Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 26, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 68,038,349 | ||
Entity Public Float | $ 38,238,785 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 2,146,611 | $ 4,609,332 |
Accounts receivable, net | 1,193,426 | 128,969 |
Inventories, net | 498,702 | 549,045 |
Prepaid expenses and other current assets | 416,600 | 484,649 |
Total current assets | 4,255,339 | 5,771,995 |
Fixed assets, net | 3,123,567 | 1,806,331 |
Total assets | 7,378,906 | 7,578,326 |
Current liabilities: | ||
Accounts payable | 1,269,953 | 960,486 |
Accrued liabilities | 1,752,363 | 1,160,036 |
Supplier financings | 61,226 | 75,691 |
Current portion of equipment financings | 408,992 | 262,674 |
Current portion of credit facility, net | 1,168,811 | 1,934,665 |
Total current liabilities | 4,661,345 | 4,393,552 |
Non-current portion of equipment financings | 1,150,063 | 778,643 |
Non-current portion of credit facility, net | 1,123,001 | |
Non-current portion of interest payable | 227,177 | |
Non-current portion of deferred rent | 271,464 | 397,292 |
Total liabilities | 6,082,872 | 6,919,665 |
Commitments and contingencies (see Note 16) | ||
Shareholders’ equity: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2016 and 2017. | ||
Common stock, $0.0001 par value, 150,000,000 shares authorized; 17,499,397 shares issued and outstanding at December 31, 2016; 35,183,743 shares issued and outstanding at December 31, 2017. | 3,518 | 1,750 |
Additional paid-in capital | 196,542,123 | 174,292,781 |
Accumulated deficit | (195,249,607) | (173,635,870) |
Total shareholders’ equity | 1,296,034 | 658,661 |
Total liabilities and shareholders’ equity | $ 7,378,906 | $ 7,578,326 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 150,000,000 |
Common stock, shares issued | 35,183,743 | 17,499,397 |
Common stock, shares outstanding | 35,183,743 | 17,499,397 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||
Net revenues | $ 5,068,663 | $ 3,223,096 |
Costs and expenses: | ||
Cost of revenues | 9,345,122 | 6,920,111 |
Research and development expenses | 3,364,747 | 2,713,367 |
General and administrative expenses | 7,189,529 | 6,560,425 |
Sales and marketing expenses | 6,343,971 | 5,054,230 |
Total costs and expenses | 26,243,369 | 21,248,133 |
Loss from operations | (21,174,706) | (18,025,037) |
Other income/(expense): | ||
Interest expense, net | (482,623) | (525,880) |
Other income | 51,216 | 153,648 |
Total other income/(expense): | (431,407) | (372,232) |
Loss before income taxes | (21,606,113) | (18,397,269) |
Income tax expense | (7,624) | (2,053) |
Net loss and comprehensive loss | $ (21,613,737) | $ (18,399,322) |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | ||
Basic | 27,246,292 | 9,578,285 |
Diluted | 27,246,292 | 9,578,285 |
Net loss per common share: | ||
Basic | $ (0.79) | $ (1.92) |
Diluted | $ (0.79) | $ (1.92) |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) | Total | May 2016 Offering [Member] | October 2016 Offering [Member] | March 2017 Registered Direct Offering [Member] | August 2017 Private Placement [Member] | December 2017 Registered Direct Offering [Member] | Common Stock [Member] | Common Stock [Member]May 2016 Offering [Member] | Common Stock [Member]October 2016 Offering [Member] | Common Stock [Member]March 2017 Registered Direct Offering [Member] | Common Stock [Member]August 2017 Private Placement [Member] | Common Stock [Member]December 2017 Registered Direct Offering [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]May 2016 Offering [Member] | Additional Paid-in Capital [Member]October 2016 Offering [Member] | Additional Paid-in Capital [Member]March 2017 Registered Direct Offering [Member] | Additional Paid-in Capital [Member]August 2017 Private Placement [Member] | Additional Paid-in Capital [Member]December 2017 Registered Direct Offering [Member] | Accumulated Deficit [Member] |
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 | ||||||||||||||||||
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, 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, 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 | ||||||||||||||||||
Net loss | (4,432,707) | ||||||||||||||||||
Ending balance at Mar. 31, 2017 | 10,418,069 | ||||||||||||||||||
Beginning balance at Dec. 31, 2016 | 658,661 | $ 1,750 | 174,292,781 | (173,635,870) | |||||||||||||||
Beginning balance, shares at Dec. 31, 2016 | 17,499,397 | ||||||||||||||||||
Stock-based compensation expense | 1,247,481 | 1,247,481 | |||||||||||||||||
Shares issued for restricted stock units | $ 16 | (16) | |||||||||||||||||
Shares issued for restricted stock units, shares | 155,829 | ||||||||||||||||||
Shares issued upon exercise of common stock warrants | 7,498,535 | $ 682 | 7,497,853 | ||||||||||||||||
Shares issued upon exercise of common stock warrants, shares | 6,816,850 | ||||||||||||||||||
Shares and warrants issued, net of issuance costs | $ 8,559,959 | $ 2,023,939 | $ 2,921,196 | $ 432 | $ 146 | $ 492 | $ 8,559,527 | $ 2,023,793 | $ 2,920,704 | ||||||||||
Shares and warrants issued, net of issuance costs, shares | 4,320,000 | 1,466,667 | 4,925,000 | ||||||||||||||||
Net loss | (21,613,737) | (21,613,737) | |||||||||||||||||
Ending balance at Dec. 31, 2017 | 1,296,034 | $ 3,518 | 196,542,123 | (195,249,607) | |||||||||||||||
Ending balance, shares at Dec. 31, 2017 | 35,183,743 | ||||||||||||||||||
Beginning balance at Mar. 31, 2017 | 10,418,069 | ||||||||||||||||||
Net loss | (5,693,151) | ||||||||||||||||||
Ending balance at Jun. 30, 2017 | 7,342,257 | ||||||||||||||||||
Net loss | (5,821,306) | ||||||||||||||||||
Ending balance at Sep. 30, 2017 | 4,026,079 | ||||||||||||||||||
Net loss | (5,666,573) | ||||||||||||||||||
Ending balance at Dec. 31, 2017 | $ 1,296,034 | $ 3,518 | $ 196,542,123 | $ (195,249,607) | |||||||||||||||
Ending balance, shares at Dec. 31, 2017 | 35,183,743 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net loss | $ (21,613,737) | $ (18,399,322) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 575,717 | 322,029 |
Inventory reserve | (50,532) | (31,659) |
Stock-based compensation | 1,247,481 | 1,593,947 |
Non-cash interest expense related to credit facility and other financing activities | 45,788 | 100,005 |
Gain on sale of fixed assets | (30,662) | |
Increase/(decrease) in cash resulting from changes in: | ||
Accounts receivable, net | (1,064,457) | (94,769) |
Inventory | 100,875 | (168,115) |
Prepaid expenses and other current assets | 518,863 | 494,734 |
Accounts payable | 349,932 | 332,732 |
Accrued liabilities | 236,927 | 165,543 |
Accrued interest | 78,649 | 55,444 |
Deferred rent | (76,232) | (36,965) |
Net cash used in operating activities | (19,650,726) | (15,697,058) |
Cash Flows from Investing Activities: | ||
Proceeds from sale of fixed assets | 30,662 | |
Purchases of fixed assets | (1,400,180) | (482,065) |
Net cash used in investing activities | (1,400,180) | (451,403) |
Cash Flows from Financing Activities: | ||
Net proceeds from issuance of common stock and warrants | 13,505,094 | 13,771,301 |
Proceeds from exercise of common stock warrants | 7,498,535 | |
Net proceeds from sale-leaseback transaction | 150,848 | |
Payments on equipment financings | (166,348) | (86,227) |
Payments on supplier and other third-party financings | (465,279) | (510,123) |
Payments on credit facility | (1,934,665) | (1,238,487) |
Net cash provided by financing activities | 18,588,185 | 11,936,464 |
Net decrease in Cash | (2,462,721) | (4,211,997) |
Cash at Beginning of Period | 4,609,332 | 8,821,329 |
Cash at End of Period | 2,146,611 | 4,609,332 |
Cash paid during the period for: | ||
Interest | 358,471 | 358,632 |
Income taxes | $ 5,273 | $ 2,053 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) - USD ($) | Dec. 08, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | May 04, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financed insurance premium through third party financing | $ 451,000 | $ 547,000 | ||||||
Cancellation of insurance premiums partial amount received | 3,933 | |||||||
Fixed assets purchased under capital lease obligations | 719,000 | 975,000 | ||||||
Fixed assets with an aggregate net book value | 34,000 | 270,000 | ||||||
Equipment financing obligations with remaining outstanding balances | 240,000 | |||||||
Purchases of fixed assets | $ 31,000 | $ 58,000 | $ 64,000 | |||||
Issuance of unregistered warrants to purchase shares of common stock | 246,250 | 1,434,639 | 2,160,000 | 1,163,526 | ||||
Exercise price of unregistered warrants | $ 0.85 | $ 1.50 | $ 2.50 | $ 3.90 | ||||
Unregistered warrants to purchase common stock, period | 5 years | 5 years | 5 years | 5 years | ||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 100,000 | $ 1,500,000 | $ 2,800,000 | $ 5,200,000 | $ 2,000,000 | |||
Offering fees and costs recorded within common stock issuance costs as an offset to additional paid in capital | $ 428,000 | $ 176,000 | $ 728,000 | $ 1,037,000,000,000 | $ 653,000 | |||
Estimated grant date fair value of warrants | $ 0.57 | |||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | |||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | |||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 627,131 | |||||||
Common stock, par value | $ 0.0009 | $ 0.0001 | $ 0.0001 | |||||
Grant date fair values of overallotment options | $ 800,000 | |||||||
Class of warrant or rights, first exercisable date | Jun. 5, 2018 | |||||||
Class of warrant or rights, expiration date | Dec. 5, 2022 | |||||||
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 | |||||||
Roth Capital Partners, LLC and Feltl [Member] | ||||||||
Issuance of unregistered 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, 2017 | |
Accounting Policies [Abstract] | |
The Company and Business Activities | 1. The Company and Business Activities 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, or liquid biopsy. The Company’s current and planned assays are intended to provide information to aid healthcare providers to identify specific oncogenic alterations that may qualify a subset of cancer patients for targeted therapy at diagnosis, progression or for monitoring in order to identify specific resistance mechanisms. Sometimes traditional procedures, such as surgical tissue biopsies, result in tumor tissue that is insufficient and/or unable to provide the molecular subtype information necessary for clinical decisions. The Company’s assays, performed on blood, have the potential to provide more contemporaneous information on the characteristics of a patient’s disease when compared with tissue biopsy and radiographic imaging. Additionally, commencing in October 2017, the Company’s pathology partnership program, Empower TC, provides the unique ability for pathologists to participate in the interpretation of liquid biopsy results and is available to pathology practices and hospital systems throughout the United States. Further, the Company’s proprietary blood collection tubes, which allow for the intact transport of liquid biopsy samples for research use only from regions around the world, are anticipated to be sold to laboratory supply distributors commencing in 2018. 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, 2017 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern Uncertainty | 2. Liquidity and Going Concern Uncertainty As of December 31, 2017, cash totaled $2.1 million and the Company had an accumulated deficit of $195.2 million. For the years ended December 31, 2016 and 2017, the Company incurred net losses of $18.4 million and $21.6 million, respectively. At December 31, 2017, the Company had aggregate net interest-bearing indebtedness of approximately $3.1 million, of which approximately $2.0 million was due within one year, in addition to approximately $2.7 million of other non-interest bearing current liabilities. Additionally, in February 2016, the Company signed a firm, non-cancelable, and unconditional commitment in an aggregate amount of $1,062,500 with a vendor to purchase certain inventory items, payable in minimum quarterly amounts of $62,500 through May 2020, under which approximately $611,000 remained outstanding at December 31, 2017 (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 and notes have been prepared assuming that the Company will continue as a going concern. The accompanying financial statements and notes 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. In May 2015, the SEC declared effective a shelf registration statement filed by the Company, which expires in May 2018. 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 its 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, the Company received approximately $4.3 million of net cash proceeds upon the sale of its common stock and warrants to purchase its common stock. Subsequent to the closing of this 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. Pursuant to an exclusive placement agent agreement dated March 28, 2017 between the Company and Roth Capital Partners, LLC as lead placement agent, and WestPark Capital and Chardan Capital as co-placement agents, a securities purchase agreement for an offering of 4,320,000 shares of the Company’s common stock was effected under this registration statement at a per share price of $2.15. In a concurrent private placement, the Company sold unregistered warrants to purchase up to an aggregate of 2,160,000 shares of its common stock that closed concurrently with the offering common stock sold pursuant to this shelf registration statement, of which none have been subsequently exercised. All warrants sold in this offering have a per share exercise price of $2.50 and expire on October 1, 2022. The closing of the sale of these securities to the purchasers occurred on March 31, 2017, when the Company received approximately $8.6 million of net cash proceeds. Pursuant to an exclusive placement agent agreement dated December 5, 2017 between the Company and Dawson James Securities, Inc. as lead placement agent, and WestPark Capital as co-placement agent, a securities purchase agreement for a registered direct offering of 4,925,000 shares of the Company’s common stock was effected under this registration statement at a per share price of $0.68. The placement agent was issued a warrant to purchase 246,250 shares of common stock at an exercise price of $0.85 per share, which is first exercisable on June 5, 2018 and expires on December 5, 2022. The closing of the sale of these securities occurred on December 8, 2017, when the Company received approximately $2.9 million of net cash proceeds. The specific terms of additional future offerings, if any, under this shelf registration statement would be established at the time of such offerings. On October 19, 2016, the Company received net cash proceeds of approximately $9.0 million as a result of the closing of a follow-on public offering. Subsequent to the closing of this offering on October 19, 2016, the offering’s underwriters exercised their overallotment option to purchase 627,131 option warrants for total proceeds of $564. Subsequent to the closing of this offering, approximately $7.5 million of additional cash proceeds had been received from the exercise of warrants sold in this offering, with approximately $3.2 million in gross warrant proceeds remaining outstanding and available to be exercised at $1.10 per share until their expiration in October 2021. Pursuant to a common stock and warrant purchase agreement dated August 9, 2017, the Company received net cash proceeds of approximately $2.0 million as a result of the sale of its common stock and warrants. Subsequent to the closing of this offering, no additional cash proceeds had been received from the exercise of warrants sold in this offering, with approximately $2.2 million in gross warrant proceeds remaining outstanding and available to be exercised at $1.50 per share until their expiration in August 2022. On January 30, 2018, the Company received net cash proceeds of approximately $13.3 million as a result of the closing of a follow-on public offering. Subsequent to the closing of this offering, no additional cash proceeds have been received from the exercise of warrants sold in this offering, with approximately $16.4 million in gross warrant proceeds remaining outstanding and available to be exercised at $0.50 per share, subject to down round adjustment, until their expiration in January 2023. 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, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and are prepared on the basis that the Company will continue as a going concern (see Note 2). The accompanying financial statements and notes 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. 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 Going Concern The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Topic 205-40, Presentation of Financial Statements—Going Concern, which requires the Company to evaluate whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern within one year after the date that its annual and interim financial statements are issued (see Note 2). Certain additional financial statement disclosures are required if such conditions or events are identified. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting. Determining the extent, if any, to which conditions or events raise substantial doubt about the Company’s ability to continue as a going concern, or the extent to which mitigating plans sufficiently alleviate any such substantial doubt, as well as whether or not liquidation is imminent, requires significant judgment by management. 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 accounts receivable, inventories, long-lived assets, income taxes, revenues, stock-based compensation, and the determination of the Company’s ability to continue as a going concern. 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 and Accounts Receivable The Company's commercial revenues are generated from diagnostic services provided as delivered to physicians and billed to third-party insurance payers such as managed care organizations, Medicare and Medicaid and patients for any deductibles, coinsurance or copayments that may be due. Through December 31, 2017, the Company recognized revenue in accordance with the provision of Accounting Standards Codification, or ASC, 954-605, Health Care Entities—Revenue Recognition, which required that four basic criteria must be met prior to recognition of revenue: (1) persuasive evidence of an arrangement existed; (2) delivery had occurred and title and the risks and rewards of ownership had been transferred to the client or services had been rendered; (3) the price was fixed or determinable; and (4) collectability was reasonably assured. Commencing on March 31, 2017, the Company recognizes commercial revenue related to billings for assays delivered and billed to Medicare and other third-party payers on an accrual basis when amounts that will ultimately be realized can be estimated upon delivery, whereby prior to March 31, 2017, the Company recognized revenues for its commercial diagnostic services on a cash basis as collected because the amounts ultimately expected to be received could not be estimated upon delivery due to insufficient collection history experience. Commencing on January 1, 2018, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, which requires that an entity 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. The Company bills third-party payers on a fee-for-service basis at the Company’s list price and third-party commercial revenue is recorded net of contractual discounts, payer-specific allowances and other reserves. The Company’s development services revenues are supported by contractual agreements and generated from assay development services provided to entities, as well as certain other diagnostic services provided to physicians. Diagnostic services are completed upon the delivery of assay results to the prescribing physician, at which time the Company bills for the service and revenue is recognized. The Company’s gross commercial revenues billed, and corresponding gross accounts receivable are subject to estimated deductions for such allowances and reserves to arrive at reported net revenues, which relate to differences between amounts billed and corresponding amounts estimated to be subsequently collected. These third-party payer discounts and sales allowances are estimated based on a number of assumptions and factors, including historical payment trends, seasonality associated with the annual reset of patient deductible limits on January 1 of each year, and current and estimated future payments. Specifically, the Company maintains four such reserves: the reserve for contractual discounts, the reserve for aged non-patient receivables, the reserve for estimated patient receivables, and the reserve for other payer-specific sales allowances. The reserve for contractual discounts relates to discounts to gross amounts billed to Medicare and contracted third-party payers to arrive at the deemed “allowed expense” amount covered by that payer. The Company’s contracted third-party commercial sales are recorded using an actual or contracted fee schedule at the time of delivery, while estimated fee schedules are maintained for each non-contracted payer separately as part of other payer-specific sales allowances. Contractual discounts are recorded at the transaction level at the time of delivery based on a fee schedule that is maintained for each contracted third-party payer. The Company periodically adjusts fee schedules for both contracted and non-contracted third-party payers based upon historical payment trends. The reserve for aged non-patient receivables reduces gross amounts billed to non-contracted third-party payers for amounts estimated to be collected according to the age of the outstanding balance. The reserve for estimated patient receivables reduces gross amounts billed to third-party payers for amounts estimated to be collected directly from individual patients, such as copayments, deductibles, or amounts otherwise designated as patient responsibility. The reserve for other payer-specific sales allowances relates to the amounts billed to non-contracted third-party payers that are estimated to not be covered by that specific payer’s coverage policies, as well as estimated necessary adjustments to gross amounts billed based on historical collection experience for a particular third-party payer unrelated to the age of outstanding balances. Collection periods for billings on commercial revenues range from less than 30 days to several months, depending on the contracted or non-contracted nature of the payer, among other things. The estimates of amounts that will ultimately be realized from commercial diagnostic services for non-contracted payers require significant judgment by management. Patients do not enter into direct agreements with the Company that commit them to pay any portion of the cost of the tests in the event that they have not met their annual deductible limit under their insurance policy, if any, or if their insurance otherwise declines to reimburse the Company. Adjustments to the estimated payment amounts are recorded at the time of final collection and settlement of each transaction as an adjustment to commercial revenue. Consideration associated with non-contracted commercial revenues is considered variable and constrained until fully adjudicated, with net revenues recorded to the extent that it is probable that a significant reversal will not occur. The estimation process used to determine third-party payer discounts and sales allowance has been applied on a consistent basis since March 31, 2017, and no significant subsequent adjustments have been necessary to increase or decrease these discounts and allowances as a result of changes in underlying estimates. The composition of the Company’s gross and net revenues recognized during the years ended December 31, 2016 and 2017 is as follows: For the year ended December 31, 2016 2017 Commercial revenues recognized upon delivery $ - $ 15,685,069 Development services revenues recognized upon delivery 240,056 272,350 Commercial revenues recognized upon cash collection 2,983,040 1,225,976 Total gross revenues 3,223,096 17,183,395 Provisions for contractual discounts — (5,805,787 ) Provisions for aged non-patient receivables — (735,709 ) Provisions for estimated patient receivables — (169,479 ) Provisions for other payer-specific sales allowances — (5,403,757 ) Net revenues $ 3,223,096 $ 5,068,663 During the year ended December 31, 2017, the Company recorded approximately $843,000 in nonrecurring net revenue as a result of recognizing revenue on an accrual basis commencing on March 31, 2017 associated with cases delivered on or prior to December 31, 2016, representing a corresponding decrease in net loss per common share of $0.03. The incremental net revenue as a result of recognizing revenue on an accrual basis commencing on March 31, 2017, or the total amount of net revenue recorded in excess of the amount of commercial cash collections, was approximately $1,139,000 during the year ended December 31, 2017, representing a corresponding decrease in net loss per common share of $0.04. A summary of activity in the Company’s gross and net accounts receivable balances, as well as corresponding reserves, during the year ended December 31, 2017 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2016 Upon Delivery Adjudication 2017 Accounts receivable, gross $ 128,969 $ 15,957,419 $ (9,149,325 ) $ 6,937,063 Reserve for contractual discounts — (5,805,787 ) 3,830,938 (1,974,849 ) Reserve for aged non-patient receivables — (735,709 ) 283,621 (452,088 ) Reserve for estimated patient receivables — (169,479 ) 81,359 (88,120 ) Reserve for other payer-specific sales allowances — (5,403,757 ) 2,175,177 (3,228,580 ) Accounts receivable, net $ 128,969 $ 3,842,687 $ (2,778,230 ) $ 1,193,426 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 payers of the Company’s services such as Medicare, insurance companies, and other third-party payers. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. The Company's third-party payers that represent more than 10% of total net revenues in any period presented, as well as their related net revenue amount as a percentage of total net revenues, during the years ended December 31, 2016 and 2017 were as follows: For the year ended December 31, 2016 2017 Medicare and Medicare Advantage 40 % 39 % Blue Cross Blue Shield 11 % 19 % United Healthcare 19 % 12 % The Company's third-party payers that represent more than 10% of total net accounts receivable, and their related net accounts receivable balance as a percentage of total net accounts receivable, at December 31, 2017 were as follows: Blue Cross Blue Shield 27 % Medicare and Medicare Advantage 21 % United Healthcare 15 % The Company operates in one reportable business segment and historically has derived most revenues only from within 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. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined by the average cost method. The Company records adjustments to its inventory for estimated obsolescence or diminution in net realizable value equal to the difference between the cost of the inventory and the estimated net realizable 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, non-cancelable, 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 and amortization are recorded 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 and amortization expense for the years ended December 31, 2016 and 2017 was approximately $322,000 and $576,000, 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. Upon adoption of Accounting Standards Update 2016-09, Compensation – Stock Compensation on January 1, 2017, 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, 2016 and 2017 were approximately $2,713,000 and $3,365,000, 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, 2016 and 2017, 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, 2016 and 2017, and the Company has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2016 and 2017. Recent Accounting Pronouncements In May 2014, and as subsequently updated and amended from time to time, the Financial Accounting Standards Board, or FASB, issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 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. The Company adopted the new standard for the fiscal year beginning January 1, 2018 using the modified retrospective application method. The Company has substantially completed its assessment of the new standard and the Company believes that there will not be a material impact on its 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. The Company adopted this guidance for the reporting period beginning January 1, 2017, which did not have a material impact on its 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 adopted this guidance for the fiscal year beginning on January 1, 2018, which did not have a material impact on its financial statements or disclosures. In February 2016, the FASB issued authoritative guidance requiring, among other things, that entities recognize the assets and liabilities arising from leases on the balance sheet under revised criteria, while the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria in the previous leases guidance. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. 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 expects to adopt this guidance for the reporting period beginning on January 1, 2019 and has not yet made any decision on the 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 de-designation 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. The Company adopted this guidance for the reporting period beginning January 1, 2017, which did not have a material impact on its 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, which did not have a material impact on its 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, which did not have a material impact on its 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 adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. 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 adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. In January 2017, the FASB issued authoritative guidance eliminating the “Step 2” requirement for an entity to determine the fair value of its assets and liabilities for goodwill impairment testing in the same manner that would be required for those assumed in a business combination. Instead, the amended guidance allows an entity to perform goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount. This guidance is effective for any goodwill impairment tests in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning January 1, 2020, 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 recorded goodwill. In February 2017, the FASB issued authoritative guidance clarifying the definition of the term “in substance nonfinancial asset” when accounting for transfers of financial and nonfinancial assets, and other matters concerning the transfer, sale and partial sale of nonfinancial assets to both consolidated entities and non-consolidated counterparties. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. In March 2017, the FASB issued authoritative guidance shortening the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. 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 currently intends to adopt this guidance for the fiscal year beginning on January 1, 2019 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 hold any callable debt securities. In May 2017, the FASB issued authoritative guidance clarifying what modifications to a share-based payment award may be considered substantive, and therefore requiring the application of modification accounting. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. In July 2017, the FASB issued authoritative guidance changing the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features, whereby a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock, and also clarifying existing disclosure requirements for equity-classified instruments. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company early adopted this guidance for the fiscal year beginning on January 1, 2018, which did not have a material impact on its financial statements or disclosures upon adoption, but did result in equity classification for the warrants issued on January 30, 2018, whereby liability classification may have occurred in the absence of the adoption of this guidance due to the existence of a down round feature associated with the exercise price of the warrants, which would have resulted in material impacts to the Company’s financial statements and disclosures. In August 2 |
Sales of Equity Securities
Sales of Equity Securities | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Sales of Equity Securities | 4. Sales of Equity Securities 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. In May 2015, the SEC declared effective a shelf registration statement filed by the Company, which expires in May 2018. 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, 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 estimated grant date fair value of these warrants of approximately $2.0 million was recorded as an offset to additional paid-in capital upon the closing of this offering (see Note 5). Pursuant to a common stock and warrant purchase agreement dated August 9, 2017 between the Company and Ally Bridge LB Healthcare Master Fund Limited, or Ally Bridge, an offering of 1,466,667 shares of the Company’s common stock and warrants to purchase up to an aggregate of 1,434,639 shares of common stock was effected at a combined offering price of $1.50 per unit for total gross proceeds to the Company of $2.2 million. All warrants sold in this offering have a per share exercise price of $1.50, are exercisable immediately and expire five years from the date of issuance. The estimated grant date fair value of this warrant of approximately $1.5 million was recorded as an offset to additional paid-in capital upon the closing of this offering (see Note 5). On January 30, 2018, the Company received net cash proceeds of approximately $13.3 million as a result of the closing of a follow-on public offering of 32,854,606 shares of its common stock and warrants to purchase up to an aggregate of 32,854,606 shares of its common stock at a combined offering price of $0.45 per unit. All warrants sold in this offering have an exercise price of $0.50 per share, subject to down round adjustment, are exercisable immediately and expire five years from the date of issuance. Subsequent to the closing of this offering, no additional cash proceeds have been received from the exercise of warrants sold in this offering (see Note 18). |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 5. Fair Value Measurement The estimated nonrecurring fair value measurements associated with fixed asset purchases recorded as equipment financing obligations totaling approximately $975,000 and $719,000 during the years ended December 31, 2016 and 2017, respectively, were based on information provided by vendors, which involved the use of significant unobservable Level 3 inputs. The estimated fair value of the terms of the credit facility entered into with Oxford Finance LLC in April 2014, or the April 2014 Credit Facility, at December 31, 2017 approximated its 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. Other Fair Value Measurements 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, 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. 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. 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 % As of the closing of the Company’s March 31, 2017 offering, the estimated grant date fair value of $1.31 per share associated with the warrants to purchase up to 2,160,000 shares of common stock issued in this offering, or a total of approximately $2.8 million, was recorded as an offset to additional paid-in capital, and was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 2.13 Exercise price $ 2.50 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.93 % Expected life (in years) 5.00 Expected volatility 80.0 % As of the closing of the Company’s August 9, 2017 offering, the estimated grant date fair value of $1.03 per share associated with the warrant to purchase up to 1,434,639 shares of common stock issued in this offering, or a total of approximately $1.5 million, was recorded as an offset to additional paid-in capital, and was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 1.39 Exercise price $ 1.50 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.81 % Expected life (in years) 5.00 Expected volatility 100.0 % As of the closing of the Company’s December 8, 2017 offering, the estimated grant date fair value of $0.52 per share associated with the warrant to purchase up to 246,250 shares of common stock issued to the placement agent in this offering, or a total of approximately $0.1 million, was recorded as an offset to additional paid-in capital, and was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 0.7399 Exercise price $ 0.85 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.09 % Expected life (in years) 4.50 Expected volatility 100.0 % |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 2017 Fixed Assets Machinery and equipment $ 2,728,468 $ 2,841,388 Furniture and office equipment 143,726 147,976 Computer equipment and software 620,582 1,637,034 Leasehold improvements 517,968 553,529 Financed equipment 1,559,690 2,294,762 Construction in process 169,896 2,975 5,740,330 7,477,664 Less accumulated depreciation and amortization (3,933,999 ) (4,354,097 ) Total fixed assets, net $ 1,806,331 $ 3,123,567 Accrued Liabilities Accrued interest $ 20,776 $ 326,602 Accrued payroll 168,727 224,813 Accrued vacation 364,953 474,953 Accrued bonuses 422,868 375,000 Accrued sales commissions 77,844 104,509 Current portion of deferred rent 67,085 116,681 Accrued other 37,783 129,805 Total accrued liabilities $ 1,160,036 $ 1,752,363 During the year ended December 31, 2016, non-financed equipment fixed assets with aggregate gross book values and corresponding accumulated depreciation amounts of approximately $77,000 were disposed of, with cash proceeds of approximately $31,000 received upon sale. |
April 2014 Credit Facility
April 2014 Credit Facility | 12 Months Ended |
Dec. 31, 2017 | |
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. 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 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 June 28, 2017, the Company entered into an amendment of the April 2014 Credit Facility whereby the aggregate outstanding principal amount of the Company’s permitted indebtedness was increased to $3.0 million. 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 approximately $102,000 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 approximately $4,898,000. The estimated fair value of the warrant issued of approximately $233,000 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 total unamortized discounts of approximately $78,000 and $33,000 remaining at December 31, 2016 and 2017, respectively. The effective annual interest rate associated with the April 2014 Credit Facility was 13.87% at both December 31, 2016 and 2017. As of December 31, 2017, total remaining principal payments of approximately $1,201,000 were due under the April 2014 Credit Facility during the year ending December 31, 2018. |
Equipment Financings
Equipment Financings | 12 Months Ended |
Dec. 31, 2017 | |
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 approximately $1,560,000 and $2,295,000 at December 31, 2016 and 2017, respectively. Total accumulated depreciation related to financed equipment was approximately $525,000 and $759,000 at December 31, 2016 and 2017, respectively, and total depreciation expense was approximately $119,000 and $234,000, respectively. Fixed asset purchases totaling approximately $975,000 and $719,000 during the years ended December 31, 2016 and 2017, respectively, were recorded as equipment financings. During the year ended December 31, 2016, fixed assets with an aggregate net book value of approximately $270,000, which had previously been recorded as equipment financings with remaining outstanding balances owed totaling approximately $240,000, were effectively disposed of and replaced with upgraded equipment recorded as equipment financings. On September 15, 2017, and as amended on October 17, 2017, the Company executed an equipment financing commitment with a third-party lender for total proceeds to the Company of approximately $151,000, which was funded by the lender on November 2, 2017. Under the terms of the amended equipment financing agreement, which was accounted for as a sale-leaseback transaction, fixed assets previously purchased by the Company with aggregate gross and net book values of approximately $167,000 and $162,000, respectively, were granted as a security interest to the third-party lender, with the principal balance plus interest to be repaid in 36 monthly installments of $4,884 totaling approximately $176,000 through October 2020 . During the year ended December 31, 2017, certain machinery and equipment with aggregate gross, accumulated depreciation, and net book values of approximately $189,000, $155,000 and $34,000, respectively, were exchanged with a lender as partial payment on an outstanding equipment financing obligation balance. The following schedule sets forth the remaining future minimum lease payments outstanding under financed equipment arrangements, as well as corresponding remaining sales tax and maintenance obligation payments that are expensed and accrued as incurred and due within each respective year ending December 31, as well as the present value of the total amount of the remaining minimum lease payments as of December 31, 2017: Maintenance Minimum and Sales Tax Lease Obligation Payments Payments 2018 $ 438,737 $ 63,602 2019 460,166 67,394 2020 406,868 55,205 2021 302,229 44,281 2022 268,018 38,479 Thereafter 253,951 39,881 Total payments 2,129,969 308,842 Less amount representing interest 570,914 — Present value of payments $ 1,559,055 $ 308,842 The aggregate weighted average effective annual interest rate related to the equipment financings was 13.18% and 13.51% at December 31, 2016 and 2017, respectively, and the maturity dates on such outstanding arrangements range from June 2018 to September 2024. During the years ended December 31, 2016 and 2017, total interest expense related to equipment financings of $49,000 and $171,000, respectively, was recorded to the Company’s statement of operations and comprehensive loss. At December 31, 2017, the present value of minimum lease payments due within one year was approximately $409,000. On January 26, 2018, the Company executed a lease agreement with a third-party lender to finance approximately $250,000 of planned fixed asset purchases. Under the terms of the lease agreement, upon lease commencement and repayment, which occurs once the Company has financed equipment purchases for the full amount available under the lease agreement, the Company is required to make 22 payments of $11,081 per month during the initial term of the agreement, subject to adjustment in the event of an increase in three-year Treasury note rates prior to lease commencement and repayment. Until lease commencement and repayment, the Company is required to pay pro-rated equipment rental charges of any equipment financed under this lease. The Company expects lease commencement and repayment to occur by June 30, 2018. Through the date that these financial statements were available to be issued, approximately $78,000 of equipment purchases had been financed under this lease agreement (see Note 18). |
Supplier Financings
Supplier Financings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Supplier Financings | 9. Supplier Financings In 2016 and 2017, the Company obtained third-party financing for certain business insurance premiums. The 2016 and 2017 financings bear interest rates ranging from 3.75% to 5.70% per annum, and all financings are due within one year. The balances due under these annual financing arrangements were approximately $76,000 and $61,000 as of December 31, 2016 and 2017, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation 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. At the Company’s annual meeting of stockholders held on May 2, 2017, the Company’s stockholders approved amendments to the 2013 Plan, which included an increase in the number of non-inducement shares of common stock authorized for issuance under the 2013 Plan by 2,500,000. As of December 31, 2017, under all plans, a total of 3,522,955 non-inducement shares were authorized for issuance, 2,849,466 shares had been issued with 2,677,155 non-inducement stock options and restricted stock units, or RSUs, underlying outstanding awards, and 673,489 non-inducement shares were available for grant. As of December 31, 2017, a total of 333,333 inducement shares were authorized for issuance, 158,049 inducement shares had been issued with 133,049 inducement stock options and RSUs underlying outstanding awards, and 175,284 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, 2016 and 2017 are as follows: 2016 2017 Stock and exercise prices $0.775 - $4.02 $0.6939 - $2.13 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 0.99% – 2.11% 1.79% – 2.27% Expected life (in years) 5.13 – 6.08 5.12 – 6.09 Expected volatility 80.0% – 90.0% 70.0% – 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 2016 and 2017 were approximately $1.79 and $1.02 per share, respectively. A summary of stock option activity for the years ended December 31, 2016 and 2017 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years 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 Granted 1,755,031 $ 1.49 Exercised — — Cancelled/forfeited/expired (202,409 ) $ 4.77 Outstanding at December 31, 2017 2,449,284 $ 3.79 8.8 Vested and unvested expected to vest, December 31, 2017 1,774,268 $ 4.67 8.6 The intrinsic values of options outstanding, options exercisable, and options vested and unvested expected to vest at December 31, 2016 and 2017 were each zero. On August 31, 2015, the Company’s Board of Directors approved the issuance of 33,333 performance 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, or CEO, pursuant to the 2013 Plan. On February 29, 2016, the Company’s Board of Directors approved the issuance of 33,333 performance 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 CEO 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 the Compensation Committee of the Board of Directors. During the year ended December 31, 2017, 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 the Company’s Board of Directors, 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 vested 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 vested upon the Company’s achievement of specified corporate goals for 2016 and the consummation of a specified financing transaction. During the year ended December 31, 2017, 16,383 shares of the performance option award granted on July 29, 2016 were declared vested by the Company’s Board of Directors, and the remaining 16,950 shares underlying this award were forfeited. On May 2, 2017, the Company’s Board of Directors approved the issuance of an aggregate of 550,000 performance stock options to be granted on May 31, 2017 to certain of the Company’s employees and all of its executive officers pursuant to the 2013 Plan, of which 200,000 performance stock options were granted to the Company’s CEO, 100,000 performance stock options were granted to its CFO, and 75,000 performance stock options were granted to each of its Chief Scientific Officer and Senior Medical Director. Each performance stock option granted on May 31, 2017 has an exercise price of $1.50 per share and an estimated grant date fair value of $0.99 per share. On July 6, 2017, the Company’s Compensation Committee of the Board of Directors approved the issuance of an aggregate of 75,000 performance stock options to be granted on July 31, 2017 to certain of the Company’s employees pursuant to the 2013 Plan, of which 2,500 performance stock options were forfeited by December 31, 2017. Each performance stock option granted on July 31, 2017 has an exercise price of $1.39 per share and an estimated grant date fair value of $0.83 per share. Each of the performance stock options granted during the year ended December 31, 2017 were subject to continuing service with vesting as determined by the Company’s Board of Directors or Compensation Committee of the Board of Directors upon the Company’s achievement of specified corporate goals for 2017. Subsequent to the year ended December 31, 2017, none of the performance option awards granted during the year ended December 31, 2017 were declared vested by the Company’s Compensation Committee of the Board of Directors, and the 622,500 shares underlying the remaining outstanding performance stock option awards at December 31, 2017 were 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 2016 and 2017 is as follows: Weighted Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2015 25,752 $ 15.12 Granted 165,829 $ 1.96 Vested and issued (4,449 ) $ 16.05 Forfeited (12,883 ) $ 13.34 Outstanding at December 31, 2016 174,249 $ 2.68 Granted 350,000 $ 1.50 Vested and issued (155,829 ) $ 1.96 Forfeited (7,500 ) $ 2.12 Outstanding at December 31, 2017 360,920 $ 1.87 Vested and unvested expected to vest, December 31, 2017 185,920 $ 2.23 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 CEO 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 the Compensation Committee of the Company’s Board of Directors. 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 CEO 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 vested fully on the one year anniversary of the date of grant, and was subject to continuing service by the holders of such RSUs. At December 31, 2017, the intrinsic values of RSUs outstanding and RSUs unvested and expected to vest were approximately $250,000 and $129,000, 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 CEO. Each of these retention RSUs has a grant date fair value of $1.86 per share for a grant date fair value of approximately $108,000 to all three officers, in aggregate. These retention RSUs vested fully on the one year anniversary of the date of grant, and were 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 vested on the one-year anniversary of the commencement of the CFO’s employment with the Company. On May 2, 2017, the Company’s Board of Directors approved the issuance of an aggregate of 175,000 time-based RSUs and 175,000 performance RSUs to be granted on May 31, 2017 to certain of the Company’s employees and all of its executive officers pursuant to the 2013 Plan, of which 50,000 time-based RSUs and 25,000 performance RSUs were granted to its CEO, and 25,000 time-based RSUs and 25,000 performance RSUs were granted to certain other executive officers. Each RSU granted on May 31, 2017 has a grant date fair value of $1.50 per share. Vesting of the time-based RSUs granted on May 31, 2017 is subject to continuing service and occurs on the one year anniversary of the vesting commencement date, or May 2, 2018, while the performance RSUs were subject to continuous service and vesting was as determined by the Company’s Board of Directors or its Compensation Committee of the Board of Directors upon the achievement of specified corporate goals for 2017. Subsequent to the year ended December 31, 2017, none of the performance RSUs granted on May 31, 2017 were declared vested by the Company’s Compensation Committee of the Board of Directors, and the 175,000 shares underlying these awards were forfeited. 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, 2016 2017 Stock Options Cost of revenues $ 115,266 $ 142,400 Research and development expenses 123,330 143,300 General and administrative expenses 1,071,490 575,741 Sales and marketing expenses 142,741 68,381 Total expenses related to stock options 1,452,827 929,822 RSUs Cost of revenues 32,338 48,745 Research and development expenses 30,261 55,941 General and administrative expenses 38,274 160,937 Sales and marketing expenses 40,247 52,036 Total stock-based compensation $ 1,593,947 $ 1,247,481 Stock-based compensation expense was recorded net of estimated forfeitures of 0% - 8% per annum during the years ended December 31, 2016 and 2017. As of December 31, 2017, total unrecognized share-based compensation expense related to unvested stock options and RSUs, adjusted for estimated forfeitures, was approximately $1,586,000, and expected to be recognized over a weighted-average period of approximately 2.5 years. |
Common Stock Warrants Outstandi
Common Stock Warrants Outstanding | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Common Stock Warrants Outstanding | 11. Common Stock Warrants Outstanding A summary of equity-classified common stock warrant activity, for warrants other than those underlying unexercised overallotment option warrants, during 2016 and 2017 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2015 784,200 $ 11.18 3.8 Issued 10,890,657 $ 1.40 Exercised — — Expired (50,900 ) $ 30.00 Outstanding at December 31, 2016 11,623,957 $ 1.93 4.6 Issued 3,840,889 $ 2.02 Exercised (6,816,850 ) $ 1.10 Expired — — Outstanding at December 31, 2017 8,647,996 $ 2.63 4.0 Further information about equity-classified common stock warrants outstanding at December 31, 2017 is as follows: Weighted Weighted Average Average Total Shares Contractual Exercise Price Outstanding Life (in years) $ 0.85 246,250 4.9 $ 1.10 2,910,281 3.8 $ 1.50 1,434,639 4.6 $ 2.50 2,160,000 4.7 $ 3.90 1,163,526 3.3 $ 4.68 581,153 2.1 $ 29.72 152,147 1.7 8,647,996 All warrants outstanding at December 31, 2017 are exercisable, except for the 246,250 warrants issued on December 8, 2017, which are first exercisable on June 5, 2018 and expire on December 5, 2022. The intrinsic value of equity-classified common stock warrants outstanding at December 31, 2017 was zero. On January 30, 2018, the Company issued warrants to purchase up to an aggregate of 32,854,606 shares of its common stock, which have an exercise price of $0.50 per share are exercisable immediately and expire five years from the date of issuance (see Note 18) |
Net Loss per Common Share
Net Loss per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 and 2017, the outstanding RSUs, warrants, and common stock options have been excluded from the calculation of diluted loss per common share because their effect would be anti-dilutive. Therefore, the weighted-average shares used to calculate both basic and diluted loss per share are the same. The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding for the periods presented, as they would be anti-dilutive: For the year ended December 31, 2016 2017 Preferred warrants outstanding (number of common stock equivalents) 529 529 Common warrants outstanding 11,623,957 8,647,996 RSUs outstanding 174,249 360,920 Common options outstanding 896,662 2,449,284 Total anti-dilutive common share equivalents 12,695,397 11,458,729 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2017 | |
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. During the years ended December 31, 2016 and 2017, the Company made zero and approximately $90,000, respectively, in matching contributions into the savings plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes On December 22, 2017, the President of the United States signed into law new legislation, or the Act, that significantly revises the Internal Revenue Code of 1986, as amended, or the Code. The Act amends the Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. On December 22, 2017, Staff Accounting Bulletin No. 118, or SAB 118, was issued to address the application of U.S. GAAP when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. In accordance with SAB 118, the Company has determined that there is no deferred tax benefit or expense with respect to the remeasurement of certain deferred tax assets and liabilities due to the full valuation allowance against net deferred tax assets. Additional analysis of the law and the impact to the Company will be performed and any impact will be recorded in the respective quarter in 2018. For the years ended December 31, 2016 and 2017, the provision for income taxes was calculated as follows: For the year ended December 31, 2016 2017 Current: Federal $ — $ — State 2,053 7,624 Total 2,053 7,624 Deferred Federal — — State — — Total — — Provision for income tax $ 2,053 $ 7,624 The following table reconciles income taxes computed at the federal statutory rate and the Company’s provision for income taxes: For the year ended December 31, 2016 2017 Income tax at statutory rate $ (6,255,072 ) $ (7,346,079 ) Change in federal tax rate — 2,621,803 State liability (260,835 ) (411,853 ) Permanent items 67,151 214,313 Stock compensation 157,250 72,696 Nondeductible interest 21,548 15,568 Expiration of net operating losses — 922,307 Research and development credit (170,950 ) (200,379 ) State rate change 44,421 (18,026 ) Estimated section 382 limitation 9,256,295 1,491,942 Return to provision — 365,263 Other 96,406 488,264 Valuation allowance (2,954,161 ) 1,791,805 Provision for income tax $ 2,053 $ 7,624 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, 2016 and 2017, as it is more likely than not that the assets will not be utilized. At December 31, 2017, the Company had estimated federal net operating loss carryforwards of approximately $13.6 million expiring beginning in 2035 and total estimated state net operating loss carryforwards of approximately $15.0 million expiring beginning in 2023. Additionally, at December 31, 2017, the Company had estimated research and development credits of approximately $5,000 and $3,395,000 for federal and California purposes, respectively. The estimated federal research and development tax credits will begin to expire in 2035. The California research and development tax credits do not expire. For the years ended December 31, 2016 and 2017, 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, 2016 or 2017. The Company is subject to U.S. federal income tax as well as income tax in multiple state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations for 2014 and before, state and local income tax examinations 2013 and before. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses were generated and carried forward and make adjustments up to the amount of the net operating loss carry forward amount. 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, 2016 2017 Estimated net operating loss carryforward $ 2,218,618 $ 3,355,180 Estimated research and development credits 2,244,047 2,686,666 Accruals and other 2,273,838 2,560,417 Deferred rent 164,821 90,866 6,901,324 8,693,129 Less valuation allowance (6,901,324 ) (8,693,129 ) 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 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 in each year from 2015 through 2018. 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, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions 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 Claire K.T. Reiss, who at the time was the beneficial owner of more than 10% of the Company’s outstanding common stock, participated in the Company’s 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 CEO 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 approximately $587,000. Additionally, a trust affiliated with Claire K.T. Reiss, who at the time was the beneficial owner of more than 10% of the Company’s outstanding common stock, 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 approximately $250,000. 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 approximately $87,000. 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 approximately $19,000 and $15,000 during the years ended December 31, 2016 and 2017, 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 received 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. On February 1, 2017, the Company received notice from the subtenant terminating the sublease effective March 31, 2017. During the year ended December 31, 2017, the total amount of the $12,804 security deposit previously received from the subtenant was applied against approximately $16,000 in additional rents owed as a result of the subtenant continuing to occupy the subleased areas beyond March 31, 2017, and the balance of approximately $3,200 due to the Company was waived. A total of approximately $154,000 and $51,000 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, 2016 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 and 2017, 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, 2017 are as follows: 2018 $ 1,388,705 2019 1,430,366 2020 855,136 Thereafter — Total $ 3,674,207 Purchase Commitment In February 2016, the Company signed a firm, non-cancelable, and unconditional commitment in an aggregate amount of $1,062,500 with a vendor to purchase certain inventory items, payable in minimum quarterly amounts of $62,500 through May 2020. At December 31, 2017, a total of approximately $611,000 remained outstanding under this purchase commitment. Financed Equipment Maintenance and Sales Tax Obligations During the years ended December 31, 2016 and 2017, total expense recorded in the Company’s statement of operations and comprehensive loss for sales tax and maintenance obligations associated with equipment financing arrangements was approximately $32,000 and $79,000, respectively. At December 31, 2017, approximately $46,000 of such sales tax and maintenance obligations incurred but not paid were recorded in accrued other liabilities in the Company’s balance sheet (see Note 6). Future payments totaling approximately $309,000 for sales tax and maintenance obligations associated with financed equipment were due under equipment financing arrangements at December 31, 2017, which will be expensed as incurred (see Note 8). 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, 2017 | |
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, 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 (489,231 ) (419,402 ) (4,556,158 ) 658,661 Statement of operations and comprehensive loss data: Net 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. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2017 Balance sheet data: Cash $ 14,042,388 $ 10,000,155 $ 5,879,025 $ 2,146,611 Total assets 17,933,413 14,653,193 11,120,215 7,378,906 Total non-current liabilities 2,062,544 1,561,520 1,255,939 1,421,527 Total shareholders’ equity 10,418,069 7,342,257 4,026,079 1,296,034 Statement of operations and comprehensive loss data: Net revenues $ 1,683,065 $ 1,278,961 $ 1,111,411 $ 995,226 Cost of revenues 2,129,454 2,368,705 2,487,054 2,359,909 Research and development expenses 757,258 841,991 856,698 908,800 General and administrative expenses 1,906,635 1,798,026 1,834,771 1,650,097 Sales and marketing expenses 1,278,311 1,746,867 1,675,852 1,642,941 Loss from operations (4,388,593 ) (5,476,628 ) (5,742,964 ) (5,566,521 ) Net loss $ (4,432,707 ) $ (5,693,151 ) $ (5,821,306 ) $ (5,666,573 ) Net loss per common share: 1 Basic $ (0.21 ) $ (0.21 ) $ (0.20 ) $ (0.18 ) Diluted $ (0.21 ) $ (0.21 ) $ (0.20 ) $ (0.18 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 20,969,131 26,778,549 29,605,953 31,489,993 Diluted 20,969,131 26,778,549 29,605,953 31,489,993 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, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events On January 26, 2018, the Company executed a lease agreement with a third-party lender to finance approximately $250,000 of planned fixed asset purchases. Under the terms of the lease agreement, upon lease commencement and repayment, which occurs once the Company has financed equipment purchases for the full amount available under the lease agreement, the Company is required to make 22 payments of $11,081 per month during the initial term of the agreement, subject to adjustment in the event of an increase in three-year Treasury note rates prior to lease commencement and repayment. Until lease commencement and repayment, the Company is required to pay pro-rated equipment rental charges of any equipment financed under this lease. The Company expects lease commencement and repayment to occur by June 30, 2018. Through the date that these financial statements were available to be issued, approximately $78,000 of equipment purchases had been financed under this lease agreement. On January 30, 2018, the Company received net cash proceeds of approximately $13.3 million as a result of the closing of a follow-on public offering of 32,854,606 shares of its common stock and warrants to purchase up to an aggregate of 32,854,606 shares of its common stock at a combined offering price of $0.45 per unit. All warrants sold in this offering have an exercise price of $0.50 per share, subject to down round adjustment, are exercisable immediately and expire five years from the date of issuance. Subsequent to the closing of this offering, no additional cash proceeds have been received from the exercise of warrants sold in this offering. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
The Company and Business Activities | 1. The Company and Business Activities 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, or liquid biopsy. The Company’s current and planned assays are intended to provide information to aid healthcare providers to identify specific oncogenic alterations that may qualify a subset of cancer patients for targeted therapy at diagnosis, progression or for monitoring in order to identify specific resistance mechanisms. Sometimes traditional procedures, such as surgical tissue biopsies, result in tumor tissue that is insufficient and/or unable to provide the molecular subtype information necessary for clinical decisions. The Company’s assays, performed on blood, have the potential to provide more contemporaneous information on the characteristics of a patient’s disease when compared with tissue biopsy and radiographic imaging. Additionally, commencing in October 2017, the Company’s pathology partnership program, Empower TC, provides the unique ability for pathologists to participate in the interpretation of liquid biopsy results and is available to pathology practices and hospital systems throughout the United States. Further, the Company’s proprietary blood collection tubes, which allow for the intact transport of liquid biopsy samples for research use only from regions around the world, are anticipated to be sold to laboratory supply distributors commencing in 2018. 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 accompanying financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and are prepared on the basis that the Company will continue as a going concern (see Note 2). The accompanying financial statements and notes 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. 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 |
Going Concern | Going Concern The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Topic 205-40, Presentation of Financial Statements—Going Concern, which requires the Company to evaluate whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern within one year after the date that its annual and interim financial statements are issued (see Note 2). Certain additional financial statement disclosures are required if such conditions or events are identified. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting. Determining the extent, if any, to which conditions or events raise substantial doubt about the Company’s ability to continue as a going concern, or the extent to which mitigating plans sufficiently alleviate any such substantial doubt, as well as whether or not liquidation is imminent, requires significant judgment by management. |
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 accounts receivable, inventories, long-lived assets, income taxes, revenues, stock-based compensation, and the determination of the Company’s ability to continue as a going concern. 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 and Accounts Receivable | Revenue Recognition and Accounts Receivable The Company's commercial revenues are generated from diagnostic services provided as delivered to physicians and billed to third-party insurance payers such as managed care organizations, Medicare and Medicaid and patients for any deductibles, coinsurance or copayments that may be due. Through December 31, 2017, the Company recognized revenue in accordance with the provision of Accounting Standards Codification, or ASC, 954-605, Health Care Entities—Revenue Recognition, which required that four basic criteria must be met prior to recognition of revenue: (1) persuasive evidence of an arrangement existed; (2) delivery had occurred and title and the risks and rewards of ownership had been transferred to the client or services had been rendered; (3) the price was fixed or determinable; and (4) collectability was reasonably assured. Commencing on March 31, 2017, the Company recognizes commercial revenue related to billings for assays delivered and billed to Medicare and other third-party payers on an accrual basis when amounts that will ultimately be realized can be estimated upon delivery, whereby prior to March 31, 2017, the Company recognized revenues for its commercial diagnostic services on a cash basis as collected because the amounts ultimately expected to be received could not be estimated upon delivery due to insufficient collection history experience. Commencing on January 1, 2018, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, which requires that an entity 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. The Company bills third-party payers on a fee-for-service basis at the Company’s list price and third-party commercial revenue is recorded net of contractual discounts, payer-specific allowances and other reserves. The Company’s development services revenues are supported by contractual agreements and generated from assay development services provided to entities, as well as certain other diagnostic services provided to physicians. Diagnostic services are completed upon the delivery of assay results to the prescribing physician, at which time the Company bills for the service and revenue is recognized. The Company’s gross commercial revenues billed, and corresponding gross accounts receivable are subject to estimated deductions for such allowances and reserves to arrive at reported net revenues, which relate to differences between amounts billed and corresponding amounts estimated to be subsequently collected. These third-party payer discounts and sales allowances are estimated based on a number of assumptions and factors, including historical payment trends, seasonality associated with the annual reset of patient deductible limits on January 1 of each year, and current and estimated future payments. Specifically, the Company maintains four such reserves: the reserve for contractual discounts, the reserve for aged non-patient receivables, the reserve for estimated patient receivables, and the reserve for other payer-specific sales allowances. The reserve for contractual discounts relates to discounts to gross amounts billed to Medicare and contracted third-party payers to arrive at the deemed “allowed expense” amount covered by that payer. The Company’s contracted third-party commercial sales are recorded using an actual or contracted fee schedule at the time of delivery, while estimated fee schedules are maintained for each non-contracted payer separately as part of other payer-specific sales allowances. Contractual discounts are recorded at the transaction level at the time of delivery based on a fee schedule that is maintained for each contracted third-party payer. The Company periodically adjusts fee schedules for both contracted and non-contracted third-party payers based upon historical payment trends. The reserve for aged non-patient receivables reduces gross amounts billed to non-contracted third-party payers for amounts estimated to be collected according to the age of the outstanding balance. The reserve for estimated patient receivables reduces gross amounts billed to third-party payers for amounts estimated to be collected directly from individual patients, such as copayments, deductibles, or amounts otherwise designated as patient responsibility. The reserve for other payer-specific sales allowances relates to the amounts billed to non-contracted third-party payers that are estimated to not be covered by that specific payer’s coverage policies, as well as estimated necessary adjustments to gross amounts billed based on historical collection experience for a particular third-party payer unrelated to the age of outstanding balances. Collection periods for billings on commercial revenues range from less than 30 days to several months, depending on the contracted or non-contracted nature of the payer, among other things. The estimates of amounts that will ultimately be realized from commercial diagnostic services for non-contracted payers require significant judgment by management. Patients do not enter into direct agreements with the Company that commit them to pay any portion of the cost of the tests in the event that they have not met their annual deductible limit under their insurance policy, if any, or if their insurance otherwise declines to reimburse the Company. Adjustments to the estimated payment amounts are recorded at the time of final collection and settlement of each transaction as an adjustment to commercial revenue. Consideration associated with non-contracted commercial revenues is considered variable and constrained until fully adjudicated, with net revenues recorded to the extent that it is probable that a significant reversal will not occur. The estimation process used to determine third-party payer discounts and sales allowance has been applied on a consistent basis since March 31, 2017, and no significant subsequent adjustments have been necessary to increase or decrease these discounts and allowances as a result of changes in underlying estimates. The composition of the Company’s gross and net revenues recognized during the years ended December 31, 2016 and 2017 is as follows: For the year ended December 31, 2016 2017 Commercial revenues recognized upon delivery $ - $ 15,685,069 Development services revenues recognized upon delivery 240,056 272,350 Commercial revenues recognized upon cash collection 2,983,040 1,225,976 Total gross revenues 3,223,096 17,183,395 Provisions for contractual discounts — (5,805,787 ) Provisions for aged non-patient receivables — (735,709 ) Provisions for estimated patient receivables — (169,479 ) Provisions for other payer-specific sales allowances — (5,403,757 ) Net revenues $ 3,223,096 $ 5,068,663 During the year ended December 31, 2017, the Company recorded approximately $843,000 in nonrecurring net revenue as a result of recognizing revenue on an accrual basis commencing on March 31, 2017 associated with cases delivered on or prior to December 31, 2016, representing a corresponding decrease in net loss per common share of $0.03. The incremental net revenue as a result of recognizing revenue on an accrual basis commencing on March 31, 2017, or the total amount of net revenue recorded in excess of the amount of commercial cash collections, was approximately $1,139,000 during the year ended December 31, 2017, representing a corresponding decrease in net loss per common share of $0.04. A summary of activity in the Company’s gross and net accounts receivable balances, as well as corresponding reserves, during the year ended December 31, 2017 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2016 Upon Delivery Adjudication 2017 Accounts receivable, gross $ 128,969 $ 15,957,419 $ (9,149,325 ) $ 6,937,063 Reserve for contractual discounts — (5,805,787 ) 3,830,938 (1,974,849 ) Reserve for aged non-patient receivables — (735,709 ) 283,621 (452,088 ) Reserve for estimated patient receivables — (169,479 ) 81,359 (88,120 ) Reserve for other payer-specific sales allowances — (5,403,757 ) 2,175,177 (3,228,580 ) Accounts receivable, net $ 128,969 $ 3,842,687 $ (2,778,230 ) $ 1,193,426 |
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 payers of the Company’s services such as Medicare, insurance companies, and other third-party payers. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. The Company's third-party payers that represent more than 10% of total net revenues in any period presented, as well as their related net revenue amount as a percentage of total net revenues, during the years ended December 31, 2016 and 2017 were as follows: For the year ended December 31, 2016 2017 Medicare and Medicare Advantage 40 % 39 % Blue Cross Blue Shield 11 % 19 % United Healthcare 19 % 12 % The Company's third-party payers that represent more than 10% of total net accounts receivable, and their related net accounts receivable balance as a percentage of total net accounts receivable, at December 31, 2017 were as follows: Blue Cross Blue Shield 27 % Medicare and Medicare Advantage 21 % United Healthcare 15 % The Company operates in one reportable business segment and historically has derived most revenues only from within 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. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined by the average cost method. The Company records adjustments to its inventory for estimated obsolescence or diminution in net realizable value equal to the difference between the cost of the inventory and the estimated net realizable 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, non-cancelable, 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 and amortization are recorded 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 and amortization expense for the years ended December 31, 2016 and 2017 was approximately $322,000 and $576,000, 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. Upon adoption of Accounting Standards Update 2016-09, Compensation – Stock Compensation on January 1, 2017, 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, 2016 and 2017 were approximately $2,713,000 and $3,365,000, 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, 2016 and 2017, 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, 2016 and 2017, and the Company has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2016 and 2017. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, and as subsequently updated and amended from time to time, the Financial Accounting Standards Board, or FASB, issued authoritative guidance that requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 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. The Company adopted the new standard for the fiscal year beginning January 1, 2018 using the modified retrospective application method. The Company has substantially completed its assessment of the new standard and the Company believes that there will not be a material impact on its 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. The Company adopted this guidance for the reporting period beginning January 1, 2017, which did not have a material impact on its 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 adopted this guidance for the fiscal year beginning on January 1, 2018, which did not have a material impact on its financial statements or disclosures. In February 2016, the FASB issued authoritative guidance requiring, among other things, that entities recognize the assets and liabilities arising from leases on the balance sheet under revised criteria, while the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria in the previous leases guidance. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. 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 expects to adopt this guidance for the reporting period beginning on January 1, 2019 and has not yet made any decision on the 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 de-designation 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. The Company adopted this guidance for the reporting period beginning January 1, 2017, which did not have a material impact on its 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, which did not have a material impact on its 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, which did not have a material impact on its 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 adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. 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 adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. In January 2017, the FASB issued authoritative guidance eliminating the “Step 2” requirement for an entity to determine the fair value of its assets and liabilities for goodwill impairment testing in the same manner that would be required for those assumed in a business combination. Instead, the amended guidance allows an entity to perform goodwill impairment testing by comparing the fair value of a reporting unit with its carrying amount. This guidance is effective for any goodwill impairment tests in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning January 1, 2020, 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 recorded goodwill. In February 2017, the FASB issued authoritative guidance clarifying the definition of the term “in substance nonfinancial asset” when accounting for transfers of financial and nonfinancial assets, and other matters concerning the transfer, sale and partial sale of nonfinancial assets to both consolidated entities and non-consolidated counterparties. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. In March 2017, the FASB issued authoritative guidance shortening the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. 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 currently intends to adopt this guidance for the fiscal year beginning on January 1, 2019 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 hold any callable debt securities. In May 2017, the FASB issued authoritative guidance clarifying what modifications to a share-based payment award may be considered substantive, and therefore requiring the application of modification accounting. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance for the reporting period beginning January 1, 2018, which did not have a material impact on its financial statements or disclosures. In July 2017, the FASB issued authoritative guidance changing the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features, whereby a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock, and also clarifying existing disclosure requirements for equity-classified instruments. This guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company early adopted this guidance for the fiscal year beginning on January 1, 2018, which did not have a material impact on its financial statements or disclosures upon adoption, but did result in equity classification for the warrants issued on January 30, 2018, whereby liability classification may have occurred in the absence of the adoption of this guidance due to the existence of a down round feature associated with the exercise price of the warrants, which would have resulted in material impacts to the Company’s financial statements and disclosures. In August 2017, the FASB issued authoritative guidance that expands and refines hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2019 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 hold any financial instruments accounted for as a hedging activity. In February 2018, the FASB issued authoritative guidance allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from a tax bill, “H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018,” or the Tax Cuts and Jobs Act, enacted on December 22, 2017. These amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act. However, because these amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. This guidance also requires certain disclosures about stranded tax effects. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company currently intends to adopt this guidance for the fiscal year beginning on January 1, 2019 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 maintain any stranded tax effects in accumulated other comprehensive income. |
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. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Composition of Gross and Net Revenues Recognized | The composition of the Company’s gross and net revenues recognized during the years ended December 31, 2016 and 2017 is as follows: For the year ended December 31, 2016 2017 Commercial revenues recognized upon delivery $ - $ 15,685,069 Development services revenues recognized upon delivery 240,056 272,350 Commercial revenues recognized upon cash collection 2,983,040 1,225,976 Total gross revenues 3,223,096 17,183,395 Provisions for contractual discounts — (5,805,787 ) Provisions for aged non-patient receivables — (735,709 ) Provisions for estimated patient receivables — (169,479 ) Provisions for other payer-specific sales allowances — (5,403,757 ) Net revenues $ 3,223,096 $ 5,068,663 |
Summary of Activity in Gross and Net Accounts Receivable Balances and Reserves | A summary of activity in the Company’s gross and net accounts receivable balances, as well as corresponding reserves, during the year ended December 31, 2017 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2016 Upon Delivery Adjudication 2017 Accounts receivable, gross $ 128,969 $ 15,957,419 $ (9,149,325 ) $ 6,937,063 Reserve for contractual discounts — (5,805,787 ) 3,830,938 (1,974,849 ) Reserve for aged non-patient receivables — (735,709 ) 283,621 (452,088 ) Reserve for estimated patient receivables — (169,479 ) 81,359 (88,120 ) Reserve for other payer-specific sales allowances — (5,403,757 ) 2,175,177 (3,228,580 ) Accounts receivable, net $ 128,969 $ 3,842,687 $ (2,778,230 ) $ 1,193,426 |
Summary of Third-Party Payers That Represent More Than 10% of Total Net Revenues and Total Net Accounts Receivable and Their Related Percentage | The Company's third-party payers that represent more than 10% of total net revenues in any period presented, as well as their related net revenue amount as a percentage of total net revenues, during the years ended December 31, 2016 and 2017 were as follows: For the year ended December 31, 2016 2017 Medicare and Medicare Advantage 40 % 39 % Blue Cross Blue Shield 11 % 19 % United Healthcare 19 % 12 % The Company's third-party payers that represent more than 10% of total net accounts receivable, and their related net accounts receivable balance as a percentage of total net accounts receivable, at December 31, 2017 were as follows: Blue Cross Blue Shield 27 % Medicare and Medicare Advantage 21 % United Healthcare 15 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Assumptions Used for Determining Fair Values of Common Stock Warrants | 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, 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 March 31, 2017 offering, the estimated grant date fair value of $1.31 per share associated with the warrants to purchase up to 2,160,000 shares of common stock issued in this offering, or a total of approximately $2.8 million, was recorded as an offset to additional paid-in capital, and was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 2.13 Exercise price $ 2.50 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.93 % Expected life (in years) 5.00 Expected volatility 80.0 % As of the closing of the Company’s August 9, 2017 offering, the estimated grant date fair value of $1.03 per share associated with the warrant to purchase up to 1,434,639 shares of common stock issued in this offering, or a total of approximately $1.5 million, was recorded as an offset to additional paid-in capital, and was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 1.39 Exercise price $ 1.50 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.81 % Expected life (in years) 5.00 Expected volatility 100.0 % As of the closing of the Company’s December 8, 2017 offering, the estimated grant date fair value of $0.52 per share associated with the warrant to purchase up to 246,250 shares of common stock issued to the placement agent in this offering, or a total of approximately $0.1 million, was recorded as an offset to additional paid-in capital, and was estimated using a Black-Scholes valuation model with the following assumptions: Stock price $ 0.7399 Exercise price $ 0.85 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.09 % Expected life (in years) 4.50 Expected volatility 100.0 % |
Over Allotment Option And Common Stock Warrants [Member] | |
Assumptions Used for Determining Fair Values of Common Stock Warrants | 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, 2017 | |
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, 2016 2017 Fixed Assets Machinery and equipment $ 2,728,468 $ 2,841,388 Furniture and office equipment 143,726 147,976 Computer equipment and software 620,582 1,637,034 Leasehold improvements 517,968 553,529 Financed equipment 1,559,690 2,294,762 Construction in process 169,896 2,975 5,740,330 7,477,664 Less accumulated depreciation and amortization (3,933,999 ) (4,354,097 ) Total fixed assets, net $ 1,806,331 $ 3,123,567 Accrued Liabilities Accrued interest $ 20,776 $ 326,602 Accrued payroll 168,727 224,813 Accrued vacation 364,953 474,953 Accrued bonuses 422,868 375,000 Accrued sales commissions 77,844 104,509 Current portion of deferred rent 67,085 116,681 Accrued other 37,783 129,805 Total accrued liabilities $ 1,160,036 $ 1,752,363 |
Equipment Financings (Tables)
Equipment Financings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Lease Obligations [Abstract] | |
Schedule of Remaining Future Minimum Lease Payments for Financed Equipment Obligations | The following schedule sets forth the remaining future minimum lease payments outstanding under financed equipment arrangements, as well as corresponding remaining sales tax and maintenance obligation payments that are expensed and accrued as incurred and due within each respective year ending December 31, as well as the present value of the total amount of the remaining minimum lease payments as of December 31, 2017: Maintenance Minimum and Sales Tax Lease Obligation Payments Payments 2018 $ 438,737 $ 63,602 2019 460,166 67,394 2020 406,868 55,205 2021 302,229 44,281 2022 268,018 38,479 Thereafter 253,951 39,881 Total payments 2,129,969 308,842 Less amount representing interest 570,914 — Present value of payments $ 1,559,055 $ 308,842 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 and 2017 are as follows: 2016 2017 Stock and exercise prices $0.775 - $4.02 $0.6939 - $2.13 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 0.99% – 2.11% 1.79% – 2.27% Expected life (in years) 5.13 – 6.08 5.12 – 6.09 Expected volatility 80.0% – 90.0% 70.0% – 90.0% |
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2016 and 2017 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years 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 Granted 1,755,031 $ 1.49 Exercised — — Cancelled/forfeited/expired (202,409 ) $ 4.77 Outstanding at December 31, 2017 2,449,284 $ 3.79 8.8 Vested and unvested expected to vest, December 31, 2017 1,774,268 $ 4.67 8.6 |
Summary of RSU Activity | A summary of RSU activity during 2016 and 2017 is as follows: Weighted Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2015 25,752 $ 15.12 Granted 165,829 $ 1.96 Vested and issued (4,449 ) $ 16.05 Forfeited (12,883 ) $ 13.34 Outstanding at December 31, 2016 174,249 $ 2.68 Granted 350,000 $ 1.50 Vested and issued (155,829 ) $ 1.96 Forfeited (7,500 ) $ 2.12 Outstanding at December 31, 2017 360,920 $ 1.87 Vested and unvested expected to vest, December 31, 2017 185,920 $ 2.23 |
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, 2016 2017 Stock Options Cost of revenues $ 115,266 $ 142,400 Research and development expenses 123,330 143,300 General and administrative expenses 1,071,490 575,741 Sales and marketing expenses 142,741 68,381 Total expenses related to stock options 1,452,827 929,822 RSUs Cost of revenues 32,338 48,745 Research and development expenses 30,261 55,941 General and administrative expenses 38,274 160,937 Sales and marketing expenses 40,247 52,036 Total stock-based compensation $ 1,593,947 $ 1,247,481 |
Common Stock Warrants Outstan32
Common Stock Warrants Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Classified Warrants [Abstract] | |
Summary of Equity-Classified Common Stock Warrant Activity, for Warrants Other than Underlying Unexercised Overallotment Option Warrants | A summary of equity-classified common stock warrant activity, for warrants other than those underlying unexercised overallotment option warrants, during 2016 and 2017 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2015 784,200 $ 11.18 3.8 Issued 10,890,657 $ 1.40 Exercised — — Expired (50,900 ) $ 30.00 Outstanding at December 31, 2016 11,623,957 $ 1.93 4.6 Issued 3,840,889 $ 2.02 Exercised (6,816,850 ) $ 1.10 Expired — — Outstanding at December 31, 2017 8,647,996 $ 2.63 4.0 |
Schedule of Equity-Classified Common Stock Warrants, Outstanding | Further information about equity-classified common stock warrants outstanding at December 31, 2017 is as follows: Weighted Weighted Average Average Total Shares Contractual Exercise Price Outstanding Life (in years) $ 0.85 246,250 4.9 $ 1.10 2,910,281 3.8 $ 1.50 1,434,639 4.6 $ 2.50 2,160,000 4.7 $ 3.90 1,163,526 3.3 $ 4.68 581,153 2.1 $ 29.72 152,147 1.7 8,647,996 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 2017 Preferred warrants outstanding (number of common stock equivalents) 529 529 Common warrants outstanding 11,623,957 8,647,996 RSUs outstanding 174,249 360,920 Common options outstanding 896,662 2,449,284 Total anti-dilutive common share equivalents 12,695,397 11,458,729 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | For the years ended December 31, 2016 and 2017, the provision for income taxes was calculated as follows: For the year ended December 31, 2016 2017 Current: Federal $ — $ — State 2,053 7,624 Total 2,053 7,624 Deferred Federal — — State — — Total — — Provision for income tax $ 2,053 $ 7,624 |
Reconciles of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes | The following table reconciles income taxes computed at the federal statutory rate and the Company’s provision for income taxes: For the year ended December 31, 2016 2017 Income tax at statutory rate $ (6,255,072 ) $ (7,346,079 ) Change in federal tax rate — 2,621,803 State liability (260,835 ) (411,853 ) Permanent items 67,151 214,313 Stock compensation 157,250 72,696 Nondeductible interest 21,548 15,568 Expiration of net operating losses — 922,307 Research and development credit (170,950 ) (200,379 ) State rate change 44,421 (18,026 ) Estimated section 382 limitation 9,256,295 1,491,942 Return to provision — 365,263 Other 96,406 488,264 Valuation allowance (2,954,161 ) 1,791,805 Provision for income tax $ 2,053 $ 7,624 |
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, 2016 2017 Estimated net operating loss carryforward $ 2,218,618 $ 3,355,180 Estimated research and development credits 2,244,047 2,686,666 Accruals and other 2,273,838 2,560,417 Deferred rent 164,821 90,866 6,901,324 8,693,129 Less valuation allowance (6,901,324 ) (8,693,129 ) Net deferred tax assets $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum lease payments under the amended lease agreement as December 31, 2017 are as follows: 2018 $ 1,388,705 2019 1,430,366 2020 855,136 Thereafter — Total $ 3,674,207 |
Selected Quarterly Financial 36
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 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 (489,231 ) (419,402 ) (4,556,158 ) 658,661 Statement of operations and comprehensive loss data: Net 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. First Quarter Second Quarter Third Quarter Fourth Quarter December 31, 2017 Balance sheet data: Cash $ 14,042,388 $ 10,000,155 $ 5,879,025 $ 2,146,611 Total assets 17,933,413 14,653,193 11,120,215 7,378,906 Total non-current liabilities 2,062,544 1,561,520 1,255,939 1,421,527 Total shareholders’ equity 10,418,069 7,342,257 4,026,079 1,296,034 Statement of operations and comprehensive loss data: Net revenues $ 1,683,065 $ 1,278,961 $ 1,111,411 $ 995,226 Cost of revenues 2,129,454 2,368,705 2,487,054 2,359,909 Research and development expenses 757,258 841,991 856,698 908,800 General and administrative expenses 1,906,635 1,798,026 1,834,771 1,650,097 Sales and marketing expenses 1,278,311 1,746,867 1,675,852 1,642,941 Loss from operations (4,388,593 ) (5,476,628 ) (5,742,964 ) (5,566,521 ) Net loss $ (4,432,707 ) $ (5,693,151 ) $ (5,821,306 ) $ (5,666,573 ) Net loss per common share: 1 Basic $ (0.21 ) $ (0.21 ) $ (0.20 ) $ (0.18 ) Diluted $ (0.21 ) $ (0.21 ) $ (0.20 ) $ (0.18 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 20,969,131 26,778,549 29,605,953 31,489,993 Diluted 20,969,131 26,778,549 29,605,953 31,489,993 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 U37
Liquidity and Going Concern Uncertainty- Additional Information (Detail) - USD ($) | Jan. 31, 2018 | Jan. 30, 2018 | Dec. 08, 2017 | Aug. 11, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | May 04, 2016 | Feb. 29, 2016 | May 31, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Cash | $ 14,042,388 | $ 2,146,611 | $ 5,879,025 | $ 10,000,155 | $ 14,042,388 | $ 4,609,332 | $ 678,855 | $ 3,751,570 | $ 4,572,750 | $ 2,146,611 | $ 4,609,332 | $ 8,821,329 | |||||||||
Accumulated deficit | (195,249,607) | (173,635,870) | (195,249,607) | (173,635,870) | |||||||||||||||||
Net loss | (5,666,573) | $ (5,821,306) | $ (5,693,151) | $ (4,432,707) | $ (4,186,874) | $ (4,743,076) | $ (4,594,174) | $ (4,875,198) | (21,613,737) | $ (18,399,322) | |||||||||||
Aggregate net interest-bearing indebtedness | 3,100,000 | 3,100,000 | |||||||||||||||||||
Aggregate net interest-bearing indebtedness due within one year | 2,000,000 | 2,000,000 | |||||||||||||||||||
Other non-interest bearing current liabilities | 2,700,000 | 2,700,000 | |||||||||||||||||||
Unconditional purchase commitment aggregate amount | $ 1,062,500 | $ 611,000 | $ 611,000 | ||||||||||||||||||
Unconditional purchase commitment payment terms | Quarterly | ||||||||||||||||||||
Unconditional purchase commitment period | May 31, 2020 | ||||||||||||||||||||
Shelf registration statement expiration period | 2018-05 | ||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 2,000,000 | $ 9,000,000 | |||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 564 | $ 7,498,535 | ||||||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 3,200,000 | ||||||||||||||||||||
Exercisable warrant available price per share | $ 1.10 | ||||||||||||||||||||
Exercisable warrant available price per share expiration period | 2022-08 | 2021-10 | |||||||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 246,250 | 1,434,639 | 2,160,000 | 1,163,526 | 2,160,000 | ||||||||||||||||
Exercise price of warrants | $ 0.85 | $ 1.50 | $ 1.50 | $ 2.50 | $ 3.90 | $ 2.50 | |||||||||||||||
Class of warrant or rights, expiration date | Dec. 5, 2022 | ||||||||||||||||||||
Class of warrant or rights, first exercisable date | Jun. 5, 2018 | ||||||||||||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 627,131 | ||||||||||||||||||||
Proceeds from issuance of common stock | $ 2,200,000 | ||||||||||||||||||||
Roth Capital Partners, LLC, WestPark Capital and Chardan Capital [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Placement agent agreement, effective date | Mar. 28, 2017 | ||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 8,600,000 | ||||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | ||||||||||||||||||||
Public offering, number of shares issued | 4,320,000 | ||||||||||||||||||||
Stock price | $ 2.15 | $ 2.15 | |||||||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 2,160,000 | 2,160,000 | |||||||||||||||||||
Exercise price of warrants | $ 2.50 | $ 2.50 | |||||||||||||||||||
Class of warrant or rights, expiration date | Oct. 1, 2022 | ||||||||||||||||||||
Dawson James Securities, Inc and WestPark Capital [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Placement agent agreement, effective date | Dec. 5, 2017 | ||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 2,900,000 | ||||||||||||||||||||
Public offering, number of shares issued | 4,925,000 | ||||||||||||||||||||
Stock price | $ 0.68 | ||||||||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 246,250 | ||||||||||||||||||||
Exercise price of warrants | $ 0.85 | ||||||||||||||||||||
Class of warrant or rights, expiration date | Dec. 5, 2022 | ||||||||||||||||||||
Class of warrant or rights, first exercisable date | Jun. 5, 2018 | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Unconditional purchase commitment, quarterly payment amount | $ 62,500 | ||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 1,365,000 | ||||||||||||||||||||
Shelf Registration Statement [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Shelf registration statement expiration period | 2018-05 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 4,300,000 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Stock price | $ 3 | ||||||||||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 1,163,526 | ||||||||||||||||||||
Exercise price of warrants | $ 3.90 | ||||||||||||||||||||
Shelf Registration Statement [Member] | Maximum [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Aggregate offering price | $ 50,000,000 | ||||||||||||||||||||
Follow-on Public Offering [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 13,300,000 | ||||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | 0 | |||||||||||||||||||
Proceeds from gross exercise of common stock warrants outstanding | $ 16,400,000 | ||||||||||||||||||||
Exercisable warrant available price per share | $ 0.50 | ||||||||||||||||||||
Exercisable warrant available price per share expiration period | 2023-01 | ||||||||||||||||||||
Stock price | $ 0.45 | ||||||||||||||||||||
Exercise price of warrants | $ 0.50 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) | Sep. 29, 2016 | Dec. 31, 2017USD ($)shares | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Segment$ / sharesshares | Dec. 31, 2016USD ($)shares | 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 | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||
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. | |||||||||||
Nonrecurring net revenue recognized on accrual basis associated with cases delivered | $ 843,000 | |||||||||||
Increase (decrease) in net income (loss) per common share on nonrecurring net revenue | $ / shares | $ (0.03) | |||||||||||
Net revenue recorded in excess of commercial cash collections | $ 1,139,000 | |||||||||||
Increase decrease in net income (loss) per common share | $ / shares | $ (0.04) | |||||||||||
Number of reportable segments | Segment | 1 | |||||||||||
Number of suppliers | one supplier | |||||||||||
Depreciation and amortization expense | $ 575,717 | $ 322,029 | ||||||||||
Research and development expenses | $ 908,800 | $ 856,698 | $ 841,991 | $ 757,258 | $ 668,399 | $ 600,613 | $ 716,279 | $ 728,076 | 3,364,747 | 2,713,367 | ||
Accrual for interest or penalties for income taxes | $ 0 | $ 0 | 0 | 0 | ||||||||
Interest or penalties expense on income taxes | $ 0 | $ 0 | ||||||||||
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 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Composition of Gross and Net Revenues Recognized (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Recognition [Abstract] | ||||||||||
Commercial revenues recognized upon delivery | $ 15,685,069 | |||||||||
Development services revenues recognized upon delivery | 272,350 | $ 240,056 | ||||||||
Commercial revenues recognized upon cash collection | 1,225,976 | 2,983,040 | ||||||||
Total gross revenues | 17,183,395 | 3,223,096 | ||||||||
Provisions for contractual discounts | (5,805,787) | |||||||||
Provisions for aged non-patient receivables | (735,709) | |||||||||
Provisions for estimated patient receivables | (169,479) | |||||||||
Provisions for other payer-specific sales allowances | (5,403,757) | |||||||||
Net revenues | $ 995,226 | $ 1,111,411 | $ 1,278,961 | $ 1,683,065 | $ 1,291,587 | $ 1,047,280 | $ 662,860 | $ 221,369 | $ 5,068,663 | $ 3,223,096 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Summary of Activity in Gross and Net Accounts Receivable Balances and Reserves (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Gross and net accounts receivable, Beginning Balance | $ 128,969 |
Amounts Recognized Upon Delivery | 3,842,687 |
Settlements Upon Adjudication | (2,778,230) |
Gross and net accounts receivable, Ending Balance | 1,193,426 |
Accounts Receivable Gross [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Gross and net accounts receivable, Beginning Balance | 128,969 |
Amounts Recognized Upon Delivery | 15,957,419 |
Settlements Upon Adjudication | (9,149,325) |
Gross and net accounts receivable, Ending Balance | 6,937,063 |
Reserve for Contractual Discounts [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Amounts Recognized Upon Delivery | (5,805,787) |
Settlements Upon Adjudication | 3,830,938 |
Gross and net accounts receivable, Ending Balance | (1,974,849) |
Reserve for Aged Non-patient Receivables [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Amounts Recognized Upon Delivery | (735,709) |
Settlements Upon Adjudication | 283,621 |
Gross and net accounts receivable, Ending Balance | (452,088) |
Reserve for Estimated Patient Receivables [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Amounts Recognized Upon Delivery | (169,479) |
Settlements Upon Adjudication | 81,359 |
Gross and net accounts receivable, Ending Balance | (88,120) |
Reserve for Other Payer-specific Sales Allowances [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Amounts Recognized Upon Delivery | (5,403,757) |
Settlements Upon Adjudication | 2,175,177 |
Gross and net accounts receivable, Ending Balance | $ (3,228,580) |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Summary of Third-Party Payers That Represent More Than 10% of Total Net Revenues and Total Net Accounts Receivable and Their Related Percentage (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Customer Concentration Risk [Member] | Net Revenues [Member] | Medicare and Medicare Advantage [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 39.00% | 40.00% |
Customer Concentration Risk [Member] | Net Revenues [Member] | Blue Cross Blue Shield [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 19.00% | 11.00% |
Customer Concentration Risk [Member] | Net Revenues [Member] | United Healthcare [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 12.00% | 19.00% |
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | Medicare and Medicare Advantage [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 21.00% | |
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | Blue Cross Blue Shield [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 27.00% | |
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | United Healthcare [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 15.00% |
Sales of Equity Securities - Ad
Sales of Equity Securities - Additional Information (Detail) - USD ($) | Jan. 31, 2018 | Jan. 30, 2018 | Dec. 08, 2017 | Aug. 11, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | May 04, 2016 | Dec. 21, 2015 | May 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class Of Stock [Line Items] | |||||||||||||
Increase in capital shares value | $ 1,400,000 | ||||||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 days | ||||||||||||
Proceeds from issuance of common stock | $ 2,200,000 | ||||||||||||
Common stock, shares issued | 35,183,743 | 17,499,397 | |||||||||||
Common stock issuance costs | $ 79,000 | $ 42,000 | |||||||||||
Shelf registration statement expiration period | 2018-05 | ||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 246,250 | 1,434,639 | 2,160,000 | 1,163,526 | |||||||||
Exercise price of warrants | $ 0.85 | $ 1.50 | $ 1.50 | $ 2.50 | $ 3.90 | ||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 100,000 | $ 1,500,000 | $ 2,800,000 | $ 5,200,000 | $ 2,000,000 | ||||||||
Net cash proceeds from sale of securities | $ 2,000,000 | 9,000,000 | |||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 564 | $ 7,498,535 | ||||||||||
Exercisable warrant available price per share expiration period | 2022-08 | 2021-10 | |||||||||||
Class of warrant or rights, expiration date | Dec. 5, 2022 | ||||||||||||
Class of warrant or rights, first exercisable date | Jun. 5, 2018 | ||||||||||||
Roth Capital Partners, LLC, WestPark Capital and Chardan Capital [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Public offering, number of shares issued | 4,320,000 | ||||||||||||
Stock price | $ 2.15 | ||||||||||||
Placement agent agreement, effective date | Mar. 28, 2017 | ||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 2,160,000 | ||||||||||||
Exercise price of warrants | $ 2.50 | ||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 2,800,000 | ||||||||||||
Cost directly associated with offering | 700,000 | ||||||||||||
Net cash proceeds from sale of securities | 8,600,000 | ||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | ||||||||||||
Class of warrant or rights, expiration date | Oct. 1, 2022 | ||||||||||||
Dawson James Securities, Inc and WestPark Capital [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Public offering, number of shares issued | 4,925,000 | ||||||||||||
Stock price | $ 0.68 | ||||||||||||
Placement agent agreement, effective date | Dec. 5, 2017 | ||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 246,250 | ||||||||||||
Exercise price of warrants | $ 0.85 | ||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 100,000 | ||||||||||||
Net cash proceeds from sale of securities | $ 2,900,000 | ||||||||||||
Class of warrant or rights, expiration date | Dec. 5, 2022 | ||||||||||||
Class of warrant or rights, first exercisable date | Jun. 5, 2018 | ||||||||||||
Shelf Registration Statement [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock price | $ 3 | ||||||||||||
Shelf registration statement expiration period | 2018-05 | ||||||||||||
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 common stock and warrants issued | 1,662,191 | ||||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 1,163,526 | ||||||||||||
Exercise price of warrants | $ 3.90 | ||||||||||||
Class of warrant or rights, term | 5 years | ||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 2,000,000 | ||||||||||||
Cost directly associated with offering | 700,000 | ||||||||||||
Net cash proceeds from sale of securities | 4,300,000 | ||||||||||||
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 expiration period | 2021-05 | ||||||||||||
Shelf Registration Statement [Member] | Maximum [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Aggregate offering price | $ 50,000,000 | ||||||||||||
Follow-on Public Offering [Member] | Subsequent Event [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock price | $ 0.45 | ||||||||||||
Exercise price of warrants | $ 0.50 | ||||||||||||
Class of warrant or rights, term | 5 years | ||||||||||||
Net cash proceeds from sale of securities | $ 13,300,000 | ||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 0 | |||||||||||
Exercisable warrant available price per share expiration period | 2023-01 | ||||||||||||
Private offering, number of common stock and warrants issued | 32,854,606 | ||||||||||||
Follow-on Public Offering [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of warrants to purchase shares of common stock | 32,854,606 | ||||||||||||
Common Stock Purchase Agreement [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Proceeds from issuance of common stock | $ 544,000 | ||||||||||||
Aggregate common stock shares purchase | 173,145 | ||||||||||||
Aspire Capital Fund, LLC [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock, shares issued | 55,000 | ||||||||||||
Ally Bridge [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock price | $ 1.50 | ||||||||||||
Proceeds from issuance of common stock | $ 2,200,000 | ||||||||||||
Common stock issuance costs | $ 200,000 | ||||||||||||
Exercise price of warrants | $ 1.50 | ||||||||||||
Class of warrant or rights, term | 5 years | ||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 1,500,000 | ||||||||||||
Net cash proceeds from sale of securities | $ 2,000,000 | ||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | ||||||||||||
Private offering, number of common stock and warrants issued | 1,466,667 | ||||||||||||
Issuance of warrants to purchase shares of common stock | 1,434,639 | ||||||||||||
Common Stock [Member] | Aspire Capital Fund, LLC [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Increase in capital shares value | $ 15,000,000 | ||||||||||||
Overallotment issued to underwriter to purchase common stock, period | 30 months | ||||||||||||
Public offering, number of shares issued | 208,334 | ||||||||||||
Stock price | $ 4.80 | ||||||||||||
Proceeds from issuance of common stock | $ 1,000,000 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | Dec. 08, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | May 04, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Fixed asset purchases as equipment financings obligations | $ 719,000 | $ 975,000 | |||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 100,000 | $ 1,500,000 | $ 2,800,000 | $ 5,200,000 | $ 2,000,000 | ||
Issuance of unregistered warrants to purchase shares of common stock | 246,250 | 1,434,639 | 2,160,000 | 1,163,526 | |||
Overallotment issued to underwriter to purchase common stock, period | 30 days | ||||||
Purchase of common stock by underwriters to cover overallotments, per share | $ 1.0331 | ||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 627,131 | ||||||
Common stock, par value | $ 0.0009 | $ 0.0001 | $ 0.0001 | ||||
Grant date fair values of overallotment options | $ 800,000 | ||||||
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 | ||||||
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 unregistered warrants to purchase shares of common stock | 9,100,000 | ||||||
Warrants [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Warrant exercise price | $ 0.52 | $ 1.03 | $ 1.31 | $ 0.57 | $ 1.72 | ||
Estimated Fair Value Measurements, Nonrecurring [Member] | Level 3 Inputs [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Fixed asset purchases as equipment financings obligations | $ 975,000 | $ 719,000 |
Fair Value Measurement - Assump
Fair Value Measurement - Assumptions Used for Determining Fair Values of Common Stock Warrants (Detail) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
May 2016 Public Offering [Member] | |
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% |
Public Offering October 19,2016 [Member] | Over-allotment Options [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% |
Public Offering October 19,2016 [Member] | Warrants [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% |
March 31, 2017 Offering [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 2.13 |
Exercise price | $ 2.50 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.93% |
Expected life (in years) | 5 years |
Expected volatility | 80.00% |
August 9, 2017 Offering [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 1.39 |
Exercise price | $ 1.50 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 1.81% |
Expected life (in years) | 5 years |
Expected volatility | 100.00% |
December 8, 2017 Offering [Member] | |
Warrant Fair Value Black Scholes Method [Line Items] | |
Stock price | $ 0.7399 |
Exercise price | $ 0.85 |
Expected dividend yield | 0.00% |
Discount rate-bond equivalent yield | 2.09% |
Expected life (in years) | 4 years 6 months |
Expected volatility | 100.00% |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Fixed Assets and Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fixed Assets | ||
Machinery and equipment | $ 2,841,388 | $ 2,728,468 |
Furniture and office equipment | 147,976 | 143,726 |
Computer equipment and software | 1,637,034 | 620,582 |
Leasehold improvements | 553,529 | 517,968 |
Financed equipment | 2,294,762 | 1,559,690 |
Construction in process | 2,975 | 169,896 |
Total fixed assets, gross | 7,477,664 | 5,740,330 |
Less accumulated depreciation and amortization | (4,354,097) | (3,933,999) |
Total fixed assets, net | 3,123,567 | 1,806,331 |
Accrued Liabilities | ||
Accrued interest | 326,602 | 20,776 |
Accrued payroll | 224,813 | 168,727 |
Accrued vacation | 474,953 | 364,953 |
Accrued bonuses | 375,000 | 422,868 |
Accrued sales commissions | 104,509 | 77,844 |
Current portion of deferred rent | 116,681 | 67,085 |
Accrued other | 129,805 | 37,783 |
Total accrued liabilities | $ 1,752,363 | $ 1,160,036 |
Balance Sheet Details - Additio
Balance Sheet Details - Additional Information(Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Accumulated depreciation | $ 77,000 |
Total cash proceeds from sale of fixed assets | $ 31,000 |
April 2014 Credit Facility - Ad
April 2014 Credit Facility - Additional Information (Detail) - USD ($) | Dec. 08, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | Oct. 19, 2016 | May 04, 2016 | Apr. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2014 | Aug. 11, 2017 | Jun. 28, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Line of Credit Facility [Line Items] | ||||||||||||
Exercise price of unregistered warrants | $ 0.85 | $ 1.50 | $ 2.50 | $ 3.90 | $ 1.50 | |||||||
Warrant term | 5 years | 5 years | 5 years | 5 years | ||||||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 100,000 | $ 1,500,000 | $ 2,800,000 | $ 5,200,000 | $ 2,000,000 | |||||||
Oxford Finance LLC [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Additional final payment to lender | $ 50,000 | |||||||||||
Total indebtedness and capital lease obligations outstanding | $ 3,000,000 | |||||||||||
Oxford Finance LLC [Member] | Common Stock [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Warrant issued to lender | 17,655 | |||||||||||
Exercise price of unregistered 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 | $ 102,000 | |||||||||||
Net proceeds from credit facility | 4,898,000 | |||||||||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 233,000 | |||||||||||
Unamortized discounts | $ 33,000 | $ 78,000 | ||||||||||
Effective annual interest rate | 13.87% | 13.87% | ||||||||||
Total remaining principal payments due during fiscal year ending December 31, 2018 | $ 1,201,000 | |||||||||||
Oxford Finance LLC [Member] | Two Years [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Term loan prepayment fee percentage | 1.00% |
Equipment Financings - Addition
Equipment Financings - Additional Information (Detail) | Jan. 26, 2018USD ($)Payment | Nov. 02, 2017USD ($) | Oct. 17, 2017USD ($)mo | Mar. 28, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||
Financed equipment | $ 2,294,762 | $ 1,559,690 | ||||
Accumulated depreciation related to financed equipment | 759,000 | 525,000 | ||||
Fixed asset purchases as equipment financings | 719,000 | 975,000 | ||||
Fixed assets with an aggregate net book value | 34,000 | 270,000 | ||||
Equipment financings with remaining outstanding balances | 240,000 | |||||
Total proceeds from equipment financing commitment | 150,848 | |||||
Machinery and equipment | 2,841,388 | 2,728,468 | ||||
Machinery and equipment, accumulated depreciation | $ 4,354,097 | $ 3,933,999 | ||||
Equipment financings aggregate weighted average effective annual interest rate | 13.51% | 13.18% | ||||
Equipment financings maturity date on outstanding arrangements range, Start | 2018-06 | |||||
Equipment financings maturity date on outstanding arrangements range, End | 2024-09 | |||||
Interest expense to equipment financings | $ 482,623 | $ 525,880 | ||||
Present value of minimum lease payment due within one year | 409,000 | |||||
Fixed asset purchases | 1,400,180 | 482,065 | ||||
Subsequent Event [Member] | ||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||
Fixed asset purchases | $ 250,000 | |||||
Number of lease payments | Payment | 22 | |||||
Lease payments per month | $ 11,081 | |||||
Lease financing treasury note period | 3 years | |||||
Lease agreement commencement and repayment date | Jun. 30, 2018 | |||||
Equipment purchases | $ 78,000 | |||||
Equipment Financings [Member] | ||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||
Depreciation expense related to financed equipment | 234,000 | 119,000 | ||||
Total proceeds from equipment financing commitment | $ 151,000 | |||||
Sale-leaseback transaction, aggregate gross value of fixed assets | $ 167,000 | |||||
Sale-leaseback transaction, net book value of fixed assets | $ 162,000 | |||||
Sale-leaseback transaction, frequency of payments | monthly | |||||
Sale-leaseback transaction, number of installments payments | mo | 36 | |||||
Sale-leaseback transaction, montly installments of principal and interest payments | $ 4,884 | |||||
Sale-leaseback transaction, total amount to be repaid | $ 176,000 | |||||
Sale-leaseback transaction, commitment period | 2020-10 | |||||
Interest expense to equipment financings | 171,000 | $ 49,000 | ||||
Machinery and Equipment [Member] | ||||||
Equipment Financings and Capital Lease Obligations [Line Items] | ||||||
Machinery and equipment | 189,000 | |||||
Machinery and equipment, accumulated depreciation | 155,000 | |||||
Machinery and equipment, net book values | $ 34,000 | |||||
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 Remaining Future Minimum Lease Payments for Financed Equipment Obligations (Detail) | Dec. 31, 2017USD ($) |
Capital Lease Obligations [Abstract] | |
2,018 | $ 438,737 |
2,019 | 460,166 |
2,020 | 406,868 |
2,021 | 302,229 |
2,022 | 268,018 |
Thereafter | 253,951 |
Total payments | 2,129,969 |
Less amount representing interest | 570,914 |
Present value of payments | 1,559,055 |
2,018 | 63,602 |
2,019 | 67,394 |
2,020 | 55,205 |
2,021 | 44,281 |
2,022 | 38,479 |
Thereafter | 39,881 |
Total payments | 308,842 |
Present value of payments | $ 308,842 |
Supplier Financings - Additiona
Supplier Financings - Additional Information (Detail) - Financing Agreements With Supplier [Member] - Laboratory Software [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Financing agreement, due period | 1 year | |
Remaining balance under financing agreement | $ 61 | $ 76 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.75% | 3.75% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.70% | 5.70% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Jul. 31, 2017$ / shares | May 31, 2017$ / sharesshares | May 02, 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 | Mar. 28, 2018shares | Dec. 31, 2017USD ($)Plan$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Jul. 06, 2017shares | Dec. 31, 2015$ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Number of equity incentive plans | Plan | 2 | ||||||||||||||
Stockholders equity reverse stock split ratio | 0.33 | ||||||||||||||
Total Shares Outstanding | 2,449,284 | 896,662 | 713,659 | ||||||||||||
Number of Shares, Granted | 1,755,031 | 290,399 | |||||||||||||
Weighted average exercise price per share | $ / shares | $ 1.49 | $ 2.51 | |||||||||||||
Number of shares remaining forfeited | 202,409 | 107,396 | |||||||||||||
Unrecognized share-based compensation expense, weighted-average recognition period | 2 years 6 months | ||||||||||||||
Stock Options [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Vesting period | 10 years | ||||||||||||||
Option awards assumptions, method used | Black-Scholes pricing model | ||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.02 | $ 1.79 | |||||||||||||
Intrinsic value of options outstanding | $ | $ 0 | $ 0 | |||||||||||||
Intrinsic value of options exercisable | $ | 0 | 0 | |||||||||||||
Intrinsic value of options vested and unvested expected to vest | $ | $ 0 | $ 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 | ||||||||||||||
Issuance of restricted stock units | 14,832 | 350,000 | 165,829 | ||||||||||||
Total RSUs forfeited | 7,500 | 12,883 | |||||||||||||
Intrinsic value shares, RSUs outstanding | $ | $ 250,000 | ||||||||||||||
Intrinsic value amount, RSUs unvested and vested expected to vest | $ | $ 129,000 | ||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.87 | $ 2.68 | $ 15.12 | ||||||||||||
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 | $ | $ 1,586,000 | ||||||||||||||
Maximum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Estimated forfeitures rate | 8.00% | 8.00% | |||||||||||||
Maximum [Member] | Stock Options [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Vesting period | 4 years | ||||||||||||||
Minimum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Estimated forfeitures rate | 0.00% | 0.00% | |||||||||||||
Options Vesting on One Year Anniversary [Member] | Stock Options [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 25.00% | ||||||||||||||
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 | ||||||||||||||
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 | |||||||||||||
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] | |||||||||||||||
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] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Stock options vested | 10,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options Granted on July 29 2016 [Member] | Chief Financial Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Stock options vested | 16,383 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 0.83 | $ 0.99 | |||||||||||||
Weighted average exercise price per share | $ / shares | $ 1.39 | $ 1.50 | |||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Chief Executive Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Number of Shares, Granted | 200,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Chief Financial Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Number of Shares, Granted | 100,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Employees and Executive Officers [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Common stock, shares authorized | 550,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Employees and Executive Officers [Member] | Subsequent Event [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Stock options vested | 0 | ||||||||||||||
Number of shares remaining forfeited | 622,500 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Employees [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Common stock, shares authorized | 75,000 | ||||||||||||||
Number of shares remaining forfeited | 2,500 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Chief Scientific Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Number of Shares, Granted | 75,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance Stock Options [Member} | Senior Medical Director [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Number of Shares, Granted | 75,000 | ||||||||||||||
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 | $ | $ 108,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Retention RSUs [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Retention RSUs [Member] | Executive Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 58,332 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Time-Based 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 | $ 1.50 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 50,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Executive Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Common stock, shares authorized | 175,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Other Executive Officers [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSUs [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.50 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSUs [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSUs [Member] | Executive Officer [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Common stock, shares authorized | 175,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSUs [Member] | Other Executive Officers [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Issuance of restricted stock units | 25,000 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Performance RSU Granted on May 31, 2017 [Member] | Subsequent Event [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Number of vested shares issued | 0 | ||||||||||||||
Total RSUs forfeited | 175,000 | ||||||||||||||
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 | 3,522,955 | ||||||||||||||
Increase in number of shares of common stock authorized for issuance | 2,500,000 | ||||||||||||||
Stock options and RSUs issued | 2,849,466 | ||||||||||||||
Total Shares Outstanding | 2,677,155 | ||||||||||||||
Common stock, shares authorized | 673,489 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | Maximum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 3,068,865 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | Minimum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 1,022,955 | ||||||||||||||
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 | 158,049 | ||||||||||||||
Total Shares Outstanding | 133,049 | ||||||||||||||
Common stock, shares authorized | 175,284 | ||||||||||||||
2013 Equity Incentive Plan [Member] | Inducement shares [Member] | Maximum [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] | Inducement shares [Member] | Minimum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Total stock options and RSUs authorized | 333,333 | ||||||||||||||
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 | ||||||||||||||
Percentage of Overall Stock Grant Subject to Vesting | 25.00% | ||||||||||||||
Weighted-average estimated fair value of options granted | $ / shares | $ 1.45 | ||||||||||||||
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 |
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, 2017 | Dec. 31, 2016 | |
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 | $ 0.6939 | $ 0.775 |
Discount rate-bond equivalent yield | 1.79% | 0.99% |
Expected life (in years) | 5 years 1 month 13 days | 5 years 1 month 17 days |
Expected volatility | 70.00% | 80.00% |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock and exercise prices | $ 2.13 | $ 4.02 |
Discount rate-bond equivalent yield | 2.27% | 2.11% |
Expected life (in years) | 6 years 1 month 2 days | 6 years 29 days |
Expected volatility | 90.00% | 90.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares Outstanding, Beginning Balance | 896,662 | 713,659 | |
Number of Shares, Granted | 1,755,031 | 290,399 | |
Number of Shares, Cancelled/forfeited/expired | (202,409) | (107,396) | |
Number of Shares Outstanding, Ending Balance | 2,449,284 | 896,662 | 713,659 |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 1,774,268 | ||
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 8.80 | $ 11.03 | |
Weighted Average Exercise Price Per Share, Granted | 1.49 | 2.51 | |
Weighted Average Exercise Price Per Share, Cancelled/forfeited/expired | 4.77 | 7.99 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | 3.79 | $ 8.80 | $ 11.03 |
Weighted Average Exercise Price Per Share, Vested and unvested expected to vest, Ending Balance | $ 4.67 | ||
Weighted Average Remaining Contractual Term in Years, Outstanding | 8 years 9 months 18 days | 8 years 6 months | 8 years 9 months 18 days |
Weighted Average Remaining Contractual Term in Years, Vested and unvested expected to vest | 8 years 7 months 6 days |
Stock-Based Compensation - Su54
Stock-Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] - $ / shares | Jun. 12, 2014 | Dec. 31, 2017 | Dec. 31, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares Outstanding, Beginning Balance | 174,249 | 25,752 | |
Number of Shares, Granted | 14,832 | 350,000 | 165,829 |
Number of share, Vested and issued | (155,829) | (4,449) | |
Number of share, Forfeited | (7,500) | (12,883) | |
Number of Shares Outstanding, Ending Balance | 360,920 | 174,249 | |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 185,920 | ||
Weighted Average Grand Date Fair Value, Outstanding, Beginning Balance | $ 2.68 | $ 15.12 | |
Weighted Average Grand Date Fair Value, Granted | 1.50 | 1.96 | |
Weighted Average Grand Date Fair Value,Vested and issued | 1.96 | 16.05 | |
Weighted Average Grand Date Fair Value, Forfeited | 2.12 | 13.34 | |
Weighted Average Grand Date Fair Value, Outstanding, Ending Balance | 1.87 | $ 2.68 | |
Weighted Average Grand Date Fair Value, Vested unvested expected to vest, Ending Balance | $ 2.23 |
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, 2017 | Dec. 31, 2016 | |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 929,822 | $ 1,452,827 |
Stock Options [Member] | Cost of revenues [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 142,400 | 115,266 |
Stock Options [Member] | Research and Development Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 143,300 | 123,330 |
Stock Options [Member] | General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 575,741 | 1,071,490 |
Stock Options [Member] | Sales and Marketing Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 68,381 | 142,741 |
RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 1,247,481 | 1,593,947 |
RSUs [Member] | Cost of revenues [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 48,745 | 32,338 |
RSUs [Member] | Research and Development Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 55,941 | 30,261 |
RSUs [Member] | General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 160,937 | 38,274 |
RSUs [Member] | Sales and Marketing Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 52,036 | $ 40,247 |
Common Stock Warrants Outstan56
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 | Dec. 08, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class Of Warrant Or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning Balance | 11,623,957 | 784,200 | ||
Number of Shares, Issued | 246,250 | 3,840,889 | 10,890,657 | |
Number of Shares, Exercised | (6,816,850) | |||
Number of Shares, Expired | (50,900) | |||
Number of Shares, Outstanding, Ending Balance | 8,647,996 | 11,623,957 | 784,200 | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 1.93 | $ 11.18 | ||
Weighted Average Exercise Price Per Share, Issued | 2.02 | 1.40 | ||
Weighted Average Exercise Price Per Share, Exercised | 1.10 | |||
Weighted Average Exercise Price Per Share, Expired | 30 | |||
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | $ 2.63 | $ 1.93 | $ 11.18 | |
Average Remaining Contractual Term (in years) | 4 years | 4 years 7 months 6 days | 3 years 9 months 18 days |
Common Stock Warrants Outstan57
Common Stock Warrants Outstanding - Equity-Classified Common Stock Warrants, Outstanding (Detail) - $ / shares | 12 Months Ended | |||||||
Dec. 31, 2017 | Dec. 08, 2017 | Aug. 11, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | May 04, 2016 | Dec. 31, 2015 | |
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 0.85 | $ 1.50 | $ 1.50 | $ 2.50 | $ 3.90 | |||
Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Total Shares Outstanding | 8,647,996 | 11,623,957 | 784,200 | |||||
Weighted Average Exercise Price 0.85 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 0.85 | |||||||
Total Shares Outstanding | 246,250 | |||||||
Weighted Average Contractual Life (in years) | 4 years 10 months 24 days | |||||||
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 | 2,910,281 | |||||||
Weighted Average Contractual Life (in years) | 3 years 9 months 18 days | |||||||
Weighted Average Exercise Price 1.50 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 1.50 | |||||||
Total Shares Outstanding | 1,434,639 | |||||||
Weighted Average Contractual Life (in years) | 4 years 7 months 6 days | |||||||
Weighted Average Exercise Price 2.50 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 2.50 | |||||||
Total Shares Outstanding | 2,160,000 | |||||||
Weighted Average Contractual Life (in years) | 4 years 8 months 12 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) | 3 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 | 581,153 | |||||||
Weighted Average Contractual Life (in years) | 2 years 1 month 6 days | |||||||
Weighted Average Exercise Price 29.72 [Member] | Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 29.72 | |||||||
Total Shares Outstanding | 152,147 | |||||||
Weighted Average Contractual Life (in years) | 1 year 8 months 12 days |
Common Stock Warrants Outstan58
Common Stock Warrants Outstanding - Additional Information (Detail) - USD ($) | Jan. 30, 2018 | Dec. 08, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 11, 2017 | Aug. 09, 2017 | Mar. 31, 2017 | May 04, 2016 |
Class Of Warrant Or Right [Line Items] | ||||||||
Class of warrant or rights, first exercisable date | Jun. 5, 2018 | |||||||
Class of warrant or rights, expiration date | Dec. 5, 2022 | |||||||
Common stock warrants outstanding, intrinsic value | $ 0 | |||||||
Exercise price of warrants | $ 0.85 | $ 1.50 | $ 1.50 | $ 2.50 | $ 3.90 | |||
Warrants [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants issued | 246,250 | 3,840,889 | 10,890,657 | |||||
Class of warrant or rights, first exercisable date | Jun. 5, 2018 | |||||||
Class of warrant or rights, expiration date | Dec. 5, 2022 | |||||||
Warrants [Member] | Subsequent Event [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Exercise price of warrants | $ 0.50 | |||||||
Class of warrant or rights, term | 5 years | |||||||
Warrants [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Issuance of warrants to purchase shares of common stock | 32,854,606 |
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, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 11,458,729 | 12,695,397 |
Warrants Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 8,647,996 | 11,623,957 |
RSUs Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 360,920 | 174,249 |
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 | 2,449,284 | 896,662 |
401(k) Plan - Additional Inform
401(k) Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | ||
Employer's matching contributions to 401(k) plan | $ 90,000 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Corporate tax rate | 35.00% | ||
Decrease in net deferred tax assets | $ 2,600,000 | ||
Deferred tax benefit or expense | $ 0 | ||
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 | $ 13,600,000 | ||
Net operating loss carryforwards, expiration year | expiring beginning in 2035 | ||
Federal [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Contingency [Line Items] | |||
Research and development tax credits | $ 5,000 | ||
Income tax research and development expiration year | begin to expire in 2035 | ||
California [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 15,000,000 | ||
Net operating loss carryforwards, expiration year | expiring beginning in 2023 | ||
California [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Contingency [Line Items] | |||
Research and development tax credits | $ 3,395,000 | ||
Scenario, Plan [Member] | |||
Income Tax Contingency [Line Items] | |||
Corporate tax rate | 21.00% |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | ||
State | $ 7,624 | $ 2,053 |
Total | 7,624 | 2,053 |
Deferred | ||
Provision for income tax | $ 7,624 | $ 2,053 |
Income Taxes - Reconciles of In
Income Taxes - Reconciles of Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income tax at statutory rate | $ (7,346,079) | $ (6,255,072) |
Change in federal tax rate | 2,621,803 | |
State liability | (411,853) | (260,835) |
Permanent items | 214,313 | 67,151 |
Stock compensation | 72,696 | 157,250 |
Nondeductible interest | 15,568 | 21,548 |
Expiration of net operating losses | 922,307 | |
Research and development credit | (200,379) | (170,950) |
State rate change | (18,026) | 44,421 |
Estimated section 382 limitation | 1,491,942 | 9,256,295 |
Return to provision | 365,263 | |
Other | 488,264 | 96,406 |
Valuation allowance | 1,791,805 | (2,954,161) |
Provision for income tax | $ 7,624 | $ 2,053 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Estimated net operating loss carryforward | $ 3,355,180 | $ 2,218,618 |
Estimated research and development credits | 2,686,666 | 2,244,047 |
Accruals and other | 2,560,417 | 2,273,838 |
Deferred rent | 90,866 | 164,821 |
Gross deferred tax assets | 8,693,129 | 6,901,324 |
Less valuation allowance | $ (8,693,129) | $ (6,901,324) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Aug. 11, 2017USD ($) | Feb. 01, 2017 | Oct. 31, 2016USD ($)DirectorConsultantshares | May 04, 2016USD ($)Directorshares | Mar. 31, 2015 | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Nov. 30, 2011ft² |
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common stock | $ 2,200,000 | |||||||
Number of consultants | Consultant | 1 | |||||||
Lease expiration date | Jul. 31, 2020 | |||||||
Rental income | $ 51,216 | $ 153,648 | ||||||
San Diego California Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Leased facility, expansion of original premises | ft² | 9,849 | |||||||
Lease expiration date | Mar. 31, 2017 | Oct. 31, 2018 | ||||||
Rental income | $ 51,000 | 154,000 | ||||||
Director [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of members of board of directors | Director | 3 | 3 | ||||||
Initial public offering, number of shares issued | shares | 534,088 | 58,335 | ||||||
Issuance of warrants to purchase shares of common stock | shares | 534,088 | 40,832 | ||||||
Proceeds from issuance of common stock | $ 587,000 | $ 175,000 | ||||||
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 | $ 250,000 | $ 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 | $ 87,000 | |||||||
Aegea Biotechnologies, Inc [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursement for shared patent costs | $ 15,000 | $ 19,000 | ||||||
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 | |||||||
Lease agreement, amount of security deposit applied against additional rents owed | 16,000 | |||||||
Lease agreement, amount of additional rents waived | $ 3,200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 01, 2017 | Feb. 29, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | 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 | $ 611,000 | ||||
Unconditional purchase commitment payment terms | Quarterly | |||||
Unconditional purchase commitment period | May 31, 2020 | |||||
Total expense for sales tax and maintenance obligations | $ 79,000 | $ 32,000 | ||||
Sales tax and maintenance obligations incurred but not paid | 46,000 | |||||
Total payments for future sales tax and maintenance obligations | $ 309,000 | |||||
Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Unconditional purchase commitment, quarterly payment amount | $ 62,500 | |||||
San Diego California Facility [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Initial lease term | 8 years | |||||
Lease expiration date | Mar. 31, 2017 | Oct. 31, 2018 | ||||
Leased facility, expansion of original premises | ft² | 9,849 |
Commitments and Contingencies67
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) | Dec. 31, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,018 | $ 1,388,705 |
2,019 | 1,430,366 |
2,020 | 855,136 |
Total | $ 3,674,207 |
Selected Quarterly Financial 68
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Balance sheet data: | |||||||||||||||||||
Cash | $ 2,146,611 | $ 5,879,025 | $ 10,000,155 | $ 14,042,388 | $ 4,609,332 | $ 678,855 | $ 3,751,570 | $ 4,572,750 | $ 2,146,611 | $ 4,609,332 | $ 8,821,329 | ||||||||
Total assets | 7,378,906 | 11,120,215 | 14,653,193 | 17,933,413 | 7,578,326 | 3,282,549 | 6,303,153 | 6,780,830 | 7,378,906 | 7,578,326 | |||||||||
Total non-current liabilities | 1,421,527 | 1,255,939 | 1,561,520 | 2,062,544 | 2,526,113 | 2,793,258 | 3,134,593 | 3,132,372 | 1,421,527 | 2,526,113 | |||||||||
Total shareholders’ equity | 1,296,034 | 4,026,079 | 7,342,257 | 10,418,069 | 658,661 | (4,556,158) | (419,402) | (489,231) | 1,296,034 | 658,661 | $ 3,692,735 | ||||||||
Statement of operations and comprehensive loss data: | |||||||||||||||||||
Net revenues | 995,226 | 1,111,411 | 1,278,961 | 1,683,065 | 1,291,587 | 1,047,280 | 662,860 | 221,369 | 5,068,663 | 3,223,096 | |||||||||
Cost of revenues | 2,359,909 | 2,487,054 | 2,368,705 | 2,129,454 | 1,899,462 | 1,876,288 | 1,669,571 | 1,474,790 | 9,345,122 | 6,920,111 | |||||||||
Research and development expenses | 908,800 | 856,698 | 841,991 | 757,258 | 668,399 | 600,613 | 716,279 | 728,076 | 3,364,747 | 2,713,367 | |||||||||
General and administrative expenses | 1,650,097 | 1,834,771 | 1,798,026 | 1,906,635 | 1,636,994 | 1,918,543 | 1,517,664 | 1,487,224 | 7,189,529 | 6,560,425 | |||||||||
Sales and marketing expenses | 1,642,941 | 1,675,852 | 1,746,867 | 1,278,311 | 1,179,167 | 1,278,455 | 1,291,709 | 1,304,899 | 6,343,971 | 5,054,230 | |||||||||
Loss from operations | (5,566,521) | (5,742,964) | (5,476,628) | (4,388,593) | (4,092,435) | (4,626,619) | (4,532,363) | (4,773,620) | (21,174,706) | (18,025,037) | |||||||||
Net loss | $ (5,666,573) | $ (5,821,306) | $ (5,693,151) | $ (4,432,707) | $ (4,186,874) | $ (4,743,076) | $ (4,594,174) | $ (4,875,198) | $ (21,613,737) | $ (18,399,322) | |||||||||
Net loss per common share: | |||||||||||||||||||
Basic | $ (0.18) | [1] | $ (0.20) | [1] | $ (0.21) | [1] | $ (0.21) | [1] | $ (0.27) | [1] | $ (0.57) | [1] | $ (0.60) | [1] | $ (0.74) | [1] | $ (0.79) | $ (1.92) | |
Diluted | $ (0.18) | [1] | $ (0.20) | [1] | $ (0.21) | [1] | $ (0.21) | [1] | $ (0.27) | [1] | $ (0.57) | [1] | $ (0.60) | [1] | $ (0.74) | [1] | $ (0.79) | $ (1.92) | |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | |||||||||||||||||||
Basic | 31,489,993 | 29,605,953 | 26,778,549 | 20,969,131 | 15,620,049 | 8,370,691 | 7,702,286 | 6,566,992 | 27,246,292 | 9,578,285 | |||||||||
Diluted | 31,489,993 | 29,605,953 | 26,778,549 | 20,969,131 | 15,620,049 | 8,370,691 | 7,702,286 | 6,566,992 | 27,246,292 | 9,578,285 | |||||||||
[1] | Basic and diluted net loss per common share are computed independently for each of the components and quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jan. 31, 2018USD ($) | Jan. 30, 2018USD ($)$ / sharesshares | Jan. 26, 2018USD ($)Payment | Aug. 11, 2017USD ($)$ / shares | Aug. 09, 2017USD ($)$ / shares | Oct. 19, 2016USD ($) | Mar. 28, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 08, 2017$ / shares | Mar. 31, 2017$ / shares | May 04, 2016$ / shares |
Subsequent Event [Line Items] | ||||||||||||
Fixed asset purchases | $ 1,400,180 | $ 482,065 | ||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 2,000,000 | $ 9,000,000 | ||||||||||
Exercise price of warrants | $ / shares | $ 1.50 | $ 1.50 | $ 0.85 | $ 2.50 | $ 3.90 | |||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 564 | $ 7,498,535 | |||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Fixed asset purchases | $ 250,000 | |||||||||||
Number of lease payments | Payment | 22 | |||||||||||
Lease payments per month | $ 11,081 | |||||||||||
Lease agreements initial terms | 3 years | |||||||||||
Equipment purchases | $ 78,000 | |||||||||||
Subsequent Event [Member] | Follow-on Public Offering [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 13,300,000 | |||||||||||
Private offering, number of common stock and warrants issued | shares | 32,854,606 | |||||||||||
Stock price | $ / shares | $ 0.45 | |||||||||||
Exercise price of warrants | $ / shares | $ 0.50 | |||||||||||
Class of warrant or rights, term | 5 years | |||||||||||
Proceeds from exercise of common stock warrants | $ 0 | $ 0 | ||||||||||
Subsequent Event [Member] | Follow-on Public Offering [Member] | Maximum [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Issuance of warrants to purchase shares of common stock | shares | 32,854,606 |