Instrument unamortized discount | (268,678) | 0 | |
2008 Convertible Note [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 1,400,000 | ||
2013 Convertible Bridge Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument carrying amount | 4,115,842 | ||
Debt Instrument unamortized discount | $ 0 | (874,158) | |
Other Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument unamortized discount | $ (315,243) |
Notes Payable - Summary of Sh57
Notes Payable - Summary of Short-term and Long-term Debt Obligations (Parenthetical) (Detail) - USD ($) | Dec. 31, 2014 | Feb. 10, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Unamortized discount | $ 996,024 | ||
Major Shareholder [Member] | |||
Debt Instrument [Line Items] | |||
Note payable, gross | $ 3,905,000 | ||
April 2014 Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized discount | $ 268,678 | 0 | |
Note payable, gross | 4,731,322 | ||
2013 Convertible Bridge Notes [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized discount | 0 | 874,158 | |
Note payable, gross | 4,115,842 | ||
2013 Convertible Bridge Notes [Member] | Major Shareholder [Member] | |||
Debt Instrument [Line Items] | |||
Note payable, gross | $ 0 | $ 2,505,000 |
Note Payable - Additional Infor
Note Payable - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 13, 2015 | Apr. 30, 2014 |
Debt Instrument [Line Items] | ||||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | $ 20,231,000 | |||
Conversion price of notes | $ 10 | |||||
Warrants reclassified to additional paid-in capital | $ 2,475,620 | |||||
Exercise price of warrants | $ 10 | $ 1.56 | ||||
Interest Payable current and non-current portion | 88,000 | 516,000 | ||||
Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total interest expense on debt | $ 1,768,000 | 1,964,000 | ||||
Common Stock [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Note converted into preferred/common stock | 433,883 | |||||
Exercise price of warrants | $ 4.72 | |||||
2008 Convertible Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, principal amount converted | $ 1,400,000 | |||||
Convertible Note converted into preferred/common stock | 163,399 | |||||
Conversion price of notes | $ 10 | |||||
2008 Convertible Note [Member] | Common Stock [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Note converted into preferred/common stock | 163,399 | |||||
2013 Convertible Bridge Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt, principal amount converted | $ 5,165,000 | |||||
Accrued interest on convertible debt converted | $ 313,017 | |||||
Convertible Note converted into preferred/common stock | 548,803 | |||||
Conversion price of notes | $ 10 | |||||
Warrants reclassified to additional paid-in capital | $ 1,562,968 | |||||
Warrants reclassified to additional paid-in capital | 258,249 | |||||
Exercise price of warrants | $ 10 | |||||
2013 Convertible Bridge Notes [Member] | Common Stock [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Note converted into preferred/common stock | 547,794 | |||||
Series A Convertible Preferred Stock [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible Note converted into preferred/common stock | 42,245,834 | |||||
Series A Convertible Preferred Stock [Member] | 2008 Convertible Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Exercise price of warrants | $ 0.60 | |||||
Accrued interest [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Accrued interest on convertible debt converted | $ 233,982 | $ 2,581,000 | $ 2,581,000 | |||
Accrued interest [Member] | 2008 Convertible Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Accrued interest on convertible debt converted | 233,982 | |||||
Accrued interest [Member] | 2013 Convertible Bridge Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Accrued interest on convertible debt converted | $ 313,017 |
Convertible Notes and Warrants
Convertible Notes and Warrants - Goodman Note - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Jul. 31, 2013 | May. 31, 2010 | Jan. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Feb. 13, 2015 | Apr. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 28, 2009 | Apr. 30, 2005 |
Debt Conversion [Line Items] | |||||||||||||||
Exercise price of warrants | $ 10 | $ 1.56 | |||||||||||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | $ 20,231,000 | ||||||||||||
Conversion price of notes | $ 10 | ||||||||||||||
Warrant liability | $ 1,070 | 2,140,532 | $ 709 | ||||||||||||
Period for which warrants will be exercisable beginning with the closing of IPO | 5 years | ||||||||||||||
Aegis Capital Corp. [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Exercise price of warrants | $ 12.50 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Exercise price of warrants | $ 4.72 | ||||||||||||||
Convertible Note converted into preferred/common stock | 433,883 | ||||||||||||||
Common Stock [Member] | Aegis Capital Corp. [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Reclassification of common stock warrant liability to APIC upon IPO. | $ 95,000 | ||||||||||||||
Accrued interest [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Accrued interest on convertible debt converted | $ 233,982 | $ 2,581,000 | 2,581,000 | ||||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Convertible Note converted into preferred/common stock | 42,245,834 | ||||||||||||||
Goodman Note [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Debt, fixed interest rate per annum | 3.25% | ||||||||||||||
Principal payment, beginning date | May 1, 2010 | ||||||||||||||
Repayment of notes payable | $ 750,000 | ||||||||||||||
Additional principal payment | 0 | $ 0 | $ 180,000 | $ 135,000 | |||||||||||
Debt, principal amount converted | $ 1,935,000 | ||||||||||||||
Conversion price of notes | $ 0.54 | ||||||||||||||
Shares of preferred stock converted into shares of common stock | 89,936 | ||||||||||||||
Goodman Note [Member] | Common Stock [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Exercise price of warrants | $ 10 | ||||||||||||||
Warrants reclassified to additional paid-in capital | 23,809 | ||||||||||||||
Warrant liability | $ 62,000 | ||||||||||||||
Period for which warrants will be exercisable beginning with the closing of IPO | 2 years | ||||||||||||||
Goodman Note [Member] | Accrued interest [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Exercise price of warrants | $ 0.60 | ||||||||||||||
Accrued interest on convertible debt converted | $ 105,000 | ||||||||||||||
Goodman Note [Member] | Series A Convertible Preferred Stock [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Percentage of principal amount of convertible loan divided by the exercise price which equals number of shares exercised | 10.00% | ||||||||||||||
Notice period for early termination of warrant | 20 days | ||||||||||||||
Convertible Note converted into preferred/common stock | 3,777,324 | ||||||||||||||
Goodman Note [Member] | Series A Convertible Preferred Stock [Member] | Minimum [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Proceeds from issuance of warrants for equity finance | $ 2,000,000 | ||||||||||||||
Goodman Note [Member] | May 1, 2010 through January 31, 2011 [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Periodic principal payment | 45,000 | ||||||||||||||
Goodman Note [Member] | February 1, 2012 through January 31, 2014 [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Periodic principal payment | 90,000 | ||||||||||||||
Goodman Note [Member] | February 1, 2014 through the maturity date [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Periodic principal payment | $ 150,000 | ||||||||||||||
Goodman Note [Member] | Unsecured Debt [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Debt instrument initial principal amount | $ 3,000,000 | $ 15,000,000 | |||||||||||||
Percentage of arrear accrued interest payable due on each quarter beginning February 1, 2009 | 25.00% | ||||||||||||||
Percentage of uncompounded accrued interest payable | 75.00% | ||||||||||||||
Goodman Note [Member] | Unsecured Debt [Member] | Prime Rate [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Debt, spread on variable rate | 0.25% | ||||||||||||||
Goodman Note [Member] | Unsecured Debt [Member] | Before Amendment | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Debt, maturity date description | The note required interest payments and principal settlement upon maturity at the earliest of (a) April 20, 2010, (b) the Company being acquired, or (c) the Company having a change in control, other than through the sale of preferred shares. | ||||||||||||||
Goodman Note [Member] | Unsecured Debt [Member] | After Amendment | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Debt, maturity date description | The principal and any interest amounts that remain outstanding was set to mature at the earlier of (a) April 20, 2010, or (b) the date immediately prior to the Company's closing of an acquisition or asset transfer as defined by the Company's amended and restated articles of incorporation. |
Convertible Notes and Warrant60
Convertible Notes and Warrants - 2008 Convertible Note - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 13, 2015 | Dec. 31, 2008 |
Temporary Equity [Line Items] | ||||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | $ 20,231,000 | |||
Conversion price of notes | $ 10 | |||||
Exercise price of warrants | $ 10 | $ 1.56 | ||||
Accrued interest [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Accrued interest on convertible debt converted | $ 233,982 | $ 2,581,000 | $ 2,581,000 | |||
Series A Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Convertible Note converted into preferred/common stock | 42,245,834 | |||||
2008 Convertible Note [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Debt instrument initial principal amount | $ 1,400,000 | |||||
Debt, maturity date description | The 2008 Convertible Note accrued interest at a variable rate based on prime per annum payable at maturity, and matured at the earliest occurrence of, (a) the passing of 48 months from inception of the note, (b) the closing date of an acquisition or asset transfer as defined by the note, or (c) the closing date of the issuance and sale of shares of common stock of the Company in the Company's IPO. | |||||
Debt, principal amount converted | $ 1,400,000 | |||||
Conversion price of notes | $ 10 | |||||
Convertible Note converted into preferred/common stock | 163,399 | |||||
2008 Convertible Note [Member] | Accrued interest [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Accrued interest on convertible debt converted | $ 233,982 | |||||
2008 Convertible Note [Member] | Series A Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Proceeds received from sale of preferred shares including conversion of convertible loan amount that triggers conversion of debt | $ 20,000,000 | |||||
Proceeds sale of shares that triggers conversion of debt | $ 2,000,000 | |||||
Notice period of warrant conversion | 20 days | |||||
Exercise price of warrants | $ 0.60 | |||||
2008 Convertible Note [Member] | Series A Convertible Preferred Stock [Member] | Minimum [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Proceeds from issuance of warrants for equity finance | $ 2,000,000 |
Convertible Notes and Warrant61
Convertible Notes and Warrants - 2011 Convertible Bridge Notes - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Feb. 28, 2011 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Feb. 13, 2015 | Dec. 31, 2012 | Feb. 11, 2011 |
Temporary Equity [Line Items] | ||||||||||
Conversion price of notes | $ 10 | |||||||||
Warrant liability | $ 709 | $ 1,070 | $ 2,140,532 | |||||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | 20,231,000 | |||||||
Exercise price of warrants | $ 10 | $ 1.56 | ||||||||
Accrued interest [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Accrued interest on convertible debt converted | $ 233,982 | $ 2,581,000 | $ 2,581,000 | |||||||
Warrants [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Expected life (in years) | 5 years | 5 years | ||||||||
Exercise price | $ 1.56 | $ 12.50 | ||||||||
Expected dividend yield | 0.00% | 0.00% | ||||||||
Stock price | $ 1.41 | $ 8.91 | ||||||||
Expected volatility | 90.00% | 90.00% | ||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued upon conversion of debt | 42,245,834 | |||||||||
2011 Convertible Bridge Notes [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Aggregate amount of loan | $ 5,000,000 | |||||||||
Interest rate | 8.00% | |||||||||
Conversion price of notes | $ 0.54 | $ 0.54 | ||||||||
Debt instrument initial principal amount | $ 12,336,000 | |||||||||
Additional principal payment | $ 0 | |||||||||
Debt, principal amount converted | $ 12,336,000 | |||||||||
Fair value of warrants reclassified into additional paid-in capital | $ 236,799 | |||||||||
Exercise price of warrants | $ 0.54 | |||||||||
Shares of preferred stock converted into shares of common stock | 624,705 | |||||||||
2011 Convertible Bridge Notes [Member] | Accrued interest [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Accrued interest on convertible debt converted | $ 1,832,000 | |||||||||
2011 Convertible Bridge Notes [Member] | Warrants [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Warrant liability | $ 1,400,000 | |||||||||
Expected life (in years) | 5 years | |||||||||
Exercise price | $ 0.54 | |||||||||
Expected dividend yield | 0.00% | |||||||||
2011 Convertible Bridge Notes [Member] | Warrants [Member] | Minimum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Stock price | $ 0.25 | |||||||||
Average risk free interest rate | 0.70% | |||||||||
Expected volatility | 100.00% | |||||||||
2011 Convertible Bridge Notes [Member] | Warrants [Member] | Maximum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Stock price | $ 0.54 | |||||||||
Average risk free interest rate | 2.26% | |||||||||
Expected volatility | 105.00% | |||||||||
2011 Convertible Bridge Notes [Member] | Series A Convertible Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Proceeds sale of shares that triggers conversion of debt | $ 20,000,000 | |||||||||
Notice period for early termination of warrant | 20 days | |||||||||
Shares issued upon conversion of debt | 26,237,611 | |||||||||
2011 Convertible Bridge Notes [Member] | Preferred Stock | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Percentage of warrants exercisable | 20.00% | |||||||||
2011 Convertible Bridge Notes [Member] | Period One | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Aggregate amount of loan | $ 6,000,000 | |||||||||
2011 Convertible Bridge Notes [Member] | Period Two | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Aggregate amount of loan | $ 15,000,000 |
Convertible Notes and Warrant62
Convertible Notes and Warrants - 2012 Revolver Notes - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2015 | Sep. 13, 2013 | Nov. 08, 2012 | Apr. 05, 2012 | Jan. 13, 2012 |
Temporary Equity [Line Items] | |||||||||||
Conversion price of notes | $ 10 | ||||||||||
Exercise price of warrants | $ 10 | $ 1.56 | |||||||||
Fair value of the warrants issued | $ 709 | $ 1,070 | $ 2,140,532 | ||||||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | 20,231,000 | ||||||||
2012 Revolver Notes [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Maximum amount of line of credit | $ 1,750,000 | ||||||||||
Series of notes, maturity date, month and year | 2012-04 | ||||||||||
Debt Instrument, interest rate payable at maturity | 10.00% | ||||||||||
Proceeds received from sale of shares that triggers exercise of warrants | $ 20,000,000 | ||||||||||
Conversion price of notes | $ 0.54 | ||||||||||
Exercise price of warrants | $ 0.54 | ||||||||||
Fair value of warrants reclassified into additional paid-in capital | $ 144,000 | ||||||||||
Shares of preferred stock converted into shares of common stock | 291,212 | ||||||||||
Notice period for early termination of warrant | 20 days | ||||||||||
Issuance of notes payable | $ 5,960,000 | ||||||||||
Principal payments | 0 | ||||||||||
Debt, principal amount converted | $ 5,960,000 | ||||||||||
First Amendment [Member] | 2012 Revolver Notes [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Maximum amount of line of credit | $ 5,000,000 | ||||||||||
Extended maturity date, start | May 31, 2012 | ||||||||||
Extended maturity date, end | Jul. 31, 2012 | ||||||||||
Second Amendment [Member] | 2012 Revolver Notes [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Maximum amount of line of credit | $ 8,000,000 | ||||||||||
Extended maturity date, start | Nov. 30, 2012 | ||||||||||
Extended maturity date, end | Dec. 31, 2012 | ||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Shares issued upon conversion of debt | 42,245,834 | ||||||||||
Series A Convertible Preferred Stock [Member] | 2012 Revolver Notes [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Conversion price of notes | $ 0.54 | ||||||||||
Shares issued upon conversion of debt | 12,230,899 | ||||||||||
Warrants [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Expected life (in years) | 5 years | 5 years | |||||||||
Exercise price | $ 1.56 | $ 12.50 | |||||||||
Stock price | $ 1.41 | $ 8.91 | |||||||||
Expected dividend yield | 0.00% | 0.00% | |||||||||
Expected volatility | 90.00% | 90.00% | |||||||||
Warrants [Member] | 2012 Revolver Notes [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Fair value of the warrants issued | $ 396,000 | ||||||||||
Expected life (in years) | 5 years | ||||||||||
Exercise price | $ 0.54 | ||||||||||
Expected dividend yield | 0.00% | ||||||||||
Expected volatility | 105.00% | ||||||||||
Accretion of discount recognized as interest expense | $ 396,000 | ||||||||||
Warrants [Member] | 2012 Revolver Notes [Member] | Minimum [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Stock price | $ 0.24 | ||||||||||
Average risk free interest rate | 0.62% | ||||||||||
Warrants [Member] | 2012 Revolver Notes [Member] | Maximum [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Stock price | $ 0.30 | ||||||||||
Average risk free interest rate | 1.02% | ||||||||||
Accrued interest [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Accrued interest on convertible debt converted | $ 233,982 | $ 2,581,000 | $ 2,581,000 | ||||||||
Accrued interest [Member] | 2012 Revolver Notes [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Accrued interest on convertible debt converted | $ 645,000 |
Convertible Notes and Warrant63
Convertible Notes and Warrants - Other - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Sep. 10, 2013 | Sep. 10, 2012 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2015 | Feb. 13, 2015 | Sep. 30, 2013 |
Class Of Warrant Or Right [Line Items] | ||||||||||
Warrant coverage amount | $ 502,605 | $ 502,605 | ||||||||
Exercise price of warrants | $ 10 | $ 1.56 | ||||||||
Preferred warrants outstanding after cancellation of warrants due to early termination clauses | 1,587 | |||||||||
Fair value of common stock warrants issued in conjunction with guarantees on additional borrowings | $ 135,222 | $ 135,222 | 309,000 | |||||||
Warrant become exercisable for shares of common stock | 50,260 | |||||||||
Warrant liability | $ 1,070 | $ 2,140,532 | $ 709 | |||||||
Other [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Warrant coverage amount | $ 40,000 | |||||||||
Exercise price of warrants | $ 10 | $ 0.60 | ||||||||
Proceeds received from sale of company preferred shares | $ 15,000,000 | |||||||||
Expected life (in years) | 5 years | 7 years | ||||||||
Notice period for early termination of warrant | 20 days | |||||||||
Preferred warrants outstanding after cancellation of warrants due to early termination clauses | 1,587 | 1,587 | ||||||||
Fair value of common stock warrants issued in conjunction with guarantees on additional borrowings | $ 309,000 | |||||||||
Average risk free interest rate | 1.38% | |||||||||
Expected dividend yield | 0.00% | |||||||||
Expected volatility | 105.00% | |||||||||
Fair value assumption, probability rate | 25.00% | |||||||||
Fair value price | $ 0 | |||||||||
Warrant liability | $ 282,000 | |||||||||
Reclassification of common stock warrant liability to APIC upon IPO. | $ 304,000 | |||||||||
Other [Member] | Black Scholes Valuation Model | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Fair value assumption, probability rate | 75.00% | |||||||||
Other [Member] | Minimum [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Exercise price | $ 3.08 | |||||||||
Other [Member] | Maximum [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Exercise price | $ 14.28 | |||||||||
Black Scholes Valuation Model [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Fair value of common stock warrants issued in conjunction with guarantees on additional borrowings | $ 982,000 | |||||||||
Stock price | $ 0.25 | |||||||||
Exercise price | $ 0.54 | |||||||||
Expected dividend yield | 0.00% | |||||||||
Expected volatility | 105.00% | |||||||||
Black Scholes Valuation Model [Member] | Minimum [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Expected life (in years) | 3 years 29 days | |||||||||
Average risk free interest rate | 0.35% | |||||||||
Black Scholes Valuation Model [Member] | Maximum [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Expected life (in years) | 4 years 11 months 1 day | |||||||||
Average risk free interest rate | 0.70% | |||||||||
Common Stock Warrants [Member] | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Warrant coverage amount | $ 502,605 | |||||||||
Exercise price of warrants | $ 10 | |||||||||
Warrant become exercisable for shares of common stock | 50,260 | |||||||||
Fair value assumption, probability rate | 25.00% | |||||||||
Fair value price | $ 0 | |||||||||
Warrant liability | $ 2,132,000 | |||||||||
Common Stock Warrants [Member] | Black Scholes Valuation Model | ||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||
Fair value assumption, probability rate | 75.00% |
Convertible Notes and Warrant64
Convertible Notes and Warrants - 2013 Convertible Bridge Notes - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Feb. 10, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 13, 2015 |
Temporary Equity [Line Items] | ||||||
Exercise price of warrants | $ 10 | $ 10 | $ 1.56 | |||
Unamortized discounts related to warrants | $ 996,024 | $ 996,024 | ||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | $ 20,231,000 | |||
Conversion price of notes | $ 10 | $ 10 | ||||
Accrued interest [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Accrued interest on convertible debt converted | $ 233,982 | 2,581,000 | 2,581,000 | |||
Major Shareholder [Member] | Accrued interest [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Accrued interest on convertible debt converted | 2,339,000 | |||||
2013 Convertible Bridge Notes [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Maximum amount of line of credit | $ 7,000,000 | |||||
Credit facility, net | 5,165,000 | $ 5,165,000 | 4,990,000 | |||
Interest rate | 8.00% | |||||
Maturity date | May 31, 2014 | |||||
Common stock gross cumulative proceeds | $ 8,000,000 | |||||
Percentage of warrants exercisable | 50.00% | |||||
Notice period for early termination of warrant | 20 days | |||||
Exercise price of warrants | $ 10 | |||||
Grant date fair value of liability classified warrants issued | $ 1,612,000 | |||||
Expected life (in years) | 5 years | |||||
Expected dividend yield | 0.00% | |||||
Fair value price | $ 1,399,000 | |||||
Reclassification of common stock warrant liability to APIC upon IPO. | 1,563,000 | |||||
Accretion of discount recognized as interest expense | $ 928,000 | 685,000 | ||||
Unamortized discounts related to warrants | $ 0 | $ 874,158 | ||||
Debt, principal amount converted | $ 5,165,000 | |||||
Conversion price of notes | $ 10 | $ 10 | ||||
Convertible Note converted into preferred/common stock | 547,794 | |||||
2013 Convertible Bridge Notes [Member] | Accrued interest [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Accrued interest on convertible debt converted | $ 313,017 | |||||
2013 Convertible Bridge Notes [Member] | Minimum [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Exercise price | $ 1.48 | |||||
Average risk free interest rate | 1.38% | |||||
Expected volatility | 100.00% | |||||
Fair value assumption, probability percentage | 75.00% | |||||
Fair value assumption, probability rate | 20.00% | |||||
2013 Convertible Bridge Notes [Member] | Maximum [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Exercise price | $ 14.28 | |||||
Average risk free interest rate | 1.73% | |||||
Expected volatility | 105.00% | |||||
Fair value assumption, probability percentage | 80.00% | |||||
Fair value assumption, probability rate | 25.00% | |||||
2013 Convertible Bridge Notes [Member] | Probability Between Twenty And Twenty Five Percent | ||||||
Temporary Equity [Line Items] | ||||||
Fair value price | $ 0 | |||||
2013 Convertible Bridge Notes [Member] | Major Shareholder [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Credit facility, net | $ 2,505,000 | $ 2,505,000 | $ 2,505,000 |
Convertible Notes and Warrant65
Convertible Notes and Warrants - Line of Credit - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Feb. 10, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2015 |
Line of Credit | |||||||||||
Exercise price of warrants | $ 10 | $ 10 | $ 1.56 | ||||||||
Change in fair value of warrant liability | $ (558) | $ (3,326) | $ (361) | $ 200,994 | $ 200,936 | $ (782,112) | $ 536,000 | ||||
Unamortized discounts related to warrants | $ 996,024 | $ 996,024 | |||||||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | 20,231,000 | ||||||||
Accrued interest [Member] | |||||||||||
Line of Credit | |||||||||||
Accrued interest on convertible debt converted | $ 233,982 | $ 2,581,000 | $ 2,581,000 | ||||||||
Common Stock Warrants [Member] | |||||||||||
Line of Credit | |||||||||||
Exercise price of warrants | $ 10 | $ 10 | |||||||||
Fair value assumption, probability rate | 25.00% | ||||||||||
Fair value price | $ 0 | ||||||||||
Common Stock Warrants [Member] | Black Scholes Valuation Model | |||||||||||
Line of Credit | |||||||||||
Fair value assumption, probability rate | 75.00% | ||||||||||
Common Stock Warrants [Member] | Line of Credit [Member] | |||||||||||
Line of Credit | |||||||||||
Collateral amount provided to secure Line of Credit | $ 2,578,076 | $ 2,578,076 | |||||||||
Common stock warrants coverage | 50.00% | ||||||||||
Exercise price of warrants | $ 10 | $ 10 | |||||||||
Expected life (in years) | 2 years | ||||||||||
Fair value assumption, probability rate | 25.00% | ||||||||||
Expected dividend yield | 0.00% | ||||||||||
Fair value price | $ 0 | ||||||||||
Fair value of warrants recorded as liability | 390,000 | ||||||||||
Accretion of discount recognized as interest expense | $ 397,000 | 139,000 | |||||||||
Reclassification of common stock warrant liability to APIC upon IPO. | $ 514,000 | ||||||||||
Unamortized discounts related to warrants | $ 315,000 | ||||||||||
Debt, principal amount converted | 2,346,000 | ||||||||||
Common Stock Warrants [Member] | Line of Credit [Member] | Accrued interest [Member] | |||||||||||
Line of Credit | |||||||||||
Accrued interest on convertible debt converted | $ 27,043 | ||||||||||
Common Stock Warrants [Member] | Line of Credit [Member] | Black Scholes Valuation Model | |||||||||||
Line of Credit | |||||||||||
Fair value assumption, probability rate | 75.00% | ||||||||||
Common Stock Warrants [Member] | Line of Credit [Member] | Minimum [Member] | |||||||||||
Line of Credit | |||||||||||
Exercise price | $ 1.48 | ||||||||||
Average risk free interest rate | 0.38% | ||||||||||
Expected volatility | 90.00% | ||||||||||
Common Stock Warrants [Member] | Line of Credit [Member] | Maximum [Member] | |||||||||||
Line of Credit | |||||||||||
Exercise price | $ 14.28 | ||||||||||
Average risk free interest rate | 1.38% | ||||||||||
Expected volatility | 105.00% |
Supplier Financing - Additional
Supplier Financing - Additional Information (Detail) - Financing Agreements With Supplier [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Laboratory equipment [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument initial principal amount | $ 177,000 | ||
Interest rate | 7.40% | ||
Remaining balance under financing agreement | $ 62,000 | ||
Laboratory Software [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.95% | 5.95% | |
Remaining balance under financing agreement | $ 34,000 | $ 91,000 | |
Financing agreement, due period | 1 year | ||
Director [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument initial principal amount | $ 256,000 | ||
Interest rate | 0.00% | ||
Financing agreement, average interest rate | 8.00% | ||
Interest expense under financing agreement | $ 5,000 | ||
Remaining balance under financing agreement | $ 66,000 |
Shareholders' Deficit - Additio
Shareholders' Deficit - Additional Information (Detail) | Feb. 10, 2014USD ($) | Jun. 28, 2013USD ($) | Dec. 31, 2010 | Nov. 30, 2013 | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Sep. 30, 2015$ / sharesshares | Feb. 13, 2015$ / shares | Feb. 04, 2014$ / sharesshares | Jul. 31, 2013$ / shares | Jul. 30, 2013$ / shares | Jul. 22, 2013shares | Jul. 21, 2013shares | Dec. 31, 2012shares |
Class Of Stock [Line Items] | ||||||||||||||
Reverse stock split of common shares, ratio | 0.25 | 0.0714 | ||||||||||||
Common stock, shares authorized | shares | 40,000,000 | 53,000,000 | 40,000,000 | 40,000,000 | 14,600,000 | |||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Preferred stock, shares authorized | shares | 5,000,000 | 100,000,000 | 14,600,000 | |||||||||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock, dividends, per share, cash paid | 8.00% | |||||||||||||
Initial public offering, price per share | $ / shares | $ 10 | |||||||||||||
Preferred stock, dividend declared | $ | $ 0 | $ 0 | ||||||||||||
Preferred stock, voting rights | The holders of preferred shares had the right to one vote for each common share into which the preferred shares were convertible. | |||||||||||||
Proceeds from sale of common stock | $ | $ 20,000,000 | |||||||||||||
Sales of stock per share | $ / shares | $ 25.20 | |||||||||||||
Convertible preferred stock, terms of conversion | The convertible preferred shares could have been converted into common shares at any time at the option of the holder utilizing the then effective Series A preferred conversion price. All preferred shares would have been automatically converted into common shares utilizing the then effective Series A preferred conversion price upon a) the election of the holders of a majority of the outstanding shares of Series A preferred stock, or b) the closing of a firmly underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the sale of the Company’s common stock if gross proceeds are at least $20,000,000 and the per share price is at least $25.20. | |||||||||||||
Debt, principal amount converted | $ | $ 20,231,000 | $ 6,600,000 | 20,231,000 | |||||||||||
Accrued interest [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Accrued interest on convertible debt converted | $ | $ 233,982 | $ 2,581,000 | $ 2,581,000 | |||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Preferred stock, shares authorized | shares | 5,000,000 | 100,000,000 | 36,460,000 | |||||||||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
Initial public offering, price per share | $ / shares | $ 0.60 | |||||||||||||
Shares issued for conversion of notes payable and accrued interest, shares | shares | 42,245,834 | |||||||||||||
IPO | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Common stock, shares authorized | shares | 40,000,000 | |||||||||||||
Preferred stock, shares authorized | shares | 5,000,000 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) | Aug. 31, 2015$ / sharesshares | Jun. 16, 2015shares | Jun. 12, 2014$ / sharesshares | Feb. 21, 2014shares | Feb. 13, 2014 | Feb. 10, 2014$ / sharesshares | Nov. 30, 2011shares | Mar. 31, 2011shares | Dec. 31, 2010 | Nov. 30, 2010shares | Nov. 30, 2013shares | Aug. 31, 2013$ / sharesshares | Jul. 31, 2013$ / sharesshares | Sep. 30, 2014 | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Aug. 14, 2014shares | Feb. 04, 2014shares | Jul. 22, 2013shares | Dec. 31, 2012shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Reverse stock split of common shares, ratio | 0.25 | 0.0714 | |||||||||||||||||||
Common stock, shares authorized | 40,000,000 | 40,000,000 | 53,000,000 | 40,000,000 | 14,600,000 | ||||||||||||||||
Option awards vesting period | 10 years | ||||||||||||||||||||
Time period for vesting grants in installments on monthly basis | 12 months | ||||||||||||||||||||
Proceeds from exercise of stock options | $ | $ 20,105 | ||||||||||||||||||||
Shares of common stock vested as settlement of certain restricted stock units | 73,151 | ||||||||||||||||||||
Total grants vest period | 100.00% | ||||||||||||||||||||
Common stock vesting shares for non employee directors | 20,930 | ||||||||||||||||||||
Monthly installments of restricted stock units period | 5 months | ||||||||||||||||||||
Underlying award shares will distributed last period year | 0 | ||||||||||||||||||||
Unrecognized stock-based compensation expense, stock options | $ | $ 2,993,000 | 2,735,000 | |||||||||||||||||||
Unrecognized stock-based compensation expense, RSU awards | $ | $ 17,000 | $ 50,000 | |||||||||||||||||||
Total Shares Outstanding | 2,054,338 | 906,194 | 333,106 | 63,518 | |||||||||||||||||
Number of Shares, Granted | 1,194,871 | 647,298 | 300,438 | ||||||||||||||||||
IPO | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Common stock, shares authorized | 40,000,000 | ||||||||||||||||||||
Series BB Preferred Stock [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Stock unit award, shares | 428,597 | 390,000 | |||||||||||||||||||
Estimated shares of additional restricted stock unit | 574,108 | ||||||||||||||||||||
Stock Options [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Reverse stock split of common shares, ratio | 0.25 | ||||||||||||||||||||
Option awards vesting period | 10 years | ||||||||||||||||||||
Awards vest on date of grant | 50.00% | ||||||||||||||||||||
Time period for vesting grants in installments on monthly basis | 2 years | ||||||||||||||||||||
Option awards assumptions, method used | Black-Scholes pricing model | ||||||||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.35 | $ 5.25 | $ 4.43 | ||||||||||||||||||
Intrinsic value of options exercised | $ | $ 3,450 | ||||||||||||||||||||
Intrinsic value of options outstanding | $ | $ 313,095 | $ 0 | 8,204 | ||||||||||||||||||
Proceeds from exercise of stock options | $ | 20,105 | ||||||||||||||||||||
Intrinsic value of options exercisable | $ | $ 0 | $ 5,575 | |||||||||||||||||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years 8 months 12 days | 2 years 7 months 6 days | |||||||||||||||||||
Intrinsic value of options vested and unvested expected to vest | $ | $ 287,631 | ||||||||||||||||||||
Commencement Date Of October 2010 [Member] | IPO | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Shares of common stock vested as settlement of certain restricted stock units | 9,285 | ||||||||||||||||||||
Weighted-average estimated fair value of RSUs vested | $ / shares | $ 4.62 | ||||||||||||||||||||
Commencement Date Of January 2011 [Member] | IPO | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Shares of common stock vested as settlement of certain restricted stock units | 63,866 | ||||||||||||||||||||
Weighted-average estimated fair value of RSUs vested | $ / shares | $ 4.62 | ||||||||||||||||||||
RSUs [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Awards vest on date of grant | 50.00% | ||||||||||||||||||||
Time period for vesting grants in installments on monthly basis | 24 months | ||||||||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 5.35 | $ 5.60 | $ 5.60 | ||||||||||||||||||
Common stock shares granted for three directors | 8,735 | ||||||||||||||||||||
Common stock shares granted to another director | 14,285 | ||||||||||||||||||||
RSU awards granted to certain executive employees | 60,712 | ||||||||||||||||||||
RSU remaining vesting period on equal monthly basis | 50.00% | ||||||||||||||||||||
Issuance of restricted stock units | 44,496 | ||||||||||||||||||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 3 months 18 days | 7 months 6 days | |||||||||||||||||||
Total Shares Outstanding | 150,418 | ||||||||||||||||||||
Number of Shares, Vested and unvested expected to vest | 121,829 | ||||||||||||||||||||
Intrinsic value shares, RSUs outstanding | $ | $ 345,961 | ||||||||||||||||||||
Intrinsic value amount, RSUs vested and unvested expected to vest | $ | $ 280,207 | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Estimated forfeitures rate | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Estimated forfeitures rate | 5.00% | 4.00% | 5.00% | 5.00% | |||||||||||||||||
Maximum [Member] | Stock Options [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Option awards vesting period | 4 years | ||||||||||||||||||||
2007 Plan [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Shares reduced during stock reverse split | 178,571 | ||||||||||||||||||||
Reverse stock split of common shares, ratio | 0.0714 | ||||||||||||||||||||
Shares available for grant | 86,001 | 77,061 | |||||||||||||||||||
2013 Equity Incentive Plan [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Shares available for grant | 836,082 | 175,725 | |||||||||||||||||||
Common stock, shares authorized | 403,571 | 1,426,051 | |||||||||||||||||||
Increase Common stock shares covered | 1,500,000 | 800,000 | 222,480 | ||||||||||||||||||
Percentage of outstanding common stock | 5.00% | ||||||||||||||||||||
Stock options and RSUs granted | 1,027,846 | ||||||||||||||||||||
Option awards vesting period | 3 years | ||||||||||||||||||||
Total stock options and RSUs authorized | 3,104,622 | ||||||||||||||||||||
Stock options and RSUs issued | 2,131,603 | ||||||||||||||||||||
Total Shares Outstanding | 2,131,603 | ||||||||||||||||||||
Number of Shares, Granted | 54,298 | ||||||||||||||||||||
2013 Equity Incentive Plan [Member] | Stock Options [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.47 | ||||||||||||||||||||
Number of Shares, Granted | 100,000 |
Stock-based Compensation - Assu
Stock-based Compensation - Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock and exercise prices | $ 5.18 | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Expected volatility | 105.00% | |||
Expected volatility, minimum | 90.00% | |||
Expected volatility, maximum | 100.00% | |||
Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock and exercise prices | $ 2.01 | $ 2.79 | ||
Discount rate-bond equivalent yield | 1.52% | 1.56% | 1.38% | |
Expected life (in years) | 5 years 2 months 23 days | 5 years | 5 years 3 months 4 days | |
Expected volatility | 70.00% | |||
Expected forfeiture rate | 0.00% | 0.00% | 0.00% | 0.00% |
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock and exercise prices | $ 3.38 | $ 9.11 | ||
Discount rate-bond equivalent yield | 1.93% | 2.06% | 1.69% | |
Expected life (in years) | 6 years 29 days | 6 years 29 days | 6 years 7 days | |
Expected volatility | 100.00% | |||
Expected forfeiture rate | 5.00% | 4.00% | 5.00% | 5.00% |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity for Option Awards Granted (Detail) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Number of Shares, Vested and unvested expected to vest, Beginning Balance | 901,882 | |||
Number of Shares Outstanding, Beginning Balance | 906,194 | 333,106 | 63,518 | |
Number of Shares, Granted | 1,194,871 | 647,298 | 300,438 | |
Number of Shares, Exercised | (4,021) | |||
Number of Shares, Cancelled/forfeited/expired | (46,727) | (74,210) | (26,829) | |
Number of Shares Outstanding, Ending Balance | 2,054,338 | 906,194 | 333,106 | 63,518 |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 1,899,759 | 901,882 | ||
Weighted Average Exercise Price Per Share, Vested and unvested expected to vest, Beginning Balance | $ 6.28 | |||
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | 6.29 | $ 5.14 | $ 4.97 | |
Weighted Average Exercise Price Per Share, Granted | 2.07 | 6.71 | 5.18 | |
Weighted Average Exercise Price Per Share, Exercised | 5 | |||
Weighted Average Exercise Price Per Share, Cancelled/forfeited/expired | 4.33 | 4.77 | 5.20 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | 3.88 | 6.29 | $ 5.14 | $ 4.97 |
Weighted Average Exercise Price Per Share, Vested and unvested expected to vest, Ending Balance | $ 4.01 | $ 6.28 | ||
Average Remaining Contractual Term in Years, Outstanding | 9 years 1 month 6 days | 9 years | 9 years 3 months 18 days | 6 years 2 months 12 days |
Average Remaining Contractual Term in Years, Vested and unvested expected to vest | 9 years | 8 years 10 months 24 days |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Information about Options Outstanding and Exercisable (Detail) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total Shares Outstanding | 2,054,338 | 906,194 | 333,106 | 63,518 |
Total Shares Exercisable | 495,089 | 325,931 | 137,011 | |
Weighted Average Exercise Price 2.01 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 2.01 | |||
Total Shares Outstanding | 1,079,637 | |||
Weighted Average Contractual Life (in years) | 9 years 10 months 24 days | |||
Weighted Average Exercise Price 2.65 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 2.65 | |||
Total Shares Outstanding | 152,734 | |||
Weighted Average Contractual Life (in years) | 9 years 7 months 6 days | |||
Total Shares Exercisable | 1,000 | |||
Weighted Average Exercise Price 4.51 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.51 | |||
Total Shares Outstanding | 79,526 | |||
Weighted Average Contractual Life (in years) | 8 years | |||
Total Shares Exercisable | 46,192 | |||
Weighted Average Exercise Price 5.12 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 5.12 | |||
Total Shares Outstanding | 406,643 | |||
Weighted Average Contractual Life (in years) | 8 years 1 month 6 days | |||
Total Shares Exercisable | 297,977 | |||
Weighted Average Exercise Price 7.50 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 7.50 | $ 7.50 | ||
Total Shares Outstanding | 43,000 | 43,000 | ||
Weighted Average Contractual Life (in years) | 8 years 6 months | 9 years 2 months 12 days | ||
Total Shares Exercisable | 16,125 | |||
Weighted Average Exercise Price 8.88 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 8.88 | $ 8.88 | ||
Total Shares Outstanding | 238,500 | 238,500 | ||
Weighted Average Contractual Life (in years) | 8 years 4 months 24 days | 9 years 1 month 6 days | ||
Total Shares Exercisable | 79,497 | |||
Weighted Average Exercise Price 9.11 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 9.11 | $ 9.11 | ||
Total Shares Outstanding | 54,298 | 54,298 | ||
Weighted Average Contractual Life (in years) | 8 years 4 months 24 days | 9 years 1 month 6 days | ||
Total Shares Exercisable | 54,298 | 54,298 | ||
Weighted Average Exercise Price 4.62 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.62 | |||
Total Shares Outstanding | 20,208 | |||
Weighted Average Contractual Life (in years) | 7 years 3 months 18 days | |||
Total Shares Exercisable | 13,731 | |||
Weighted Average Exercise Price 5.04 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 5.04 | |||
Total Shares Outstanding | 12,460 | |||
Weighted Average Contractual Life (in years) | 5 years 6 months | |||
Total Shares Exercisable | 12,455 | |||
Weighted Average Exercise Price 5.18 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 5.18 | |||
Total Shares Outstanding | 300,438 | |||
Weighted Average Contractual Life (in years) | 9 years 7 months 6 days | |||
Total Shares Exercisable | 110,825 | |||
Weighted Average Exercise Price 2.79 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 2.79 | |||
Total Shares Outstanding | 52,500 | |||
Weighted Average Contractual Life (in years) | 9 years 9 months 18 days | |||
Weighted Average Exercise Price 4.42 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 4.42 | |||
Total Shares Outstanding | 103,934 | |||
Weighted Average Contractual Life (in years) | 8 years 9 months 18 days | |||
Total Shares Exercisable | 29,715 | |||
Weighted Average Exercise Price 5.22 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price | $ 5.22 | |||
Total Shares Outstanding | 413,962 | |||
Weighted Average Contractual Life (in years) | 8 years 9 months 18 days | |||
Total Shares Exercisable | 241,918 |
Stock-based Compensation - Sc72
Stock-based Compensation - Schedule of Performance Stock Units Vesting Percentage (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 100.00% | |
Stock Options [Member] | Minimum Number of Accessions Processed, Billed and Collected in Fiscal 2016 [Member] | 2013 Equity Incentive Plan [Member] | Chief Executive Officer [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 25.00% | |
Stock Options [Member] | Minimum Revenues from Contracts with Pharmaceutical Companies in Fiscal 2016 [Member] | 2013 Equity Incentive Plan [Member] | Chief Executive Officer [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 20.00% | |
Stock Options [Member] | Attainment of a Sustainable Positive GAAP Gross Margin by December 31, 2016 [Member] | 2013 Equity Incentive Plan [Member] | Chief Executive Officer [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 25.00% | |
Stock Options [Member] | Minimum Operating Cash on-Hand at December 31, 2016, with no More than One Interim Dilutive Equity Financing Event [Member] | 2013 Equity Incentive Plan [Member] | Chief Executive Officer [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 30.00% | |
RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 100.00% | |
RSUs [Member] | Minimum Revenue in 2015 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 25.00% | |
RSUs [Member] | Maximum EBITDA Loss in 2015 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 15.00% | |
RSUs [Member] | Attainment of Financial Plan for Fiscal 2015 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 20.00% | |
RSUs [Member] | Minimum Value of Strategic Agreements by December 31, 2015 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 20.00% | |
RSUs [Member] | Implementation of Four New Diagnostic Test Panels by December 31, 2015 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of Overall Stock Grant Subject to Vesting | 20.00% |
Stock-based Compensation - Effe
Stock-based Compensation - Effects of Stock-Based Compensation Related to Equity Awards to Employees and Nonemployees on Condensed Statement of Operations and Comprehensive Loss (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total stock-based compensation | $ 325,231 | $ 300,172 | $ 914,689 | $ 1,104,878 | $ 1,399,703 | $ 520,344 |
Stock Options [Member] | Cost of revenues [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total stock-based compensation | 15,029 | 48,839 | 20,961 | |||
Stock Options [Member] | Research and Development Expenses [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total stock-based compensation | 20,910 | 35,569 | 65,835 | 149,626 | 163,229 | 298,618 |
Stock Options [Member] | General and Administrative Expenses [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total stock-based compensation | 257,404 | 236,769 | 706,026 | 908,490 | 1,139,309 | 221,726 |
Stock Options [Member] | Sales and Marketing Expenses [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total stock-based compensation | 31,888 | 27,834 | 93,989 | 46,762 | 76,204 | |
RSUs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total stock-based compensation | 339,371 | 321,422 | 1,016,266 | 1,506,586 | 1,822,661 | 952,521 |
RSUs [Member] | Research and Development Expenses [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total stock-based compensation | 1,625 | 7,500 | 10,724 | 22,500 | 30,000 | 72,500 |
RSUs [Member] | General and Administrative Expenses [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total stock-based compensation | $ 12,515 | $ 13,750 | $ 90,853 | $ 379,208 | $ 392,958 | $ 359,677 |
Net Loss per Common Share - Add
Net Loss per Common Share - Additional Information (Detail) | Dec. 31, 2010 | Nov. 30, 2013 | Dec. 31, 2014 |
Net loss per common share | |||
Reverse stock split of common shares, ratio | 0.25 | 0.0714 | |
Reverse stock split, description | In November 2013, the Company effected a 1:14 reverse stock split of all common shares outstanding. The calculation of weighted-average shares outstanding has been adjusted for this reverse split as if it had occurred on January 1, 2013. |
Net Loss per Common Share - Sch
Net Loss per Common Share - Schedule of Anti-Dilutive Securities Excluded from Computations of Diluted Weighted-Average Shares (Detail) - shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common share equivalents | 4,599,081 | 1,737,434 | 1,768,586 | 4,349,376 |
Warrants Outstanding [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common share equivalents | 2,392,738 | 609,187 | 609,187 | 836,890 |
Preferred Warrants Outstanding [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common share equivalents | 1,587 | 1,587 | 1,587 | 192,262 |
Preferred Share RSUs [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common share equivalents | 73,151 | 73,151 | 73,151 | 89,647 |
Common Share RSUs [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common share equivalents | 77,267 | 178,467 | 178,467 | 133,971 |
Common Options Outstanding [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common share equivalents | 2,054,338 | 875,042 | 906,194 | 333,106 |
Series A Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common share equivalents | 1,652,851 | |||
Notes Payable Convertible into Common Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common share equivalents | 1,110,649 |
Income Tax - Schedule of Provis
Income Tax - Schedule of Provision for Income Taxes (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||
State | $ 1,506 | $ 800 | |||
Total | 1,506 | 800 | |||
Deferred | |||||
Provision for income tax | $ 199 | $ 1,478 | $ 800 | $ 1,506 | $ 800 |
Income Tax - Reconciliation of
Income Tax - Reconciliation of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||
Income tax at statutory rate | $ (5,393,944) | $ (3,139,368) | |||
State liability | (813,039) | (321,058) | |||
Permanent items | 14,374 | 6,932 | |||
Stock Compensation | 159,128 | 171,003 | |||
Nondeductible Interest | 399,249 | 395,089 | |||
Expiration of net operating losses | 1,136,317 | 188,316 | |||
Other | 339,636 | (6,723) | |||
Research and development credit | (127,491) | (103,500) | |||
Valuation allowance | 4,287,276 | 2,810,109 | |||
Provision for income tax | $ 199 | $ 1,478 | $ 800 | $ 1,506 | $ 800 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||
Percent of uncertain income tax positions recognized | 50.00% | 50.00% |
Liability for unrecognized tax benefits | $ 0 | $ 0 |
Percentage of change in ownership | 50.00% | |
Period of change in ownership | 3 years | |
Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 124,601,000 | |
Net operating loss carryforwards, expiration year | expiring beginning in 2020 | |
California [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 84,764,000 | |
Net operating loss carryforwards, expiration year | expiring beginning in 2015 | |
Expire in 2015 | California [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 13,655,000 | |
Expire in 2016 | California [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | 15,808,000 | |
Expire in 2017 | California [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | 55,301,000 | |
Research Tax Credit Carryforward [Member] | Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Research and development tax credits | $ 3,205,000 | |
Income tax research and development expiration year | Begin to expire in 2018 | |
Research Tax Credit Carryforward [Member] | California [Member] | ||
Income Tax Contingency [Line Items] | ||
Research and development tax credits | $ 3,087,000 |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 47,329,815 | $ 43,666,636 |
Research and development credits | 5,242,144 | 5,114,652 |
Accruals and other | 1,216,600 | 742,045 |
Deferred rent | 198,945 | 176,893 |
Gross deferred tax assets | 53,987,504 | 49,700,226 |
Less valuation allowance | $ (53,987,504) | $ (49,700,226) |
Collaborative Agreements - Addi
Collaborative Agreements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Clarient [Member] | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Collaborative agreement period of contract | 3 years | |
Revenue earned under collaborative agreement | $ 8,000 | $ 14,000 |
Dana Farber Partners Cancer Care, Inc. [Member] | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Revenue earned under collaborative agreement | $ 43,000 | $ 104,000 |
MD Anderson Cancer Center [Member] | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Collaborative agreement period of contract | 2 years | |
Revenue earned under collaborative agreement | $ 3,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Feb. 13, 2015USD ($)shares | Feb. 10, 2014USD ($)$ / sharesshares | Feb. 04, 2014shares | Jun. 28, 2013USD ($)shares | Jul. 31, 2013USD ($) | Jun. 30, 2013USD ($)shares | Sep. 30, 2015USD ($)ft² | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)Arrangementsshares | Dec. 31, 2013USD ($)Shareholdershares | Dec. 31, 2011USD ($)Arrangements | Dec. 31, 2005 | Feb. 09, 2015shares | Jan. 31, 2014Shareholder | Sep. 30, 2013Shareholder | Dec. 31, 2012USD ($) | Nov. 30, 2011ft² | Dec. 31, 2008USD ($) |
Related Party Transaction [Line Items] | ||||||||||||||||||
Debt, principal amount converted | $ 20,231,000 | $ 6,600,000 | $ 20,231,000 | |||||||||||||||
Conversion price of notes | $ / shares | $ 10 | |||||||||||||||||
Payable to board of director | 2,000 | $ 2,000 | ||||||||||||||||
Initial public offering, number of shares issued | shares | 1,900,000 | |||||||||||||||||
Issuance of warrants to purchase shares of common stock | shares | 1,200,000 | |||||||||||||||||
Proceeds from issuance of common stock | $ 177,500 | $ 8,830,057 | $ 17,390,240 | $ 17,390,240 | ||||||||||||||
Lease expiration date | Jul. 31, 2020 | |||||||||||||||||
San Diego California Facility [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Leased facility, expansion of original premises | ft² | 9,849 | |||||||||||||||||
Lease expiration date | Oct. 31, 2018 | |||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 42,245,834 | |||||||||||||||||
Director [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Initial public offering, number of shares issued | shares | 142,000 | |||||||||||||||||
Issuance of warrants to purchase shares of common stock | shares | 142,000 | |||||||||||||||||
Proceeds from issuance of common stock | $ 177,500 | |||||||||||||||||
Nonexecutive [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Lease agreement date of commencement | Mar. 30, 2015 | |||||||||||||||||
Leased facility, rent expense per month | $ 12,804 | |||||||||||||||||
Lease facility, refundable security deposit amount | $ 12,804 | |||||||||||||||||
Lease expiration date | Jul. 31, 2015 | |||||||||||||||||
Nonexecutive [Member] | San Diego California Facility [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Leased facility, expansion of original premises | ft² | 9,849 | |||||||||||||||||
Aegea Biotechnologies, Inc [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Reimbursement for shared patent costs | $ 25,763 | |||||||||||||||||
Major Shareholder [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Debt instrument carrying amount | $ 3,905,000 | |||||||||||||||||
Major Shareholder [Member] | Series A Convertible Preferred Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | $ 3,905,000 | |||||||||||||||||
Shares issued upon conversion of debt | shares | 35,923,845 | |||||||||||||||||
Non Executive Chairman [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Debt instrument carrying amount | $ 1,479,000 | 1,554,000 | ||||||||||||||||
Shares issued upon conversion of debt | shares | 164,104 | |||||||||||||||||
Conversion price of notes | $ / shares | $ 10 | |||||||||||||||||
Number of supplier financing arrangements | Arrangements | 2 | 5 | ||||||||||||||||
Non Executive Chairman [Member] | Series A Convertible Preferred Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 1,993,591 | |||||||||||||||||
Non Executive Chairman [Member] | Financing Agreements With Supplier [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, outstanding | 66,000 | $ 256,000 | ||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 433,883 | |||||||||||||||||
Initial public offering, number of shares issued | shares | 1,900,000 | |||||||||||||||||
Common Stock [Member] | Major Shareholder [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Conversion price of notes | $ / shares | $ 10 | |||||||||||||||||
Accrued interest [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | $ 233,982 | $ 2,581,000 | $ 2,581,000 | |||||||||||||||
Accrued interest [Member] | Major Shareholder [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | 2,339,000 | |||||||||||||||||
Accrued interest [Member] | Non Executive Chairman [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | 87,531 | 101,000 | ||||||||||||||||
2008 Convertible Note [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Debt instrument carrying amount | $ 1,400,000 | |||||||||||||||||
Debt, principal amount converted | $ 1,400,000 | $ 1,400,000 | ||||||||||||||||
Conversion price of notes | $ / shares | $ 10 | |||||||||||||||||
2008 Convertible Note [Member] | Major Shareholder [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | $ 433,821 | 17,060,000 | ||||||||||||||||
2008 Convertible Note [Member] | Non Executive Chairman [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Debt, principal amount converted | $ 1,554,000 | $ 975,000 | ||||||||||||||||
2008 Convertible Note [Member] | Common Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 163,399 | |||||||||||||||||
Goodman Note [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Beneficial owner percentage of company's common stock | 5.00% | |||||||||||||||||
Debt instrument carrying amount | $ 1,935,000 | |||||||||||||||||
Debt, principal amount converted | $ 1,935,000 | |||||||||||||||||
Shares of preferred stock converted into shares of common stock | shares | 89,936 | |||||||||||||||||
Goodman Note [Member] | Series A Convertible Preferred Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 3,777,324 | |||||||||||||||||
Goodman Note [Member] | Accrued interest [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | $ 105,000 | |||||||||||||||||
Line of Credit [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Common stock warrants issued, number of share holders guarantees on company's borrowings | Shareholder | 5 | 5 | 5 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Issuance of warrants to purchase shares of common stock | shares | 1,200,000 | |||||||||||||||||
Proceeds from issuance of common stock | $ 177,500 | |||||||||||||||||
Subsequent Event [Member] | Director [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Initial public offering, number of shares issued | shares | 142,000 | |||||||||||||||||
Issuance of warrants to purchase shares of common stock | shares | 142,000 | |||||||||||||||||
Proceeds from issuance of common stock | $ 177,500 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 25, 2014USD ($) | Feb. 10, 2014$ / sharesshares | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Feb. 13, 2015$ / shares | Sep. 30, 2013USD ($) | Aug. 19, 2013USD ($) | Nov. 30, 2011ft² |
Commitments And Contingencies Disclosure [Abstract] | ||||||||||
Lease expiration date | Jul. 31, 2020 | |||||||||
Rent expense | $ 1,272,000 | $ 1,143,000 | ||||||||
Rent in arrears | $ 0 | 0 | 0 | $ 185,000 | ||||||
Waiver of lease payment | 503,000 | |||||||||
Forfeiture of long-term deposit | 269,000 | |||||||||
Period for which warrants will be exercisable beginning with the closing of IPO | 5 years | |||||||||
Warrant coverage amount | 502,605 | 502,605 | $ 502,605 | |||||||
Warrant become exercisable for shares of common stock | shares | 50,260 | |||||||||
Exercise price of warrants | $ / shares | $ 10 | $ 1.56 | ||||||||
Additional cash compensation expense | 150,000 | |||||||||
Annual cash compensation expense | $ 225,000 | |||||||||
Alleged unpaid wages and penalties | $ 65,000 | |||||||||
Alleged unpaid wages and penalties, paid | $ 25,000 | 40,000 | ||||||||
Alleged unpaid wages and penalties, accrued | $ 25,000 | $ 25,000 | ||||||||
San Diego California Facility [Member] | ||||||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||||||
Initial lease term | 8 years | |||||||||
Lease expiration date | Oct. 31, 2018 | |||||||||
Leased facility, expansion of original premises | ft² | 9,849 |
Commitments and Contingencies83
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) | Dec. 31, 2014USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,015 | $ 1,270,501 |
2,016 | 1,307,187 |
2,017 | 1,348,257 |
2,018 | 1,388,705 |
2,019 | 1,430,366 |
Thereafter | 855,136 |
Total | $ 7,600,152 |
Selected Quarterly Financial 84
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Balance sheet data: | ||||||||||||||||||||||
Cash & cash equivalents | $ 12,541,919 | $ 5,364,582 | $ 8,819,872 | $ 12,460,565 | $ 10,417,277 | $ 69,178 | $ 302,908 | $ 4,483 | $ 17,964 | $ 12,541,919 | $ 8,819,872 | $ 5,364,582 | $ 69,178 | $ 185,256 | ||||||||
Total assets | 14,196,386 | 6,565,053 | 9,875,039 | 13,359,982 | 11,289,508 | 1,329,719 | 1,083,089 | 991,576 | 1,095,023 | 14,196,386 | 9,875,039 | 6,565,053 | 1,329,719 | |||||||||
Total non-current liabilities | 5,354,839 | 5,339,618 | 5,203,742 | 473,080 | 462,001 | 167,291 | 508,527 | 1,252,921 | 5,339,618 | 5,354,839 | 462,001 | |||||||||||
Total shareholders' equity/(deficit) | 6,928,277 | (220,569) | 3,344,897 | 6,883,269 | 9,356,778 | (12,456,014) | (10,272,840) | (8,215,261) | (29,300,361) | 6,928,277 | 3,344,897 | (220,569) | (12,456,014) | $ (27,384,895) | ||||||||
Statement of operations and comprehensive loss data: | ||||||||||||||||||||||
Revenues | 164,856 | 75,621 | 10,274 | 19,245 | 28,275 | 18,800 | 31,922 | 48,369 | 35,154 | 391,626 | 57,794 | 133,415 | 134,245 | |||||||||
Gross profit/(loss) | (539,067) | (527,907) | (340,119) | (630,040) | (551,532) | (587,158) | (544,868) | (512,097) | (2,037,133) | (2,195,655) | ||||||||||||
Research and development expenses | 677,729 | 1,070,278 | 1,310,905 | 1,107,678 | 1,008,929 | 710,845 | 975,104 | 690,582 | 710,206 | 2,073,391 | 3,427,513 | 4,497,790 | 3,086,737 | |||||||||
General and administrative expenses | 1,630,608 | 1,231,418 | 1,060,812 | 1,032,855 | 1,876,912 | 776,944 | 806,872 | 478,163 | 451,157 | 4,281,883 | 3,970,579 | 5,201,997 | 2,513,136 | |||||||||
Sales and marketing expenses | 1,055,653 | 890,496 | 812,005 | 423,361 | 11,142 | 19,225 | 5,342 | 27,932 | 96,404 | 2,616,218 | 1,246,507 | 2,137,004 | 148,903 | |||||||||
Loss from operations | (4,358,844) | (3,731,259) | (3,711,629) | (2,904,013) | (3,527,023) | (2,058,546) | (2,374,476) | (1,741,545) | (1,769,864) | (11,900,333) | (10,142,666) | (13,873,924) | (7,944,431) | |||||||||
Net loss | $ (4,496,193) | $ (3,881,541) | $ (3,859,794) | $ (2,996,840) | $ (5,127,871) | $ (2,472,009) | $ (2,860,191) | $ (1,975,009) | $ (1,925,974) | $ (12,332,026) | $ (11,984,505) | $ (15,866,046) | $ (9,233,183) | |||||||||
Net loss per common share | ||||||||||||||||||||||
Basic | $ (0.24) | $ (0.87) | [1] | $ (0.87) | [1] | $ (0.67) | [1] | $ (1.96) | [1] | $ (13.57) | [1] | $ (15.72) | [1] | $ (10.83) | [1] | $ (10.67) | [1] | $ (0.78) | $ (3.12) | $ (3.97) | $ (50.80) | |
Diluted | $ (0.24) | $ (0.87) | [1] | $ (0.87) | [1] | $ (0.67) | [1] | $ (1.96) | [1] | $ (13.57) | [1] | $ (15.72) | [1] | $ (10.83) | [1] | $ (10.67) | [1] | $ (0.78) | $ (3.12) | $ (3.97) | $ (50.80) | |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | ||||||||||||||||||||||
Basic | 18,727,806 | 4,449,603 | 4,449,603 | 4,449,603 | 2,617,275 | 182,203 | 181,954 | 182,304 | 180,540 | 15,735,907 | 3,845,540 | 3,997,797 | 181,762 | |||||||||
Diluted | 18,727,806 | 4,449,603 | 4,449,603 | 4,449,603 | 2,617,275 | 182,203 | 181,954 | 182,304 | 180,540 | 15,735,907 | 3,845,540 | 3,997,797 | 181,762 | |||||||||
[1] | Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Feb. 13, 2015 | Feb. 09, 2015 | Feb. 10, 2014 | Feb. 04, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2013 | Jul. 30, 2013 |
Subsequent Event [Line Items] | ||||||||||
Shares issued for initial public offering, shares | 1,900,000 | |||||||||
Issuance of warrants to purchase shares of common stock | 1,200,000 | |||||||||
Proceeds from issuance of common stock | $ 177,500 | $ 8,830,057 | $ 17,390,240 | $ 17,390,240 | ||||||
Exercise price of warrants | $ 1.56 | $ 10 | ||||||||
Warrants to purchase common stock, period | 5 years | 5 years | 5 years | |||||||
Net proceeds from issuance of common stock | $ 9,100,000 | $ 17,400,000 | ||||||||
Shares issued for initial public offering | $ 8,800,000 | $ 16,458,104 | ||||||||
Additional costs incurred prior to, and associated with IPO, beginning of period | $ 900,000 | |||||||||
Overallotment issued to underwriter to purchase common stock, period | 45 days | 45 days | 45 days | 45 days | ||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,200,000 | 285,000 | 285,000 | |||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.25 | $ 9.30 | ||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,627,396 | $ 1,627,396 | $ 544,116 | |||||||
Aegis and Feltl [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued for initial public offering, shares | 8,000,000 | |||||||||
Issuance of warrants to purchase shares of common stock | 8,000,000 | |||||||||
Offering, price per share | $ 1.25 | |||||||||
Director [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued for initial public offering, shares | 142,000 | |||||||||
Issuance of warrants to purchase shares of common stock | 142,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Issuance of warrants to purchase shares of common stock | 1,200,000 | |||||||||
Proceeds from issuance of common stock | $ 177,500 | |||||||||
Exercise price of warrants | $ 1.56 | |||||||||
Warrants to purchase common stock, period | 5 years | |||||||||
Net proceeds from issuance of common stock | $ 9,100,000 | |||||||||
Shares issued for initial public offering | $ 8,900,000 | |||||||||
Additional costs incurred prior to, and associated with IPO, beginning of period | $ 200,000 | |||||||||
Overallotment issued to underwriter to purchase common stock, period | 45 days | |||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,200,000 | |||||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.25 | |||||||||
Common stock, par value | $ 0.0001 | |||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 6,700,000 | |||||||||
Subsequent Event [Member] | Aegis and Feltl [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued for initial public offering, shares | 8,000,000 | |||||||||
Issuance of warrants to purchase shares of common stock | 8,000,000 | |||||||||
Offering, price per share | $ 1.25 | |||||||||
Subsequent Event [Member] | Director [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued for initial public offering, shares | 142,000 | |||||||||
Issuance of warrants to purchase shares of common stock | 142,000 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cost of revenues | $ 1,159,710 | $ 538,181 | $ 3,320,467 | $ 1,555,861 | $ 2,170,548 | $ 2,329,900 |
Prior period reclassification adjustment amount related to other non current assets | 23,194 | |||||
Unamortized debt issuance costs | $ 15,093 | 15,093 | ||||
Research and Development Expenses [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cost of revenues | $ 318,565 |
Common Warrants Outstanding - S
Common Warrants Outstanding - Summary of Equity-Classified Common Stock Warrant Activity (Detail) - Warrants [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | ||
Number of Shares, Outstanding, Beginning Balance | 609,187 | |
Number of Shares, Issued | 9,200,000 | |
Number of Shares, Exercised | (6,216,449) | |
Number of Shares, Expired | (1,200,000) | |
Number of Shares, Outstanding, Ending Balance | 2,392,738 | 609,187 |
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 9.93 | |
Weighted Average Exercise Price Per Share, Issued | 1.56 | |
Weighted Average Exercise Price Per Share, Exercised | 1.56 | |
Weighted Average Exercise Price Per Share, Expired | 1.56 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | $ 3.69 | $ 9.93 |
Average Remaining Contractual Term (in years) | 4 years | 3 years 9 months 18 days |
Common Warrants Outstanding - E
Common Warrants Outstanding - Equity-Classified Common Stock Warrants Outstanding And Exercisable (Detail) - $ / shares | 9 Months Ended | ||
Sep. 30, 2015 | Feb. 13, 2015 | Feb. 10, 2014 | |
Class Of Warrant Or Right [Line Items] | |||
Exercise price of warrants | $ 1.56 | $ 10 | |
Total Shares Outstanding | 1,587 | ||
Warrants [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Total Shares Outstanding | 2,392,738 | ||
Warrants [Member] | Weighted Average Exercise Price 1.56 [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Exercise price of warrants | $ 1.56 | ||
Total Shares Outstanding | 1,783,551 | ||
Weighted Average Contractual Life (in years) | 4 years 4 months 24 days | ||
Warrants [Member] | Weighted Average Exercise Price 4.72 [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Exercise price of warrants | $ 4.72 | ||
Total Shares Outstanding | 52,966 | ||
Weighted Average Contractual Life (in years) | 8 years 7 months 6 days | ||
Warrants [Member] | Weighted Average Exercise Price 10.00 [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Exercise price of warrants | $ 10 | ||
Total Shares Outstanding | 461,221 | ||
Weighted Average Contractual Life (in years) | 2 years 4 months 24 days | ||
Warrants [Member] | Weighted Average Exercise Price 12.50 [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Exercise price of warrants | $ 12.50 | ||
Total Shares Outstanding | 95,000 | ||
Weighted Average Contractual Life (in years) | 3 years 4 months 24 days |
Common Warrants Outstanding - A
Common Warrants Outstanding - Additional Information (Detail) | Sep. 30, 2015USD ($) |
Warrants and Rights Note Disclosure [Abstract] | |
Common stock warrants exercisable, intrinsic value | $ 1,319,828 |
Common stock warrants outstanding, intrinsic value | $ 1,319,828 |