Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 03, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BIOC | ||
Entity Registrant Name | BIOCEPT INC | ||
Entity Central Index Key | 1,044,378 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 19,683,402 | ||
Entity Public Float | $ 44,043,557 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 8,821,329 | $ 5,364,582 |
Accounts receivable | 34,200 | 10,600 |
Inventories, net | 349,271 | 188,728 |
Prepaid expenses and other current assets | 435,938 | 338,721 |
Total current assets | 9,640,738 | 5,902,631 |
Fixed assets, net | 946,180 | 662,422 |
Total assets | 10,586,918 | 6,565,053 |
Current liabilities: | ||
Accounts payable | 632,538 | 641,406 |
Accrued liabilities | 966,899 | 699,903 |
Supplier financings | 42,369 | 33,674 |
Current portion of equipment financings | 110,924 | 55,800 |
Current portion of credit facility | 1,588,058 | |
Total current liabilities | 3,340,788 | 1,430,783 |
Non-current portion of equipment financings, net | 291,189 | 68,801 |
Non-current portion of credit facility, net | 2,638,487 | 4,731,322 |
Non-current portion of interest payable | 153,547 | 54,537 |
Non-current portion of deferred rent | 470,172 | 500,179 |
Total liabilities | $ 6,894,183 | $ 6,785,622 |
Commitments and contingencies (see Note 19) | ||
Shareholders’ equity/(deficit): | ||
Common stock, $0.0001 par value, 40,000,000 authorized; 4,449,603 issued and outstanding at December 31, 2014; 19,670,054 issued and outstanding at December 31, 2015 (see Note 4) | $ 1,967 | $ 445 |
Additional paid-in capital | 158,927,316 | 138,066,008 |
Accumulated deficit | (155,236,548) | (138,287,022) |
Total shareholders’ equity/(deficit) | 3,692,735 | (220,569) |
Total liabilities and shareholders’ equity/(deficit) | $ 10,586,918 | $ 6,565,053 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 19,670,054 | 4,449,603 |
Common stock, shares outstanding | 19,670,054 | 4,449,603 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Revenues: | $ 609,909 | $ 133,415 |
Costs and expenses: | ||
Cost of revenues | 4,596,158 | 2,170,548 |
Research and development expenses | 2,857,770 | 4,497,790 |
General and administrative expenses | 5,686,398 | 5,201,997 |
Sales and marketing expenses | 3,880,386 | 2,137,004 |
Total costs and expenses | 17,020,712 | 14,007,339 |
Loss from operations | (16,410,803) | (13,873,924) |
Other income/(expense): | ||
Interest expense, net | (640,478) | (1,789,680) |
Change in fair value of warrant liability | 931 | (200,936) |
Other income | 102,432 | |
Total other income/(expense): | (537,115) | (1,990,616) |
Loss before income taxes | (16,947,918) | (15,864,540) |
Income tax expense | (1,608) | (1,506) |
Net loss & comprehensive loss | $ (16,949,526) | $ (15,866,046) |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | ||
Basic | 16,538,963 | 3,997,797 |
Diluted | 16,538,963 | 3,997,797 |
Net loss per common share: | ||
Basic | $ (1.02) | $ (3.97) |
Diluted | $ (1.02) | $ (3.97) |
Statements of Shareholders' Equ
Statements of Shareholders' Equity/(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, 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 | (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 | |||
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 | ||||
Common stock 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 | 6,855,762 | ||||
Net loss | (3,859,794) | ||||
Ending balance at Sep. 30, 2014 | 3,319,532 | ||||
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 | (3,800,728) | ||||
Ending balance at Mar. 31, 2015 | 13,582,795 | ||||
Beginning balance at Dec. 31, 2014 | (220,569) | $ 445 | 138,066,008 | (138,287,022) | |
Beginning balance, shares at Dec. 31, 2014 | 4,449,603 | ||||
Stock-based compensation expense | 1,377,824 | 1,377,824 | |||
Shares issued for initial public offering | 8,766,946 | $ 800 | 8,766,146 | ||
Shares issued for initial public offering, shares | 8,000,000 | ||||
Shares issued for restricted stock units | $ 17 | (17) | |||
Shares issued for restricted stock units, shares | 174,002 | ||||
Shares issued pursuant to stock purchase agreement | 958,000 | $ 79 | 957,921 | ||
Shares issued pursuant to stock purchase agreement, shares | 790,000 | ||||
Exercise of common stock warrants | 9,760,060 | $ 626 | 9,759,434 | ||
Exercise of common stock warrants, shares | 6,256,449 | ||||
Net loss | (16,949,526) | (16,949,526) | |||
Ending balance at Dec. 31, 2015 | 3,692,735 | $ 1,967 | 158,927,316 | (155,236,548) | |
Ending balance, shares at Dec. 31, 2015 | 19,670,054 | ||||
Beginning balance at Mar. 31, 2015 | 13,582,795 | ||||
Net loss | (4,035,105) | ||||
Ending balance at Jun. 30, 2015 | 11,049,961 | ||||
Net loss | (4,496,193) | ||||
Ending balance at Sep. 30, 2015 | 6,928,277 | ||||
Net loss | (4,617,500) | ||||
Ending balance at Dec. 31, 2015 | $ 3,692,735 | $ 1,967 | $ 158,927,316 | $ (155,236,548) | |
Ending balance, shares at Dec. 31, 2015 | 19,670,054 |
Statements of Shareholders' Eq6
Statements of Shareholders' Equity/(Deficit) (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Debt, principal amount converted | $ 6.6 |
Accrued interest [Member] | |
Accrued interest on convertible debt converted | $ 0.5 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities | ||
Net loss | $ (16,949,526) | $ (15,866,046) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 261,409 | 251,203 |
Inventory reserve | (34,437) | (13,779) |
Stock-based compensation | 1,377,824 | 1,822,661 |
Non-cash interest expense related to convertible debt, credit facility and other financing activities | 120,663 | 1,445,068 |
Change in fair value of warrant liability | (931) | 200,936 |
Increase/(decrease) in cash resulting from changes in: | ||
Accounts receivable | (23,600) | (1,400) |
Inventory | (126,106) | (82,126) |
Prepaid expenses and other current assets | (80,432) | (401,355) |
Other non-current assets | 500 | |
Accounts payable | (51,790) | (981,869) |
Accrued liabilities | 240,901 | (1,046,559) |
Accrued interest | 110,021 | 58,936 |
Deferred rent | 1,163 | 38,178 |
Net cash used in operating activities | (15,154,841) | (14,575,652) |
Cash Flows From Investing Activities: | ||
Purchases of fixed assets | (165,160) | (394,925) |
Net cash used in investing activities | (165,160) | (394,925) |
Cash Flows From Financing Activities: | ||
Net proceeds from issuance of common stock | 9,788,057 | 17,390,240 |
Proceeds from exercise of common stock warrants | 9,760,060 | |
Payments on equipment financings | (74,697) | (23,250) |
Payments on supplier and other third party financings | (71,232) | (192,511) |
Payments on line of credit | (625,440) | (2,346,000) |
Proceeds from borrowings on line of credit | 365,000 | |
Proceeds from issuance of convertible notes and warrants | 175,000 | |
Net proceeds from borrowings on credit facility and warrants | 4,897,502 | |
Net cash provided by financing activities | 18,776,748 | 20,265,981 |
Net increase in Cash and Cash Equivalents | 3,456,747 | 5,295,404 |
Cash and Cash Equivalents at Beginning of Period | 5,364,582 | 69,178 |
Cash and Cash Equivalents at End of Period | 8,821,329 | 5,364,582 |
Cash paid during the period for: | ||
Interest | 405,715 | 402,075 |
Taxes | $ 2,184 | $ 800 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) - USD ($) | Feb. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Financed insurance premium through third party financing | $ 79,896 | $ 62,774 | |
Cancellation of insurance premiums amount, other | 44,559 | ||
Cancellation of insurance premiums partial amount received | 10,955 | ||
Fair value of common stock warrants issued in conjunction with guarantees on additional borrowings | $ 135,222 | ||
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 | ||
Overallotment issued to underwriter to purchase common stock, period | 45 days | 45 days | |
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 | $ 1.25 | |
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 7,690,395 | ||
Exercise price of warrants | $ 10 | $ 1.56 | |
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 | ||
Underwriter IPO costs | $ 279,760 | ||
Underwriter discount from initial public offering | 1,330,000 | ||
Debt, principal amount converted | $ 6,600,000 | ||
Warrants reclassified to additional paid-in capital | 2,500,000 | ||
Deferred offering costs classified to additional paid in capital | 932,136 | ||
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 | |
Offering costs recorded in prepaid expenses and other current assets reclassified to common stock issuance costs | $ 63,111 | ||
Purchases of fixed assets | 64,300 | $ 19,546 | |
Fixed assets purchased under capital lease obligations | $ 337,085 | 140,267 | |
Cost related to IPO issuance | 63,111 | ||
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 | ||
Aegis Capital Corp [Member] | |||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 202,143 | 202,143 | |
Issuance of warrants to purchase shares of common stock | 95,000 | 8,000,000 | |
Exercise price of warrants | $ 12.50 | ||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 544,116 | $ 544,116 | |
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 | ||
2013 Convertible Bridge Notes [Member] | |||
Exercise price of warrants | $ 10 | ||
Debt, principal amount converted | $ 5,165,000 | ||
Accrued interest on convertible debt converted | $ 313,017 | ||
Conversion price of notes | $ 10 | ||
Convertible Note converted into preferred/common stock | 547,803 | ||
Warrants reclassified to additional paid-in capital | 258,249 | ||
Convertible Bridge Notes And Line Of Credit [Member] | |||
Exercise price of warrants | $ 10 | ||
Warrants reclassified to additional paid-in capital | $ 2,475,620 | ||
Warrants reclassified to additional paid-in capital | 387,152 | ||
Common Stock [Member] | |||
Convertible Note converted into preferred/common stock | 433,883 | ||
Common Stock [Member] | 2008 Convertible Note [Member] | |||
Convertible Note converted into preferred/common stock | 163,399 | ||
Accrued interest [Member] | |||
Accrued interest on convertible debt converted | $ 233,982 | ||
Accrued interest [Member] | 2008 Convertible Note [Member] | |||
Accrued interest on convertible debt converted | 233,982 | ||
Accrued interest [Member] | 2013 Convertible Bridge Notes [Member] | |||
Accrued interest on convertible debt converted | $ 313,017 |
The Company and Business Activi
The Company and Business Activities | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
The Company and Business Activities | 1. The Company and Business Activities Biocept, Inc., or the Company, was founded in California in May 1997 and is a commercial-stage cancer diagnostics company developing and commercializing proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or 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 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. |
Liquidity and Going Concern Unc
Liquidity and Going Concern Uncertainty | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern Uncertainty | 2. Liquidity & Going Concern Uncertainty As of December 31, 2015, cash and cash equivalents totaled $8.8 million. At December 31, 2014 and 2015, the Company had accumulated deficits of $138.3 million and $155.2 million, respectively. For the years ended December 31, 2014 and 2015, the Company incurred net losses of $15.9 million and $16.9 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 the April 2014 Credit Facility. At December 31, 2015, the Company had aggregate gross interest-bearing indebtedness of approximately $5.6 million, of which approximately $2.1 million was due within one year in the absence of subjective acceleration of the April 2014 Credit Facility by Oxford Finance LLC, in addition to approximately $1.6 million of accounts payable and accrued liabilities. In February 2016, the Company signed a firm, noncancelable, and unconditional commitment in an aggregate amount of $1,062,500 with a vendor to purchase certain inventory items, payable in quarterly installments of $62,500 through May 2020 (see Note 19 for a description of the Company’s aggregate commitments and contingencies). These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. 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. 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 March 3, 2016, additional cash proceeds of $9.8 million have been received from the exercise of warrants sold in such offering. On December 21, 2015, the Company received net cash proceeds of $958,000 as a result of a common stock purchase agreement with Aspire Capital Fund, LL, or Aspire Capital, with approximately $14.0 million, or up to 2,984,122 shares, available to be issued to Aspire Capital under this agreement as of March 3, 2016. 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 December 31, 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. Management’s Plan to Continue as a Going Concern In order to continue as a going concern, the Company will need, among other things, additional capital resources. Until the Company can generate significant cash from operations, including assay revenues, management’s plans to obtain such resources for the Company include 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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. Revenue Recognition Revenue is recognized in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 605, Revenue Recognition Health Care Entities, Revenue Recognition Approximately 10% and 34% of the Company’s revenues for the years ended December 31, 2015 and 2014, respectively, results from agreements with 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 2013, the Company entered into a research support agreement with a not-for-profit tax-exempt organization, Dana-Farber Partners Cancer Care, Inc., or Dana-Farber. For the year ended December 31, 2014, 32% of the revenues earned were billed through this relationship. In addition, 72% of the receivables were due from Dana-Farber at December 31, 2014. 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, or MD Anderson. For the years ended December 31, 2014 and 2015, 2% and 5%, respectively, of the revenues earned were billed through this relationship. In addition, 28% and 86% of the receivables were due from MD Anderson at December 31, 2014 and 2015, respectively. Concentrations of credit risk with respect to revenues and accounts receivable are primarily limited to certain clients including Dana-Farber and MD Anderson, and geographies to which the Company provides a significant volume of its services, and to specific payors of our services such as Medicare and individual insurance companies. Approximately 48% of commercial accessions billed from January 1, 2015 through December 31, 2015 were subject to Medicare reimbursement, and approximately 47% and 42% of commercial revenues and total revenues, respectively, during the twelve months ended December 31, 2015 were associated with Medicare. 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, 2014, revenues derived from clients within the states of Texas, Massachusetts, and California accounted for approximately 34%, 32% and 15%, respectively, of total revenues. For the year ended December 31, 2015, revenues derived from clients within the states of Texas, California and Maryland accounted for approximately 32%, 18%, and 12%, respectively, of total revenues. For the year ended December 31, 2014, the first, second, and third most significant clients accounted for approximately 32%, 20%, and 6%, respectively, of total revenues. For the year ended December 31, 2015, the first, second, and third most significant clients accounted for approximately 12%, 9%, and 5%, respectively, of total revenues. The Company operates in one reportable business segment and historically has derived revenues only from the United States, with international revenues of $16,027, or approximately 3% of our net revenues, commencing in 2015 and received through the twelve months ended December 31 of such year. 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, 2014 and 2015, 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. In addition, the Company records a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of the Company’s future demand forecasts consistent with its valuation of excess and obsolete inventory. 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, 2014 and 2015 was approximately $251,000 and $261,000, 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, 2014 and 2015, 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’ equity/(deficit), while a preferred stock warrant to purchase an equivalent of 1,587 shares of common stock remained liability-classified at December 31, 2015. 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, 2014 and 2015 were approximately $4,498,000 and $2,858,000, 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, 2014 and 2015, 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, 2014 and 2015, and the Company has not recognized interest and/or penalties in the statements of operations for the years ended December 31, 2014 and 2015. Recent Accounting Pronouncements 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 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 $12,778 of such costs remain unamortized and recorded as an offset to non-current portion of credit facility, net in the Company’s balance sheet at December 31, 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. In November 2015, the FASB issued authoritative guidance requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and may be applied to all deferred tax assets and liabilities on a retrospective basis for all periods presented. The Company early adopted the provisions of this authoritative guidance for the years ended December 31, 2014 and 2015. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In January 2016, the FASB issued authoritative guidance requiring, among other things, that certain equity investments be measured at fair value with changes in fair value recognized in net income, that financial assets and financial liabilities be presented separately by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, that the prior requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet be eliminated, and that a reporting organization is to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption of the instrument-specific credit risk amendment is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In February 2016, the FASB issued authoritative guidance requiring, among other things, that entities recognize the assets and liabilities arising from leases on the balance sheet under revised criteria, while the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria in the previous leases guidance. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. 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. |
Sales of Equity Securities
Sales of Equity Securities | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Sales of Equity Securities | 4. Sales of Equity Securities Pursuant to an underwriting agreement dated February 4, 2014 between the Company and Aegis Capital Corp., or 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 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 547,803 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 RSUs (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 5). 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 5). 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 March 3, 2016, 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. On December 21, 2015, the Company entered into a common stock purchase agreement with Aspire Capital, which committed to purchase up to an aggregate of $15.0 million of shares of the Company’s common stock over the 30-month term of the common stock purchase agreement. Upon execution of the common stock purchase agreement, the Company sold to Aspire Capital 625,000 shares of common stock at $1.60 per share for proceeds of $1,000,000, and concurrently also entered into a registration rights agreement with Aspire Capital, pursuant to which the Company filed a registration statement registering the sale of the shares of the Company’s common stock that have been and may be issued to Aspire Capital under the common stock purchase agreement. Under the common stock purchase agreement, on any trading day selected by the Company, the Company has the right, in its sole discretion, to present a purchase notice directing Aspire Capital to purchase up to 100,000 shares of the Company’s common stock per business day, up to $15.0 million of common stock in the aggregate at a per share price equal to the lesser of either i) the lowest sale price of the Company’s common stock on the purchase date, or ii) the arithmetic average of the three lowest closing sale prices for the Company’s common stock during the 10 consecutive trading days ending on the trading day immediately preceding the purchase date. In addition, on any date on which the Company submits a purchase notice to Aspire Capital in an amount equal to 100,000 shares and the Company’s stock price is not less than $0.50 per share, the Company also has the right, in its sole discretion, to present Aspire Capital with a volume-weighted average price purchase notice directing Aspire Capital to purchase an amount of stock equal to up to 30% of the aggregate shares of the Company’s common stock traded on the its principal market on the next trading day, subject to a maximum number of shares the Company may determine. The purchase price per share pursuant to such volume-weighted average price purchase notice is generally 97% of the volume-weighted average price for the Company’s common stock traded on its principal market on the volume-weighted average purchase date. The purchase price will be adjusted for any reorganization, recapitalization, non-cash dividend, stock split, or other similar transaction occurring during the period(s) used to compute the purchase price. The Company may deliver multiple purchase notices and volume-weighted average price purchase notices to Aspire Capital from time to time during the term of the common stock purchase agreement, so long as the most recent purchase has been completed. The common stock purchase agreement provides that the Company and Aspire Capital shall not effect any sales on any purchase date where the closing sale price of the Company’s common stock is less than $0.50. There are no trading volume requirements or restrictions under the common stock purchase agreement, and the Company will control the timing and amount of sales of its common stock to Aspire Capital. Aspire Capital has no right to require any sales by the Company, but is obligated to make purchases from the Company as directed by the Company in accordance with the common stock purchase agreement. There are no limitations on use of proceeds, financial or business covenants, restrictions on future fundings, rights of first refusal, participation rights, penalties or liquidated damages in the common stock purchase agreement. In consideration for entering into, and concurrently with the execution of, the common stock purchase agreement, the Company issued to Aspire Capital 165,000 shares of its common stock. The common stock purchase agreement may be terminated by the Company at any time, at its discretion, without any cost to the Company. Aspire Capital has agreed that neither it nor any of its agents, representatives and affiliates shall engage in any direct or indirect short-selling or hedging of the Company’s common stock during any time prior to the termination of the common stock purchase agreement. Any proceeds the Company receives under the common stock purchase agreement are expected to be used for working capital and general corporate purposes. Costs associated with the offering of $42,000 were also recorded to common stock issuance costs upon closing under applicable accounting guidance, and as such, the aggregate total increase in capital related to this transaction has been $958,000 through March 3, 2016. Approximately $14.0 million, or up to 2,984,122 shares, remains available to be issued to Aspire Capital under this agreement as of March 3, 2016. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 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’ equity/(deficit), except for a warrant for 1,587 preferred shares that remains outstanding at December 31, 2015 (see Note 4). 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 following table includes a summary of changes in the fair value of the common and preferred share warrants for the years ended December 31, 2014 and 2015: Fair Value Measurements at Reporting Date Using Significant Unobservable Inputs (Level 3) 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 Change in fair value included in expense in 2015 (931 ) Balance at December 31, 2015 $ 139 The change in the estimated fair value of the total liability outstanding for all outstanding warrants of approximately $(201,000) and $1,000 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, 2014 and 2015, 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: Over-allotment 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 % 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-allotment Options 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 % 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, 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 (see Note 7). |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Details | 6. Balance Sheet Details The following provides certain balance sheet details: December 31, December 31, 2014 2015 Fixed Assets Machinery and equipment $ 2,922,303 $ 2,518,158 Furniture and office equipment 209,844 143,726 Computer equipment and software 681,508 577,898 Leasehold improvements 506,328 514,614 Financed equipment 878,447 914,179 Construction in process 72,172 70,815 5,270,602 4,739,390 Less accumulated depreciation and amortization 4,608,180 3,793,210 Total fixed assets, net $ 662,422 $ 946,180 Accrued Liabilities Accrued interest $ 33,125 $ 28,981 Accrued payroll 82,241 128,753 Accrued vacation 276,574 307,845 Accrued bonuses 302,763 376,100 Accrued sales commissions — 76,574 Warrant liability 1,070 139 Current portion of deferred rent — 31,170 Other 4,130 17,337 Total accrued liabilities $ 699,903 $ 966,899 During the year ended December 31, 2015, fixed assets, with an aggregate gross book value and corresponding accumulated depreciation amount of approximately $1,076,000, were disposed of. |
April 2014 Credit Facility
April 2014 Credit Facility | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
April 2014 Credit Facility | 7. April 2014 Credit Facility On April 30, 2014, the Company received net cash proceeds of approximately $4,898,000 pursuant to the execution of our April 2014 Credit Facility with Oxford Finance LLC. 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 term loan. The April 2014 Credit Facility is secured by substantially all of the Company’s personal property other than its intellectual property. Amounts due to Oxford Finance LLC under the April 2014 Credit Facility are callable before maturity by the lender under certain subjective acceleration clauses of the underlying agreement, including changes deemed to be materially adverse by the lender. The 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 term loan, plus (b) 7.71%. The term loan bears interest at an annual rate of 7.95%. The Company was required to make interest-only payments on the term loan through August 1, 2015. The outstanding term loan under the April 2014 Credit Facility began 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 term loan under the April 2014 Credit Facility matures on July 1, 2018. Upon repayment, the Company is also required to make a final payment to the lenders equal to 5.5% of the original principal amount of the term loan funded. At its option, the Company may prepay the outstanding principal balance of the term loan 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 created 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 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 loan under the April 2014 Credit Facility, including foreclosure against the Company’s properties securing the April 2014 Credit Facility, including its 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, 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). Issuance costs of $102,498 associated with the 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 years ended December 31, 2014 and 2015 related to the April 2014 Credit Facility was $380,264 and $611,911, respectively. Approximately $74,000 and $113,000 related to accretion of the discount was recognized as interest expense during the years ended December 31, 2014 and 2015, respectively, with approximately $261,000 and $148,000, respectively, remaining unamortized and reflected as a discount to the debt. The effective annual interest rate associated with the April 2014 Credit Facility was 10.81% at December 31, 2014 and 11.50% at December 31, 2015. |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [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. |
Convertible Notes and Warrants
Convertible Notes and Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Notes and Warrants | 9. Convertible Notes and Warrants Preferred Shares Goodman Note During April 2005, the Company entered into an unsecured loan agreement for $15,000,000, or 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 were 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 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 4 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 4). 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 estimated fair value and were then re-valued at each reporting date, with changes in the estimated fair value reported in the statements of operations. 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 estimated fair value and were then re-valued at each reporting date, with changes in the estimated fair value reported in the statements of operations. 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, 2014 and 2015 is not material to the financial statements. 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 $5,165,000 as of the closing of the Company’s IPO on February 10, 2014, 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 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 $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 547,803 shares of common stock (see Note 4). 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 were 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 two 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 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 $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. The fair value of the warrant 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 4 and 5). |
Supplier Financing
Supplier Financing | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Supplier Financing | 10. 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 of 8.0% to amortize the payments and record interest expense, 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 maintained 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 2014 and 2015, the Company obtained third-party financing for certain business insurance premiums. The 2014 and 2015 financings bear interest rates of 5.95% and 5.25% per annum, respectively, and all financing is due within one year. The balances due under these annual financing arrangements were approximately $34,000 and $49,000 as of December 31, 2014 and 2015, respectively. |
Shareholders' Equity_(Deficit)
Shareholders' Equity/(Deficit) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity/(Deficit) | 11. Shareholders’ Equity/(Deficit) (a) Common Stock The authorized number of shares of common stock at December 31, 2013 was 53,000,000 with a par value of $0.0001 per share. 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 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 with a par value of $0.0001 per share, reduced from the previously authorized capitalization of 100,000,000 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 2014. Dividends could not be granted for common shareholders while shares of preferred stock remained 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 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. 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. |
Accounting for Stock-Based Comp
Accounting for Stock-Based Compensation Expense | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Accounting for Stock-Based Compensation Expense | 12. Accounting for Stock-Based Compensation Expense Equity Incentive Plans In July 2013, the Company adopted a stock-based compensation plan entitled the 2013 Equity Incentive Plan, or the 2013 Equity Incentive Plan. The 2013 Equity Incentive Plan authorized the grant of the following types of awards: (i) nonstatutory stock options, (ii) ISOs, (iii) RSUs, (iv) stock appreciation rights, and (v) performance compensation awards. Awards could have been granted to employees, officers, non-employee board members, consultants, and other service providers of the Company. However, ISOs could not have been granted to non-employees. On January 1, 2015, the number of shares of common stock covered by the 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, or the 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, or the 2007 Plan, become available for issuance under the 2013 Plan and are no longer available for issuance under the 2007 Plan. As of December 31, 2015, under all plans, a total of 3,068,865 shares were authorized for issuance, 2,218,406 stock options and RSUs had been issued and were outstanding, and 739,373 shares were available for grant. Stock Options Non-performance options granted under either plan vest over a maximum period of four years and expire ten years from the date of grant. Non-performance 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 non-performance options have been granted which vested 50% on the grant date and monthly thereafter for the remaining two years, and a non-performance option award underlying 50,000 shares of common stock to our interim Chief Financial Officer, or CFO, vests fully upon the earlier of the Company’s employment of a full time CFO or six months from the CFO’s employment commencement date. 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 and when the achievement of the performance objectives is probable. 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 pricing model for options granted during the years ended December 31, 2014 and 2015 are as follows: 2014 2015 Stock and exercise prices $2.79 - $9.11 $1.38 - $3.38 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 1.56% – 2.06% 1.52% – 1.94% Expected life (in years) 5.00 – 6.08 5.23 – 6.08 Expected volatility 90.0% – 100.0% 70.0% – 100.0% Expected forfeiture rate 0.00% – 5.00% 0.00% – 4.00% Using the assumptions described above, the weighted-average estimated fair value of options granted in 2014 and 2015 were approximately $5.25 and $2.00, respectively. A summary of stock option activity for 2014 and 2015 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years 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 Granted 1,323,926 $ 2.00 Exercised — — Cancelled/forfeited/expired (88,979 ) $ 4.61 Outstanding at December 31, 2015 2,141,141 $ 3.71 9.1 Vested and unvested expected to vest, December 31, 2015 1,940,701 $ 5.16 9.0 The intrinsic value of options outstanding at December 31, 2014 and 2015 was zero. Further information about the options outstanding and exercisable is as follows: 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 Options Outstanding and Exercisable at December 31, 2015 Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 1.38 129,055 10.0 — $ 2.09 1,232,371 9.6 12,207 $ 3.24 57,949 7.8 26,803 $ 5.22 387,158 7.8 289,225 $ 7.50 43,000 8.2 18,812 $ 8.88 238,500 8.1 79,497 $ 9.11 53,108 8.1 53,108 2,141,141 479,652 The intrinsic value of options exercisable at December 31, 2014 and 2015 was zero. 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 Overall RSU Grant Subject to Vesting 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 % 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 awards is based on management’s estimate of the most likely outcome and when the achievement of the performance objectives is probable. 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 was 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 Overall RSU Grant Subject to Vesting 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 % During the year ended December 31, 2015, a total of 174,002 vested RSUs were issued pursuant to the terms of the underlying agreements. At December 31, 2015, there were 77,265 RSUs outstanding, of which 46,117 shares were vested and unvested expected to vest. The intrinsic values of RSUs outstanding and RSUs vested and unvested expected to vest at December 31, 2015 were $106,626 and $63,641, 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 statement of operations during the periods presented: Years Ended December 31, 2014 2015 Stock Options Cost of revenues $ 20,961 $ 68,660 Research and development expenses 163,229 103,138 General and administrative expenses 1,139,309 933,018 Sales and marketing expenses 76,204 149,917 Total expenses related to stock options 1,399,703 1,254,733 RSUs Research and development expenses 30,000 10,724 General and administrative expenses 392,958 112,367 Total stock-based compensation $ 1,822,661 $ 1,377,824 As of December 31, 2015, total unrecognized share-based compensation expense related to nonvested stock option awards, adjusted for estimated forfeitures, was approximately $2,703,000, and is expected to be recognized over a weighted-average period of approximately 2.5 years. |
Common Warrants Outstanding
Common Warrants Outstanding | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Common Warrants Outstanding | 13. Common Warrants Outstanding A summary of equity-classified common stock warrant activity for the year ended December 31, 2015 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 609,187 $ 9.93 3.8 Issued 9,200,000 $ 1.56 Exercised (6,256,449 ) $ 1.56 Expired (1,200,000 ) $ 1.56 Outstanding at December 31, 2015 2,352,738 $ 3.73 3.8 Further information about equity-classified common stock warrants outstanding and exercisable at December 31, 2015 is as follows: Weighted Weighted Average Average Total Shares Contractual Exercise Price Outstanding Life (in years) $ 1.56 1,743,551 4.1 $ 4.72 52,966 8.3 $ 10.00 461,221 2.1 $ 12.50 95,000 3.1 2,352,738 The intrinsic value of equity-classified common stock warrants outstanding and exercisable at December 31, 2015 was zero. |
Net Loss per Common Share
Net Loss per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 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, 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 year ended December 31, 2014 2015 Preferred warrants outstanding (number of common stock equivalents) 1,587 1,587 Preferred share RSUs (number of common stock equivalents) 73,151 — Common warrants outstanding 609,187 2,352,738 Common share RSUs 178,467 77,265 Common options outstanding 906,194 2,141,141 Total anti-dilutive common share equivalents 1,768,586 4,572,731 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes For the year ended December 31, 2014 and 2015, the provision for income taxes was calculated as follows: For the year ended December 31, 2014 2015 Current: Federal $ — $ — State 1,506 1,608 Total 1,506 1,608 Deferred Federal — — State — — Total — — Provision for income tax $ 1,506 $ 1,608 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, 2014 2015 Income tax at statutory rate $ (5,393,944 ) $ (5,762,293 ) State liability (813,039 ) (334,494 ) Permanent items 14,374 34,852 Stock compensation 159,128 334,609 Nondeductible interest 399,249 (316 ) Expiration of net operating losses 1,136,317 796,699 Research and development credit (127,491 ) (164,967 ) State rate change 302,647 746,238 Estimated section 382 limitation — 48,484,354 Other 36,989 (1,041 ) Valuation allowance 4,287,276 (44,132,033 ) Provision for income tax $ 1,506 $ 1,608 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 estimated net operating loss carryforwards, deferred rent, and estimated research and development credits. Valuation allowances have been recorded to fully offset deferred tax assets at December 31, 2014 and 2015, as it is more likely than not that the assets will not be utilized. At December 31, 2015, the Company had estimated federal net operating loss carryforwards of approximately $16,764,000 expiring beginning in 2034 and total estimated state net operating loss carryforwards of approximately $8,504,000 expiring beginning in 2022. Additionally, at December 31, 2015, the Company had estimated research and development credits of approximately $82,000 and $3,264,000 for federal and California purposes, respectively. The estimated federal research and development tax credits will begin to expire in 2034. The California research and development tax credits do not expire. For the years ended December 31, 2014 and 2015, 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, 2014 or 2015. 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 2011 and the Company’s state filings prior to 2010 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, 2014 2015 Estimated net operating loss carryforward $ 47,329,815 $ 6,204,024 Estimated research and development credits 5,242,144 2,235,914 Accruals and other 1,216,600 1,234,413 Deferred rent 198,945 181,134 53,987,504 9,855,485 Less valuation allowance (53,987,504 ) (9,855,485 ) Net deferred tax assets $ — $ — Utilization of the estimated 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, or the Code, as well as similar state provisions. These ownership changes may limit the amount of estimated 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, likely 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 estimated 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 estimated 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, however, the Company believes an ownership change likely occurred during 2015. As a result, the Company has estimated that the use of its net operating loss is limited and has disclosed in the table above only the amounts it estimates could be used in the future, which remain fully offset by a valuation allowance to reduce the net asset to zero. |
Collaborative Agreements
Collaborative Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborative Arrangements | 17. Collaborative Agreements 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 $43,000 for the year ended December 31, 2014, with no revenue earned under this agreement during the year ended December 31, 2015, as the trial’s enrollment period reached completion. 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 and $32,000 for the years ended December 31, 2014 and 2015, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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 Note 9). 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 4). 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. 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 4). 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 Note 9). 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 4). 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 9). 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 was outstanding as of December 31, 2013 and was subsequently paid in full using the net proceeds from the Company’s IPO (see Notes 4 and 10). 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 4). A member of the Company’s management is the controlling person of Aegea Biotechnologies, Inc., or Aegea. On September 2, 2012, the Company entered into an Assignment and Exclusive Cross-License Agreement, or the Cross-License Agreement, with Aegea. The Company received payments totaling $25,763 during the year ended December 31, 2015 from Aegea as reimbursements for shared patent costs under the Cross-License Agreement. Pursuant to a sublease agreement dated March 30, 2015, the Company subleased 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 total of $102,432 in rental income was recorded to other income/(expense) in the Company’s statement of operations and comprehensive loss during the year ended December 31, 2015. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. 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 4, 5 and 9). The future minimum lease payments under the amended lease agreement as December 31, 2015 are as follows: 2016 $ 1,308,987 2017 1,348,257 2018 1,388,705 2019 1,430,366 2020 855,136 Thereafter — Total $ 6,331,451 Purchase Commitment In February 2016, the Company signed a firm, noncancelable, and unconditional commitment in an aggregate amount of $1,062,500 with a vendor to purchase certain inventory items, payable in quarterly installments of $62,500 through May 2020. 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. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2014 Balance sheet data: Cash & cash equivalents $ 10,417,277 $ 12,460,565 $ 8,819,872 $ 5,364,582 Total assets 11,289,508 13,332,475 9,849,674 6,565,053 Total non-current liabilities 473,080 5,176,235 5,314,253 5,354,839 Total shareholders’ equity/(deficit) 9,356,778 6,855,762 3,319,532 (220,569 ) Statement of operations and comprehensive loss data: Revenues $ 28,275 $ 19,245 $ 10,274 $ 75,621 Cost of revenues 658,315 359,364 538,181 614,688 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. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2015 Balance sheet data: Cash & cash equivalents $ 19,294,706 $ 16,523,975 $ 12,541,919 $ 8,821,329 Total assets 20,899,513 18,317,659 14,196,386 10,586,918 Total non-current liabilities 5,083,216 4,234,552 3,877,362 3,553,395 Total shareholders’ equity 13,582,795 11,049,961 6,928,277 3,692,735 Statement of operations and comprehensive loss data: Revenues $ 150,002 $ 76,768 $ 164,856 $ 218,283 Cost of revenues 1 1,147,682 1,013,075 1,159,710 1,275,691 Research and development expenses 1 651,420 744,242 677,729 784,379 General and administrative expenses 1,292,049 1,359,226 1,630,608 1,404,515 Sales and marketing expenses 709,456 851,109 1,055,653 1,264,168 Loss from operations (3,650,605 ) (3,890,884 ) (4,358,844 ) (4,510,470 ) Net loss $ (3,800,728 ) $ (4,035,105 ) $ (4,496,193 ) $ (4,617,500 ) Net loss per common share: 2 Basic $ (0.37 ) $ (0.22 ) $ (0.24 ) $ (0.24 ) Diluted $ (0.37 ) $ (0.22 ) $ (0.24 ) $ (0.24 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 10,372,667 17,998,969 18,727,806 18,921,945 Diluted 10,372,667 17,998,969 18,727,806 18,921,945 1 A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in the current period presentation of the unaudited condensed statements of operations and comprehensive loss. 2 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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events In February 2016, the Company signed a firm, noncancelable, and unconditional commitment in an aggregate amount of $1,062,500 with a vendor to purchase certain inventory items, payable in quarterly installments of $62,500 through May 2020 (see Note 19). |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
The Company and Business Activities | 1. The Company and Business Activities Biocept, Inc., or the Company, was founded in California in May 1997 and is a commercial-stage cancer diagnostics company developing and commercializing proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or 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 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. |
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. Certain prior period amounts have been reclassified to conform to the current period presentation. |
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. |
Revenue Recognition | Revenue Recognition Revenue is recognized in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 605, Revenue Recognition Health Care Entities, Revenue Recognition Approximately 10% and 34% of the Company’s revenues for the years ended December 31, 2015 and 2014, respectively, results from agreements with 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 2013, the Company entered into a research support agreement with a not-for-profit tax-exempt organization, Dana-Farber Partners Cancer Care, Inc., or Dana-Farber. For the year ended December 31, 2014, 32% of the revenues earned were billed through this relationship. In addition, 72% of the receivables were due from Dana-Farber at December 31, 2014. 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, or MD Anderson. For the years ended December 31, 2014 and 2015, 2% and 5%, respectively, of the revenues earned were billed through this relationship. In addition, 28% and 86% of the receivables were due from MD Anderson at December 31, 2014 and 2015, respectively. Concentrations of credit risk with respect to revenues and accounts receivable are primarily limited to certain clients including Dana-Farber and MD Anderson, and geographies to which the Company provides a significant volume of its services, and to specific payors of our services such as Medicare and individual insurance companies. Approximately 48% of commercial accessions billed from January 1, 2015 through December 31, 2015 were subject to Medicare reimbursement, and approximately 47% and 42% of commercial revenues and total revenues, respectively, during the twelve months ended December 31, 2015 were associated with Medicare. 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, 2014, revenues derived from clients within the states of Texas, Massachusetts, and California accounted for approximately 34%, 32% and 15%, respectively, of total revenues. For the year ended December 31, 2015, revenues derived from clients within the states of Texas, California and Maryland accounted for approximately 32%, 18%, and 12%, respectively, of total revenues. For the year ended December 31, 2014, the first, second, and third most significant clients accounted for approximately 32%, 20%, and 6%, respectively, of total revenues. For the year ended December 31, 2015, the first, second, and third most significant clients accounted for approximately 12%, 9%, and 5%, respectively, of total revenues. The Company operates in one reportable business segment and historically has derived revenues only from the United States, with international revenues of $16,027, or approximately 3% of our net revenues, commencing in 2015 and received through the twelve months ended December 31 of such year. 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, 2014 and 2015, 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. In addition, the Company records a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of the Company’s future demand forecasts consistent with its valuation of excess and obsolete inventory. |
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, 2014 and 2015 was approximately $251,000 and $261,000, 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, 2014 and 2015, 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’ equity/(deficit), while a preferred stock warrant to purchase an equivalent of 1,587 shares of common stock remained liability-classified at December 31, 2015. |
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, 2014 and 2015 were approximately $4,498,000 and $2,858,000, 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, 2014 and 2015, 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, 2014 and 2015, and the Company has not recognized interest and/or penalties in the statements of operations for the years ended December 31, 2014 and 2015. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 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 $12,778 of such costs remain unamortized and recorded as an offset to non-current portion of credit facility, net in the Company’s balance sheet at December 31, 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. In November 2015, the FASB issued authoritative guidance requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and may be applied to all deferred tax assets and liabilities on a retrospective basis for all periods presented. The Company early adopted the provisions of this authoritative guidance for the years ended December 31, 2014 and 2015. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In January 2016, the FASB issued authoritative guidance requiring, among other things, that certain equity investments be measured at fair value with changes in fair value recognized in net income, that financial assets and financial liabilities be presented separately by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, that the prior requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet be eliminated, and that a reporting organization is to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption of the instrument-specific credit risk amendment is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial statements or disclosures. In February 2016, the FASB issued authoritative guidance requiring, among other things, that entities recognize the assets and liabilities arising from leases on the balance sheet under revised criteria, while the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria in the previous leases guidance. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. 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. |
Stock Options [Member] | |
Fair Value Measurement | 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 and when the achievement of the performance objectives is probable. |
Restricted Stock [Member] | |
Fair Value Measurement | 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 awards is based on management’s estimate of the most likely outcome and when the achievement of the performance objectives is probable. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Assumptions Used for Determining Fair Values of Common Stock Warrants | 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 % |
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, 2014 and 2015: Fair Value Measurements at Reporting Date Using Significant Unobservable Inputs (Level 3) 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 Change in fair value included in expense in 2015 (931 ) Balance at December 31, 2015 $ 139 |
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: Over-allotment 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 % |
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-allotment Options 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 % 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) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Fixed Assets and Accrued Liabilities | The following provides certain balance sheet details: December 31, December 31, 2014 2015 Fixed Assets Machinery and equipment $ 2,922,303 $ 2,518,158 Furniture and office equipment 209,844 143,726 Computer equipment and software 681,508 577,898 Leasehold improvements 506,328 514,614 Financed equipment 878,447 914,179 Construction in process 72,172 70,815 5,270,602 4,739,390 Less accumulated depreciation and amortization 4,608,180 3,793,210 Total fixed assets, net $ 662,422 $ 946,180 Accrued Liabilities Accrued interest $ 33,125 $ 28,981 Accrued payroll 82,241 128,753 Accrued vacation 276,574 307,845 Accrued bonuses 302,763 376,100 Accrued sales commissions — 76,574 Warrant liability 1,070 139 Current portion of deferred rent — 31,170 Other 4,130 17,337 Total accrued liabilities $ 699,903 $ 966,899 |
Accounting for Stock-Based Co33
Accounting for Stock-Based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model | The assumptions used in the Black-Scholes pricing model for options granted during the years ended December 31, 2014 and 2015 are as follows: 2014 2015 Stock and exercise prices $2.79 - $9.11 $1.38 - $3.38 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 1.56% – 2.06% 1.52% – 1.94% Expected life (in years) 5.00 – 6.08 5.23 – 6.08 Expected volatility 90.0% – 100.0% 70.0% – 100.0% Expected forfeiture rate 0.00% – 5.00% 0.00% – 4.00% |
Summary of Stock Option Activity for Option Awards Granted | A summary of stock option activity for 2014 and 2015 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years 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 Granted 1,323,926 $ 2.00 Exercised — — Cancelled/forfeited/expired (88,979 ) $ 4.61 Outstanding at December 31, 2015 2,141,141 $ 3.71 9.1 Vested and unvested expected to vest, December 31, 2015 1,940,701 $ 5.16 9.0 |
Schedule of Information about Options Outstanding and Exercisable | Further information about the options outstanding and exercisable is as follows: 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 Options Outstanding and Exercisable at December 31, 2015 Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 1.38 129,055 10.0 — $ 2.09 1,232,371 9.6 12,207 $ 3.24 57,949 7.8 26,803 $ 5.22 387,158 7.8 289,225 $ 7.50 43,000 8.2 18,812 $ 8.88 238,500 8.1 79,497 $ 9.11 53,108 8.1 53,108 2,141,141 479,652 |
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 Overall RSU Grant Subject to Vesting 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 % |
Schedule of Performance Stock Units Vesting Percentage | Vesting of these RSUs was 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 Overall RSU Grant Subject to Vesting 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 statement of operations during the periods presented: Years Ended December 31, 2014 2015 Stock Options Cost of revenues $ 20,961 $ 68,660 Research and development expenses 163,229 103,138 General and administrative expenses 1,139,309 933,018 Sales and marketing expenses 76,204 149,917 Total expenses related to stock options 1,399,703 1,254,733 RSUs Research and development expenses 30,000 10,724 General and administrative expenses 392,958 112,367 Total stock-based compensation $ 1,822,661 $ 1,377,824 |
Common Warrants Outstanding (Ta
Common Warrants Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Classified Warrants [Abstract] | |
Summary of Equity-Classified Common Stock Warrant Activity | A summary of equity-classified common stock warrant activity for the year ended December 31, 2015 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 609,187 $ 9.93 3.8 Issued 9,200,000 $ 1.56 Exercised (6,256,449 ) $ 1.56 Expired (1,200,000 ) $ 1.56 Outstanding at December 31, 2015 2,352,738 $ 3.73 3.8 |
Schedule of Equity-Classified Common Stock Warrants Outstanding And Exercisable | Further information about equity-classified common stock warrants outstanding and exercisable at December 31, 2015 is as follows: Weighted Weighted Average Average Total Shares Contractual Exercise Price Outstanding Life (in years) $ 1.56 1,743,551 4.1 $ 4.72 52,966 8.3 $ 10.00 461,221 2.1 $ 12.50 95,000 3.1 2,352,738 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 year ended December 31, 2014 2015 Preferred warrants outstanding (number of common stock equivalents) 1,587 1,587 Preferred share RSUs (number of common stock equivalents) 73,151 — Common warrants outstanding 609,187 2,352,738 Common share RSUs 178,467 77,265 Common options outstanding 906,194 2,141,141 Total anti-dilutive common share equivalents 1,768,586 4,572,731 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | For the year ended December 31, 2014 and 2015, the provision for income taxes was calculated as follows: For the year ended December 31, 2014 2015 Current: Federal $ — $ — State 1,506 1,608 Total 1,506 1,608 Deferred Federal — — State — — Total — — Provision for income tax $ 1,506 $ 1,608 |
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, 2014 2015 Income tax at statutory rate $ (5,393,944 ) $ (5,762,293 ) State liability (813,039 ) (334,494 ) Permanent items 14,374 34,852 Stock compensation 159,128 334,609 Nondeductible interest 399,249 (316 ) Expiration of net operating losses 1,136,317 796,699 Research and development credit (127,491 ) (164,967 ) State rate change 302,647 746,238 Estimated section 382 limitation — 48,484,354 Other 36,989 (1,041 ) Valuation allowance 4,287,276 (44,132,033 ) Provision for income tax $ 1,506 $ 1,608 |
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, 2014 2015 Estimated net operating loss carryforward $ 47,329,815 $ 6,204,024 Estimated research and development credits 5,242,144 2,235,914 Accruals and other 1,216,600 1,234,413 Deferred rent 198,945 181,134 53,987,504 9,855,485 Less valuation allowance (53,987,504 ) (9,855,485 ) Net deferred tax assets $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum lease payments under the amended lease agreement as December 31, 2015 are as follows: 2016 $ 1,308,987 2017 1,348,257 2018 1,388,705 2019 1,430,366 2020 855,136 Thereafter — Total $ 6,331,451 |
Selected Quarterly Financial 38
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2014 Balance sheet data: Cash & cash equivalents $ 10,417,277 $ 12,460,565 $ 8,819,872 $ 5,364,582 Total assets 11,289,508 13,332,475 9,849,674 6,565,053 Total non-current liabilities 473,080 5,176,235 5,314,253 5,354,839 Total shareholders’ equity/(deficit) 9,356,778 6,855,762 3,319,532 (220,569 ) Statement of operations and comprehensive loss data: Revenues $ 28,275 $ 19,245 $ 10,274 $ 75,621 Cost of revenues 658,315 359,364 538,181 614,688 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. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2015 Balance sheet data: Cash & cash equivalents $ 19,294,706 $ 16,523,975 $ 12,541,919 $ 8,821,329 Total assets 20,899,513 18,317,659 14,196,386 10,586,918 Total non-current liabilities 5,083,216 4,234,552 3,877,362 3,553,395 Total shareholders’ equity 13,582,795 11,049,961 6,928,277 3,692,735 Statement of operations and comprehensive loss data: Revenues $ 150,002 $ 76,768 $ 164,856 $ 218,283 Cost of revenues 1 1,147,682 1,013,075 1,159,710 1,275,691 Research and development expenses 1 651,420 744,242 677,729 784,379 General and administrative expenses 1,292,049 1,359,226 1,630,608 1,404,515 Sales and marketing expenses 709,456 851,109 1,055,653 1,264,168 Loss from operations (3,650,605 ) (3,890,884 ) (4,358,844 ) (4,510,470 ) Net loss $ (3,800,728 ) $ (4,035,105 ) $ (4,496,193 ) $ (4,617,500 ) Net loss per common share: 2 Basic $ (0.37 ) $ (0.22 ) $ (0.24 ) $ (0.24 ) Diluted $ (0.37 ) $ (0.22 ) $ (0.24 ) $ (0.24 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 10,372,667 17,998,969 18,727,806 18,921,945 Diluted 10,372,667 17,998,969 18,727,806 18,921,945 1 A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in the current period presentation of the unaudited condensed statements of operations and comprehensive loss. 2 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Liquidity and Going Concern U39
Liquidity and Going Concern Uncertainty- Additional Information (Detail) - USD ($) | Dec. 21, 2015 | Feb. 13, 2015 | Feb. 29, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 03, 2016 | May. 31, 2015 | Dec. 31, 2013 |
Liquidity And Managements Plans [Line Items] | ||||||||||||||||
Cash and cash equivalents | $ 8,821,329 | $ 12,541,919 | $ 16,523,975 | $ 19,294,706 | $ 5,364,582 | $ 8,819,872 | $ 12,460,565 | $ 10,417,277 | $ 8,821,329 | $ 5,364,582 | $ 69,178 | |||||
Accumulated deficit | 155,236,548 | 138,287,022 | 155,236,548 | 138,287,022 | ||||||||||||
Net loss | 4,617,500 | $ 4,496,193 | $ 4,035,105 | $ 3,800,728 | 3,881,541 | $ 3,859,794 | $ 2,996,840 | $ 5,127,871 | 16,949,526 | 15,866,046 | ||||||
Accounts payable and accrued liabilities | 1,600,000 | 1,600,000 | ||||||||||||||
Net proceeds from issuance of common stock | $ 9,100,000 | |||||||||||||||
Non-underwriter costs | 300,000 | 300,000 | 300,000 | |||||||||||||
Proceeds from exercise of common stock warrants | 9,760,060 | |||||||||||||||
Net proceeds from issuance of common stock | $ 177,500 | 9,788,057 | 17,390,240 | |||||||||||||
Shelf Registration Statement [Member] | ||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||
Minimum public float limit for offering | $ 75,000,000 | |||||||||||||||
Maximum [Member] | Shelf Registration Statement [Member] | ||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||
Aggregate offering price | $ 50,000,000 | |||||||||||||||
Aspire Capital Fund, LLC [Member] | Common Stock Purchase Agreement [Member] | ||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||
Net proceeds from issuance of common stock | $ 958,000 | |||||||||||||||
Additional paid in capital available to be issued | $ 14,000,000 | |||||||||||||||
Additional paid in capital available to be issued, shares | 2,984,122 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||
Unconditional purchase commitment aggregate amount | $ 1,062,500 | |||||||||||||||
Unconditional purchase commitment, quarterly payment amount | $ 62,500 | |||||||||||||||
Unconditional purchase commitment payment terms | Quarterly | |||||||||||||||
Unconditional purchase commitment period | through May 2020 | |||||||||||||||
Non-underwriter costs | $ 300,000 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 9,800,000 | $ 9,800,000 | ||||||||||||||
April 2014 Credit Facility [Member] | ||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||
Credit facility, net | 5,000,000 | 5,000,000 | ||||||||||||||
Aggregate gross interest-bearing indebtedness | 5,600,000 | 5,600,000 | ||||||||||||||
Due within one year | $ 2,100,000 | $ 2,100,000 | ||||||||||||||
Note Agreements with Certain Shareholders and Line of Credit [Member] | ||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||
Debt instrument carrying amount | $ 500,000 | $ 500,000 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Feb. 10, 2014shares | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Number of reportable segments | Segment | 1 | ||||||||||||||
Revenues | $ 218,283 | $ 164,856 | $ 76,768 | $ 150,002 | $ 75,621 | $ 10,274 | $ 19,245 | $ 28,275 | $ 609,909 | $ 133,415 | |||||
Number of suppliers | one supplier | ||||||||||||||
Allowance for doubtful accounts | 0 | 0 | $ 0 | 0 | |||||||||||
Depreciation expense | 261,000 | 251,000 | |||||||||||||
Preferred warrants outstanding after cancellation of warrants due to early termination clauses | shares | 1,587 | ||||||||||||||
Research and development expenses | 784,379 | [1] | $ 677,729 | [1] | $ 744,242 | [1] | $ 651,420 | [1] | 1,070,278 | $ 1,310,905 | $ 1,107,678 | $ 1,008,929 | 2,857,770 | 4,497,790 | |
Accrual for interest or penalties for income taxes | 0 | $ 0 | 0 | 0 | |||||||||||
Interest or penalties expense on income taxes | 0 | 0 | |||||||||||||
Prior period reclassification adjustment amount related to other non current assets | $ 23,194 | ||||||||||||||
Unamortized debt issuance costs | $ 12,778 | $ 12,778 | |||||||||||||
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 | ||||||||||||||
Medicare Reimbursement [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 48.00% | ||||||||||||||
Medicare [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 47.00% | ||||||||||||||
International [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Revenues | $ 16,027 | ||||||||||||||
Percentage of net revenue | 3.00% | ||||||||||||||
Sales Revenue [Member] | Medicare [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 42.00% | ||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Texas [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 32.00% | 34.00% | |||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Massachusetts [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 32.00% | ||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | California [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 18.00% | 15.00% | |||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Maryland [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 12.00% | ||||||||||||||
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% | ||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | MD Anderson Cancer Center [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 5.00% | 2.00% | |||||||||||||
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% | ||||||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | MD Anderson Cancer Center [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 86.00% | 28.00% | |||||||||||||
Contracted Partners [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 10.00% | 34.00% | |||||||||||||
Client One [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | Dana Farber Partners Cancer Care, Inc. [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 12.00% | 32.00% | |||||||||||||
Client Two [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | MD Anderson Cancer Center [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 9.00% | 20.00% | |||||||||||||
Client Three [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | Geographies [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Concentration risk percentage | 5.00% | 6.00% | |||||||||||||
[1] | A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in the current period presentation of the unaudited condensed statements of operations and comprehensive loss. |
Sales of Equity Securities - Ad
Sales of Equity Securities - Additional Information (Detail) - USD ($) | Dec. 21, 2015 | Feb. 13, 2015 | Feb. 09, 2015 | Feb. 13, 2014 | Feb. 10, 2014 | Feb. 04, 2014 | Feb. 29, 2016 | Jul. 31, 2013 | Mar. 03, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 03, 2016 | Dec. 31, 2013 | Jun. 28, 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 | $ 8,766,946 | $ 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 | $ 1.25 | |||||||||||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 7,690,395 | $ 7,690,395 | ||||||||||||
Issuance of warrants to purchase shares of common stock | 1,200,000 | |||||||||||||
Exercise price of warrants | $ 1.56 | $ 10 | $ 1.56 | |||||||||||
Class of warrant or rights, term | 5 years | |||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,627,396 | $ 1,627,396 | ||||||||||||
Series A Preferred Stock, shares converted to common stock | 69,421,047 | 69,421,047 | ||||||||||||
Preferred stock, par value | $ 0.0001 | |||||||||||||
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 | ||||||||||
Preferred stock, shares authorized | 5,000,000 | |||||||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||||||||
Preferred stock, shares issued | 0 | 0 | ||||||||||||
Debt, principal amount converted | $ 6,600,000 | |||||||||||||
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 | $ 2,500,000 | |||||||||||||
Unamortized discounts related to warrants | 1,000,000 | |||||||||||||
Offering costs associated with IPO | 900,000 | |||||||||||||
Underwriter IPO costs | 279,760 | |||||||||||||
Underwriter IPO discounts | 1,300,000 | |||||||||||||
Line of credit, outstanding balance repaid | 2,346,000 | $ 625,440 | $ 2,346,000 | |||||||||||
Line of credit, accrued interest paid | 27,043 | |||||||||||||
Stock options granted | 1,323,926 | 647,298 | ||||||||||||
Annual cash compensation expense | 225,000 | |||||||||||||
Repayment of laboratory equipment dues to supplier | $ 70,000 | |||||||||||||
Proceeds from issuance of common stock | 177,500 | $ 9,788,057 | $ 17,390,240 | |||||||||||
Non-underwriter costs | $ 300,000 | $ 300,000 | ||||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Underwriter cost | $ 200,000 | |||||||||||||
Underwriting discounts | 700,000 | |||||||||||||
Proceeds from exercise of common stock warrants | $ 9,760,060 | |||||||||||||
Common stock, shares issued | 165,000 | 19,670,054 | 4,449,603 | |||||||||||
Aspire Capital Fund, LLC [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Maximum number of shares of common stock to be purchase per business day | 100,000 | |||||||||||||
Aggregate amount of common stock | $ 15,000,000 | |||||||||||||
Consecutive trading days threshold | 10 days | |||||||||||||
Common stock shares trading volume percentage | 30.00% | |||||||||||||
Percentage of volume weighted average price | 97.00% | |||||||||||||
Aspire Capital Fund, LLC [Member] | Minimum [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Offering, price per share | $ 0.50 | |||||||||||||
Sale of common stock, closing price per share | $ 0.50 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Increase in capital shares value | $ 958,000 | |||||||||||||
Non-underwriter costs | 300,000 | $ 300,000 | ||||||||||||
Proceeds from exercise of common stock warrants | $ 9,800,000 | 9,800,000 | ||||||||||||
Aggregate increase in capital from public offerings | 18,600,000 | |||||||||||||
Underwriting cost and discount | $ 900,000 | |||||||||||||
Aggregate amount of common stock | 14,000,000 | |||||||||||||
common stock issuance costs | $ 42,000 | |||||||||||||
Common stock remains available to be issued | 2,984,122 | 2,984,122 | ||||||||||||
Executive Officers [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Payment of deferred salary obligations | $ 1,000,000 | |||||||||||||
Payment of additional deferred salary obligations | $ 344,883 | |||||||||||||
Additional cash compensation expense | 150,000 | |||||||||||||
Annual cash compensation expense | 225,000 | |||||||||||||
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 | |||||||||||||
Accrued interest [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Accrued interest on convertible debt converted | 233,982 | |||||||||||||
2008 Convertible Note [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Debt, principal amount converted | $ 1,400,000 | $ 1,400,000 | ||||||||||||
Conversion price of notes | $ 10 | |||||||||||||
Convertible Note converted into preferred/common stock | 163,399 | |||||||||||||
2008 Convertible Note [Member] | Accrued interest [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Accrued interest on convertible debt converted | $ 233,982 | |||||||||||||
2013 Convertible Bridge Notes [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Exercise price of warrants | $ 10 | $ 10 | ||||||||||||
Debt, principal amount converted | $ 5,165,000 | |||||||||||||
Accrued interest on convertible debt converted | $ 313,017 | |||||||||||||
Conversion price of notes | $ 10 | |||||||||||||
Convertible Note converted into preferred/common stock | 547,803 | |||||||||||||
Warrants reclassified to additional paid-in capital | 258,249 | |||||||||||||
Maximum amount of line of credit | $ 7,000,000 | |||||||||||||
2013 Convertible Bridge Notes [Member] | Accrued interest [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Accrued interest on convertible debt converted | $ 313,017 | |||||||||||||
Line of Credit [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Exercise price of warrants | $ 10 | |||||||||||||
Collateral amount provided to secure Line of Credit | $ 2,600,000 | |||||||||||||
Warrants reclassified to additional paid-in capital | 128,903 | |||||||||||||
Maximum amount of line of credit | $ 2,600,000 | |||||||||||||
Line of credit, outstanding balance repaid | $ 2,300,000 | |||||||||||||
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 | |||||||||||||
2013 Equity Incentive Plan [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
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 | |||||||||||||
Aegis Capital Corp [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Purchase of common stock by underwriters to cover overallotments, grant date fair value | $ 202,143 | $ 202,143 | ||||||||||||
Issuance of warrants to purchase shares of common stock | 8,000,000 | 95,000 | 8,000,000 | |||||||||||
Exercise price of warrants | $ 12.50 | |||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 544,116 | $ 544,116 | ||||||||||||
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 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Public offering, number of shares issued | 8,000,000 | 1,900,000 | ||||||||||||
Increase in capital shares value | $ 16,500,000 | $ 800 | $ 190 | |||||||||||
Convertible Note converted into preferred/common stock | 433,883 | |||||||||||||
Common Stock [Member] | Aspire Capital Fund, LLC [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Public offering, number of shares issued | 625,000 | |||||||||||||
Increase in capital shares value | $ 15,000,000 | |||||||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 months | |||||||||||||
Offering, price per share | $ 1.60 | |||||||||||||
Proceeds from issuance of common stock | $ 1,000,000 | |||||||||||||
Common Stock [Member] | 2008 Convertible Note [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Convertible Note converted into preferred/common stock | 163,399 |
Fair Value Measurement - Warran
Fair Value Measurement - Warranty Liability Derivatives - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | 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 | $ 1.56 | ||
Warrant for preferred shares outstanding | 1,587 | ||||
Warrant liability | $ 139 | $ 1,070 | |||
Change in fair value of warrant liability | $ 931 | $ (200,936) | $ (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 | ||||
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] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Exercise price of warrants | $ 10 | ||||
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] | IPO | 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] | IPO | Two-Year Term [Member] | |||||
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) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
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% |
Over-allotment Options [Member] | IPO February 10,2014 [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% |
Over-allotment Options [Member] | Public Offering February 13,2015 [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% |
Warrants [Member] | IPO February 10,2014 [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 8.91 |
Exercise price | $ 12.50 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.46% |
Expected life (in years) | 5 years |
Expected volatility | 90.00% |
Warrants [Member] | Public Offering February 13,2015 [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 1.41 |
Exercise price | $ 1.56 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.53% |
Expected life (in years) | 5 years |
Expected volatility | 90.00% |
Five-Year Term [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 8.91 |
Exercise price | $ 10 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.48% |
Expected life (in years) | 5 years |
Expected volatility | 90.00% |
Two-Year Term [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 8.91 |
Exercise price | $ 10 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 0.32% |
Expected life (in years) | 2 years |
Expected volatility | 90.00% |
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, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 1,070 | $ 2,140,532 |
Warrant liability incurred | 135,222 | |
Change in fair value included in expense | (931) | 200,936 |
Warrant liability reclassified to additional paid-in capital | (2,475,620) | |
Ending Balance | $ 139 | $ 1,070 |
Fair Value Measurement - Other
Fair Value Measurement - Other Fair Value Measurements - Additional Information (Detail) - USD ($) | Feb. 13, 2015 | Feb. 09, 2015 | Feb. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
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, grant date fair value | $ 7,690,395 | $ 7,690,395 | ||||
Issuance of warrants to purchase shares of common stock | 1,200,000 | |||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,627,396 | $ 1,627,396 | ||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.25 | $ 9.30 | $ 1.25 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Warrant term | 5 years | 5 years | ||||
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 | |||||
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 | 202,143 | ||||
Issuance of warrants to purchase shares of common stock | 8,000,000 | 95,000 | 8,000,000 | |||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 544,116 | $ 544,116 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Fixed Assets and Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fixed Assets | ||
Machinery and equipment | $ 2,518,158 | $ 2,922,303 |
Furniture and office equipment | 143,726 | 209,844 |
Computer equipment and software | 577,898 | 681,508 |
Leasehold improvements | 514,614 | 506,328 |
Financed equipment | 914,179 | 878,447 |
Construction in process | 70,815 | 72,172 |
Total fixed assets, gross | 4,739,390 | 5,270,602 |
Less accumulated depreciation and amortization | 3,793,210 | 4,608,180 |
Total fixed assets, net | 946,180 | 662,422 |
Accrued Liabilities | ||
Accrued interest | 28,981 | 33,125 |
Accrued payroll | 128,753 | 82,241 |
Accrued vacation | 307,845 | 276,574 |
Accrued bonuses | 376,100 | 302,763 |
Accrued sales commissions | 76,574 | |
Warrant liability | 139 | 1,070 |
Current portion of deferred rent | 31,170 | |
Other | 17,337 | 4,130 |
Total accrued liabilities | $ 966,899 | $ 699,903 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information(Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Disposal of fixed assets | $ 1,076,000 |
April 2014 Credit Facility - Ad
April 2014 Credit Facility - Additional Information (Detail) - USD ($) | Feb. 13, 2015 | Apr. 30, 2014 | Feb. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | |||||
Exercise price of warrants | $ 1.56 | $ 10 | $ 1.56 | ||
Warrant term | 5 years | 5 years | |||
Net proceeds from credit facility | $ 4,897,502 | ||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,627,396 | $ 1,627,396 | |||
Total amount of interest expense recorded | 640,478 | 1,789,680 | |||
Unamortized discounts related to warrants | $ 1,000,000 | ||||
Oxford Finance LLC [Member] | Common Stock [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Warrant issued to lender | 52,966 | ||||
Exercise price of warrants | $ 4.72 | ||||
Warrant term | 10 years | ||||
Oxford Finance LLC [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Default limit amount | $ 250,000 | ||||
Debt default final judgment amount | 250,000 | ||||
Oxford Finance LLC [Member] | First Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net cash proceeds on term loan | 4,898,000 | ||||
Line Of Credit Facility Fees Amount Payable | $ 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 | 611,911 | 380,264 | |||
Accretion of discount recognized as interest expense | 113,000 | 74,000 | |||
Unamortized discounts related to warrants | $ 148,000 | $ 261,000 | |||
Effective annual interest rate | 11.50% | 10.81% | |||
Oxford Finance LLC [Member] | One Year [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Term Loan prepayment fee percentage | 2.00% | ||||
Oxford Finance LLC [Member] | Two Years [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Term Loan prepayment fee percentage | 1.00% | ||||
Oxford Finance LLC [Member] | Scenario One | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Interest Rate During Period | 7.95% | ||||
Oxford Finance LLC [Member] | Scenario Two | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Interest Rate During Period | 7.71% |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) | Feb. 10, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)RelatedParty$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | 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 | $ 625,440 | $ 2,346,000 | |||
Line of credit, accrued interest paid | $ 27,043 | |||||
Exercise price of warrants | $ / shares | $ 10 | $ 1.56 | $ 1.56 | |||
Reclassification of warrant liability derivative due to triggering event | $ 513,603 | 2,475,620 | ||||
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% |
Convertible Notes and Warrants
Convertible Notes and Warrants - Goodman Note - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | May. 01, 2010 | Jul. 31, 2013 | May. 31, 2010 | Jan. 31, 2009 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 13, 2015 | 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 | $ 1.56 | ||||||||||||
Debt, principal amount converted | $ 6,600,000 | ||||||||||||||
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] | |||||||||||||||
Convertible Note converted into preferred/common stock | 433,883 | ||||||||||||||
Common Stock [Member] | Aegis Capital Corp [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Number of shares issued as warrant | 95,000 | ||||||||||||||
Accrued interest [Member] | |||||||||||||||
Debt Conversion [Line Items] | |||||||||||||||
Accrued interest on convertible debt converted | $ 233,982 | ||||||||||||||
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 | ||||||||||||||
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 Warrant51
Convertible Notes and Warrants - 2008 Convertible Note - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jul. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 13, 2015 | Dec. 31, 2008 |
Temporary Equity [Line Items] | ||||||
Exercise price of warrants | $ 10 | $ 1.56 | $ 1.56 | |||
Debt, principal amount converted | $ 6,600,000 | |||||
Accrued interest [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Accrued interest on convertible debt converted | $ 233,982 | |||||
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 | $ 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 Warrant52
Convertible Notes and Warrants - 2011 Convertible Bridge Notes - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Feb. 28, 2011 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2015 | Feb. 13, 2015 | Dec. 31, 2012 |
Temporary Equity [Line Items] | ||||||||
Debt, principal amount converted | $ 6,600,000 | |||||||
Exercise price of warrants | $ 10 | $ 1.56 | $ 1.56 | |||||
Accrued interest [Member] | ||||||||
Temporary Equity [Line Items] | ||||||||
Accrued interest on convertible debt converted | $ 233,982 | |||||||
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] | 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 Warrant53
Convertible Notes and Warrants - 2012 Revolver Notes - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Jun. 28, 2013 | Nov. 08, 2012 | Apr. 05, 2012 | Dec. 31, 2014 | Dec. 31, 2015 | Feb. 13, 2015 | Dec. 31, 2013 | Sep. 13, 2013 | Dec. 31, 2012 | Jan. 13, 2012 |
Temporary Equity [Line Items] | |||||||||||
Debt, principal amount converted | $ 6,600,000 | ||||||||||
Exercise price of warrants | $ 10 | $ 1.56 | $ 1.56 | ||||||||
Accrued interest [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Accrued interest on convertible debt converted | $ 233,982 | ||||||||||
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 | ||||||||||
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 | ||||||||||
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 | ||||||||||
2012 Revolver Notes [Member] | Accrued interest [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Accrued interest on convertible debt converted | $ 645,000 | ||||||||||
2012 Revolver Notes [Member] | Series A Convertible Preferred Stock [Member] | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Conversion price of notes | $ 0.54 | ||||||||||
Shares issued upon conversion of debt | 12,230,899 | ||||||||||
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 |
Convertible Notes and Warrant54
Convertible Notes and Warrants - Other - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Sep. 10, 2012 | Dec. 31, 2015 | Feb. 13, 2015 | Dec. 31, 2014 | Sep. 30, 2013 | Sep. 10, 2013 |
Class Of Warrant Or Right [Line Items] | |||||||
Warrant coverage amount | $ 502,605 | ||||||
Exercise price of warrants | $ 10 | $ 1.56 | $ 1.56 | ||||
Preferred warrants outstanding after cancellation of warrants due to early termination clauses | 1,587 | ||||||
Warrant become exercisable for shares of common stock | 50,260 | ||||||
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) | 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 | |||||
Reclassification of common stock warrant liability to APIC upon IPO. | $ 304,000 | ||||||
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 |
Convertible Notes and Warrant55
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 | Dec. 31, 2015 | Feb. 13, 2015 |
Temporary Equity [Line Items] | |||||||
Exercise price of warrants | $ 10 | $ 10 | $ 1.56 | $ 1.56 | |||
Debt, principal amount converted | $ 6,600,000 | ||||||
Accrued interest [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Accrued interest on convertible debt converted | $ 233,982 | ||||||
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 | |||||
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 | $ 10 | $ 10 | ||||
Grant date fair value of liability classified warrants issued | $ 1,612,000 | ||||||
Expected life (in years) | 5 years | ||||||
Expected dividend yield | 0.00% | ||||||
Reclassification of common stock warrant liability to APIC upon IPO. | $ 1,563,000 | ||||||
Accretion of discount recognized as interest expense | $ 928,000 | ||||||
Debt, principal amount converted | 5,165,000 | ||||||
Accrued interest on convertible debt converted | $ 313,017 | ||||||
Conversion price of notes | $ 10 | $ 10 | |||||
Convertible Note converted into preferred/common stock | 547,803 | ||||||
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 Warrant56
Convertible Notes and Warrants - Line of Credit - Additional Information (Detail) - USD ($) | Feb. 10, 2014 | Feb. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2015 |
Line of Credit | |||||||
Exercise price of warrants | $ 10 | $ 10 | $ 1.56 | $ 1.56 | |||
Change in fair value of warrant liability | $ (931) | $ 200,936 | $ 536,000 | ||||
Debt, principal amount converted | $ 6,600,000 | ||||||
Accrued interest [Member] | |||||||
Line of Credit | |||||||
Accrued interest on convertible debt converted | $ 233,982 | ||||||
Common Stock Warrants [Member] | |||||||
Line of Credit | |||||||
Exercise price of warrants | $ 10 | $ 10 | |||||
Line of Credit [Member] | Common Stock Warrants [Member] | |||||||
Line of Credit | |||||||
Collateral amount provided to secure Line of Credit | $ 2,578,076 | $ 2,578,076 | |||||
Exercise price of warrants | $ 10 | $ 10 | |||||
Expected life (in years) | 2 years | ||||||
Expected dividend yield | 0.00% | ||||||
Fair value assumption, probability rate | 25.00% | ||||||
Fair value price | $ 0 | ||||||
Reclassification of common stock warrant liability to APIC upon IPO. | $ 514,000 | ||||||
Accretion of discount recognized as interest expense | $ 397,000 | ||||||
Debt, principal amount converted | 2,346,000 | ||||||
Line of Credit [Member] | Common Stock Warrants [Member] | Accrued interest [Member] | |||||||
Line of Credit | |||||||
Accrued interest on convertible debt converted | 27,043 | ||||||
Line of Credit [Member] | Common Stock Warrants [Member] | Black Scholes Valuation Model | |||||||
Line of Credit | |||||||
Fair value assumption, probability rate | 75.00% | ||||||
Line of Credit [Member] | Common Stock Warrants [Member] | Minimum [Member] | |||||||
Line of Credit | |||||||
Exercise price | $ 1.48 | ||||||
Average risk free interest rate | 0.38% | ||||||
Expected volatility | 90.00% | ||||||
Line of Credit [Member] | Common Stock Warrants [Member] | Maximum [Member] | |||||||
Line of Credit | |||||||
Exercise price | $ 14.28 | ||||||
Average risk free interest rate | 1.38% | ||||||
Expected volatility | 105.00% | ||||||
Line of Credit [Member] | U B S Bank | |||||||
Line of Credit | |||||||
Collateral amount provided to secure Line of Credit | $ 2,578,104 | $ 2,578,104 | |||||
Common stock warrants coverage amount of the fair market value | 50.00% | ||||||
Exercise price of warrants | $ 10 | $ 10 |
Supplier Financing - Additional
Supplier Financing - Additional Information (Detail) - Financing Agreements With Supplier [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2011 | |
Laboratory equipment [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument initial principal amount | $ 177 | |||
Interest rate | 7.40% | |||
Remaining balance under financing agreement | $ 62 | |||
Laboratory Software [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.95% | 5.25% | ||
Remaining balance under financing agreement | $ 34 | $ 49 | ||
Financing agreement, due period | 1 year | |||
Director [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument initial principal amount | $ 256 | |||
Interest rate | 0.00% | |||
Financing agreement, average interest rate | 8.00% | |||
Remaining balance under financing agreement | $ 66 |
Shareholders' Equity_(Deficit)
Shareholders' Equity/(Deficit) - Additional Information (Detail) - USD ($) | Feb. 04, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 13, 2015 | Dec. 31, 2013 |
Class Of Stock [Line Items] | |||||
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 | 53,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Preferred stock, par value | $ 0.0001 | ||||
Preferred stock, shares authorized | 5,000,000 | ||||
Number of preferred stock share previously authorized | 100,000,000 | ||||
Preferred stock, dividends, per share, cash paid | 8.00% | ||||
Initial public offering, price per share | $ 10 | ||||
Preferred stock, dividend declared | $ 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 | $ 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. | ||||
Series A Convertible Preferred Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Initial public offering, price per share | $ 0.60 | ||||
IPO | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares authorized | 40,000,000 | ||||
Preferred stock, par value | $ 0.0001 | ||||
Preferred stock, shares authorized | 5,000,000 |
Accounting for Stock-Based Co59
Accounting for Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) | Aug. 31, 2015 | Jun. 16, 2015 | Jun. 12, 2014 | Feb. 13, 2014 | Feb. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total Shares Outstanding | 2,141,141 | 906,194 | 333,106 | |||||
Number of Shares, Granted | 1,323,926 | 647,298 | ||||||
Number of vested shares issued | 73,151 | |||||||
Unrecognized stock-based compensation expense, stock options | $ 2,703,000 | |||||||
Stock Options [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Option awards vesting period | 10 years | |||||||
Reverse stock split of common shares, ratio | 0.25 | |||||||
Awards vest on date of grant | 0.50 | |||||||
Option awards assumptions, method used | Black-Scholes pricing model | |||||||
Weighted-average estimated fair value of options granted | $ 2 | $ 5.25 | ||||||
Intrinsic value of options outstanding | $ 0 | $ 0 | ||||||
Intrinsic value of options exercisable | $ 0 | $ 0 | ||||||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years 6 months | |||||||
Stock Options [Member] | Chief Financial Officer [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Nonperformance option award underlying shares of common stock | 50,000 | |||||||
Stock Options [Member] | Maximum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Option awards vesting period | 4 years | |||||||
Employee Stock Option Three [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Time period for vesting grants in installments on monthly basis | 2 years | |||||||
Employee Stock Option One [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Time period for vesting grants in installments on monthly basis | monthly thereafter for the remaining three years | |||||||
Employee Stock Option Two [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock options vesting term | monthly vesting beginning month-one after the grant and monthly thereafter | |||||||
RSUs [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted-average estimated fair value of options granted | $ 5.35 | |||||||
Issuance of restricted stock units | 44,496 | |||||||
Number of vested shares issued | 174,002 | |||||||
Total Shares Outstanding | 77,265 | |||||||
Number of Shares, Vested and unvested expected to vest | 46,117 | |||||||
Intrinsic value shares, RSUs outstanding | $ 106,626 | |||||||
Intrinsic value amount, RSUs vested and unvested expected to vest | $ 63,641 | |||||||
2013 Equity Incentive Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Increase Common stock shares covered | 1,500,000 | 222,480 | ||||||
Percentage of outstanding common stock | 5.00% | |||||||
Common stock, shares authorized | 739,373 | 1,426,051 | ||||||
Total stock options and RSUs authorized | 3,068,865 | |||||||
Stock options and RSUs issued | 2,218,406 | |||||||
Total Shares Outstanding | 2,218,406 | |||||||
Option awards vesting period | 3 years | |||||||
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 | $ 1.47 | |||||||
Number of Shares, Granted | 100,000 |
Accounting for Stock-Based Co60
Accounting for Stock-Based Compensation Expense - Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock and exercise prices | $ 1.38 | $ 2.79 |
Discount rate-bond equivalent yield | 1.52% | 1.56% |
Expected life (in years) | 5 years 2 months 23 days | 5 years |
Expected volatility | 70.00% | 90.00% |
Expected forfeiture rate | 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 | 1.94% | 2.06% |
Expected life (in years) | 6 years 29 days | 6 years 29 days |
Expected volatility | 100.00% | 100.00% |
Expected forfeiture rate | 4.00% | 5.00% |
Accounting for Stock-Based Co61
Accounting for Stock-Based Compensation Expense - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares Outstanding, Beginning Balance | 906,194 | 333,106 | |
Number of Shares, Granted | 1,323,926 | 647,298 | |
Number of Shares, Cancelled/forfeited/expired | (88,979) | (74,210) | |
Number of Shares Outstanding, Ending Balance | 2,141,141 | 906,194 | 333,106 |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 1,940,701 | ||
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 6.29 | $ 5.14 | |
Weighted Average Exercise Price Per Share, Granted | 2 | 6.71 | |
Weighted Average Exercise Price Per Share, Cancelled/forfeited/expired | 4.61 | 4.77 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | 3.71 | $ 6.29 | $ 5.14 |
Weighted Average Exercise Price Per Share, Vested and unvested expected to vest, Ending Balance | $ 5.16 | ||
Average Remaining Contractual Term in Years, Outstanding | 9 years 1 month 6 days | 9 years | 9 years 3 months 18 days |
Average Remaining Contractual Term in Years, Vested and unvested expected to vest | 9 years |
Accounting for Stock-Based Co62
Accounting for Stock-Based Compensation Expense - Schedule of Information about Options Outstanding and Exercisable (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total Shares Outstanding | 2,141,141 | 906,194 | 333,106 |
Total Shares Exercisable | 479,652 | 325,931 | |
Weighted Average Exercise Price 2.79 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 1.38 | $ 2.79 | |
Total Shares Outstanding | 129,055 | 52,500 | |
Weighted Average Contractual Life (in years) | 10 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 | $ 2.09 | $ 4.42 | |
Total Shares Outstanding | 1,232,371 | 103,934 | |
Weighted Average Contractual Life (in years) | 9 years 7 months 6 days | 8 years 9 months 18 days | |
Total Shares Exercisable | 12,207 | 29,715 | |
Weighted Average Exercise Price 5.22 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 3.24 | $ 5.22 | |
Total Shares Outstanding | 57,949 | 413,962 | |
Weighted Average Contractual Life (in years) | 7 years 9 months 18 days | 8 years 9 months 18 days | |
Total Shares Exercisable | 26,803 | 241,918 | |
Weighted Average Exercise Price 7.50 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 5.22 | $ 7.50 | |
Total Shares Outstanding | 387,158 | 43,000 | |
Weighted Average Contractual Life (in years) | 7 years 9 months 18 days | 9 years 2 months 12 days | |
Total Shares Exercisable | 289,225 | ||
Weighted Average Exercise Price 8.88 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 7.50 | $ 8.88 | |
Total Shares Outstanding | 43,000 | 238,500 | |
Weighted Average Contractual Life (in years) | 8 years 2 months 12 days | 9 years 1 month 6 days | |
Total Shares Exercisable | 18,812 | ||
Weighted Average Exercise Price 9.11 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 8.88 | $ 9.11 | |
Total Shares Outstanding | 238,500 | 54,298 | |
Weighted Average Contractual Life (in years) | 8 years 1 month 6 days | 9 years 1 month 6 days | |
Total Shares Exercisable | 79,497 | 54,298 | |
Options Outstanding And Exercisable Exercise Price Seven | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 9.11 | ||
Total Shares Outstanding | 53,108 | ||
Weighted Average Contractual Life (in years) | 8 years 1 month 6 days | ||
Total Shares Exercisable | 53,108 |
Accounting for Stock-based Co63
Accounting for Stock-based Compensation - Schedule of Performance Stock Units Vesting Percentage (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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% |
Accounting for Stock-based Co64
Accounting for 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 ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 1,254,733 | $ 1,399,703 |
Stock Options [Member] | Cost of revenues [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 68,660 | 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 | 103,138 | 163,229 |
Stock Options [Member] | General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 933,018 | 1,139,309 |
Stock Options [Member] | Sales and Marketing Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 149,917 | 76,204 |
RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 1,377,824 | 1,822,661 |
RSUs [Member] | Research and Development Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 10,724 | 30,000 |
RSUs [Member] | General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 112,367 | $ 392,958 |
Common Warrants Outstanding - S
Common Warrants Outstanding - Summary of Equity-Classified Common Stock Warrant Activity (Detail) - Warrants [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 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 | (6,256,449) | |
Number of Shares, Expired | (1,200,000) | |
Number of Shares, Outstanding, Ending Balance | 2,352,738 | 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 | $ 3.73 | $ 9.93 |
Average Remaining Contractual Term (in years) | 3 years 9 months 18 days | 3 years 9 months 18 days |
Common Warrants Outstanding - E
Common Warrants Outstanding - Equity-Classified Common Stock Warrants Outstanding And Exercisable (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Feb. 13, 2015 | Dec. 31, 2014 | Feb. 10, 2014 | |
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 1.56 | $ 1.56 | $ 10 | |
Total Shares Outstanding | 1,587 | |||
Warrants [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Total Shares Outstanding | 2,352,738 | 609,187 | ||
Weighted Average Exercise Price 1.56 [Member] | Warrants [Member] | ||||
Class Of Warrant Or Right [Line Items] | ||||
Exercise price of warrants | $ 1.56 | |||
Total Shares Outstanding | 1,743,551 | |||
Weighted Average Contractual Life (in years) | 4 years 1 month 6 days | |||
Weighted Average Exercise Price 4.72 [Member] | Warrants [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 3 months 18 days | |||
Weighted Average Exercise Price 10.00 [Member] | Warrants [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 1 month 6 days | |||
Weighted Average Exercise Price 12.50 [Member] | Warrants [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 1 month 6 days |
Common Warrants Outstanding - A
Common Warrants Outstanding - Additional Information (Detail) | Dec. 31, 2015USD ($) |
Warrants And Rights Note Disclosure [Abstract] | |
Common stock warrants exercisable, intrinsic value | $ 0 |
Common stock warrants outstanding, intrinsic value | $ 0 |
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 | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 4,572,731 | 1,768,586 |
Warrants Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 2,352,738 | 609,187 |
Preferred Warrants Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 1,587 | 1,587 |
Preferred Share RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 73,151 | |
Common Share RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 77,265 | 178,467 |
Common Options Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 2,141,141 | 906,194 |
Income Tax - Schedule of Provis
Income Tax - Schedule of Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
State | $ 1,608 | $ 1,506 |
Total | 1,608 | 1,506 |
Deferred | ||
Provision for income tax | $ 1,608 | $ 1,506 |
Income Tax - Reconciliation of
Income Tax - Reconciliation of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income tax at statutory rate | $ (5,762,293) | $ (5,393,944) |
State liability | (334,494) | (813,039) |
Permanent items | 34,852 | 14,374 |
Stock compensation | 334,609 | 159,128 |
Nondeductible interest | (316) | 399,249 |
Expiration of net operating losses | 796,699 | 1,136,317 |
Research and development credit | (164,967) | (127,491) |
State rate change | 746,238 | 302,647 |
Estimated section 382 limitation | 48,484,354 | |
Other | (1,041) | 36,989 |
Valuation allowance | (44,132,033) | 4,287,276 |
Provision for income tax | $ 1,608 | $ 1,506 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 16,764,000 | |
Net operating loss carryforwards, expiration year | expiring beginning in 2034 | |
California [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 8,504,000 | |
Net operating loss carryforwards, expiration year | expiring beginning in 2022 | |
Research Tax Credit Carryforward [Member] | Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Research and development tax credits | $ 82,000 | |
Income tax research and development expiration year | begin to expire in 2034 | |
Research Tax Credit Carryforward [Member] | California [Member] | ||
Income Tax Contingency [Line Items] | ||
Research and development tax credits | $ 3,264,000 |
Income Tax - Summary of Deferre
Income Tax - Summary of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Estimated net operating loss carryforward | $ 6,204,024 | $ 47,329,815 |
Estimated research and development credits | 2,235,914 | 5,242,144 |
Accruals and other | 1,234,413 | 1,216,600 |
Deferred rent | 181,134 | 198,945 |
Gross deferred tax assets | 9,855,485 | 53,987,504 |
Less valuation allowance | $ (9,855,485) | $ (53,987,504) |
Collaborative Agreements - Addi
Collaborative Agreements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Dana Farber Partners Cancer Care, Inc. [Member] | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Revenue earned under collaborative agreement | $ 0 | $ 43,000 |
MD Anderson Cancer Center [Member] | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Revenue earned under collaborative agreement | $ 32,000 | $ 3,000 |
Collaborative agreement period of contract | 2 years |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Feb. 13, 2015USD ($)shares | Feb. 09, 2015USD ($)shares | Feb. 10, 2014USD ($)$ / sharesshares | Feb. 04, 2014shares | Jun. 28, 2013USD ($)shares | Jul. 31, 2013USD ($) | Mar. 31, 2015 | Jun. 30, 2013USD ($)shares | Dec. 31, 2015USD ($)ft²Arrangementsshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)UnitHolder | Dec. 31, 2011USD ($) | Dec. 31, 2005 | Jan. 31, 2014UnitHolder | Sep. 30, 2013UnitHolder | Dec. 31, 2012USD ($) | Nov. 30, 2011ft² | Dec. 31, 2008USD ($) |
Related Party Transaction [Line Items] | ||||||||||||||||||
Debt, principal amount converted | $ 6,600,000 | |||||||||||||||||
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 | $ 9,788,057 | $ 17,390,240 | |||||||||||||||
Lease expiration date | Jul. 31, 2020 | |||||||||||||||||
Rental income | $ 102,432 | |||||||||||||||||
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 | |||||||||||||||||
Non Executive Chairman [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 164,104 | |||||||||||||||||
Conversion price of notes | $ / shares | $ 10 | |||||||||||||||||
Number of supplier financing arrangements | Arrangements | 2 | |||||||||||||||||
Non Executive Chairman [Member] | Financing Agreements With Supplier [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, outstanding | $ 66,000 | $ 256,000 | ||||||||||||||||
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 | |||||||||||||||||
Aegea Biotechnologies, Inc [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Reimbursement for shared patent costs | $ 25,763 | |||||||||||||||||
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 | |||||||||||||||||
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 | ||||||||||||||||
Shares issued upon conversion of debt | shares | 163,399 | |||||||||||||||||
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 | ||||||||||||||||
Line of Credit [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Common stock warrants issued, number of share holders guarantees on company's borrowings | UnitHolder | 5 | 5 | 5 | |||||||||||||||
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 | 8,000,000 | 1,900,000 | ||||||||||||||||
Common Stock [Member] | Major Shareholder [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Conversion price of notes | $ / shares | $ 10 | |||||||||||||||||
Common Stock [Member] | 2008 Convertible Note [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 163,399 | |||||||||||||||||
Accrued interest [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | $ 233,982 | |||||||||||||||||
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 | ||||||||||||||||
Accrued interest [Member] | 2008 Convertible Note [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | 233,982 | |||||||||||||||||
Series A Convertible Preferred Stock [Member] | Major Shareholder [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 | |||||||||||||||||
Series A Convertible Preferred Stock [Member] | Non Executive Chairman [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 1,993,591 | |||||||||||||||||
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] | Accrued interest [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accrued interest on convertible debt converted | $ 105,000 | |||||||||||||||||
Goodman Note [Member] | Series A Convertible Preferred Stock [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Shares issued upon conversion of debt | shares | 3,777,324 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 10, 2014USD ($)$ / sharesshares | Feb. 29, 2016USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2012 | Feb. 13, 2015$ / shares | Sep. 30, 2013USD ($) | Nov. 30, 2011ft² |
Loss Contingencies [Line Items] | |||||||||
Lease expiration date | Jul. 31, 2020 | ||||||||
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 | ||||||||
Warrant become exercisable for shares of common stock | shares | 50,260 | ||||||||
Exercise price of warrants | $ / shares | $ 10 | $ 1.56 | $ 1.56 | ||||||
Additional cash compensation expense | $ 150,000 | ||||||||
Annual cash compensation expense | $ 225,000 | ||||||||
Subsequent Event [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Unconditional purchase commitment aggregate amount | $ 1,062,500 | ||||||||
Unconditional purchase commitment, quarterly payment amount | $ 62,500 | ||||||||
Unconditional purchase commitment payment terms | Quarterly | ||||||||
Unconditional purchase commitment period | through May 2020 | ||||||||
San Diego California Facility [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Initial lease term | 8 years | ||||||||
Lease expiration date | Oct. 31, 2018 | ||||||||
Leased facility, expansion of original premises | ft² | 9,849 |
Commitments and Contingencies76
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 1,308,987 |
2,017 | 1,348,257 |
2,018 | 1,388,705 |
2,019 | 1,430,366 |
2,020 | 855,136 |
Total | $ 6,331,451 |
Selected Quarterly Financial 77
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Balance sheet data: | |||||||||||||||||||
Cash & cash equivalents | $ 8,821,329 | $ 12,541,919 | $ 16,523,975 | $ 19,294,706 | $ 5,364,582 | $ 8,819,872 | $ 12,460,565 | $ 10,417,277 | $ 8,821,329 | $ 5,364,582 | $ 69,178 | ||||||||
Total assets | 10,586,918 | 14,196,386 | 18,317,659 | 20,899,513 | 6,565,053 | 9,849,674 | 13,332,475 | 11,289,508 | 10,586,918 | 6,565,053 | |||||||||
Total non-current liabilities | 3,553,395 | 3,877,362 | 4,234,552 | 5,083,216 | 5,354,839 | 5,314,253 | 5,176,235 | 473,080 | 3,553,395 | 5,354,839 | |||||||||
Total shareholders’ equity/(deficit) | 3,692,735 | 6,928,277 | 11,049,961 | 13,582,795 | (220,569) | 3,319,532 | 6,855,762 | 9,356,778 | 3,692,735 | (220,569) | $ (12,456,014) | ||||||||
Statement of operations and comprehensive loss data: | |||||||||||||||||||
Revenues: | 218,283 | 164,856 | 76,768 | 150,002 | 75,621 | 10,274 | 19,245 | 28,275 | 609,909 | 133,415 | |||||||||
Cost of revenues | 1,275,691 | [1] | 1,159,710 | [1] | 1,013,075 | [1] | 1,147,682 | [1] | 614,688 | 538,181 | 359,364 | 658,315 | 4,596,158 | 2,170,548 | |||||
Research and development expenses | 784,379 | [1] | 677,729 | [1] | 744,242 | [1] | 651,420 | [1] | 1,070,278 | 1,310,905 | 1,107,678 | 1,008,929 | 2,857,770 | 4,497,790 | |||||
General and administrative expenses | 1,404,515 | 1,630,608 | 1,359,226 | 1,292,049 | 1,231,418 | 1,060,812 | 1,032,855 | 1,876,912 | 5,686,398 | 5,201,997 | |||||||||
Sales and marketing expenses | 1,264,168 | 1,055,653 | 851,109 | 709,456 | 890,496 | 812,005 | 423,361 | 11,142 | 3,880,386 | 2,137,004 | |||||||||
Loss from operations | (4,510,470) | (4,358,844) | (3,890,884) | (3,650,605) | (3,731,259) | (3,711,629) | (2,904,013) | (3,527,023) | (16,410,803) | (13,873,924) | |||||||||
Net loss | $ (4,617,500) | $ (4,496,193) | $ (4,035,105) | $ (3,800,728) | $ (3,881,541) | $ (3,859,794) | $ (2,996,840) | $ (5,127,871) | $ (16,949,526) | $ (15,866,046) | |||||||||
Net loss per common share: | |||||||||||||||||||
Basic | $ (0.24) | [2] | $ (0.24) | [2] | $ (0.22) | [2] | $ (0.37) | [2] | $ (0.87) | [2] | $ (0.87) | [2] | $ (0.67) | [2] | $ (1.96) | [2] | $ (1.02) | $ (3.97) | |
Diluted | $ (0.24) | [2] | $ (0.24) | [2] | $ (0.22) | [2] | $ (0.37) | [2] | $ (0.87) | [2] | $ (0.87) | [2] | $ (0.67) | [2] | $ (1.96) | [2] | $ (1.02) | $ (3.97) | |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | |||||||||||||||||||
Basic | 18,921,945 | 18,727,806 | 17,998,969 | 10,372,667 | 4,449,603 | 4,449,603 | 4,449,603 | 2,617,275 | 16,538,963 | 3,997,797 | |||||||||
Diluted | 18,921,945 | 18,727,806 | 17,998,969 | 10,372,667 | 4,449,603 | 4,449,603 | 4,449,603 | 2,617,275 | 16,538,963 | 3,997,797 | |||||||||
[1] | A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in the current period presentation of the unaudited condensed statements of operations and comprehensive loss. | ||||||||||||||||||
[2] | Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Selected Quarterly Financial 78
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Statement Of Financial Position [Abstract] | ||
Reclassification of revenue generation cost from research and development to cost of revenue | $ 27,856 | $ 290,709 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | 1 Months Ended |
Feb. 29, 2016USD ($) | |
Subsequent Event [Line Items] | |
Unconditional purchase commitment aggregate amount | $ 1,062,500 |
Unconditional purchase commitment, quarterly payment amount | $ 62,500 |
Unconditional purchase commitment payment terms | Quarterly |
Unconditional purchase commitment period | through May 2020 |