Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 22,280,247 | ||
Entity Public Float | $ 14,573,995 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 4,609,332 | $ 8,821,329 |
Accounts receivable | 128,969 | 34,200 |
Inventories, net | 549,045 | 349,271 |
Prepaid expenses and other current assets | 484,649 | 435,938 |
Total current assets | 5,771,995 | 9,640,738 |
Fixed assets, net | 1,806,331 | 946,180 |
Total assets | 7,578,326 | 10,586,918 |
Current liabilities: | ||
Accounts payable | 960,486 | 632,538 |
Accrued liabilities | 1,160,036 | 966,899 |
Supplier financings | 75,691 | 42,369 |
Current portion of equipment financings | 262,674 | 110,924 |
Current portion of credit facility | 1,934,665 | 1,588,058 |
Total current liabilities | 4,393,552 | 3,340,788 |
Non-current portion of equipment financings | 778,643 | 291,189 |
Non-current portion of credit facility, net | 1,123,001 | 2,638,487 |
Non-current portion of interest payable | 227,177 | 153,547 |
Non-current portion of deferred rent | 397,292 | 470,172 |
Total liabilities | 6,919,665 | 6,894,183 |
Commitments and contingencies (see Note 16) | ||
Shareholders’ equity: | ||
Preferred stock, $0.0001 par value, 5,000,000 authorized; no shares issued and outstanding at December 31, 2015 and 2016. | ||
Common stock, $0.0001 par value, 40,000,000 authorized; 6,556,685 issued and outstanding at December 31, 2015; 150,000,000 authorized; 17,499,397 issued and outstanding at December 31, 2016. | 1,750 | 656 |
Additional paid-in capital | 174,292,781 | 158,928,627 |
Accumulated deficit | (173,635,870) | (155,236,548) |
Total shareholders’ equity | 658,661 | 3,692,735 |
Total liabilities and shareholders’ equity | $ 7,578,326 | $ 10,586,918 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 40,000,000 |
Common stock, shares issued | 17,499,397 | 6,556,685 |
Common stock, shares outstanding | 17,499,397 | 6,556,685 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues: | $ 3,223,096 | $ 609,909 |
Costs and expenses: | ||
Cost of revenues | 6,920,111 | 4,596,158 |
Research and development expenses | 2,713,367 | 2,857,770 |
General and administrative expenses | 6,560,425 | 5,686,398 |
Sales and marketing expenses | 5,054,230 | 3,880,386 |
Total costs and expenses | 21,248,133 | 17,020,712 |
Loss from operations | (18,025,037) | (16,410,803) |
Other income/(expense): | ||
Interest expense, net | (525,880) | (639,547) |
Other income | 153,648 | 102,432 |
Total other income/(expense): | (372,232) | (537,115) |
Loss before income taxes | (18,397,269) | (16,947,918) |
Income tax expense | (2,053) | (1,608) |
Net loss and comprehensive loss | $ (18,399,322) | $ (16,949,526) |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | ||
Basic | 9,578,285 | 5,512,989 |
Diluted | 9,578,285 | 5,512,989 |
Net loss per common share: | ||
Basic | $ (1.92) | $ (3.07) |
Diluted | $ (1.92) | $ (3.07) |
Statements of Shareholders' Equ
Statements of Shareholders' Equity/ (Deficit) - USD ($) | Total | February 2015 Offering [Member] | May 2016 Offering [Member} | October 2016 Offering [Member] | Common Stock [Member] | Common Stock [Member]February 2015 Offering [Member] | Common Stock [Member]May 2016 Offering [Member} | Common Stock [Member]October 2016 Offering [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]February 2015 Offering [Member] | Additional Paid-in Capital [Member]May 2016 Offering [Member} | Additional Paid-in Capital [Member]October 2016 Offering [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2014 | $ (220,569) | $ 148 | $ 138,066,305 | $ (138,287,022) | |||||||||
Beginning balance, shares at Dec. 31, 2014 | 1,483,199 | ||||||||||||
Net loss | (3,800,728) | ||||||||||||
Ending balance at Mar. 31, 2015 | 13,582,795 | ||||||||||||
Beginning balance at Dec. 31, 2014 | (220,569) | $ 148 | 138,066,305 | (138,287,022) | |||||||||
Beginning balance, shares at Dec. 31, 2014 | 1,483,199 | ||||||||||||
Stock-based compensation expense | 1,377,824 | 1,377,824 | |||||||||||
Shares issued for restricted stock units | $ 6 | (6) | |||||||||||
Shares issued for restricted stock units, shares | 58,003 | ||||||||||||
Shares and warrants issued for public offering, net of issuance costs | $ 8,766,946 | $ 267 | $ 8,766,679 | ||||||||||
Shares and warrants issued for public offering, net of issuance costs, shares | 2,666,666 | ||||||||||||
Shares issued pursuant to stock purchase agreement, net of issuance costs | 958,000 | $ 26 | 957,974 | ||||||||||
Shares issued pursuant to stock purchase agreement, net of issuance costs, shares | 263,334 | ||||||||||||
Shares issued upon exercise of common stock warrants | 9,760,060 | $ 209 | 9,759,851 | ||||||||||
Shares issued upon exercise of common stock warrants, shares | 2,085,483 | ||||||||||||
Net loss | (16,949,526) | (16,949,526) | |||||||||||
Ending balance at Dec. 31, 2015 | 3,692,735 | $ 656 | 158,928,627 | (155,236,548) | |||||||||
Ending balance, shares at Dec. 31, 2015 | 6,556,685 | ||||||||||||
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 | $ 656 | 158,928,627 | (155,236,548) | |||||||||
Ending balance, shares at Dec. 31, 2015 | 6,556,685 | ||||||||||||
Net loss | (4,875,198) | ||||||||||||
Ending balance at Mar. 31, 2016 | (489,231) | ||||||||||||
Beginning balance at Dec. 31, 2015 | 3,692,735 | $ 656 | 158,928,627 | (155,236,548) | |||||||||
Beginning balance, shares at Dec. 31, 2015 | 6,556,685 | ||||||||||||
Stock-based compensation expense | 1,593,947 | 1,593,947 | |||||||||||
Shares issued for restricted stock units | $ 1 | (1) | |||||||||||
Shares issued for restricted stock units, shares | 4,449 | ||||||||||||
Shares and warrants issued for public offering, net of issuance costs | 1,400,000 | $ 4,333,283 | $ 8,972,725 | $ 166 | $ 910 | $ 4,333,117 | $ 8,971,815 | ||||||
Shares and warrants issued for public offering, net of issuance costs, shares | 1,662,191 | 9,100,000 | |||||||||||
Shares issued pursuant to stock purchase agreement, net of issuance costs | 465,293 | $ 17 | 465,276 | ||||||||||
Shares issued pursuant to stock purchase agreement, net of issuance costs, shares | 173,145 | ||||||||||||
Fractional shares issued upon one-for-three reverse stock split, shares | 2,927 | ||||||||||||
Net loss | (18,399,322) | (18,399,322) | |||||||||||
Ending balance at Dec. 31, 2016 | 658,661 | $ 1,750 | 174,292,781 | (173,635,870) | |||||||||
Ending balance, shares at Dec. 31, 2016 | 17,499,397 | ||||||||||||
Beginning balance at Mar. 31, 2016 | (489,231) | ||||||||||||
Net loss | (4,594,174) | ||||||||||||
Ending balance at Jun. 30, 2016 | (419,402) | ||||||||||||
Net loss | (4,743,076) | ||||||||||||
Ending balance at Sep. 30, 2016 | (4,556,158) | ||||||||||||
Net loss | (4,186,874) | ||||||||||||
Ending balance at Dec. 31, 2016 | $ 658,661 | $ 1,750 | $ 174,292,781 | $ (173,635,870) | |||||||||
Ending balance, shares at Dec. 31, 2016 | 17,499,397 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net loss | $ (18,399,322) | $ (16,949,526) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 322,029 | 261,409 |
Inventory reserve | (31,659) | (34,437) |
Stock-based compensation | 1,593,947 | 1,377,824 |
Non-cash interest expense related to credit facility and other financing activities | 100,005 | 119,732 |
Gain on sale of fixed assets | (30,662) | |
Increase/(decrease) in cash resulting from changes in: | ||
Accounts receivable | (94,769) | (23,600) |
Inventory | (168,115) | (126,106) |
Prepaid expenses and other current assets | 494,734 | (80,432) |
Accounts payable | 332,732 | (51,790) |
Accrued liabilities | 165,543 | 240,901 |
Accrued interest | 55,444 | 110,021 |
Deferred rent | (36,965) | 1,163 |
Net cash used in operating activities | (15,697,058) | (15,154,841) |
Cash Flows From Investing Activities: | ||
Proceeds from sale of fixed assets | 30,662 | |
Purchases of fixed assets | (482,065) | (165,160) |
Net cash used in investing activities | (451,403) | (165,160) |
Cash Flows From Financing Activities: | ||
Net proceeds from issuance of common stock and warrants | 13,771,301 | 9,788,057 |
Proceeds from exercise of common stock warrants | 9,760,060 | |
Payments on equipment financings | (86,227) | (74,697) |
Payments on supplier and other third party financings | (510,123) | (71,232) |
Payments on line of credit | (1,238,487) | (625,440) |
Net cash provided by financing activities | 11,936,464 | 18,776,748 |
Net increase/(decrease) in Cash | (4,211,997) | 3,456,747 |
Cash at Beginning of Period | 8,821,329 | 5,364,582 |
Cash at End of Period | 4,609,332 | 8,821,329 |
Cash paid during the period for: | ||
Interest | 358,632 | 405,715 |
Taxes | $ 2,053 | $ 2,184 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) - USD ($) | Oct. 19, 2016 | May 04, 2016 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Issuance of warrants to purchase shares of common stock | 1,163,526 | |||||
Exercise price of warrants | $ 3.90 | |||||
Warrants to purchase common stock, period | 5 years | 5 years | ||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5,200,000 | $ 2,000,000 | $ 7,700,000 | |||
Overallotment issued to underwriter to purchase common stock, period | 30 days | 45 days | ||||
Common shares issuable to underwriters under granted option | 400,000 | |||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | $ 3.75 | ||||
Overallotment option issued to underwriters under warrants granted | 400,000 | |||||
Common stock, par value | $ 0.0009 | $ 0.0001 | $ 0.0001 | |||
Grant date fair values of overallotment options | $ 800,000 | $ 1,600,000 | ||||
Offering costs recorded in prepaid expenses and other current assets reclassified to common stock issuance costs | $ 63,111 | |||||
Offering fees and costs recorded within common stock issuance costs as an offset to additional paid in capital | $ 1,000,000 | $ 653,000 | ||||
Estimated grant date fair value of warrants | $ 0.57 | |||||
Fixed assets purchased under capital lease obligations | 975,406 | $ 337,085 | ||||
Fixed assets with an aggregate net book value | 270,377 | |||||
Equipment financings with remaining outstanding balances | 239,994 | |||||
Purchases of fixed assets | 19,546 | 64,300 | $ 58,066 | |||
Financed insurance premium through third party financing | 547,378 | $ 79,896 | ||||
Cancellation of insurance premiums partial amount received | $ 3,933 | |||||
Maximum [Member] | ||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | |||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 | |||||
Overallotment Options [Member] | ||||||
Common stock, par value | $ 0.0003 | |||||
Roth Capital Partners, LLC and Feltl [Member] | ||||||
Issuance of warrants to purchase shares of common stock | 9,100,000 |
The Company and Business Activi
The Company and Business Activities | 12 Months Ended |
Dec. 31, 2016 | |
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 an early stage molecular oncology diagnostics company that develops and commercializes proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or ctDNA, assays utilizing a standard blood sample. The Company’s assays provide, and its planned future assays will provide, information to oncologists and other physicians that enable them to select appropriate personalized treatment for their patients who have been diagnosed with cancer based on molecular drivers and markers of their disease and when traditional methodologies such as tissue biopsies are insufficient or unavailable. The Company’s assays have potential to provide more contemporaneous information on the characteristics of a patients’ disease compared with traditional methodologies such as tissue biopsy and imaging. 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, 2016 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern Uncertainty | 2. Liquidity and Going Concern Uncertainty As of December 31, 2016, cash totaled $4.6 million and the Company had an accumulated deficit of $173.6 million. For the years ended December 31, 2015 and 2016, the Company incurred net losses of $16.9 million and $18.4 million, respectively. At December 31, 2016, the Company had aggregate net interest-bearing indebtedness of approximately $4.4 million, of which approximately $2.3 million was due within one year in the absence of subjective acceleration of amounts due under a credit facility entered into in April 2014 with Oxford Finance LLC, or the April 2014 Credit Facility, in addition to approximately $2.1 million of other non-interest bearing current liabilities. Additionally, 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 minimum quarterly installments of $62,500 through May 2020, under which $812,500 remained outstanding at December 31, 2016 (see Note 16). These factors raise substantial doubt about the Company’s ability to continue as a going concern for the one year period following the date that these financial statements were issued. 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 for 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 laboratory services. 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 growth in net revenues to achieve and sustain income from operations. Subsequent to the closing of the Company’s public offering in February 2015, cash proceeds of approximately $9.8 million have been received by the Company from the exercise of warrants sold in this offering, while approximately $2.7 million in gross warrant proceeds remain outstanding and available to be exercised at $4.68 per share until their expiration in February 2020. 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. A public offering of the Company’s common stock and warrants to purchase its common stock was effected under this shelf registration statement on April 29, 2016, the closing of which occurred on May 4, 2016, pursuant to which the Company received net cash proceeds of approximately $4.3 million (see Note 4). Subsequent to the closing of this public offering on May 4, 2016, no warrants sold in this offering have been exercised, with approximately $4.5 million in gross warrant proceeds remaining outstanding and available to be exercised at $3.90 per share until their expiration in May 2021. In connection with its public offering in May 2016, the Company has agreed to certain contractual terms that limit its ability to issue variable rate securities for a period of one year. The specific terms of additional future offerings, if any, under this shelf registration statement would be established at the time of such offerings. A public offering of the Company’s common stock and warrants to purchase its common stock was effected under an underwriting agreement dated October 14, 2016 between the Company, Roth Capital Partners, LLC and Feltl and Company, Inc., as underwriters named therein, the closing of which occurred on October 19, 2016, pursuant to which the Company received net cash proceeds of approximately $9.0 million (see Note 4). Subsequent to December 31, 2016, cash proceeds of approximately $5.3 million have been received by the Company from the exercise of warrants sold in this offering, while approximately $5.4 million in gross warrant proceeds remain outstanding and available to be exercised at $1.10 per share until their expiration in October 2021. 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, 2016 | |
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. On September 27, 2016, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s amended and restated certificate of incorporation to effect a one-for-three reverse stock split of the Company’s outstanding common stock, and to increase the authorized number of shares of the Company’s common stock from 40,000,000 to 150,000,000 shares. The one-for-three reverse stock split was effected on September 29, 2016 150,000,000 shares 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, 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 Four basic criteria must be met before the Company recognizes revenue: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred and title and the risks and rewards of ownership have been transferred to the client or services have been rendered; (3) the price is fixed or determinable; and (4) collectability is reasonably assured. For contract partners, revenue is recorded based upon the contractually agreed upon fee schedule. When assessing collectability, the Company considers whether there is sufficient payment history to reliably estimate a payor’s individual payment patterns. For new tests where there is limited evidence of payment history at the time the tests are completed, the Company recognizes revenue equal to the amount of cash received until such time as reimbursement experience can be established. Approximately 11% and 7% of the Company’s revenues for the years ended December 31, 2015 and 2016, respectively, resulted from agreements with contracted partners not associated with third party insurance or payor reimbursement. 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 and results are delivered. Cash The Company places its cash with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation, or 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 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, 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. Concentrations of credit risk with respect to revenues are primarily limited to geographies to which the Company provides a significant volume of its services, and to specific third party payors of the Company’s services such as Medicare and individual insurance companies and other third party payors. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. Approximately 41% and 40% of the Company’s total revenues during the years ended December 31, 2015 and 2016, respectively, were associated with Medicare reimbursement. For the year ended December 31, 2015, the first, second, and third most significant third party payors not associated with Medicare reimbursement accounted for approximately 21%, 7%, and 6%, respectively, of total revenues. For the year ended December 31, 2016, the first, second, and third most significant third party payors not associated with Medicare reimbursement accounted for approximately 19%, 11%, and 9%, respectively, of total revenues. For the year ended December 31, 2015, the first, second, and third most significant individual clients or practices accounted for approximately 12%, 9%, and 5%, respectively, of total revenues. For the year ended December 31, 2016, the first, second, and third most significant individual clients or practices accounted for approximately 10%, 7%, and 4%, respectively, of total revenues. The Company operates in one reportable business segment and historically has derived most revenues only from the United States. Certain components used in the Company’s current or planned products are currently sourced from one supplier for which alternative suppliers exist, but the Company has not validated the product(s) of such alternative supplier(s), and substitutes for these components may not be obtained easily or may require substantial design or manufacturing modifications. 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, 2015 and 2016, 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, financed 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 seven 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, 2015 and 2016 was approximately $261,000 and $322,000, respectively. Upon sale 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 and comprehensive loss. 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. Stock-based Compensation The Company measures and recognizes compensation expense for all stock-based awards made to employees and directors based on their grant date fair values. The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model, while the fair value of restricted stock unit awards, or RSUs, is determined by the Company’s stock price on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. The Company estimates forfeitures at the time of grant and revises these estimates in subsequent periods if actual forfeitures differ from those estimates (see Note 10). The Company determines the fair value of the stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of equity instruments issued to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. These awards are recorded in expense and additional paid-in capital in shareholders’ equity over the applicable service periods based on the fair value of the options at the end of each period. 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 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, 2015 and 2016 were approximately $2,858,000 and $2,713,000, 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, 2015 and 2016, and therefore has not recognized any income tax benefit or expense in the periods presented. A tax benefit from uncertain tax positions may be recognized by the Company when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. 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, 2015 and 2016, and the Company has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2015 and 2016. Recent Accounting Pronouncements In May 2014, and as subsequently updated and amended from time to time, 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, and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. As the Company has not yet completed its final review of the impact of the new guidance but expects to during 2017, the Company has not determined whether the adoption of this guidance will have a material impact on its financial statements or disclosures. The Company is still evaluating disclosure requirements under the new guidance, and will continue to evaluate additional changes, modifications or interpretations to the guidance which may impact the current conclusions. The Company expects to adopt the new standard for the fiscal year beginning January 1, 2018 and has not yet determined whether the full or modified retrospective application method will be applied. 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 adopted this guidance for the reporting period beginning on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s 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 adopted this guidance during the year ended December 31, 2016. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. 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 adopted this guidance for the reporting period beginning January 1, 2017. 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 expects to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any equity method investments. 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. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company anticipates that the adoption of this guidance will materially affect its statement of financial position and will require changes to its processes. The Company has not yet made any decision on the timing of adoption or method of adoption with respect to the optional practical expedients, but expects to during 2018. In March 2016, the FASB issued authoritative guidance clarifying that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not necessarily require dedesignation of that hedging relationship, provided that all other applicable hedge accounting criteria continue to be met. This guidance is effective on either a prospective basis or modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance requiring entities to assess whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts, and clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts. This guidance is effective on a modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance simplifying the accounting for stock compensation. This guidance, among other things, amends existing accounting and classification requirements primarily around income taxes, forfeitures, and cash payments associated with share-based payment awards to employees. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In August 2016, the FASB issued authoritative guidance clarifying the classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, on a retrospective transition method to each period presented. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically engaged in the transactions encompassed by the proposed guidance. In January 2017, the FASB issued authoritative guidance clarifying the definition of a business when evaluating transactions involving acquisitions or disposals of assets or businesses. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain applications of this guidance are permitted for early adoption. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically acquired or disposed of material assets or businesses. |
Sales of Equity Securities
Sales of Equity Securities | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Sales of Equity Securities | 4. Sales of Equity Securities Pursuant to an underwriting agreement dated February 9, 2015 between the Company, Aegis Capital Corp. and Feltl and Company, Inc., as underwriters named therein, a public offering of 2,666,666 shares of the Company’s common stock and warrants to purchase up to an aggregate of 2,666,666 shares of common stock was effected at a combined offering price of $3.75. 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. All warrants sold in this offering 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. Pursuant to an exclusive placement agent agreement dated April 25, 2016 between the Company and H.C. Wainwright & Co., LLC, or Wainwright, and a securities purchase agreement dated April 29, 2016 between the Company and the purchasers signatory thereto, a public offering of 1,662,191 shares of the Company’s common stock and warrants to purchase up to an aggregate of 1,163,526 shares of common stock was effected under this registration statement at a combined offering price of $3.00. All warrants sold in this offering have a per share exercise price of $3.90, are exercisable immediately and expire five years from the date of issuance. The closing of the sale of these securities to the purchasers occurred on May 4, 2016, pursuant to which the Company received, after deducting $0.7 million of costs directly associated with the offering that were recorded as an offset to additional paid-in capital under applicable accounting guidance, approximately $4.3 million of net cash proceeds. Subsequent to the closing of this public offering on May 4, 2016, no warrants sold in this offering have been exercised, with approximately $4.5 million in gross warrant proceeds remaining outstanding and available to be exercised at $3.90 per share until their expiration in May 2021. In connection with its public offering in May 2016, the Company has agreed to certain contractual terms that limit its ability to issue variable rate securities for a period of one year. The specific terms of additional future offerings, if any, under this shelf registration statement would be established at the time of such offerings. On December 21, 2015, the Company entered into a common stock purchase agreement with Aspire Capital Fund, LLC, or 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. On November 4, 2016, the Company voluntarily terminated this common stock purchase agreement. Pursuant to an underwriting agreement dated October 14, 2016 between the Company, Roth Capital Partners, LLC and Feltl and Company, Inc., as underwriters named therein, a public offering of 9,100,000 shares of the Company’s common stock and warrants to purchase up to an aggregate of 9,100,000 shares of common stock was effected at a combined offering price of $1.10. The estimated grant date fair value of these warrants of approximately $5.2 million was recorded as an offset to additional paid-in capital within common stock issuance upon the closing of this offering (see Note 5). All warrants sold in this offering |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 5. Fair Value Measurement The estimated fair value of the April 2014 Credit Facility at December 31, 2016 approximated carrying value, which was determined using a discounted cash flow analysis. The analysis considered interest rates of instruments with similar maturity dates, which involved the use of significant unobservable Level 3 inputs. In connection with the closing of the Company’s February 2015 public offering, warrants were issued to buy (in the aggregate) up to 2,666,666 shares of common stock with an estimated grant date fair value of approximately $7.7 million, 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 400,000 additional shares of common stock at a price of $3.75 per share and/or additional warrants to purchase up to 400,000 shares of common stock at a price of $0.0003 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 approximately $1.6 million 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 $ 4.23 $ 4.23 Exercise price $ 3.75 $ 4.68 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 % As of the closing of the Company’s May 2016 public offering, the estimated grant date fair value of $1.72 per share associated with the warrants to purchase 1,163,526 shares of common stock issued in this offering, or a total of approximately $2.0 million, was recorded as an offset to additional paid-in capital within common stock issuance costs, and was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 2.70 Exercise price $ 3.90 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.23 % Expected life (in years) 5.00 Expected volatility 90.0 % As of the closing of the Company’s October 2016 public offering, the estimated grant date fair value of $0.57 per share associated with the warrants to purchase 9,100,000 shares of common stock issued in this offering, or a total of approximately $5.2 million, was recorded as an offset to additional paid-in capital within common stock issuance costs. Additionally, the underwriters were granted a 30-day option to purchase up to 1,365,000 additional shares of common stock at a price of $1.0331 per share, net of the underwriting discount, and/or additional warrants to purchase up to 1,365,000 shares of common stock at a price of $0.0009 per warrant to cover overallotments, if any. The estimated fair value of the overallotment options of approximately $0.8 million was also recorded as an offset to additional paid-in capital within common stock issuance costs. The fair values of these instruments were estimated using a Black-Scholes valuation model with the following assumptions: Overallotment Options Warrants Stock price $ 0.93 $ 0.93 Exercise price $ 1.0331 $ 1.10 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.25 % 1.24 % Expected life (in years) 0.08 5.00 Expected volatility 12.9 % 80.0 % |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 31, 2016 | |
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, 2015 2016 Fixed Assets Machinery and equipment $ 2,518,158 $ 2,728,468 Furniture and office equipment 143,726 143,726 Computer equipment and software 577,898 620,582 Leasehold improvements 514,614 517,968 Financed equipment 914,179 1,559,690 Construction in process 70,815 169,896 4,739,390 5,740,330 Less accumulated depreciation and amortization (3,793,210 ) (3,933,999 ) Total fixed assets, net $ 946,180 $ 1,806,331 Accrued Liabilities Accrued interest $ 28,981 $ 20,776 Accrued payroll 128,753 168,727 Accrued vacation 307,845 364,953 Accrued bonuses 376,100 422,868 Accrued sales commissions 76,574 77,844 Current portion of deferred rent 31,170 67,085 Accrued other 17,476 37,783 Total accrued liabilities $ 966,899 $ 1,160,036 During the years ended December 31, 2015 and 2016, non-financed equipment fixed assets with aggregate gross book values and corresponding accumulated depreciation amounts of approximately $1,076,000 and $77,000, respectively, were disposed of or sold. Total cash proceeds of $30,662 were received upon the sale of fixed assets during the year ended December 31, 2016. |
April 2014 Credit Facility
April 2014 Credit Facility | 12 Months Ended |
Dec. 31, 2016 | |
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 the April 2014 Credit Facility with Oxford Finance LLC. Upon the entry into the April 2014 Credit Facility, the Company was required to pay the lender 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 lender in consecutive monthly installments following such interest-only period. The term loan under the April 2014 Credit Facility matures on July 1, 2018. Under the original terms of the underlying agreement, the Company is also required to make a final payment to the lender 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 1% of any amount prepaid. On June 30, 2016, the Company entered into an amendment of the April 2014 Credit Facility. This amendment required the Company to make interest-only payments on the term loan from July 1, 2016 through September 30, 2016, and also requires an additional final payment of $50,000 to the lender. The terms of the amendment require the amortization of the outstanding amount due under the term loan to commence at the end of the applicable interest-only period, with monthly payments of principal and interest, in arrears, being made by the Company to the lender in consecutive monthly installments following such interest-only period. Additionally, pursuant to the amendment the aggregate outstanding principal amount of the Company’s permitted indebtedness, consisting of capitalized lease obligations and purchase money indebtedness outstanding at any time, was increased to $1.2 million. The June 30, 2016 amendment of the April 2014 Credit Facility was accounted for as a modification of debt under applicable accounting guidance. On March 27, 2017, the Company received a waiver from the lender regarding exceeding the permitted indebtedness limit during the month ended January 31, 2017. 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 17,655 shares of the Company’s common stock at an exercise price of $14.16 per share with a term of 10 years was issued to Oxford Finance LLC on April 30, 2014. 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 also 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, with a total unamortized discount of $78,408 remaining at December 31, 2016. The effective annual interest rate associated with the April 2014 Credit Facility was 11.50% and 13.87% at December 31, 2015 and 2016, respectively. As of December 31, 2016, total principal payments of $1,934,665 and $1,201,409 were due under the April 2014 Credit Facility during the years ending December 31, 2017 and 2018, respectively. |
Equipment Financings
Equipment Financings | 12 Months Ended |
Dec. 31, 2016 | |
Capital Lease Obligations [Abstract] | |
Equipment Financings | 8. Equipment Financings The Company leases certain laboratory equipment under arrangements accounted for as capital leases and classified as equipment financings. The financed equipment is depreciated on a straight-line basis over periods ranging from 5 to 7 years. The total gross value of fixed assets capitalized under such financing arrangements was $914,179 and $1,559,690 at December 31, 2015 and 2016, respectively. Total accumulated depreciation related to financed equipment was approximately $523,000 and $525,000 at December 31, 2015 and 2016, respectively. Total depreciation expense related to financed equipment was approximately $73,000 and $119,000 for the years ended December 31, 2015 and 2016, respectively. Fixed assets purchased totaling $337,085 and $975,406 during the years ended December 31, 2015 and 2016, respectively, were recorded as equipment financings. During the year ended December 31, 2016, fixed assets with an aggregate net book value of $270,377, which had previously been recorded as equipment financings with remaining outstanding balances owed totaling $239,994, were effectively disposed of and replaced with upgraded equipment recorded as equipment financings. The aggregate weighted average effective annual interest rate related to the equipment financings is 13.18% at December 31, 2016, and the maturity dates on such outstanding arrangements range from July 2017 to May 2023. The following schedule sets forth the future minimum lease payments outstanding under financed equipment arrangements, as well as corresponding laboratory equipment maintenance obligations that are expensed and accrued as incurred, and due within each respective year ending December 31, as well as the present value of the minimum lease payments as of December 31, 2016: Minimum Maintenance Lease Obligation Payments Payments 2017 $ 274,367 $ 27,495 2018 242,040 27,490 2019 205,067 26,733 2020 203,107 26,664 2021 203,107 26,664 Thereafter 381,354 37,774 Total payments 1,509,042 172,820 Less amount representing interest 467,725 — Present value of payments $ 1,041,317 $ 172,820 At December 31, 2016, the present value of minimum lease payments due within one year was $262,674. |
Supplier Financings
Supplier Financings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Supplier Financings | 9. Supplier Financings In 2015 and 2016, the Company obtained third-party financing for certain business insurance premiums. The 2015 and 2016 financings bear interest rates ranging from 3.75% to 5.95% per annum, and all financing is due within one year. The balances due under these annual financing arrangements were approximately $42,000 and $76,000 as of December 31, 2015 and 2016, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation On September 29, 2016, the Company effected a one-for-three reverse stock split of all common shares outstanding. The following per share amounts and share numbers have been adjusted for this reverse stock split as if it had occurred on December 31, 2014. Equity Incentive Plans The Company maintains two equity incentive plans: The Amended and Restated 2013 Equity Incentive Plan, or the 2013 Plan, and the 2007 Equity Incentive Plan, or the 2007 Plan. The 2013 Plan includes a provision that shares available for grant under the Company’s 2007 Plan become available for issuance under the 2013 Plan and are no longer available for issuance under the 2007 Plan. On July 25, 2016, the Company’s Board of Directors approved an amendment to the 2013 Plan to reserve 1,000,000 shares on a pre-reverse stock split basis, or 333,333 shares on a post-reverse stock split basis, of the Company’s common stock exclusively for the grant of stock awards to employees who have not previously been an employee or director of the Company, except following a bona fide period of non-employment, as an inducement material to the individual’s entering into employment with the Company, as defined under applicable Nasdaq Listing Rules. In conjunction with the one-for-three reverse split of the Company’s common stock effected on September 29, 2016, the number of non-inducement shares authorized under all plans decreased from 3,068,865 to 1,022,955 shares, and the number of inducement shares authorized under the 2013 Plan decreased from 1,000,000 shares to 333,333 shares. As of December 31, 2016, under all plans, a total of 1,022,955 non-inducement shares were authorized for issuance, 987,394 shares had been issued, 945,912 non-inducement stock options and RSUs were outstanding, and 35,561 non-inducement shares were available for grant. As of December 31, 2016, a total of 333,333 inducement shares were authorized for issuance, 124,999 inducement stock options and RSUs had been issued and were outstanding, and 208,334 inducement shares were available for grant under the 2013 Plan. 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. 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, 2015 and 2016 are as follows: 2015 2016 Stock and exercise prices $4.14 - $10.14 $0.775 - $4.02 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 1.52% – 1.94% 0.99% – 2.11% Expected life (in years) 5.23 – 6.08 5.13 – 6.08 Expected volatility 70.0% – 100.0% 80.0% – 90.0% Using the assumptions described above, with stock and exercise prices being equal on date of grant, the weighted-average estimated fair value of options granted in 2015 and 2016 were approximately $3.96 and $1.79 per share, respectively. A summary of stock option activity for the years ended December 31, 2015 and 2016 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 302,015 $ 18.88 9.0 Granted 441,288 $ 6.01 Exercised — — Cancelled/forfeited/expired (29,644 ) $ 13.83 Outstanding at December 31, 2015 713,659 $ 11.03 8.8 Granted 290,399 $ 2.51 Exercised — — Cancelled/forfeited/expired (107,396 ) $ 7.99 Outstanding at December 31, 2016 896,662 $ 8.80 8.5 Vested and unvested expected to vest, December 31, 2016 801,529 $ 9.26 8.0 The intrinsic values of options outstanding at December 31, 2015 and 2016, as well as options vested and unvested expected to vest at December 31, 2016, were zero. The total weighted-average grant date fair values of the 75,455 and 218,688 stock options vested during the years ended December 31, 2015 and 2016, respectively, were $1,185,128 and $1,563,378, respectively. Further information about the options outstanding and exercisable at December 31, 2016 is as follows: Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 0.78 13,771 10.0 — $ 1.93 184,073 9.6 42,082 $ 4.06 118,342 9.1 67,919 $ 6.37 336,406 8.7 149,981 $ 15.26 139,104 6.8 116,789 $ 26.45 104,966 7.1 78,466 896,662 455,237 The intrinsic value of options exercisable at December 31, 2016 was zero. On August 31, 2015, the Company’s Board of Directors approved the issuance of 33,333 stock options with an estimated grant date fair value of $4.40 per share and an exercise price of $6.03 per share to its Chief Executive Officer pursuant to the 2013 Plan. On February 29, 2016, the Company’s Board of Directors approved the issuance of 33,333 stock options with an estimated grant date fair value of $2.87 per share and an exercise price of $4.02 per share to its Chief Executive Officer pursuant to the 2013 Plan. Vesting of these stock options was based on the Company’s achievement of specified objectives by December 31, 2016 as determined by the Company’s Board of Directors or Compensation Committee. Subsequent to the year ended December 31, 2016, 6,333 of the performance stock options granted on August 31, 2015 and 10,000 of the performance stock options granted on February 29, 2016 were declared vested by our Board of Directors in satisfaction of these awards, and the remaining 50,333 shares underlying these awards were forfeited. On July 25, 2016, the Company entered into an employment agreement with its new Chief Financial Officer, Senior Vice President of Operations and Secretary, or CFO. Pursuant to the terms of this employment agreement, on July 29, 2016 the CFO was granted inducement stock option awards with an exercise price of $1.95 per share to purchase up to (i) 66,666 shares of the Company’s common stock with an estimated grant date fair value of $1.45 per share, 25% of which will vest on the one-year anniversary of the commencement of the CFO’s employment with the Company, and remainder of which will vest in equal monthly installments over the following three years, and (ii) 33,333 shares of the Company’s common stock with an estimated grant date fair value of $1.26 per share, which vest upon the Company’s achievement of specified corporate goals for 2016 and the consummation of a specified financing transaction. Subsequent to the year ended December 31, 2016, 16,383 stock options were declared vested by our Board of Directors in satisfaction of the 33,333 performance option award granted on July 29, 2016, and the remaining 16,950 shares underlying this award was forfeited. Restricted Stock The fair value of RSUs awarded under either plan is determined by the closing price of the Company’s common stock on the date of grant. For non-performance RSUs, 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 RSUs is based on management’s estimate of the most likely outcome and when the achievement of the performance objectives is probable. A summary of RSU activity during 2015 and 2016 is as follows: Weighted Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2014 83,755 $ 15.43 Granted — — Issued (58,003 ) $ 15.56 Forfeited — — Outstanding at December 31, 2015 25,752 $ 15.12 Granted 165,829 $ 1.96 Issued (4,449 ) $ 16.05 Forfeited (12,883 ) $ 13.34 Outstanding at December 31, 2016 174,249 $ 2.68 Vested and unvested expected to vest, December 31, 2016 171,667 $ 2.69 On June 12, 2014, the Company’s Board of Directors approved the grant of 14,832 RSUs with a grant date fair value of $16.05 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 by December 31, 2015 as determined by the Company’s Board of Directors or Compensation Committee. During the year ended December 31, 2016, a total of 4,449 RSUs were declared vested by the Company’s Board of Directors and issued to its Chief Executive Officer in satisfaction of the June 12, 2014 RSU award, and the remaining 10,383 shares underlying this award were forfeited. The RSUs granted during the year ended December 31, 2016 vest fully on the one year anniversary of the date of grant, subject to continuing service by the holders of such RSUs. At December 31, 2016, the intrinsic values of RSUs outstanding and RSUs unvested and expected to vest were $135,043 and $133,042, respectively. On July 6, 2016, the Compensation Committee of the Company’s Board of Directors approved retention RSUs for an aggregate of 58,332 shares of common stock to three of the Company’s executive officers pursuant to the 2013 Plan, including retention RSUs for 25,000 shares of common stock to its Chief Executive Officer. Each of these retention RSUs has a grant date fair value of $1.86 per share for a grant date fair value of $108,498 to all three officers, in aggregate. These retention RSUs vest fully on the one year anniversary of the date of grant, subject to continuing service by the holders of such RSUs. Pursuant to the terms of the Company’s employment agreement with its CFO dated July 25, 2016, the CFO was granted an inducement RSU award on July 29, 2016 covering 25,000 shares of the Company’s common stock with a grant date fair value of $1.95 per share, 100% of which will vest on the one-year anniversary of the commencement of the CFO’s employment with the Company. 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, 2015 2016 Stock Options Cost of revenues $ 68,660 $ 115,266 Research and development expenses 103,138 123,330 General and administrative expenses 933,018 1,071,490 Sales and marketing expenses 149,917 142,741 Total expenses related to stock options 1,254,733 1,452,827 RSUs Cost of revenues — 32,338 Research and development expenses 10,724 30,261 General and administrative expenses 112,367 38,274 Sales and marketing expenses — 40,247 Total stock-based compensation $ 1,377,824 $ 1,593,947 Stock-based compensation expense was recorded net of estimated forfeitures of 0% - 4% and 0% - 8% per annum during the years ended December 31, 2015 and 2016, respectively. As of December 31, 2016, total unrecognized share-based compensation expense related to unvested stock options and RSUs, adjusted for estimated forfeitures, was approximately $1,611,000, and is expected to be recognized over a weighted-average period of approximately 2.1 years. |
Common Stock Warrants Outstandi
Common Stock Warrants Outstanding | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Common Stock Warrants Outstanding | 11. Common Stock Warrants Outstanding On September 29, 2016, the Company effected a one-for-three reverse stock split of all common shares outstanding. The following per share amounts and share numbers have been adjusted for this reverse stock split as if it had occurred on December 31, 2014. A summary of equity-classified common stock warrant activity, for warrants other than those underlying unexercised overallotment option warrants, during 2015 and 2016 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 203,047 $ 29.79 3.8 Issued 2,666,666 $ 4.68 Exercised (2,085,483 ) $ 4.68 Expired — — Outstanding at December 31, 2015 784,230 $ 11.18 3.8 Issued 10,890,657 $ 1.40 Exercised — — Expired (50,900 ) $ 30.00 Outstanding at December 31, 2016 11,623,987 $ 1.93 4.6 Further information about equity-classified common stock warrants, for warrants other than those underlying unexercised overallotment option warrants, outstanding and exercisable at December 31, 2016 is as follows: Weighted Weighted Average Average Total Shares Contractual Exercise Price Outstanding Life (in years) $ 1.10 9,727,131 4.8 $ 3.90 1,163,526 4.3 $ 4.68 581,183 3.1 $ 14.16 17,655 7.3 $ 30.00 102,826 2.1 $ 37.50 31,666 2.1 11,623,987 The intrinsic value of equity-classified common stock warrants outstanding and exercisable at December 31, 2016 was zero. Subsequent to December 31, 2016, the Company received approximately $5.3 million of cash proceeds upon the exercise of 4,780,850 common stock warrants with an exercise price of $1.10 per share issued in connection with the Company’s public offering in October 2016. |
Net Loss per Common Share
Net Loss per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 12. 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, 2015 and 2016, 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. On September 29, 2016, the Company effected a one-for-three reverse stock split of all common shares outstanding. The calculation of weighted-average shares outstanding has been adjusted for this reverse stock split as if it had occurred on December 31, 2014. 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, 2015 2016 Preferred warrants outstanding (number of common stock equivalents) 529 529 Common warrants outstanding 784,230 11,623,987 RSUs outstanding 25,752 174,249 Common options outstanding 713,659 896,662 Total anti-dilutive common share equivalents 1,524,170 12,695,427 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
401(k) Plan | 13. 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, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes For the years ended December 31, 2015 and 2016, the provision for income taxes was calculated as follows: For the year ended December 31, 2015 2016 Current: Federal $ — $ — State 1,608 2,053 Total 1,608 2,053 Deferred Federal — — State — — Total — — Provision for income tax $ 1,608 $ 2,053 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, 2015 2016 Income tax at statutory rate $ (5,762,293 ) $ (6,255,072 ) State liability (334,494 ) (260,835 ) Permanent items 34,852 67,151 Stock compensation 334,609 157,250 Nondeductible interest (316 ) 21,548 Expiration of net operating losses 796,699 — Research and development credit (164,967 ) (170,950 ) State rate change 746,238 44,421 Estimated section 382 limitation 48,484,354 9,256,295 Other (1,041 ) 96,406 Valuation allowance (44,132,033 ) (2,954,161 ) Provision for income tax $ 1,608 $ 2,053 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, 2015 and 2016, as it is more likely than not that the assets will not be utilized. At December 31, 2016, the Company had estimated federal net operating loss carryforwards of approximately $5,303,000 expiring beginning in 2034 and total estimated state net operating loss carryforwards of approximately $8,622,000 expiring beginning in 2022. Additionally, at December 31, 2016, the Company had estimated research and development credits of approximately $16,000 and $3,376,000 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, 2015 and 2016, 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, 2015 or 2016. 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 2012 and the Company’s state filings prior to 2011 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 and other temporary differences that give rise to deferred tax assets consist of the following: For the year ended December 31, 2015 2016 Estimated net operating loss carryforward $ 6,204,024 $ 2,218,618 Estimated research and development credits 2,235,914 2,244,047 Accruals and other 1,234,413 2,273,838 Deferred rent 181,134 164,821 9,855,485 6,901,324 Less valuation allowance (9,855,485 ) (6,901,324 ) 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 ownership changes likely occurred during both 2015 and 2016. 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions All of the members of the Company’s Three members of the Company’s Board of Directors participated in its public offering in May 2016, purchasing an aggregate of 58,335 shares of the Company’s common stock and warrants to purchase up to an aggregate of 40,832 shares of its common stock for total gross proceeds to the Company of $175,000. Additionally, a trust affiliated with a beneficial owner of more than 10% of the Company’s outstanding common stock at the time, Claire K.T. Reiss, participated in its public offering in May 2016, purchasing 204,758 shares of its common stock and warrants to purchase up to 143,330 shares of its common stock for total gross proceeds to the Company of $614,273 (see Note 4). Seven members of the Company’s Board of Directors, including its Chief Executive Officer, and all three of the Company’s other executive officers participated in the Company’s public offering in October 2016, purchasing an aggregate of 534,088 shares of common stock and warrants to purchase up to an aggregate of 534,088 shares of common stock for total gross proceeds to the Company of $587,497. Additionally, a trust affiliated with a beneficial owner of more than 10% of the Company’s outstanding common stock prior to the Company’s public offering in October 2016, Claire K.T. Reiss, participated in the Company’s public offering in October 2016, purchasing 227,272 shares of its common stock and warrants to purchase up 227,272 shares of its common stock for total gross proceeds to the Company of $249,999. Further, several of the Company’s employees and one of its consultants participated in the Company’s public offering in October 2016, purchasing an aggregate of 79,090 shares of its common stock and warrants to purchase up to an aggregate of 79,090 shares of its common stock for total aggregate gross proceeds to the Company of $86,999. 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 and $19,047 during the years ended December 31, 2015 and 2016, respectively, 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 was subject to renewal on a month-to-month basis thereafter. A total of $102,432 and $153,648 in rental income was recorded to other income/(expense) in the Company’s statement of operations and comprehensive loss during the years ended December 31, 2015 and 2016, respectively. On February 1, 2017, the Company received notice from the subtenant terminating the sublease effective March 31, 2017. 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, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. 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. In September 2013, the Company extended the lease term through July 31, 2020. 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. During each of the years ended December 31, 2015 and 2016, total rent expense recorded in the Company’s statements of operations and comprehensive loss was approximately $1,272,000. The future minimum lease payments under the amended lease agreement as December 31, 2016 are as follows: 2017 $ 1,348,257 2018 1,388,705 2019 1,430,366 2020 855,136 Thereafter — Total $ 5,022,464 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. At December 31, 2016, a total of $812,500 remained outstanding under this purchase commitment. 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, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 17. 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, 2015 Balance sheet data: Cash $ 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 $ (1.10 ) $ (0.67 ) $ (0.72 ) $ (0.73 ) Diluted $ (1.10 ) $ (0.67 ) $ (0.72 ) $ (0.73 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 3,457,556 6,005,145 6,242,604 6,307,316 Diluted 3,457,556 6,005,145 6,242,604 6,307,316 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 this current period presentation of selected quarterly financial data. 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. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2016 Balance sheet data: Cash $ 4,572,750 $ 3,751,570 $ 678,855 $ 4,609,332 Total assets 6,780,830 6,303,153 3,282,549 7,578,326 Total non-current liabilities 3,132,372 3,134,593 2,793,258 2,526,113 Total shareholders’ equity/(deficit) (489,231 ) (419,402 ) (4,556,158 ) 658,661 Statement of operations and comprehensive loss data: Revenues $ 221,369 $ 662,860 $ 1,047,280 $ 1,291,587 Cost of revenues 1,474,790 1,669,571 1,876,288 1,899,462 Research and development expenses 728,076 716,279 600,613 668,399 General and administrative expenses 1,487,224 1,517,664 1,918,543 1,636,994 Sales and marketing expenses 1,304,899 1,291,709 1,278,455 1,179,167 Loss from operations (4,773,620 ) (4,532,363 ) (4,626,619 ) (4,092,435 ) Net loss $ (4,875,198 ) $ (4,594,174 ) $ (4,743,076 ) $ (4,186,874 ) Net loss per common share: 1 Basic $ (0.74 ) $ (0.60 ) $ (0.57 ) $ (0.27 ) Diluted $ (0.74 ) $ (0.60 ) $ (0.57 ) $ (0.27 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 6,566,992 7,702,286 8,370,691 15,620,049 Diluted 6,566,992 7,702,286 8,370,691 15,620,049 1 Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events Subsequent to December 31, 2016, the Company received approximately $5.3 million of cash proceeds upon the exercise of 4,780,850 common stock warrants with an exercise price of $1.10 per share issued in connection with the Company’s public offering in October 2016. On February 1, 2017, the Company received notice from its subtenant terminating the sublease effective March 31, 2017. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 an early stage molecular oncology diagnostics company that develops and commercializes proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or ctDNA, assays utilizing a standard blood sample. The Company’s assays provide, and its planned future assays will provide, information to oncologists and other physicians that enable them to select appropriate personalized treatment for their patients who have been diagnosed with cancer based on molecular drivers and markers of their disease and when traditional methodologies such as tissue biopsies are insufficient or unavailable. The Company’s assays have potential to provide more contemporaneous information on the characteristics of a patients’ disease compared with traditional methodologies such as tissue biopsy and imaging. 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. On September 27, 2016, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s amended and restated certificate of incorporation to effect a one-for-three reverse stock split of the Company’s outstanding common stock, and to increase the authorized number of shares of the Company’s common stock from 40,000,000 to 150,000,000 shares. The one-for-three reverse stock split was effected on September 29, 2016 150,000,000 shares |
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, 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 Four basic criteria must be met before the Company recognizes revenue: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred and title and the risks and rewards of ownership have been transferred to the client or services have been rendered; (3) the price is fixed or determinable; and (4) collectability is reasonably assured. For contract partners, revenue is recorded based upon the contractually agreed upon fee schedule. When assessing collectability, the Company considers whether there is sufficient payment history to reliably estimate a payor’s individual payment patterns. For new tests where there is limited evidence of payment history at the time the tests are completed, the Company recognizes revenue equal to the amount of cash received until such time as reimbursement experience can be established. Approximately 11% and 7% of the Company’s revenues for the years ended December 31, 2015 and 2016, respectively, resulted from agreements with contracted partners not associated with third party insurance or payor reimbursement. 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 and results are delivered. |
Cash | Cash The Company places its cash with reputable financial institutions that are insured by the Federal Deposit Insurance Corporation, or 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 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, 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. Concentrations of credit risk with respect to revenues are primarily limited to geographies to which the Company provides a significant volume of its services, and to specific third party payors of the Company’s services such as Medicare and individual insurance companies and other third party payors. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. Approximately 41% and 40% of the Company’s total revenues during the years ended December 31, 2015 and 2016, respectively, were associated with Medicare reimbursement. For the year ended December 31, 2015, the first, second, and third most significant third party payors not associated with Medicare reimbursement accounted for approximately 21%, 7%, and 6%, respectively, of total revenues. For the year ended December 31, 2016, the first, second, and third most significant third party payors not associated with Medicare reimbursement accounted for approximately 19%, 11%, and 9%, respectively, of total revenues. For the year ended December 31, 2015, the first, second, and third most significant individual clients or practices accounted for approximately 12%, 9%, and 5%, respectively, of total revenues. For the year ended December 31, 2016, the first, second, and third most significant individual clients or practices accounted for approximately 10%, 7%, and 4%, respectively, of total revenues. The Company operates in one reportable business segment and historically has derived most revenues only from the United States. Certain components used in the Company’s current or planned products are currently sourced from one supplier for which alternative suppliers exist, but the Company has not validated the product(s) of such alternative supplier(s), and substitutes for these components may not be obtained easily or may require substantial design or manufacturing modifications. |
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, 2015 and 2016, 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, financed 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 seven 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, 2015 and 2016 was approximately $261,000 and $322,000, respectively. Upon sale 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 and comprehensive loss. 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. |
Stock-based Compensation | Stock-based Compensation The Company measures and recognizes compensation expense for all stock-based awards made to employees and directors based on their grant date fair values. The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option pricing model, while the fair value of restricted stock unit awards, or RSUs, is determined by the Company’s stock price on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. The Company estimates forfeitures at the time of grant and revises these estimates in subsequent periods if actual forfeitures differ from those estimates (see Note 10). The Company determines the fair value of the stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. All issuances of equity instruments issued to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. These awards are recorded in expense and additional paid-in capital in shareholders’ equity over the applicable service periods based on the fair value of the options at the end of each period. 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 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, 2015 and 2016 were approximately $2,858,000 and $2,713,000, 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, 2015 and 2016, and therefore has not recognized any income tax benefit or expense in the periods presented. A tax benefit from uncertain tax positions may be recognized by the Company when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. 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, 2015 and 2016, and the Company has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2015 and 2016. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, and as subsequently updated and amended from time to time, 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, and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. As the Company has not yet completed its final review of the impact of the new guidance but expects to during 2017, the Company has not determined whether the adoption of this guidance will have a material impact on its financial statements or disclosures. The Company is still evaluating disclosure requirements under the new guidance, and will continue to evaluate additional changes, modifications or interpretations to the guidance which may impact the current conclusions. The Company expects to adopt the new standard for the fiscal year beginning January 1, 2018 and has not yet determined whether the full or modified retrospective application method will be applied. 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 adopted this guidance for the reporting period beginning on January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s 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 adopted this guidance during the year ended December 31, 2016. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. 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 adopted this guidance for the reporting period beginning January 1, 2017. 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 expects to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company does not currently have any equity method investments. 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. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company anticipates that the adoption of this guidance will materially affect its statement of financial position and will require changes to its processes. The Company has not yet made any decision on the timing of adoption or method of adoption with respect to the optional practical expedients, but expects to during 2018. In March 2016, the FASB issued authoritative guidance clarifying that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not necessarily require dedesignation of that hedging relationship, provided that all other applicable hedge accounting criteria continue to be met. This guidance is effective on either a prospective basis or modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance requiring entities to assess whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts, and clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts. This guidance is effective on a modified retrospective basis for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In March 2016, the FASB issued authoritative guidance simplifying the accounting for stock compensation. This guidance, among other things, amends existing accounting and classification requirements primarily around income taxes, forfeitures, and cash payments associated with share-based payment awards to employees. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s financial statements or disclosures. In August 2016, the FASB issued authoritative guidance clarifying the classification of certain cash receipts and cash payments in the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, on a retrospective transition method to each period presented. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically engaged in the transactions encompassed by the proposed guidance. In January 2017, the FASB issued authoritative guidance clarifying the definition of a business when evaluating transactions involving acquisitions or disposals of assets or businesses. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain applications of this guidance are permitted for early adoption. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2018, and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures because the Company has not historically acquired or disposed of material assets or businesses. |
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. 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. |
Restricted Stock [Member] | |
Fair Value Measurement | The fair value of RSUs awarded under either plan is determined by the closing price of the Company’s common stock on the date of grant. For non-performance RSUs, 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 RSUs 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, 2016 | |
Assumptions Used for Determining Fair Values | the estimated grant date fair value of $1.72 per share associated with the warrants to purchase 1,163,526 shares of common stock issued in this offering, or a total of approximately $2.0 million, was recorded as an offset to additional paid-in capital within common stock issuance costs, and was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 2.70 Exercise price $ 3.90 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.23 % Expected life (in years) 5.00 Expected volatility 90.0 % |
Over Allotment Option And Common Stock Warrants [Member] | |
Assumptions Used for Determining Fair Values | 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 $ 4.23 $ 4.23 Exercise price $ 3.75 $ 4.68 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 values of these instruments were estimated using a Black-Scholes valuation model with the following assumptions: Overallotment Options Warrants Stock price $ 0.93 $ 0.93 Exercise price $ 1.0331 $ 1.10 Expected dividend yield 0.00 % 0.00 % Discount rate-bond equivalent yield 0.25 % 1.24 % Expected life (in years) 0.08 5.00 Expected volatility 12.9 % 80.0 % |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2015 2016 Fixed Assets Machinery and equipment $ 2,518,158 $ 2,728,468 Furniture and office equipment 143,726 143,726 Computer equipment and software 577,898 620,582 Leasehold improvements 514,614 517,968 Financed equipment 914,179 1,559,690 Construction in process 70,815 169,896 4,739,390 5,740,330 Less accumulated depreciation and amortization (3,793,210 ) (3,933,999 ) Total fixed assets, net $ 946,180 $ 1,806,331 Accrued Liabilities Accrued interest $ 28,981 $ 20,776 Accrued payroll 128,753 168,727 Accrued vacation 307,845 364,953 Accrued bonuses 376,100 422,868 Accrued sales commissions 76,574 77,844 Current portion of deferred rent 31,170 67,085 Accrued other 17,476 37,783 Total accrued liabilities $ 966,899 $ 1,160,036 |
Equipment Financings (Tables)
Equipment Financings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Capital Lease Obligations [Abstract] | |
Schedule of Future Minimum Lease Payments for Financed Equipment Obligations | The following schedule sets forth the future minimum lease payments outstanding under financed equipment arrangements, as well as corresponding laboratory equipment maintenance obligations that are expensed and accrued as incurred, and due within each respective year ending December 31, as well as the present value of the minimum lease payments as of December 31, 2016: Minimum Maintenance Lease Obligation Payments Payments 2017 $ 274,367 $ 27,495 2018 242,040 27,490 2019 205,067 26,733 2020 203,107 26,664 2021 203,107 26,664 Thereafter 381,354 37,774 Total payments 1,509,042 172,820 Less amount representing interest 467,725 — Present value of payments $ 1,041,317 $ 172,820 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2015 and 2016 are as follows: 2015 2016 Stock and exercise prices $4.14 - $10.14 $0.775 - $4.02 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 1.52% – 1.94% 0.99% – 2.11% Expected life (in years) 5.23 – 6.08 5.13 – 6.08 Expected volatility 70.0% – 100.0% 80.0% – 90.0% |
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2015 and 2016 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 302,015 $ 18.88 9.0 Granted 441,288 $ 6.01 Exercised — — Cancelled/forfeited/expired (29,644 ) $ 13.83 Outstanding at December 31, 2015 713,659 $ 11.03 8.8 Granted 290,399 $ 2.51 Exercised — — Cancelled/forfeited/expired (107,396 ) $ 7.99 Outstanding at December 31, 2016 896,662 $ 8.80 8.5 Vested and unvested expected to vest, December 31, 2016 801,529 $ 9.26 8.0 |
Schedule of Information about Options Outstanding and Exercisable | Further information about the options outstanding and exercisable at December 31, 2016 is as follows: Weighted Weighted Average Average Total Shares Contractual Total Shares Exercise Price Outstanding Life (in years) Exercisable $ 0.78 13,771 10.0 — $ 1.93 184,073 9.6 42,082 $ 4.06 118,342 9.1 67,919 $ 6.37 336,406 8.7 149,981 $ 15.26 139,104 6.8 116,789 $ 26.45 104,966 7.1 78,466 896,662 455,237 |
Summary of RSU Activity | A summary of RSU activity during 2015 and 2016 is as follows: Weighted Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2014 83,755 $ 15.43 Granted — — Issued (58,003 ) $ 15.56 Forfeited — — Outstanding at December 31, 2015 25,752 $ 15.12 Granted 165,829 $ 1.96 Issued (4,449 ) $ 16.05 Forfeited (12,883 ) $ 13.34 Outstanding at December 31, 2016 174,249 $ 2.68 Vested and unvested expected to vest, December 31, 2016 171,667 $ 2.69 |
Effects of Stock-Based Compensation Related to Equity Awards to Employees and Nonemployees on Statement of Operations | 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, 2015 2016 Stock Options Cost of revenues $ 68,660 $ 115,266 Research and development expenses 103,138 123,330 General and administrative expenses 933,018 1,071,490 Sales and marketing expenses 149,917 142,741 Total expenses related to stock options 1,254,733 1,452,827 RSUs Cost of revenues — 32,338 Research and development expenses 10,724 30,261 General and administrative expenses 112,367 38,274 Sales and marketing expenses — 40,247 Total stock-based compensation $ 1,377,824 $ 1,593,947 |
Common Stock Warrants Outstan31
Common Stock Warrants Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Classified Warrants [Abstract] | |
Summary of Equity-Classified Common Stock Warrant Activity, for Warrants Other than Underlying Unexercised Overallotment Option Warrants | On September 29, 2016, the Company effected a one-for-three reverse stock split of all common shares outstanding. The following per share amounts and share numbers have been adjusted for this reverse stock split as if it had occurred on December 31, 2014. A summary of equity-classified common stock warrant activity, for warrants other than those underlying unexercised overallotment option warrants, during 2015 and 2016 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2014 203,047 $ 29.79 3.8 Issued 2,666,666 $ 4.68 Exercised (2,085,483 ) $ 4.68 Expired — — Outstanding at December 31, 2015 784,230 $ 11.18 3.8 Issued 10,890,657 $ 1.40 Exercised — — Expired (50,900 ) $ 30.00 Outstanding at December 31, 2016 11,623,987 $ 1.93 4.6 |
Schedule of Equity-Classified Common Stock Warrants, for Warrants than Underlying Unexercised Overallotment Option Warrants, Outstanding and Exercisable | Further information about equity-classified common stock warrants, for warrants other than those underlying unexercised overallotment option warrants, outstanding and exercisable at December 31, 2016 is as follows: Weighted Weighted Average Average Total Shares Contractual Exercise Price Outstanding Life (in years) $ 1.10 9,727,131 4.8 $ 3.90 1,163,526 4.3 $ 4.68 581,183 3.1 $ 14.16 17,655 7.3 $ 30.00 102,826 2.1 $ 37.50 31,666 2.1 11,623,987 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2015 2016 Preferred warrants outstanding (number of common stock equivalents) 529 529 Common warrants outstanding 784,230 11,623,987 RSUs outstanding 25,752 174,249 Common options outstanding 713,659 896,662 Total anti-dilutive common share equivalents 1,524,170 12,695,427 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | For the years ended December 31, 2015 and 2016, the provision for income taxes was calculated as follows: For the year ended December 31, 2015 2016 Current: Federal $ — $ — State 1,608 2,053 Total 1,608 2,053 Deferred Federal — — State — — Total — — Provision for income tax $ 1,608 $ 2,053 |
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, 2015 2016 Income tax at statutory rate $ (5,762,293 ) $ (6,255,072 ) State liability (334,494 ) (260,835 ) Permanent items 34,852 67,151 Stock compensation 334,609 157,250 Nondeductible interest (316 ) 21,548 Expiration of net operating losses 796,699 — Research and development credit (164,967 ) (170,950 ) State rate change 746,238 44,421 Estimated section 382 limitation 48,484,354 9,256,295 Other (1,041 ) 96,406 Valuation allowance (44,132,033 ) (2,954,161 ) Provision for income tax $ 1,608 $ 2,053 |
Summary of Deferred Tax Assets | The tax effects of carryforwards and other temporary differences that give rise to deferred tax assets consist of the following: For the year ended December 31, 2015 2016 Estimated net operating loss carryforward $ 6,204,024 $ 2,218,618 Estimated research and development credits 2,235,914 2,244,047 Accruals and other 1,234,413 2,273,838 Deferred rent 181,134 164,821 9,855,485 6,901,324 Less valuation allowance (9,855,485 ) (6,901,324 ) Net deferred tax assets $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum lease payments under the amended lease agreement as December 31, 2016 are as follows: 2017 $ 1,348,257 2018 1,388,705 2019 1,430,366 2020 855,136 Thereafter — Total $ 5,022,464 |
Selected Quarterly Financial 35
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2015 Balance sheet data: Cash $ 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 $ (1.10 ) $ (0.67 ) $ (0.72 ) $ (0.73 ) Diluted $ (1.10 ) $ (0.67 ) $ (0.72 ) $ (0.73 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 3,457,556 6,005,145 6,242,604 6,307,316 Diluted 3,457,556 6,005,145 6,242,604 6,307,316 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 this current period presentation of selected quarterly financial data. 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. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2016 Balance sheet data: Cash $ 4,572,750 $ 3,751,570 $ 678,855 $ 4,609,332 Total assets 6,780,830 6,303,153 3,282,549 7,578,326 Total non-current liabilities 3,132,372 3,134,593 2,793,258 2,526,113 Total shareholders’ equity/(deficit) (489,231 ) (419,402 ) (4,556,158 ) 658,661 Statement of operations and comprehensive loss data: Revenues $ 221,369 $ 662,860 $ 1,047,280 $ 1,291,587 Cost of revenues 1,474,790 1,669,571 1,876,288 1,899,462 Research and development expenses 728,076 716,279 600,613 668,399 General and administrative expenses 1,487,224 1,517,664 1,918,543 1,636,994 Sales and marketing expenses 1,304,899 1,291,709 1,278,455 1,179,167 Loss from operations (4,773,620 ) (4,532,363 ) (4,626,619 ) (4,092,435 ) Net loss $ (4,875,198 ) $ (4,594,174 ) $ (4,743,076 ) $ (4,186,874 ) Net loss per common share: 1 Basic $ (0.74 ) $ (0.60 ) $ (0.57 ) $ (0.27 ) Diluted $ (0.74 ) $ (0.60 ) $ (0.57 ) $ (0.27 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 6,566,992 7,702,286 8,370,691 15,620,049 Diluted 6,566,992 7,702,286 8,370,691 15,620,049 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. |
Liquidity and Going Concern U36
Liquidity and Going Concern Uncertainty- Additional Information (Detail) - USD ($) | Oct. 19, 2016 | Oct. 14, 2016 | May 04, 2016 | Feb. 29, 2016 | Feb. 28, 2015 | Mar. 28, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2015 | Dec. 31, 2014 |
Liquidity And Managements Plans [Line Items] | ||||||||||||||||||
Cash | $ 4,609,332 | $ 678,855 | $ 3,751,570 | $ 4,572,750 | $ 8,821,329 | $ 12,541,919 | $ 16,523,975 | $ 19,294,706 | $ 4,609,332 | $ 8,821,329 | $ 5,364,582 | |||||||
Accumulated deficit | (173,635,870) | (155,236,548) | (173,635,870) | (155,236,548) | ||||||||||||||
Net loss | (4,186,874) | $ (4,743,076) | $ (4,594,174) | $ (4,875,198) | $ (4,617,500) | $ (4,496,193) | $ (4,035,105) | $ (3,800,728) | (18,399,322) | (16,949,526) | ||||||||
Unconditional purchase commitment aggregate amount | $ 1,062,500 | 812,500 | $ 812,500 | |||||||||||||||
Unconditional purchase commitment, quarterly payment amount | 62,500 | |||||||||||||||||
Unconditional purchase commitment payment terms | Quarterly | |||||||||||||||||
Unconditional purchase commitment period | May 31, 2020 | |||||||||||||||||
Other non-interest bearing current liabilities | 2,100,000 | $ 2,100,000 | ||||||||||||||||
Proceeds from exercise of common stock warrants | $ 9,800,000 | $ 9,760,060 | ||||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 2,700,000 | |||||||||||||||||
Exercisable warrant available price per share | $ 4.68 | |||||||||||||||||
Exercisable warrant available price per share expiration period | 2020-02 | |||||||||||||||||
Roth Capital Partners, LLC and Feltl [Member] | ||||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 564 | |||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 9,000,000 | |||||||||||||||||
Roth Capital Partners, LLC and Feltl [Member] | Subsequent Event [Member] | ||||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 5,300,000 | |||||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 5,400,000 | |||||||||||||||||
Exercisable warrant available price per share | $ 1.10 | |||||||||||||||||
Exercisable warrant available price per share expiration period | 2021-10 | |||||||||||||||||
Shelf Registration Statement [Member] | ||||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | |||||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 4,500,000 | |||||||||||||||||
Exercisable warrant available price per share | $ 3.90 | |||||||||||||||||
Exercisable warrant available price per share expiration period | 2021-05 | |||||||||||||||||
Minimum public float limit for offering | $ 75,000,000 | |||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 4,300,000 | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||||
Unconditional purchase commitment, quarterly payment amount | $ 62,500 | |||||||||||||||||
Maximum [Member] | Shelf Registration Statement [Member] | ||||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||||
Aggregate offering price | $ 50,000,000 | |||||||||||||||||
April 2014 Credit Facility [Member] | ||||||||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||||||||
Aggregate net interest-bearing indebtedness | 4,400,000 | 4,400,000 | ||||||||||||||||
Due within one year | $ 2,300,000 | $ 2,300,000 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 29, 2016 | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | [1] | Jun. 30, 2015USD ($) | [1] | Mar. 31, 2015USD ($) | [1] | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)Segmentshares | Sep. 27, 2016shares | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Stockholders equity reverse stock split ratio | 0.33 | |||||||||||||||
Common stock, shares authorized | shares | 150,000,000 | 40,000,000 | 150,000,000 | 40,000,000 | ||||||||||||
Description of reverse stock split | On September 27, 2016, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s amended and restated certificate of incorporation to effect a one-for-three reverse stock split of the Company’s outstanding common stock, and to increase the authorized number of shares of the Company’s common stock from 40,000,000 to 150,000,000 shares. The one-for-three reverse stock split was effected on September 29, 2016. | |||||||||||||||
Number of reportable segments | Segment | 1 | |||||||||||||||
Number of suppliers | one supplier | |||||||||||||||
Allowance for doubtful accounts | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
Depreciation expense | 322,000 | 261,000 | ||||||||||||||
Research and development expenses | 668,399 | $ 600,613 | $ 716,279 | $ 728,076 | 784,379 | [1] | $ 677,729 | $ 744,242 | $ 651,420 | 2,713,367 | 2,857,770 | |||||
Accrual for interest or penalties for income taxes | $ 0 | $ 0 | 0 | 0 | ||||||||||||
Interest or penalties expense on income taxes | $ 0 | $ 0 | ||||||||||||||
Customer Concentration Risk [Member] | Sales Revenue [Member] | Medicare [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 40.00% | 41.00% | ||||||||||||||
Contracted Partners [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 7.00% | 11.00% | ||||||||||||||
Client One [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 19.00% | 21.00% | ||||||||||||||
Client One [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | Medicare [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 10.00% | 12.00% | ||||||||||||||
Client Two [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 11.00% | 7.00% | ||||||||||||||
Client Two [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | Medicare [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 7.00% | 9.00% | ||||||||||||||
Client Three [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 9.00% | 6.00% | ||||||||||||||
Client Three [Member] | Customer Concentration Risk [Member] | Sales Revenue [Member] | Medicare [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Concentration risk percentage | 4.00% | 5.00% | ||||||||||||||
Minimum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Common stock, shares authorized | shares | 40,000,000 | |||||||||||||||
Estimated useful life of assets | 3 years | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||
Common stock, shares authorized | shares | 150,000,000 | |||||||||||||||
Estimated useful life of assets | 7 years | |||||||||||||||
[1] | A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in this current period presentation of selected quarterly financial data. |
Sales of Equity Securities - Ad
Sales of Equity Securities - Additional Information (Detail) - USD ($) | Oct. 19, 2016 | Oct. 14, 2016 | May 04, 2016 | Dec. 21, 2015 | Feb. 13, 2015 | Feb. 09, 2015 | Feb. 28, 2015 | Mar. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2015 |
Class Of Stock [Line Items] | |||||||||||
Stock price | $ 2.70 | ||||||||||
Issuance of warrants to purchase shares of common stock | 1,163,526 | ||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5,200,000 | $ 2,000,000 | $ 7,700,000 | $ 7,700,000 | |||||||
Exercise price of warrants | $ 3.90 | $ 4.68 | |||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | 45 days | 45 days | ||||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | $ 3.75 | $ 3.75 | ||||||||
Common stock, par value | $ 0.0009 | $ 0.0001 | $ 0.0001 | ||||||||
Grant date fair values of overallotment options | $ 800,000 | $ 1,600,000 | $ 1,600,000 | ||||||||
Proceeds from exercise of common stock warrants | $ 9,800,000 | $ 9,760,060 | |||||||||
Exercisable warrant available price per share expiration period | 2020-02 | ||||||||||
Increase in capital shares value | $ 1,400,000 | ||||||||||
Common stock, shares issued | 17,499,397 | 6,556,685 | |||||||||
Common stock issuance costs | $ 79,000 | $ 42,000 | |||||||||
Common Stock Purchase Agreement [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Proceeds from issuance of common stock | $ 544,051 | ||||||||||
Aggregate common stock shares purchase | 173,145 | ||||||||||
Aspire Capital Fund, LLC [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 55,000 | ||||||||||
Common Stock [Member] | Aspire Capital Fund, LLC [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Public offering, number of shares issued | 208,334 | ||||||||||
Stock price | $ 4.80 | ||||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 months | ||||||||||
Increase in capital shares value | $ 15,000,000 | ||||||||||
Proceeds from issuance of common stock | $ 1,000,000 | ||||||||||
Maximum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 | ||||||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | ||||||||||
Shelf Registration Statement [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Stock price | $ 3 | ||||||||||
Issuance of warrants to purchase shares of common stock | 1,163,526 | ||||||||||
Exercise price of warrants | $ 3.90 | ||||||||||
Cost directly associated with offering | $ 700,000 | ||||||||||
Proceeds from exercise of common stock warrants | $ 0 | ||||||||||
Minimum public float limit for offering | $ 75,000,000 | ||||||||||
Placement agent agreement, effective date | Apr. 25, 2016 | ||||||||||
Securities purchase agreement, effective date | Apr. 29, 2016 | ||||||||||
Public offering, number of shares issued | 1,662,191 | ||||||||||
Net cash proceeds from sale of securities | $ 4,300,000 | ||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 4,500,000 | ||||||||||
Exercisable warrant available price per share expiration period | 2021-05 | ||||||||||
Period of limitation to issue variable rate securities | 1 year | ||||||||||
Shelf Registration Statement [Member] | Maximum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Aggregate offering price | $ 50,000,000 | ||||||||||
Aegis Capital Corp. and Feltl [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Public offering, number of shares issued | 2,666,666 | ||||||||||
Stock price | $ 3.75 | ||||||||||
Issuance of warrants to purchase shares of common stock | 400,000 | 2,666,666 | |||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 7,700,000 | ||||||||||
Exercise price of warrants | $ 4.68 | ||||||||||
Cost directly associated with offering | $ 1,200,000 | ||||||||||
Net cash proceeds from issue of initial public offering after deducting costs directly associated with offering | $ 8,800,000 | ||||||||||
Overallotment issued to underwriter to purchase common stock, period | 45 days | ||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 400,000 | ||||||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 3.75 | ||||||||||
Common stock, par value | $ 0.0003 | ||||||||||
Grant date fair values of overallotment options | $ 1,600,000 | ||||||||||
Proceeds from exercise of common stock warrants | 9,800,000 | ||||||||||
Aggregate net increase in capital from public offerings | $ 18,600,000 | ||||||||||
Roth Capital Partners, LLC and Feltl [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Public offering, number of shares issued | 9,100,000 | ||||||||||
Stock price | $ 1.10 | ||||||||||
Issuance of warrants to purchase shares of common stock | 9,100,000 | 9,100,000 | |||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5,200,000 | ||||||||||
Exercise price of warrants | $ 1.10 | ||||||||||
Cost directly associated with offering | $ 1,000,000 | ||||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | ||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 627,131 | ||||||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | ||||||||||
Common stock, par value | $ 0.0009 | ||||||||||
Grant date fair values of overallotment options | $ 800,000 | ||||||||||
Proceeds from exercise of common stock warrants | $ 564 | ||||||||||
Net cash proceeds from sale of securities | $ 9,000,000 | ||||||||||
Roth Capital Partners, LLC and Feltl [Member] | Subsequent Event [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Exercise price of warrants | $ 1.10 | ||||||||||
Proceeds from exercise of common stock warrants | $ 5,300,000 | ||||||||||
Exercisable warrant available price per share expiration period | 2021-10 | ||||||||||
Increase in capital shares value | $ 14,300,000 | ||||||||||
Roth Capital Partners, LLC and Feltl [Member] | Maximum [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 | ||||||||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Oct. 19, 2016 | May 04, 2016 | Feb. 13, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Issuance of warrants to purchase shares of common stock | 1,163,526 | ||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5.2 | $ 2 | $ 7.7 | $ 7.7 | |
Overallotment issued to underwriter to purchase common stock, period | 30 days | 45 days | 45 days | ||
Common shares issuable to underwriters under granted option | 400,000 | 400,000 | |||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | $ 3.75 | $ 3.75 | ||
Overallotment option issued to underwriters under warrants granted | 400,000 | 400,000 | |||
Common stock, par value | $ 0.0009 | $ 0.0001 | $ 0.0001 | ||
Grant date fair values of overallotment options | $ 0.8 | $ 1.6 | $ 1.6 | ||
Warrant exercise price | $ 3.90 | ||||
Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Issuance of overallotment options to purchase common stock shares | 1,365,000 | ||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 | ||||
Warrants [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Warrant exercise price | $ 0.57 | $ 1.72 | |||
Overallotment Options [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Common stock, par value | $ 0.0003 | $ 0.0003 | |||
Aegis Capital Corp [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Issuance of warrants to purchase shares of common stock | 2,666,666 | ||||
Roth Capital Partners, LLC and Feltl and Company, Inc. [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Issuance of warrants to purchase shares of common stock | 9,100,000 |
Fair Value Measurement - Assump
Fair Value Measurement - Assumptions Used for Determining Fair Values (Detail) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 2.70 |
Exercise price | $ 3.90 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.23% |
Expected life (in years) | 5 years |
Expected volatility | 90.00% |
Over-allotment Options [Member] | Public Offering February 13,2015 [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 4.23 |
Exercise price | $ 3.75 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 0.02% |
Expected life (in years) | 1 month 13 days |
Expected volatility | 168.10% |
Over-allotment Options [Member] | Public Offering October 19,2016 [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 0.93 |
Exercise price | $ 1.0331 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 0.25% |
Expected life (in years) | 29 days |
Expected volatility | 12.90% |
Warrants [Member] | Public Offering February 13,2015 [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 4.23 |
Exercise price | $ 4.68 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.53% |
Expected life (in years) | 5 years |
Expected volatility | 90.00% |
Warrants [Member] | Public Offering October 19,2016 [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 0.93 |
Exercise price | $ 1.10 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.24% |
Expected life (in years) | 5 years |
Expected volatility | 80.00% |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Fixed Assets and Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed Assets | ||
Machinery and equipment | $ 2,728,468 | $ 2,518,158 |
Furniture and office equipment | 143,726 | 143,726 |
Computer equipment and software | 620,582 | 577,898 |
Leasehold improvements | 517,968 | 514,614 |
Financed equipment | 1,559,690 | 914,179 |
Construction in process | 169,896 | 70,815 |
Total fixed assets, gross | 5,740,330 | 4,739,390 |
Less accumulated depreciation and amortization | (3,933,999) | (3,793,210) |
Total fixed assets, net | 1,806,331 | 946,180 |
Accrued Liabilities | ||
Accrued interest | 20,776 | 28,981 |
Accrued payroll | 168,727 | 128,753 |
Accrued vacation | 364,953 | 307,845 |
Accrued bonuses | 422,868 | 376,100 |
Accrued sales commissions | 77,844 | 76,574 |
Current portion of deferred rent | 67,085 | 31,170 |
Accrued other | 37,783 | 17,476 |
Total accrued liabilities | $ 1,160,036 | $ 966,899 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information(Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Disposal of fixed assets | $ 1,076,000 | $ 1,076,000 |
Accumulated depreciation | 77,000 | $ 77,000 |
Total cash proceeds from sale of fixed assets | $ 30,662 |
April 2014 Credit Facility - Ad
April 2014 Credit Facility - Additional Information (Detail) - USD ($) | Oct. 19, 2016 | May 04, 2016 | Feb. 13, 2015 | Apr. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 21, 2015 |
Line of Credit Facility [Line Items] | |||||||
Exercise price of warrants | $ 3.90 | $ 4.68 | |||||
Warrant term | 5 years | 5 years | |||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 5,200,000 | $ 2,000,000 | $ 7,700,000 | $ 7,700,000 | |||
Oxford Finance LLC [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Additional final payment to lender | 50,000 | ||||||
Oxford Finance LLC [Member] | Common Stock [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Warrant issued to lender | 17,655 | ||||||
Exercise price of warrants | $ 14.16 | ||||||
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% | ||||||
Total indebtedness and capital lease obligations outstanding | 1,200,000 | ||||||
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 | ||||||
Unamortized discount | $ 78,408 | ||||||
Effective annual interest rate | 13.87% | 11.50% | |||||
Total principal payments due during year ending December 31, 2017 | $ 1,934,665 | ||||||
Total principal payments due during year ending December 31, 2018 | $ 1,201,409 | ||||||
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% |
Equipment Financings - Addition
Equipment Financings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equipment Financings and Capital Lease Obligations [Line Items] | ||
Financed equipment | $ 1,559,690 | $ 914,179 |
Accumulated depreciation related to financed equipment | 525,000 | 523,000 |
Depreciation expense related to financed equipment | 322,000 | 261,000 |
Fixed assets purchased as equipment financings | 975,406 | 337,085 |
Fixed assets with an aggregate net book value | 270,377 | |
Equipment financings with remaining outstanding balances | $ 239,994 | |
Equipment financings aggregate weighted average effective annual interest rate | 13.18% | |
Equipment financings maturity date on outstanding arrangements range, Start | 2017-07 | |
Equipment financings maturity date on outstanding arrangements range, End | 2023-05 | |
Present value of minimum lease payment due within one year | $ 262,674 | |
Equipment Financings [Member] | ||
Equipment Financings and Capital Lease Obligations [Line Items] | ||
Depreciation expense related to financed equipment | $ 119,000 | $ 73,000 |
Minimum [Member] | ||
Equipment Financings and Capital Lease Obligations [Line Items] | ||
Financed equipment useful life | 3 years | |
Minimum [Member] | Equipment Financings [Member] | ||
Equipment Financings and Capital Lease Obligations [Line Items] | ||
Financed equipment useful life | 5 years | |
Maximum [Member] | ||
Equipment Financings and Capital Lease Obligations [Line Items] | ||
Financed equipment useful life | 7 years | |
Maximum [Member] | Equipment Financings [Member] | ||
Equipment Financings and Capital Lease Obligations [Line Items] | ||
Financed equipment useful life | 7 years |
Equipment Financings - Schedule
Equipment Financings - Schedule of Future Minimum Lease Payments for Financed Equipment Obligations (Detail) | Dec. 31, 2016USD ($) |
Capital Lease Obligations [Abstract] | |
2,017 | $ 274,367 |
2,018 | 242,040 |
2,019 | 205,067 |
2,020 | 203,107 |
2,021 | 203,107 |
Thereafter | 381,354 |
Total payments | 1,509,042 |
Less amount representing interest | 467,725 |
Present value of payments | 1,041,317 |
2,017 | 27,495 |
2,018 | 27,490 |
2,019 | 26,733 |
2,020 | 26,664 |
2,021 | 26,664 |
Thereafter | 37,774 |
Total payments | 172,820 |
Present value of payments | $ 172,820 |
Supplier Financings - Additiona
Supplier Financings - Additional Information (Detail) - Financing Agreements With Supplier [Member] - Laboratory Software [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Financing agreement, due period | 1 year | |
Remaining balance under financing agreement | $ 76 | $ 42 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.75% | 3.75% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.95% | 5.95% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Mar. 21, 2017shares | Sep. 29, 2016shares | Jul. 29, 2016$ / sharesshares | Jul. 25, 2016$ / sharesshares | Jul. 06, 2016USD ($)$ / sharesshares | Feb. 29, 2016$ / sharesshares | Aug. 31, 2015$ / sharesshares | Jun. 12, 2014$ / sharesshares | Dec. 31, 2016USD ($)Plan$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stockholders equity reverse stock split ratio | 0.33 | ||||||||||
Number of equity incentive plans | Plan | 2 | ||||||||||
Total Shares Outstanding | 896,662 | 713,659 | 302,015 | ||||||||
Number of Shares, Granted | 290,399 | 441,288 | |||||||||
Weighted average exercise price per share | $ / shares | $ 2.51 | $ 6.01 | |||||||||
Number of shares remaining forfeited | 107,396 | 29,644 | |||||||||
Unrecognized share-based compensation expense, weighted-average recognition period | 2 years 1 month 6 days | ||||||||||
Stock Options [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stockholders equity reverse stock split ratio | 0.25 | ||||||||||
Vesting period | 10 years | ||||||||||
Option awards assumptions, method used | Black-Scholes pricing model | ||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.79 | $ 3.96 | |||||||||
Intrinsic value of options outstanding | $ | $ 0 | $ 0 | |||||||||
Intrinsic value of options vested and unvested expected to vest | $ | $ 0 | ||||||||||
Stock options vested | 218,688 | 75,455 | |||||||||
Total weighted average grant date fair value | $ | $ 1,563,378 | $ 1,185,128 | |||||||||
Intrinsic value of options exercisable | $ | $ 0 | ||||||||||
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] | |||||||||||
Vesting period | 1 year | ||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 16.05 | ||||||||||
Intrinsic value shares, RSUs outstanding | $ | $ 135,043 | ||||||||||
Intrinsic value amount, RSUs unvested and vested expected to vest | $ | $ 133,042 | ||||||||||
Grant of restricted stock units | 14,832 | 165,829 | |||||||||
Total RSUs forfeited | 12,883 | ||||||||||
RSUs [Member] | Chief Executive Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of vested shares issued | 4,449 | ||||||||||
Total RSUs forfeited | 10,383 | ||||||||||
Stock Options and RSUs [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Unrecognized share-based compensation expense, stock options | $ | $ 1,611,000 | ||||||||||
2013 Equity Incentive Plan [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stockholders equity reverse stock split ratio | 0.33 | ||||||||||
2013 Equity Incentive Plan [Member] | Chief Financial Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Weighted average exercise price per share | $ / shares | $ 1.95 | ||||||||||
2013 Equity Incentive Plan [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock options vested | 16,383 | ||||||||||
Number of shares remaining forfeited | 16,950 | ||||||||||
2013 Equity Incentive Plan [Member] | Stock Options [Member] | Chief Executive Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 2.87 | $ 4.40 | |||||||||
Number of Shares, Granted | 33,333 | 33,333 | |||||||||
Weighted average exercise price per share | $ / shares | $ 4.02 | $ 6.03 | |||||||||
2013 Equity Incentive Plan [Member] | Stock Options [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of shares remaining forfeited | 50,333 | ||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options granted on August 31, 2015 [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock options vested | 6,333 | ||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options Granted on February 29, 2016 [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock options vested | 10,000 | ||||||||||
2013 Equity Incentive Plan [Member] | RSUs [Member] | Chief Financial Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Vesting period | 1 year | ||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 100.00% | ||||||||||
Restricted stock units, grant date fair value | $ / shares | $ 1.95 | ||||||||||
Restricted stock unit award, shares | 25,000 | ||||||||||
2013 Equity Incentive Plan [Member] | Retention RSUs [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Vesting period | 1 year | ||||||||||
Restricted stock units, grant date fair value | $ / shares | $ 1.86 | ||||||||||
Restricted stock units, grant date fair value | $ | $ 108,498 | ||||||||||
2013 Equity Incentive Plan [Member] | Retention RSUs [Member] | Chief Executive Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Grant of restricted stock units | 25,000 | ||||||||||
2013 Equity Incentive Plan [Member] | Retention RSUs [Member] | Executive Officers [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Grant of restricted stock units | 58,332 | ||||||||||
2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 1,022,955 | ||||||||||
Stock options and RSUs issued | 987,394 | ||||||||||
Total Shares Outstanding | 945,912 | ||||||||||
Common stock, shares authorized | 35,561 | ||||||||||
2013 Equity Incentive Plan [Member] | Inducement shares [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 333,333 | ||||||||||
Stock options and RSUs issued | 124,999 | ||||||||||
Total Shares Outstanding | 124,999 | ||||||||||
Common stock, shares authorized | 208,334 | ||||||||||
2013 Equity Incentive Plan [Member] | Options Vesting on One Year Anniversary [Member] | Chief Financial Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 66,666 | ||||||||||
Vesting period | 1 year | ||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.45 | ||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 25.00% | ||||||||||
Stock option units remaining vesting period on Equal monthly basis | 3 years | ||||||||||
2013 Equity Incentive Plan [Member] | Options Vesting on Performance Achievement [Member] | Chief Financial Officer [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 33,333 | ||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.26 | ||||||||||
2013 Equity Incentive Plan [Member] | Pre-reverse Stock Split [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 1,000,000 | ||||||||||
2013 Equity Incentive Plan [Member] | Post-reverse Stock Split [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 333,333 | ||||||||||
Maximum [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Estimated forfeitures rate | 8.00% | 4.00% | |||||||||
Maximum [Member] | Stock Options [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | ||||||||||
Maximum [Member] | 2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 3,068,865 | ||||||||||
Maximum [Member] | 2013 Equity Incentive Plan [Member] | Inducement shares [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 1,000,000 | ||||||||||
Minimum [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Estimated forfeitures rate | 0.00% | 0.00% | |||||||||
Minimum [Member] | 2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 1,022,955 | ||||||||||
Minimum [Member] | 2013 Equity Incentive Plan [Member] | Inducement shares [Member] | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Total stock options and RSUs authorized | 333,333 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 0.775 | $ 4.14 |
Discount rate-bond equivalent yield | 0.99% | 1.52% |
Expected life (in years) | 5 years 1 month 17 days | 5 years 2 months 23 days |
Expected volatility | 80.00% | 70.00% |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock and exercise prices | $ 4.02 | $ 10.14 |
Discount rate-bond equivalent yield | 2.11% | 1.94% |
Expected life (in years) | 6 years 29 days | 6 years 29 days |
Expected volatility | 90.00% | 100.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares Outstanding, Beginning Balance | 713,659 | 302,015 | |
Number of Shares, Granted | 290,399 | 441,288 | |
Number of Shares, Cancelled/forfeited/expired | (107,396) | (29,644) | |
Number of Shares Outstanding, Ending Balance | 896,662 | 713,659 | 302,015 |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 801,529 | ||
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 11.03 | $ 18.88 | |
Weighted Average Exercise Price Per Share, Granted | 2.51 | 6.01 | |
Weighted Average Exercise Price Per Share, Cancelled/forfeited/expired | 7.99 | 13.83 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | 8.80 | $ 11.03 | $ 18.88 |
Weighted Average Exercise Price Per Share, Vested and unvested expected to vest, Ending Balance | $ 9.26 | ||
Weighted Average Remaining Contractual Term in Years, Outstanding | 8 years 6 months | 8 years 9 months 18 days | 9 years |
Weighted Average Remaining Contractual Term in Years, Vested and unvested expected to vest | 8 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information about Options Outstanding and Exercisable (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total Shares Outstanding | 896,662 | 713,659 | 302,015 |
Total Shares Exercisable | 455,237 | ||
Weighted Average Exercise Price 0.78 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 0.78 | ||
Total Shares Outstanding | 13,771 | ||
Weighted Average Contractual Life (in years) | 10 years | ||
Weighted Average Exercise Price 1.93 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 1.93 | ||
Total Shares Outstanding | 184,073 | ||
Weighted Average Contractual Life (in years) | 9 years 7 months 6 days | ||
Total Shares Exercisable | 42,082 | ||
Weighted Average Exercise Price 4.06 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 4.06 | ||
Total Shares Outstanding | 118,342 | ||
Weighted Average Contractual Life (in years) | 9 years 1 month 6 days | ||
Total Shares Exercisable | 67,919 | ||
Weighted Average Exercise Price 6.37 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 6.37 | ||
Total Shares Outstanding | 336,406 | ||
Weighted Average Contractual Life (in years) | 8 years 8 months 12 days | ||
Total Shares Exercisable | 149,981 | ||
Weighted Average Exercise Price 15.26 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 15.26 | ||
Total Shares Outstanding | 139,104 | ||
Weighted Average Contractual Life (in years) | 6 years 9 months 18 days | ||
Total Shares Exercisable | 116,789 | ||
Weighted Average Exercise Price 26.45 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 26.45 | ||
Total Shares Outstanding | 104,966 | ||
Weighted Average Contractual Life (in years) | 7 years 1 month 6 days | ||
Total Shares Exercisable | 78,466 |
Stock-Based Compensation - Su51
Stock-Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] - $ / shares | Jun. 12, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares Outstanding, Beginning Balance | 25,752 | 83,755 | |
Number of Shares, Granted | 14,832 | 165,829 | |
Number of Shares, Issued | (4,449) | (58,003) | |
Number of share, Forfeited | (12,883) | ||
Number of Shares Outstanding, Ending Balance | 174,249 | 25,752 | |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 171,667 | ||
Weighted Average Grand Date Fair Value, Outstanding, Beginning Balance | $ 15.12 | $ 15.43 | |
Weighted Average Grand Date Fair Value, Granted | 1.96 | ||
Weighted Average Grand Date Fair Value, Issued | 16.05 | 15.56 | |
Weighted Average Grand Date Fair Value, Forfeited | 13.34 | ||
Weighted Average Grand Date Fair Value, Outstanding, Ending Balance | 2.68 | $ 15.12 | |
Weighted Average Grand Date Fair Value, Vested unvested expected to vest, Ending Balance | $ 2.69 |
Stock-Based Compensation - Effe
Stock-Based Compensation - Effects of Stock-Based Compensation Related to Equity Awards to Employees and Nonemployees on Statement of Operations (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 1,452,827 | $ 1,254,733 |
Stock Options [Member] | Cost of revenues [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 115,266 | 68,660 |
Stock Options [Member] | Research and Development Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 123,330 | 103,138 |
Stock Options [Member] | General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 1,071,490 | 933,018 |
Stock Options [Member] | Sales and Marketing Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 142,741 | 149,917 |
RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 1,593,947 | 1,377,824 |
RSUs [Member] | Cost of revenues [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 32,338 | |
RSUs [Member] | Research and Development Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 30,261 | 10,724 |
RSUs [Member] | General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 38,274 | $ 112,367 |
RSUs [Member] | Sales and Marketing Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 40,247 |
Common Stock Warrants Outstan53
Common Stock Warrants Outstanding - Additional Information (Detail) | Sep. 29, 2016 | Feb. 28, 2015USD ($) | Mar. 28, 2017USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | May 04, 2016$ / shares | Feb. 13, 2015$ / shares |
Class Of Warrant Or Right [Line Items] | |||||||
Reverse stock split of common shares outstanding | 0.33 | ||||||
Common stock warrants exercisable, intrinsic value | $ 0 | ||||||
Common stock warrants outstanding, intrinsic value | $ 0 | ||||||
Proceeds from exercise of common stock warrants | $ 9,800,000 | $ 9,760,060 | |||||
Exercise price of warrants | $ / shares | $ 3.90 | $ 4.68 | |||||
Subsequent Event [Member] | Public Offering [Member] | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Proceeds from exercise of common stock warrants | $ 5,300,000 | ||||||
Exercise of common stock warrant | shares | 4,780,850 | ||||||
Exercise price of warrants | $ / shares | $ 1.10 |
Common Stock Warrants Outstan54
Common Stock Warrants Outstanding - Summary of Equity-Classified Common Stock Warrant Activity, for Warrants Other than Underlying Unexercised Overallotment Option Warrants (Detail) - Warrants [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | |||
Number of Shares, Outstanding, Beginning Balance | 784,230 | 203,047 | |
Number of Shares, Issued | 10,890,657 | 2,666,666 | |
Number of Shares, Exercised | (2,085,483) | ||
Number of Shares, Expired | (50,900) | ||
Number of Shares, Outstanding, Ending Balance | 11,623,987 | 784,230 | 203,047 |
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 11.18 | $ 29.79 | |
Weighted Average Exercise Price Per Share, Issued | 1.40 | 4.68 | |
Weighted Average Exercise Price Per Share, Exercised | 4.68 | ||
Weighted Average Exercise Price Per Share, Expired | 30 | ||
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | $ 1.93 | $ 11.18 | $ 29.79 |
Average Remaining Contractual Term (in years) | 4 years 7 months 6 days | 3 years 9 months 18 days | 3 years 9 months 18 days |
Common Stock Warrants Outstan55
Common Stock Warrants Outstanding - Equity-Classified Common Stock Warrants, for Warrants than Underlying Unexercised Overallotment Option Warrants, Outstanding and Exercisable (Detail) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2016 | May 04, 2016 | Dec. 31, 2015 | Feb. 13, 2015 | Dec. 31, 2014 | |
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants | $ 3.90 | $ 4.68 | |||
Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Total Shares Outstanding | 11,623,987 | 784,230 | 203,047 | ||
Weighted Average Exercise Price 1.10 [Member] | Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants | $ 1.10 | ||||
Total Shares Outstanding | 9,727,131 | ||||
Weighted Average Contractual Life (in years) | 4 years 9 months 18 days | ||||
Weighted Average Exercise Price 3.90 [Member] | Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants | $ 3.90 | ||||
Total Shares Outstanding | 1,163,526 | ||||
Weighted Average Contractual Life (in years) | 4 years 3 months 18 days | ||||
Weighted Average Exercise Price 4.68 [Member] | Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants | $ 4.68 | ||||
Total Shares Outstanding | 581,183 | ||||
Weighted Average Contractual Life (in years) | 3 years 1 month 6 days | ||||
Weighted Average Exercise Price 14.16 [Member] | Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants | $ 14.16 | ||||
Total Shares Outstanding | 17,655 | ||||
Weighted Average Contractual Life (in years) | 7 years 3 months 18 days | ||||
Weighted Average Exercise Price 30.00 [Member] | Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants | $ 30 | ||||
Total Shares Outstanding | 102,826 | ||||
Weighted Average Contractual Life (in years) | 2 years 1 month 6 days | ||||
Weighted Average Exercise Price 37.50 [Member] | Warrants [Member] | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price of warrants | $ 37.50 | ||||
Total Shares Outstanding | 31,666 | ||||
Weighted Average Contractual Life (in years) | 2 years 1 month 6 days |
Net Loss per Common Share - Add
Net Loss per Common Share - Additional Information (Detail) | Sep. 29, 2016 |
Earnings Per Share [Abstract] | |
Reverse stock split of common shares outstanding | 0.33 |
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, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 12,695,427 | 1,524,170 |
Warrants Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 11,623,987 | 784,230 |
RSUs Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 174,249 | 25,752 |
Preferred Warrants Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 529 | 529 |
Common Options Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 896,662 | 713,659 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | ||
State | $ 2,053 | $ 1,608 |
Total | 2,053 | 1,608 |
Deferred | ||
Provision for income tax | $ 2,053 | $ 1,608 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income tax at statutory rate | $ (6,255,072) | $ (5,762,293) |
State liability | (260,835) | (334,494) |
Permanent items | 67,151 | 34,852 |
Stock compensation | 157,250 | 334,609 |
Nondeductible interest | 21,548 | (316) |
Expiration of net operating losses | 796,699 | |
Research and development credit | (170,950) | (164,967) |
State rate change | 44,421 | 746,238 |
Estimated section 382 limitation | 9,256,295 | 48,484,354 |
Other | 96,406 | (1,041) |
Valuation allowance | (2,954,161) | (44,132,033) |
Provision for income tax | $ 2,053 | $ 1,608 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 5,303,000 | |
Net operating loss carryforwards, expiration year | expiring beginning in 2034 | |
Federal [Member] | Research Tax Credit Carryforward [Member] | ||
Income Tax Contingency [Line Items] | ||
Research and development tax credits | $ 16,000 | |
Income tax research and development expiration year | begin to expire in 2034 | |
California [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | $ 8,622,000 | |
Net operating loss carryforwards, expiration year | expiring beginning in 2022 | |
California [Member] | Research Tax Credit Carryforward [Member] | ||
Income Tax Contingency [Line Items] | ||
Research and development tax credits | $ 3,376,000 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Estimated net operating loss carryforward | $ 2,218,618 | $ 6,204,024 |
Estimated research and development credits | 2,244,047 | 2,235,914 |
Accruals and other | 2,273,838 | 1,234,413 |
Deferred rent | 164,821 | 181,134 |
Gross deferred tax assets | 6,901,324 | 9,855,485 |
Less valuation allowance | $ (6,901,324) | $ (9,855,485) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Feb. 01, 2017 | Oct. 31, 2016USD ($)DirectorConsultantshares | May 04, 2016USD ($)Directorshares | Feb. 09, 2015USD ($)shares | Mar. 31, 2015 | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Nov. 30, 2011ft² |
Related Party Transaction [Line Items] | ||||||||
Issuance of warrants to purchase shares of common stock | shares | 1,163,526 | |||||||
Number of consultants | Consultant | 1 | |||||||
Lease expiration date | Jul. 31, 2020 | |||||||
Rental income | $ 153,648 | $ 102,432 | ||||||
Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Lease expiration date | Mar. 31, 2017 | |||||||
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 | |||||||
Rental income | $ 153,648 | 102,432 | ||||||
San Diego California Facility [Member] | Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Lease expiration date | Mar. 31, 2017 | |||||||
Director [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Initial public offering, number of shares issued | shares | 534,088 | 58,335 | 47,331 | |||||
Issuance of warrants to purchase shares of common stock | shares | 534,088 | 40,832 | 47,331 | |||||
Proceeds from issuance of common stock | $ 587,497 | $ 175,000 | $ 177,500 | |||||
Number of members of board of directors | Director | 3 | 3 | ||||||
Director [Member] | Chief Executive Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of members of board of directors | Director | 7 | |||||||
Claire K.T. Reiss [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Initial public offering, number of shares issued | shares | 227,272 | 204,758 | ||||||
Issuance of warrants to purchase shares of common stock | shares | 227,272 | 143,330 | ||||||
Proceeds from issuance of common stock | $ 249,999 | $ 614,273 | ||||||
Beneficial owner percentage of company's common stock | 10.00% | 10.00% | ||||||
Consultants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Initial public offering, number of shares issued | shares | 79,090 | |||||||
Issuance of warrants to purchase shares of common stock | shares | 79,090 | |||||||
Proceeds from issuance of common stock | $ 86,999 | |||||||
Aegea Biotechnologies, Inc [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursement for shared patent costs | $ 19,047 | $ 25,763 | ||||||
Nonexecutive [Member] | San Diego California Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Leased facility, expansion of original premises | ft² | 9,849 | |||||||
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 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2012 | Nov. 30, 2011ft² | |
Loss Contingencies [Line Items] | |||||
Lease expiration date | Jul. 31, 2020 | ||||
Total rent expense | $ 1,272,000 | $ 1,272,000 | |||
Unconditional purchase commitment aggregate amount | $ 1,062,500 | $ 812,500 | |||
Unconditional purchase commitment, quarterly payment amount | $ 62,500 | ||||
Unconditional purchase commitment payment terms | Quarterly | ||||
Unconditional purchase commitment period | May 31, 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 Contingencies64
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 1,348,257 |
2,018 | 1,388,705 |
2,019 | 1,430,366 |
2,020 | 855,136 |
Total | $ 5,022,464 |
Selected Quarterly Financial 65
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Balance sheet data: | |||||||||||||||||||
Cash | $ 4,609,332 | $ 678,855 | $ 3,751,570 | $ 4,572,750 | $ 8,821,329 | $ 12,541,919 | $ 16,523,975 | $ 19,294,706 | $ 4,609,332 | $ 8,821,329 | $ 5,364,582 | ||||||||
Total assets | 7,578,326 | 3,282,549 | 6,303,153 | 6,780,830 | 10,586,918 | 14,196,386 | 18,317,659 | 20,899,513 | 7,578,326 | 10,586,918 | |||||||||
Total non-current liabilities | 2,526,113 | 2,793,258 | 3,134,593 | 3,132,372 | 3,553,395 | 3,877,362 | 4,234,552 | 5,083,216 | 2,526,113 | 3,553,395 | |||||||||
Total shareholders’ equity/(deficit) | 658,661 | (4,556,158) | (419,402) | (489,231) | 3,692,735 | 6,928,277 | 11,049,961 | 13,582,795 | 658,661 | 3,692,735 | $ (220,569) | ||||||||
Statement of operations and comprehensive loss data: | |||||||||||||||||||
Revenues: | 1,291,587 | 1,047,280 | 662,860 | 221,369 | 218,283 | 164,856 | 76,768 | 150,002 | 3,223,096 | 609,909 | |||||||||
Cost of revenues | 1,899,462 | 1,876,288 | 1,669,571 | 1,474,790 | 1,275,691 | [1] | 1,159,710 | [1] | 1,013,075 | [1] | 1,147,682 | [1] | 6,920,111 | 4,596,158 | |||||
Research and development expenses | 668,399 | 600,613 | 716,279 | 728,076 | 784,379 | [1] | 677,729 | [1] | 744,242 | [1] | 651,420 | [1] | 2,713,367 | 2,857,770 | |||||
General and administrative expenses | 1,636,994 | 1,918,543 | 1,517,664 | 1,487,224 | 1,404,515 | 1,630,608 | 1,359,226 | 1,292,049 | 6,560,425 | 5,686,398 | |||||||||
Sales and marketing expenses | 1,179,167 | 1,278,455 | 1,291,709 | 1,304,899 | 1,264,168 | 1,055,653 | 851,109 | 709,456 | 5,054,230 | 3,880,386 | |||||||||
Loss from operations | (4,092,435) | (4,626,619) | (4,532,363) | (4,773,620) | (4,510,470) | (4,358,844) | (3,890,884) | (3,650,605) | (18,025,037) | (16,410,803) | |||||||||
Net loss | $ (4,186,874) | $ (4,743,076) | $ (4,594,174) | $ (4,875,198) | $ (4,617,500) | $ (4,496,193) | $ (4,035,105) | $ (3,800,728) | $ (18,399,322) | $ (16,949,526) | |||||||||
Net loss per common share: | |||||||||||||||||||
Basic | $ (0.27) | [2] | $ (0.57) | [2] | $ (0.60) | [2] | $ (0.74) | [2] | $ (0.73) | [2] | $ (0.72) | [2] | $ (0.67) | [2] | $ (1.10) | [2] | $ (1.92) | $ (3.07) | |
Diluted | $ (0.27) | [2] | $ (0.57) | [2] | $ (0.60) | [2] | $ (0.74) | [2] | $ (0.73) | [2] | $ (0.72) | [2] | $ (0.67) | [2] | $ (1.10) | [2] | $ (1.92) | $ (3.07) | |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | |||||||||||||||||||
Basic | 15,620,049 | 8,370,691 | 7,702,286 | 6,566,992 | 6,307,316 | 6,242,604 | 6,005,145 | 3,457,556 | 9,578,285 | 5,512,989 | |||||||||
Diluted | 15,620,049 | 8,370,691 | 7,702,286 | 6,566,992 | 6,307,316 | 6,242,604 | 6,005,145 | 3,457,556 | 9,578,285 | 5,512,989 | |||||||||
[1] | A total of $290,709 and $27,856 of revenue-generating costs previously allocated to research and development expenses during the quarters ended March 31, 2015 and June 30, 2015, respectively, were reclassified to cost of revenues in this current period presentation of selected quarterly financial data. | ||||||||||||||||||
[2] | Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Selected Quarterly Financial 66
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Parenthetical) (Detail) - USD ($) | 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) - USD ($) | Feb. 01, 2017 | Oct. 14, 2016 | Feb. 28, 2015 | Mar. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 04, 2016 | Feb. 13, 2015 |
Subsequent Event [Line Items] | ||||||||
Proceeds from exercise of common stock warrants | $ 9,800,000 | $ 9,760,060 | ||||||
Exercise price of warrants | $ 3.90 | $ 4.68 | ||||||
Lease expiration date | Jul. 31, 2020 | |||||||
Roth Capital Partners, LLC and Feltl [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from exercise of common stock warrants | $ 564 | |||||||
Exercise price of warrants | $ 1.10 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Lease expiration date | Mar. 31, 2017 | |||||||
Subsequent Event [Member] | Roth Capital Partners, LLC and Feltl [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from exercise of common stock warrants | $ 5,300,000 | |||||||
Exercise of common stock warrant | 4,780,850 | |||||||
Exercise price of warrants | $ 1.10 |