Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 20, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BIOC | ||
Entity Registrant Name | BIOCEPT INC | ||
Entity Central Index Key | 0001044378 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 108,707,392 | ||
Entity Public Float | $ 25,526,638 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-36284 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 80-0943522 | ||
Entity Address, Address Line One | 5810 Nancy Ridge Drive | ||
Entity Address, City or Town | San Diego | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92121 | ||
City Area Code | 858 | ||
Local Phone Number | 320-8200 | ||
Title of 12(b) Security | Common Stock, par value $.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for the 2020 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K, are incorporated by reference in Part III, Items 10-14 of this Form 10-K. Except for the portions of the Proxy Statement specifically incorporated by reference in this Form 10-K, the Proxy Statement shall not be deemed to be filed as part hereof. |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 9,301,406 | $ 3,423,373 |
Accounts receivable, net | 3,527,078 | 1,574,325 |
Inventories, net | 767,986 | 587,222 |
Prepaid expenses and other current assets | 296,127 | 425,961 |
Total current assets | 13,892,597 | 6,010,881 |
Fixed assets, net | 1,504,330 | 2,739,422 |
Lease right-of-use assets - operating | 729,330 | |
Lease right-of-use assets - finance | 1,606,387 | |
Total assets | 17,732,644 | 8,750,303 |
Current liabilities: | ||
Accounts payable | 2,011,827 | 2,039,718 |
Accrued liabilities | 1,980,204 | 1,928,393 |
Current portion of equipment financings | 641,536 | |
Current portion of lease liabilities - operating | 842,452 | |
Current portion of lease liabilities - finance | 724,329 | |
Total current liabilities | 5,558,812 | 4,609,647 |
Non-current portion of equipment financings | 985,015 | |
Non-current portion of lease liabilities - finance | 973,189 | |
Non-current portion of deferred rent | 113,122 | |
Total liabilities | 6,532,001 | 5,707,784 |
Commitments and contingencies (see Note 16) | ||
Shareholders’ equity: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized; 4,417 shares and 2,133 shares issued and outstanding at December 31, 2018 and 2019, respectively. | ||
Common stock, $0.0001 par value, 150,000,000 shares authorized; 4,629,174 shares issued and outstanding at December 31, 2018; 54,738,485 shares issued and outstanding at December 31, 2019. | 5,474 | 463 |
Additional paid-in capital | 256,912,358 | 223,499,634 |
Accumulated deficit | (245,717,189) | (220,457,578) |
Total shareholders’ equity | 11,200,643 | 3,042,519 |
Total liabilities and shareholders’ equity | $ 17,732,644 | $ 8,750,303 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 2,133 | 4,417 |
Preferred stock, shares outstanding | 2,133 | 4,417 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 54,738,485 | 4,629,174 |
Common stock, shares outstanding | 54,738,485 | 4,629,174 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Net revenues | $ 5,528,566 | $ 3,250,298 |
Costs and expenses: | ||
Cost of revenues | 10,977,520 | 10,051,735 |
Research and development expenses | 4,697,022 | 4,468,572 |
General and administrative expenses | 6,970,120 | 7,074,024 |
Sales and marketing expenses | 5,940,843 | 5,914,706 |
Total costs and expenses | 28,585,505 | 27,509,037 |
Loss from operations | (23,056,939) | (24,258,739) |
Other income/(expense): | ||
Interest expense, net | (249,984) | (310,976) |
Warrant inducement expense | (1,831,116) | |
Total other income/(expense): | (2,081,100) | (310,976) |
Loss before income taxes | (25,138,039) | (24,569,715) |
Income tax expense | (1,886) | |
Net loss and comprehensive loss | (25,138,039) | (24,571,601) |
Deemed dividend related to warrants down round provision | (121,572) | (636,370) |
Net loss attributable to common shareholders | $ (25,259,611) | $ (25,207,971) |
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | ||
Basic | 20,660,894 | 2,798,243 |
Diluted | 20,660,894 | 2,798,243 |
Net loss per common share: | ||
Basic | $ (1.22) | $ (9.01) |
Diluted | $ (1.22) | $ (9.01) |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) | Total | January 2018 Financing Transaction [Member] | September 2018 Registered Direct Offering [Member] | January 2019 Financing Transaction [Member] | February 2019 Financing [Member] | January 2019 Financing Transaction Overallotment [Member] | March 2019 Financing Transaction [Member] | December 2019 Underwritten Offering [Member] | August 2018 Rights Offering [Member] | Pre-funded Warrants [Member] | Common Stock [Member] | Common Stock [Member]January 2018 Financing Transaction [Member] | Common Stock [Member]September 2018 Registered Direct Offering [Member] | Common Stock [Member]January 2019 Financing Transaction [Member] | Common Stock [Member]February 2019 Financing [Member] | Common Stock [Member]January 2019 Financing Transaction Overallotment [Member] | Common Stock [Member]March 2019 Financing Transaction [Member] | Common Stock [Member]December 2019 Underwritten Offering [Member] | Common Stock [Member]Cashless Warrants [Member] | Common Stock [Member]Pre-funded Warrants [Member] | SeriesA Convertible Preferred Stock [Member] | SeriesA Convertible Preferred Stock [Member]August 2018 Rights Offering [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]January 2018 Financing Transaction [Member] | Additional Paid-in Capital [Member]September 2018 Registered Direct Offering [Member] | Additional Paid-in Capital [Member]January 2019 Financing Transaction [Member] | Additional Paid-in Capital [Member]February 2019 Financing [Member] | Additional Paid-in Capital [Member]January 2019 Financing Transaction Overallotment [Member] | Additional Paid-in Capital [Member]March 2019 Financing Transaction [Member] | Additional Paid-in Capital [Member]December 2019 Underwritten Offering [Member] | Additional Paid-in Capital [Member]August 2018 Rights Offering [Member] | Additional Paid-in Capital [Member]Cashless Warrants [Member] | Additional Paid-in Capital [Member]Pre-funded Warrants [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2017 | $ 1,296,034 | $ 118 | $ 196,545,523 | $ (195,249,607) | ||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2017 | 1,181,179 | |||||||||||||||||||||||||||||||||
Net loss | (6,356,404) | |||||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2018 | 8,507,714 | |||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2017 | 1,296,034 | $ 118 | 196,545,523 | (195,249,607) | ||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2017 | 1,181,179 | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | 623,412 | 623,412 | ||||||||||||||||||||||||||||||||
Shares issued for restricted stock units | $ 1 | (1) | ||||||||||||||||||||||||||||||||
Shares issued for restricted stock units, shares | 5,833 | |||||||||||||||||||||||||||||||||
Shares issued upon exercise of common stock warrants | $ 1,200 | $ 12 | $ 1,188 | |||||||||||||||||||||||||||||||
Shares issued upon exercise of common stock warrants, shares | 120,000 | |||||||||||||||||||||||||||||||||
Deemed dividends related warrants downround provision | 636,370 | 636,370 | (636,370) | |||||||||||||||||||||||||||||||
Shares and warrants issued, net of issuance costs | $ 13,342,819 | $ 2,252,793 | $ 10,097,862 | $ 110 | $ 64 | $ 1 | $ 13,342,709 | $ 2,252,729 | $ 10,097,861 | |||||||||||||||||||||||||
Shares and warrants issued, net of issuance costs, shares | 1,095,153 | 642,438 | 11,587 | |||||||||||||||||||||||||||||||
Shares issued upon conversion of preferred stock | $ 158 | $ (1) | (157) | |||||||||||||||||||||||||||||||
Shares issued upon conversion of preferred stock, shares | 1,584,571 | (7,170) | ||||||||||||||||||||||||||||||||
Net loss | (24,571,601) | (24,571,601) | ||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 3,042,519 | $ 463 | 223,499,634 | (220,457,578) | ||||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2018 | 4,629,174 | 4,417 | ||||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2018 | 8,507,714 | |||||||||||||||||||||||||||||||||
Net loss | (6,153,101) | |||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2018 | 2,527,568 | |||||||||||||||||||||||||||||||||
Deemed dividends related warrants downround provision | 636,370 | |||||||||||||||||||||||||||||||||
Net loss | (6,047,784) | |||||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2018 | 8,938,408 | |||||||||||||||||||||||||||||||||
Net loss | (6,014,312) | |||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 3,042,519 | $ 463 | 223,499,634 | (220,457,578) | ||||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2018 | 4,629,174 | 4,417 | ||||||||||||||||||||||||||||||||
Deemed dividends related warrants downround provision | 99,743 | |||||||||||||||||||||||||||||||||
Net loss | (5,916,787) | |||||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2019 | 14,014,084 | |||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2018 | 3,042,519 | $ 463 | 223,499,634 | (220,457,578) | ||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2018 | 4,629,174 | 4,417 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 869,579 | 869,579 | ||||||||||||||||||||||||||||||||
Shares issued upon exercise of common stock warrants | 4,850,471 | $ 54,000 | $ 416 | $ 712 | $ 540 | 4,850,055 | $ (712) | $ 53,460 | ||||||||||||||||||||||||||
Shares issued upon exercise of common stock warrants, shares | 4,155,430 | 7,120,250 | 5,400,000 | |||||||||||||||||||||||||||||||
Deemed dividends related warrants downround provision | 121,572 | 121,572 | (121,572) | |||||||||||||||||||||||||||||||
Shares and warrants issued, net of issuance costs | $ 2,032,311 | $ 6,602,735 | $ 592,306 | $ 7,553,793 | $ 8,909,852 | $ 99 | $ 625 | $ 54 | $ 595 | $ 1,920 | $ 2,032,212 | $ 6,602,110 | $ 592,252 | $ 7,553,198 | $ 8,907,932 | |||||||||||||||||||
Shares and warrants issued, net of issuance costs, shares | 990,000 | 6,250,000 | 538,867 | 5,950,000 | 19,200,000 | |||||||||||||||||||||||||||||
Warrant inducement expense | 1,831,116 | 1,831,116 | ||||||||||||||||||||||||||||||||
Shares issued upon conversion of preferred stock | $ 50 | (50) | ||||||||||||||||||||||||||||||||
Shares issued upon conversion of preferred stock, shares | 504,764 | (2,284) | ||||||||||||||||||||||||||||||||
Net loss | (25,138,039) | (25,138,039) | ||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | 11,200,643 | $ 5,474 | 256,912,358 | (245,717,189) | ||||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2019 | 54,738,485 | 2,133 | ||||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2019 | 14,014,084 | |||||||||||||||||||||||||||||||||
Net loss | (7,816,012) | |||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2019 | 13,099,551 | |||||||||||||||||||||||||||||||||
Net loss | (5,691,762) | |||||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2019 | 7,705,458 | |||||||||||||||||||||||||||||||||
Deemed dividends related warrants downround provision | 21,829 | |||||||||||||||||||||||||||||||||
Net loss | (5,713,478) | |||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 11,200,643 | $ 5,474 | $ 256,912,358 | $ (245,717,189) | ||||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2019 | 54,738,485 | 2,133 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | ||
Net loss | $ (25,138,039) | $ (24,571,601) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 931,655 | 800,905 |
Amortization of right-of-use assets | (158,341) | |
Inventory reserve | 14,167 | (38,499) |
Stock-based compensation | 869,579 | 623,412 |
Non-cash interest expense related to credit facility and other financing activities | 29,426 | |
Warrant inducement expense | 1,831,116 | |
Increase/(decrease) in cash resulting from changes in: | ||
Accounts receivable, net | (1,952,753) | (380,899) |
Inventory | (194,928) | (50,021) |
Prepaid expenses and other current assets | 523,293 | 488,505 |
Accounts payable | 14,838 | 601,872 |
Accrued liabilities | 210,152 | 460,972 |
Accrued interest | (202,609) | |
Deferred rent | (116,681) | |
Net cash used in operating activities | (23,049,261) | (22,355,218) |
Cash Flows from Investing Activities: | ||
Purchases of fixed assets | (735,300) | (145,253) |
Net cash used in investing activities | (735,300) | (145,253) |
Cash Flows from Financing Activities: | ||
Net proceeds from issuance of common stock and warrants | 25,744,997 | 25,693,474 |
Proceeds from exercise of common stock warrants | 2,513,173 | 1,200 |
Proceeds from warrant exercise inducement | 2,337,298 | |
Payments on finance leases | (539,415) | (160,381) |
Payments on supplier and other third-party financings | (393,459) | (559,092) |
Payments on credit facility | (1,197,968) | |
Net cash provided by financing activities | 29,662,594 | 23,777,233 |
Net increase in Cash | 5,878,033 | 1,276,762 |
Cash at Beginning of Period | 3,423,373 | 2,146,611 |
Cash at End of Period | 9,301,406 | 3,423,373 |
Cash paid during the period for: | ||
Interest | $ 249,984 | 605,485 |
Income taxes | $ 4,517 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) - USD ($) | Dec. 11, 2019 | Sep. 20, 2018 | Aug. 13, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 |
Financed insurance premium through third party financing | $ 393,000 | $ 488,000 | |||||
Cancelled insurance premiums previously financed through third-parties, remaining principal outstanding balance | 0 | ||||||
Fixed assets purchased under capital lease obligations | 632,000 | 279,000 | |||||
Purchases of fixed asset | $ 32,000 | $ 25,000 | |||||
Public offering, number of common stock and warrants issued | 642,438 | ||||||
Issuance of warrants to purchase shares of common stock | 1,925,000 | ||||||
Stock price | $ 3.285 | ||||||
Exercise price of unregistered warrants | $ 4.53 | $ 0.405 | $ 0.405 | ||||
Class of warrant or rights, term | 5 years | 5 years | |||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 6,400,000 | $ 2,000,000 | $ 8,400,000 | $ 9,700,000 | |||
Offering fees and costs recorded within common stock issuance costs as an offset to additional paid in capital | $ 998,000 | 300,000 | $ 1,400,000 | $ 1,400,000 | |||
Aggregate units sold under right offering | 11,587 | ||||||
Warrant exercisable for share of common stock | 1 | ||||||
Gross proceeds from offering | $ 2,500,000 | $ 11,600,000 | |||||
Preferred stock converted to shares of common stock | 504,764 | 504,764 | 1,584,571 | ||||
Deemed dividend related to warrants down round provision | $ 21,829 | $ 121,572 | $ 636,370 | ||||
Operating lease, right-of-use asset | 729,330 | 729,330 | |||||
Operating lease liability | 842,452 | 842,452 | |||||
Lease right-of-use assets | 1,606,387 | 1,606,387 | |||||
ASC Topic 842 [Member] | |||||||
Fixed assets purchased under capital lease obligations | 633,000 | $ 279,000 | |||||
Operating lease, right-of-use asset | 1,930,000 | 1,930,000 | $ 1,900,000 | ||||
Operating lease liability | $ 2,201,000 | $ 2,201,000 | 2,200,000 | ||||
Lease right-of-use assets | 1,400,000 | ||||||
Property, Plant and Equipment [Member] | ASC Topic 842 [Member] | |||||||
Lease right-of-use assets | $ 1,400,000 | ||||||
Pre-funded Warrants [Member] | |||||||
Issuance of warrants to purchase shares of common stock | 5,400,000 | 120,000 | |||||
Exercise price of unregistered warrants | $ 3.275 | ||||||
Change in exercise price of warrants | $ 0.01 | ||||||
Warrant [Member] | |||||||
Aggregate warrants sold under right offering | 2,549,140 | ||||||
Series A Preferred Stock [Member] | |||||||
Shares issued in offering | 11,587 | ||||||
Shares converted | 2,284 | 7,170 | |||||
Maximum [Member] | Pre-funded Warrants [Member] | |||||||
Issuance of warrants to purchase shares of common stock | 120,000 | ||||||
Follow-on Public Offering [Member] | |||||||
Exercise price of unregistered warrants | $ 0.405 | $ 3.16 | $ 4.53 | $ 0.405 | $ 0.405 | ||
Class of warrant or rights, term | 5 years | 5 years | 5 years | 5 years | |||
Private Placement [Member] | |||||||
Exercise price of unregistered warrants | $ 3.16 | ||||||
Class of warrant or rights, term | 5 years | ||||||
Warrant exercisable for share of common stock | 1 | ||||||
Over-allotment Option [Member] | Maximum [Member] | |||||||
Shares issued in offering | 3,690,000 | ||||||
Over-allotment Option [Member] | Maximum [Member] | Warrant [Member] | |||||||
Shares issued in offering | 3,690,000 | ||||||
Underwritten Public Offering [Member] | |||||||
Issuance of warrants to purchase shares of common stock | 24,600,000 | ||||||
Stock price | $ 0.405 | ||||||
Exercise price of unregistered warrants | $ 0.405 | ||||||
Class of warrant or rights, term | 5 years | ||||||
Shares issued in offering | 19,200,000 | ||||||
Warrant exercisable for share of common stock | 1 | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 8,900,000 | ||||||
Net cash proceeds from sale of securities | $ 8,900,000 | ||||||
Underwritten Public Offering [Member] | Pre-funded Warrants [Member] | |||||||
Issuance of warrants to purchase shares of common stock | 5,400,000 | ||||||
Exercise price of unregistered warrants | $ 0.395 | ||||||
Warrant exercisable for share of common stock | 1 | ||||||
Change in exercise price of warrants | $ 0.01 |
The Company and Business Activi
The Company and Business Activities | 12 Months Ended |
Dec. 31, 2019 | |
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, branded as Empower TC TM , 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, sales to laboratory supply distributors of the Company’s proprietary blood collection tubes commenced in June 2018, which allow for the intact transport of liquid biopsy samples for research use only, or RUO, from regions around the world. 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, 2019 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern Uncertainty | 2. Liquidity and Going Concern Uncertainty As of December 31, 2019, cash totaled $9.3 million and the Company had an accumulated deficit of $245.7 million. For the years ended December 31, 2018 and 2019, the Company incurred net losses of $24.6 million and $25.1 million, respectively, and had negative cash flows from operations of $22.4 million and $23.0 million, respectively. 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 and negative cash flows from operations 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 which are expected to be consistent with prior years. 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. 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. On March 11, 2020 the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. In addition, as we are located in California, we are currently under a shelter in place mandate and many of our clients worldwide are similarly impacted. As a healthcare provider, we are allowed to remain open in compliance with the shelter in place mandate and continue to provide critical information for patients diagnosed with cancer. However, the global outbreak of the COVID-19 coronavirus continues to rapidly evolve, and the extent to which the COVID-19 coronavirus may impact our business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat the disease. While we are still receiving specimens from clients on a daily basis, we anticipate a potential slowdown in volume as many clinic visits are being re-scheduled and delayed. We are continuing to vigilantly monitor the situation with our primary focus on the health and safety of our employees and clients. In February 2020, the Company received net proceeds of approximately $2.2 million related to the February 2020 Warrant Exercise Inducement offering as well as an additional $700,000 from the underwriter exercising its overallotment warrants from the December 2019 underwritten financing transaction. In addition, as inducement for these exercises, the Company issued 6,927,258 warrants to purchase shares of common stock at $0.3495 per share. The warrants are exercisable on the six-month anniversary of issuance and expire in five years from the date first exercisable. On March 2, 2020, the Company received net cash proceeds of approximately $8.5 million from a registered direct offering to certain institutional investors of 23,000,000 shares of common stock at a negotiated purchase price of $0.40 per share. On March 4, 2020, the Company received net cash proceeds of approximately $6.1 million from a registered direct offering to certain institutional investors of 16,000,000 shares of common stock at a negotiated purchase price of $0.41 per share. 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. After considering the factors described above and management’s plans, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 July 6, 2018, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s Certificate of Amendment of Certificate of Incorporation to effect a one-for-thirty reverse stock split of the Company’s outstanding common stock. As such, all references to share and per share amounts in these financial statements and accompanying notes have been retroactively restated to reflect the one-for-thirty reverse stock split, except for the authorized number of shares of the Company’s common stock of 150,000,000 shares, which was not affected by the one-for-thirty reverse stock split. 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 to patient’s 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. Commencing on January 1, 2018, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, or ASC 606, 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 adopted the provisions of ASC 606 using the modified retrospective application method applied to all contracts, which did not impact amounts previously reported by the Company, nor did it require a cumulative effect adjustment upon adoption, as the Company’s method of recognizing revenue under ASC 606 was analogous to the method utilized immediately prior to adoption. Accordingly, there is no need for the Company to disclose the amount by which each financial statement line item was affected as a result of applying the new standard and an explanation of significant changes. Contracts For its commercial revenues, while the Company markets directly to physicians, its customer is the patient. Patients do not enter into direct agreements with the Company, however, a patient’s insurance coverage requirements would dictate whether or not any portion of the cost of the tests would be patient responsibility. Accordingly, the Company establishes contracts with commercial insurers in accordance with customary business practices, as follows: • Approval of a contract is established via the order and accession, which are submitted by the patient’s physician. • The Company is obligated to perform its diagnostic services upon receipt of a sample from a physician, and the patient and/or applicable payer are obligated to reimburse the Company for services rendered based on the patient’s insurance benefits. • Payment terms are a function of a patient’s existing insurance benefits, including the impact of coverage decisions with the Center of Medicare and Medicaid Services, or CMS, and applicable reimbursement contracts established between the Company and payers, unless the patient is a self-pay patient, whereby the Company bills the patient directly after the services are provided. • Once the Company delivers a patient’s assay result to the ordering physician, the contract with a patient has commercial substance, as the Company is legally able to collect payment and bill an insurer and/or patient, regardless of payer contract status or patient insurance benefit status. • Consideration associated with 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 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, and revenues are recognized upon delivery of the performance obligations in the contract. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service, or a bundle of goods or services, to the customer. For its commercial and development services revenues, the Company’s contracts have a single performance obligation, which is satisfied upon rendering of services, which culminates in the delivery of a patient’s assay result(s) to the ordering physician or entity. The duration of time between accession receipt and delivery of a valid assay result to the ordering physician or entity is typically less than two weeks. Accordingly, the Company elected the practical expedient and therefore, does not disclose the value of unsatisfied performance obligations. Transaction Price The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties, such as sales taxes. The consideration expected from a contract with a customer may include fixed amounts, variable amounts, or both. 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, and is deemed to be variable although the variability is not explicitly stated in any contract. Rather, the implied variability is due to several factors, such as the payment history or lack thereof for third-party payers, reimbursement rate changes for contracted and non-contracted payers, any patient co-payments, deductibles or compliance incentives, the existence of secondary payers and claim denials. The Company estimates the amount of variable consideration using the most likely amount approach to estimating variable consideration for third-party payers, including direct patient bills, whereby the estimated reimbursement for services are established by payment histories on CPT codes for each payer, or similar payer types. When no payment history is available, the value of the account is estimated at Medicare rates, with additional other payer-specific reserves taken as appropriate. 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 variables. The estimates of amounts that will ultimately be realized from commercial diagnostic services for non-contracted payers require significant judgment by management. The Company limits the amount of variable consideration included in the transaction price to the unconstrained portion of such consideration. Revenue is recognized up to the amount of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated with the additional payments or refunds is subsequently resolved. Differences between original estimates and subsequent revisions, including final settlements, represent changes in the estimate of variable consideration and are included in the period in which such revisions are made. The Company monitors its estimates of transaction price to depict conditions that exist at each reporting date. If the Company subsequently determines that it will collect more consideration than it originally estimated for a contract with a customer, it will account for the change as an increase in the estimate of the transaction price in the period identified as an increase to revenue. Similarly, if the Company subsequently determines that the amount it expects to collect from a customer is less than it originally estimated, it will generally account for the change as a decrease in the estimate of the transaction price as a decrease to revenue, provided that such downward adjustment does not result in a significant reversal of cumulative revenue recognized. Revenue recognized from changes in transaction prices was not significant during the years ended December 31, 2018 and 2019. Allocate Transaction Price For the Company’s commercial revenues, the entire transaction price is allocated to the single performance obligation contained in a contract with a customer. For the Company’s development services revenues, the contracted transaction price is allocated to each single performance obligation contained in a contract with a customer as performed. Point-in-time Recognition The Company’s single performance obligation is satisfied at a point in time, and that point in time is defined as the date a patient’s successful assay result is delivered to the patient’s ordering physician or entity. The Company considers this date to be the time at which the patient obtains control of the promised diagnostic assay service. Contract Balances The timing of revenue recognition, billings and cash collections results in accounts receivable recorded in the Company’s balance sheets. Generally, billing occurs subsequent to delivery of a patient’s test result to the ordering physician or entity, resulting in an account receivable. Practical Expedients The Company does not adjust the transaction price for the effects of a significant financing component, as at contract inception, the Company expects the collection cycle to be one year or less. The Company expenses sales commissions when incurred because the amortization period is one year or less, which are recorded within sales and marketing expenses. The Company incurs certain other costs that are incurred regardless of whether a contract is obtained. Such costs are primarily related to legal services and patient communications. These costs are expensed as incurred and recorded within general and administrative expenses. Disaggregation of Revenue and Concentration of Risk The composition of the Company’s net revenues recognized during the years ended December 31, 2018 and 2019, disaggregated by source and nature, are as follows: For the year ended December 31, 2018 2019 Net revenues from contracted payers* $ 1,348,383 $ 2,071,961 Net revenues from non-contracted payers 1,693,739 3,044,249 Development services revenues 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total net revenues $ 3,250,298 $ 5,528,566 *Includes Medicare and Medicare Advantage, as reimbursement amounts are fixed. For the year ended December 31, 2018 2019 Net commercial revenues recognized upon delivery $ 3,042,122 $ 5,116,210 Development services revenues recognized upon delivery 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total net revenues $ 3,250,298 $ 5,528,566 The composition of the Company’s gross and net revenues recognized during the years ended December 31, 2018 and 2019 is as follows: For the year ended December 31, 2018 2019 Commercial revenues recognized upon delivery $ 12,495,709 $ 18,895,657 Development services revenues recognized upon delivery 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total gross revenues 12,703,885 19,308,013 Provisions for contractual discounts (3,937,993 ) (3,993,402 ) Provisions for aged non-patient receivables (326,137 ) (922,151 ) Provisions for estimated patient receivables (66,470 ) (7,342 ) Provisions for other payer-specific sales allowances (5,122,987 ) (8,856,552 ) Net revenues $ 3,250,298 $ 5,528,566 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, 2018 and 2019 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2017 Upon Delivery Adjudication 2018 Accounts receivable, gross $ 6,937,063 $ 12,835,371 $ (11,889,832 ) $ 7,882,602 Reserve for contractual discounts (1,974,849 ) (3,214,615 ) 3,011,989 (2,177,475 ) Reserve for aged non-patient receivables (452,088 ) (994,542 ) 880,682 (565,948 ) Reserve for estimated patient receivables (88,120 ) (135,955 ) 208,598 (15,477 ) Reserve for other payer-specific sales allowances (3,228,580 ) (5,239,961 ) 4,919,164 (3,549,377 ) Accounts receivable, net $ 1,193,426 $ 3,250,298 $ (2,869,399 ) $ 1,574,325 Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2018 Upon Delivery Adjudication 2019 Accounts receivable, gross $ 7,882,602 $ 19,001,873 $ (10,030,090 ) $ 16,854,385 Reserve for contractual discounts (2,177,475 ) (12,098,297 ) 10,449,272 (3,826,500 ) Reserve for aged non-patient receivables (565,948 ) (287,832 ) (646,247 ) (1,500,027 ) Reserve for estimated patient receivables (15,477 ) (111,572 ) 121,974 (5,075 ) Reserve for other payer-specific sales allowances (3,549,377 ) (975,606 ) (3,470,722 ) (7,995,705 ) Accounts receivable, net $ 1,574,325 $ 5,528,566 $ (3,575,813 ) $ 3,527,078 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 Measurements 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, 2018 and 2019 were as follows: For the year ended December 31, 2018 2019 Medicare and Medicare Advantage 39 % 38 % Blue Cross Blue Shield 11 % 21 % United Healthcare 17 % 8 % 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, 2018 and 2019 were as follows: For the year ended December 31, 2018 2019 Blue Cross Blue Shield 22 % 26 % Medicare and Medicare Advantage 17 % 17 % United Healthcare 15 % 12 % 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, 2018 and 2019 was approximately $801,000 and $932,000, 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. There had been no impairment losses recorded in 2018 and 2019. 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. In addition, 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 and risk-free interest rate. Research and Development Research and development costs are expensed as incurred. The amounts expensed in the years ended December 31, 2018 and 2019 were approximately $4,469,000 and $4,697,000, 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, 2018 and 2019, 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, 2018 and 2019, and the Company has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2018 and 2019. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board, or FASB, issued authoritative guidance, which changes several aspects of the accounting for leases, including the requirement that all leases with durations greater than twelve months be recognized on the balance sheet. The guidance is effective for annual and interim reporting periods in fiscal years beginning after December 15, 2018. Effective January 1, 2019, the Company adopted the guidance and elected the optional transition method to account for the impact of the adoption with a cumulative-effect adjustment in the period of adoption and did not restate prior periods. The Company also elected the practical expedient package as permitted under the transition guidance. As of January 1, 2019, the Company recorded a right-of-use assets and liabilities upon adoption of the guidance (See Note 7). 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 adopted this guidance for the fiscal year beginning on January 1, 2019 and determined that the adoption of this guidance does not 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 legislation enacted in 2017, informally titled the Tax Cuts and Jobs Act of 2017. These amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. However, because these amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act of 2017, 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 adopted this guidance for the fiscal year beginning on January 1, 2019 which did not 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. In June 2018, the FASB issued authoritative guidance simplifying the accounting for nonemployee stock-based compensation and largely aligning such compensation with the accounting requirements for employee stock-based awards. For public companies, this guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company adopted this guidance for the fiscal year beginning on January 1, 2019 and determined that the adoption of this guidance does not have a material impact on its financial statements or disclosures. In November 2018, the FASB issued authoritative guidance clarifying the interaction between Collaborative Arrangements (Topic 808) and Revenue from Contracts with Customers (Topic 606) to address diversity in practice related to how companies account for collaborative arrangements. For public companies, this guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Revenue from Contracts with Customers (Topic 606). The Company currently intends to adopt this guidance upon the effective date and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures. |
Sales of Equity Securities
Sales of Equity Securities | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Sales of Equity Securities | 4. Sales of Equity Securities 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 1,095,153 shares of its common stock and warrants to purchase up to an aggregate of 1,095,153 shares of its common stock at a combined offering price of $13.50 per unit with $1.4 million of costs directly associated with the offering recorded as an offset to additional paid-in capital under applicable accounting guidance. At December 31, 2019 all warrants sold in this offering have an exercise price of $0.405 per share, which is subject to down round adjustment, are exercisable immediately and expire five years from the date issuance. The aggregate estimated grant date fair value of $9.7 million was recorded as an offset to additional paid-in capital upon the closing of this offering. In May 2018, the SEC declared effective a shelf registration statement filed by the Company, which expires in May 2021. The shelf registration statement allows the Company to issue any combination of our 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 our public float is less than $75 million. On August 13, 2018, the Company completed a rights offering. Pursuant to the rights offering, the Company sold an aggregate of 11,587 units consisting of an aggregate of 11,587 shares of Series A Preferred Stock and 2,549,140 warrants, with each warrant exercisable for one share of our common stock at an exercise price of $4.53 per share, resulting in net proceeds to the Company of approximately $10.1 million, after deducting expenses relating to the rights offering, including dealer-manager fees and expenses, and excluding any proceeds received upon exercise of any warrants. On September 20, 2018, the Company completed an offering of 642,438 shares of the Company’s common stock and prefunded warrants to purchase up to an aggregate of 120,000 shares of its common stock. The shares were sold at a purchase price of $3.285 per share and the pre-funded warrants were sold at a purchase price of $3.275 per pre-funded warrant which represents the per share purchase price for the shares less the $0.01 per share exercise price for each such pre-funded warrant. The net proceeds to the Company from this offering were approximately $2.2 million, after deducting expenses related to the offering including dealer-manager fees and expenses, and excluding any proceeds received upon exercise of any warrants. In addition, in a concurrent private placement, the Company issued to purchasers a warrant to purchase one share of the Company’s common stock for each share and pre-funded warrant purchased for cash in the offering. All warrants issued in this offering have an exercise price of $3.16 per share, are exercisable upon the six-month anniversary of issuance and expire five years from such date. On January 18, 2019, the Company completed an offering of 990,000 shares of the Company’s common stock. The shares were sold at a purchase price of $2.25 per share and the net proceeds to the Company from this offering were approximately $2.0 million, after deducting expenses related to the offering including dealer-manager fees and expenses. On February 12, 2019, the Company received net cash proceeds of approximately $6.6 million as a result of the closing of a follow-on public offering of 6,250,000 shares of its common stock and warrants to purchase up to an aggregate of 6,250,000 shares of its common stock at a combined offering price of $1.20 per unit. All warrants sold in this offering have an exercise price of $1.20 per share, are exercisable immediately and expire five years from the date of issuance. In addition, the Company sold warrants to purchase up to an aggregate of 937,500 shares of the Company’s common stock in connection with the partial exercise of the over-allotment option granted to the underwriters. Upon closing of the transaction, warrants to purchase 915,000 shares were issued pursuant to the placement agents’ partial exercise of their overallotment. Subsequent to the closing of this offering, no additional cash proceeds have been received from the exercise of warrants sold in this offering. On March 11, 2019, the underwriters exercised their overallotment option for 538,867 shares of the Company’s common stock related to the February 12, 2019 follow-on offering, purchasing shares at $1.20 per share for net cash proceeds of approximately $592,000. On March 19, 2019, the Company received net cash proceeds of approximately $7.6 million as a result of completing a registered direct offering of 5,950,000 shares at a negotiated purchase price of $1.37 per share. In addition, in a concurrent private placement, the Company issued to purchasers a warrant to purchase one share of the Company’s common stock for each share purchased for cash in the offering. All warrants issued in this offering have an exercise price of $1.25 per share, are exercisable immediately upon issuance and expire 5.5 years following the date of issuance. In May 2019, the Company received cash proceeds of approximately $2.5 million from the exercise of 2,086,479 February 2019 warrants at $1.20 per share. On May 28, 2019, the Company entered into Warrant Exercise Agreements, or the Exercise Agreements, with certain of the holders of its existing warrants, or the Exercising Holders. Pursuant to the Exercise Agreements, the Exercising Holders and the Company agreed that, subject to any applicable beneficial ownership limitations, the Exercising Holders would cash exercise up to 20% of their Existing Warrants, or the Investor Warrants, into shares of common stock underlying such Existing Warrants, or the Exercised Shares. In order to induce the Exercising Holders to cash exercise the Investor Warrants, the Exercise Agreements provided for the issuance of new warrants, or the New Warrants, with such New Warrants to be issued in an amount equal to 75% of the number of Exercised Shares underlying any Investor Warrants that was cash exercised by July 15, 2019. The New Warrants were exercisable upon issuance and terminate on the date that is five-years and six-months following the initial exercise date. The New Warrants have an exercise price per share of $1.31. A total of 2,062,966 Investor Warrants were exercised contemporaneously with the execution of the Exercise Agreements resulting in total proceeds to the Company of $2.3 million, net of investment banking fees. The warrants issued in connection with the Exercise Agreement were considered inducement warrants and are classified in equity. The fair value of the warrants issued was approximately $1.8 million and the fair value of the inducement warrants was expensed as warrant inducement expense in the accompanying statement of operations for the year ended December 31, 2019. On July 15, 2019, the Company entered into amendments (the “Amendments”) to the Exercise Agreements. Pursuant to the Amendments, the period during which the Exercising Holders may elect to exercise for cash the Existing Warrants in exchange for new warrants to purchase common stock to be issued in an amount equal to 75% of the number of shares of common stock exercised under the Existing Warrants was extended from July 15, 2019 to July 31, 2019. There were no additional warrants exercised under the Amendments during the remainder of 2019. In December 2019, the Company received net cash proceeds from an underwritten offering of approximately $8.9 million from the issuance of 19,200,000 shares of common stock, pre-funded warrants to purchase 5,400,000 shares of common stock, and warrants to purchase an aggregate of 24,600,000 shares of common stock. Each share was sold together with a common warrant to purchase one share of common stock at a combined price of $0.405 per share of common stock and accompanying warrant. Each pre-funded warrant was sold together with a common warrant to purchase one share of common stock at a combined price of $0.395 per pre-funded warrant and accompanying warrant. Each prefunded warrant had an exercise price of $0.01 per share and was exercisable immediately upon issuance and expired when exercised in full. In addition, underwriters were granted an option to purchase up to an additional 3,690,000 shares of common stock and/or common warrants. Common warrants issued in this offering have an exercise price of $0.405 per share, are exercisable immediately upon issuance and expire 5 years following the date of issuance. In addition, the common warrants have a cashless exercise provision, pursuant to which holders can exercise the warrant without cash payment for 50% of the number of shares of common stock that would issuable upon exercise of the common warrant if such exercise were by means of a cash exercise rather than a cashless exercise. Pursuant to the cashless exercise provision in the common warrants, 14.2 million common warrants were exercised for 7.1 million shares of common stock as of December 31, 2019. Pursuant to the down round adjustment feature of the January 2018 warrants, the exercise price of these warrants was adjusted to the $1.20 price per share offering price in the February 2019 financing transaction, and to the $0.405 offering price in the December 2019 financing transaction. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 5. Fair Value Measurements The estimated nonrecurring fair value measurements associated with fixed asset purchases recorded as right-of-use asset finance lease obligations totaling approximately $632,000 during the year ended December 31, 2019, were calculated as the present value of the lease payments based on contractual payment amounts and estimated market rates. Upon adoption of guidance in ASC Topic 842 Leases, the estimated fair value of the right-of-use operating lease asset was recorded based on the present value of future lease payments based on contractual payment amounts and estimated market rates in effect. Other Fair Value Measurement As of the closing of the Company’s January 30, 2018 offering, the grant date fair value of the warrants issued to purchase up to 1,095,153 shares of common stock was estimated to be approximately $8.82 per share, or a total of approximately $9.7 million was recorded as an offset to additional paid-in capital on a relative fair value basis. The warrants sold in this offering currently have an exercise price of $0.405 per share, which is subject to down round adjustment, and expire five years from the date of issuance. The fair value of the warrants was estimated using a Monte Carlo simulation valuation model using Geometric Brownian Motion, incorporating anticipated future financing events, with the following assumptions: Beginning stock price $ 10.17 Exercise price $ 15.00 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.48 % Expected life (in years) 5.00 Expected volatility 99.00 % As of the closing of the Company’s August 13, 2018 rights offering, the grant date fair value of the warrants issued to purchase up to 2,549,140 shares of common stock was estimated to be approximately $3.30 per share, or a total of approximately $8.4 million, was recorded as an offset to additional paid-in capital on a relative fair value basis. The warrants sold in this offering have an exercise price of $4.53 per share and expire five years from the date of issuance. The fair value of the warrants was estimated using a Black-Scholes model, incorporating the following assumptions: Beginning stock price $ 3.89 Exercise price $ 4.53 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.75 % Expected life (in years) 5.00 Expected volatility 128.69 % As of the closing of the Company’s September 20, 2018 offering, the grant date fair value of the warrants issued to purchase up to 762,438 shares of common stock was estimated to be approximately $2.57 per share, or a total of approximately $2.0 million was recorded as an offset to additional paid-in capital on a relative fair value basis. The warrants sold in this offering have an exercise price of $3.16 per share, and expire five years from the initial exercise date, which is the six-month anniversary of the date of issuance. The fair value of the warrants was estimated using a Black-Scholes model, incorporating the following assumptions: Beginning stock price $ 2.92 Exercise price $ 3.16 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.77 % Expected life (in years) 5.50 Expected volatility 130.7 % Also, included in the September 20, 2018 offering the Company issued 120,000 pre-funded warrants. The pre-funded warrants had an intrinsic value of $350,000, were subsequently fully exercised and are no longer outstanding as of December 31, 2019. As of the closing of the Company’s February 12, 2019 offering, the estimated grant date fair value of approximately $0.95 per share associated with the warrants to purchase up to 7,165,000 shares of common stock issued in this offering, or a total of approximately $6.8 million, was recorded as an offset to additional paid-in capital on a relative fair value basis. All warrants sold in this offering have an exercise price of $1.20 per share, are exercisable immediately and expire five years from the date of issuance. The fair value of the warrants was estimated using a Black-Scholes model with the following assumptions: Beginning stock price $ 1.05 Exercise price $ 1.20 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.49 % Expected life (in years) 5.00 Expected volatility 147.7 % As of the closing of the Company’s March 19, 2019 offering, the estimated grant date fair value of approximately $1.01 per share associated with the warrants to purchase up to 5,950,000 shares of common stock issued in this offering, or a total of approximately $6.0 million, was recorded as an offset to additional paid-in capital on a relative fair value basis. All warrants sold in this offering have an exercise price of $1.25 per share, are exercisable immediately and expire 5.5 years from the date of issuance. The fair value of the warrants was estimated using a Black-Scholes model with the following assumptions: Beginning stock price $ 1.12 Exercise price $ 1.25 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.44 % Expected life (in years) 5.50 Expected volatility 140.0 % As of the closing of the Company’s May 30, 2019 warrant inducement transaction, the estimated grant date fair value of approximately $1.18 per share associated with the warrants to purchase up to 1,547,226 shares of common stock issued in this offering, or a total of approximately $1.8 million, was recorded as a warrant inducement expense with an offset to additional paid-in capital. All warrants issued in this warrant inducement transaction have an exercise price of $1.31 per share, are exercisable immediately and expire 5.5 years from the date of issuance. The fair value of the warrants was estimated using a Black-Scholes model with the following assumptions: Beginning stock price $ 1.29 Exercise price $ 1.31 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.05 % Expected life (in years) 5.50 Expected volatility 145.9 % As of the closing of the Company’s December 11, 2019 offering, the grant date fair value of the warrants issued to purchase up to 26,527,500 shares of common stock were estimated to be approximately $0.24 per share, or a total of approximately $6.4 million, was recorded as an offset to additional paid-in capital on a relative fair value basis. The warrants sold in this offering are exercisable immediately, have an exercise price of $0.405 per share and expire five years from the date of issuance. The fair value of the warrants was estimated using a Black-Scholes model, incorporating the following assumptions: Beginning stock price $ 0.27 Exercise price $ 0.405 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.64 % Expected life (in years) 5.00 Expected volatility 153.7 % Also, included in the December 11, 2019 offering the Company issued 5,400,000 pre-funded warrants. The pre-funded warrants had an intrinsic value of $1.4 million, were subsequently fully exercised and are no longer outstanding as of December 31, 2019. |
Balance Sheet Details
Balance Sheet Details | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 2019 Fixed Assets Machinery and equipment $ 2,818,583 $ 2,857,538 Furniture and office equipment 157,391 156,987 Computer equipment and software 1,437,408 1,552,891 Leasehold improvements 570,173 570,173 Financed equipment 2,573,955 — Construction in process 116,640 625,038 7,674,150 5,762,627 Less accumulated depreciation and amortization (4,934,728 ) (4,258,297 ) Total fixed assets, net $ 2,739,422 $ 1,504,330 Accrued Liabilities Accrued payroll $ 255,426 $ 298,855 Accrued vacation 535,682 622,792 Accrued bonuses 712,574 748,742 Accrued sales commissions 62,767 89,562 Current portion of deferred rent 158,342 — Accrued other 203,602 220,253 Total accrued liabilities $ 1,928,393 $ 1,980,204 |
April 2014 Credit Facility
April 2014 Credit Facility | 12 Months Ended |
Dec. 31, 2019 | |
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 was secured by substantially all of the Company’s personal property other than its intellectual property. The term loan under the April 2014 Credit Facility bore 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 matured on July 1, 2018. Under the original terms of the underlying agreement, the Company was also required to make a final payment to the lender equal to 5.5% of the original principal amount of the term loan funded. A warrant to purchase up to 588 shares of the Company’s common stock at an exercise price of $424.80 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 8. Leases Effective January 1, 2019, the Company adopted US GAAP accounting rules in ASC Topic 842, Leases (ASC 842), using the modified retrospective method. The Company elected to follow the package of practical expedients provided under the transition guidance within ASC 842, and accordingly, did not reassess whether any expired or existing contracts are or contain leases, did not reassess expired or existing leases, and did not reassess initial direct costs for any existing leases. Upon adoption, the Company recorded an operating lease right-of-use asset and an operating lease liability on the balance sheet. In addition, assets under equipment leases previously classified as capital leases within Property, Plant and Equipment on the Company’s balance sheet were reclassified to finance lease right-of-use assets upon adoption of the guidance. Right-of-use assets and obligations were recognized based on the present value of remaining lease payments over the lease term. As the Company’s operating lease does not provide an implicit rate, an estimated incremental borrowing rate was used based on the information available at the adoption date in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. Variable lease costs such as common area costs and other operating costs are expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Finance Leases The Company leases certain laboratory equipment under arrangements previously accounted for as capital leases, classified on the Company’s balance sheet as fixed assets and related lease liabilities and depreciated on a straight-line basis over the lease term. Upon adoption of ASC 842, leased equipment previously classified as fixed assets totaling $1.4 million in net book value were reclassified to lease right-of-use assets in accordance with the guidance. The equipment under finance leases is depreciated on a straight-line basis over periods ranging from 5 to 7 years. The total gross value of equipment capitalized under such lease financing arrangements was approximately $2,574,000 and $3,125,000 at December 31, 2018 and 2019, respectively. Total accumulated depreciation related to equipment under finance leases was approximately $1,135,000 and $1,606,000 at December 31, 2018 and 2019, respectively, and total depreciation expense was approximately $376,000 and $454,000, at December 31, 2018 and 2019, respectively. Fixed asset purchases totaling approximately $279,000 and $633,000 during the years ended December 31, 2018 and 2019, respectively, were recorded as finance leases. On January 31, 2019, the Company executed a finance lease commitment with a third-party lender for total amount of approximately $149,000, which was funded by the lender on February 1, 2019. Under the terms of the equipment financing agreement, which was accounted for as a finance lease transaction, the principal balance plus interest for the equipment are to be repaid in full after 36 monthly installments of $5,013 totaling approximately $180,000 through February 2022. In July 2019, a finance lease commitment was executed with a third-party lender for the total amount of approximately $100,000, which was accounted for as a finance lease transaction with the principal balance plus interest for the equipment to be repaid in full after 48 monthly installments of $2,706 totaling approximately $130,000 through May 2023. In August 2019, a finance lease commitment was executed with a third-party lender for the total amount of approximately $245,000, which was accounted for as a finance lease transaction with the principal balance plus interest for the equipment to be repaid in full after 36 monthly installments of $8,253 totaling approximately $297,000 through August 2022. In September 2019, a finance lease commitment was executed with a third-party lender for the total additional amount of approximately $89,000, which was accounted for as a finance lease transaction with the principal balance plus interest for the equipment to be repaid in full after 60 monthly installments of $1,770 totaling approximately $106,000 through September 2024. In December 2019, two finance lease commitments were executed with third-party lenders. The first with a total principal of $28,000, 60-month term and $597 monthly payments totaling approximately $36,000 over the lease term. The second finance lease had a total principal of $22,000, 48-month lease term and $563 monthly payments totaling approximately $27,000 over the lease term. Both of these transactions were accounted for as finance leases. Operating Lease The Company leases its primary laboratory and office facilities in San Diego, California. This lease is classified as an operating lease in accordance with the ASC 842 guidance. The average monthly cash payment for the operating lease is approximately $120,000 per month, and the lease term ends on July 31, 2020. The Company recorded a lease right-of-use asset and lease liability of $1,930,000 and $2,201,000, respectively, as of January 1, 2019, based on the present value of payments and an incremental borrowing rate of 4.5%. In addition, the Company reviews agreements at inception to determine if they include a lease, and when they do, uses its incremental borrowing rate or implicit interest rate to determine the present value of the future lease payments. The following schedule sets forth the components of right-of-use lease assets as of December 31, 2018 and 2019 as follows: December 31, December 31, 2018 2019 Lease right-of-use assets: Operating $ — $ 729,330 Finance — 1,606,387 Total $ — $ 2,335,717 The following schedule sets forth the current portion of operating and finance lease liabilities as of December 31, 2018 and 2019: December 31, December 31, 2018 2019 Current portion of lease liability: Operating $ — $ 842,452 Finance — 724,329 Total $ — $ 1,566,781 The following schedule sets forth the long-term portion of operating and finance lease liabilities as of December 31, 2018 and 2019: December 31, December 31, 2018 2019 Long-term portion of lease liability: Operating $ — $ — Finance — 973,189 Total $ — $ 973,189 The following schedule represents the components of lease expense for the years ended December 31, 2018 and 2019: For the years ended December 31, 2018 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ — $ 470,486 Interest on lease liabilities — 249,984 Operating lease cost — 1,272,024 Total $ — $ 1,992,494 The following schedule sets forth the remaining future minimum lease payments outstanding under finance and operating leases, as well as corresponding remaining sales tax and maintenance obligation payments that are expensed 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, 2019: Finance Operating Minimum Maintenance and Minimum Lease Sales Tax Obligation Lease Payments Payments Payments 2020 $ 779,049 $ 90,260 $ 855,136 2021 531,846 69,053 — 2022 408,396 57,499 — 2023 284,380 58,098 — Thereafter 69,674 9,536 — Total payments 2,073,345 284,446 855,136 Less amount representing interest (375,827 ) — (12,684 ) Present value of payments $ 1,697,518 $ 284,446 $ 842,452 The following schedule sets forth supplemental cash flow information related to operating and finance leases as of December 31, 2019: For the year ended December 31, 2019 Other information Operating cash flows from finance leases $ 249,984 Operating cash flows from operating leases $ 1,430,366 Financing cash flows from finance leases $ 539,415 The aggregate weighted average remaining lease term was 3.02 years on finance leases and 0.59 years on operating leases as of December 31, 2019. The aggregate weighted average discount rate was 21.93% on finance leases and 4.5% on operating leases as of December 31, 2019. |
Supplier Financings
Supplier Financings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Supplier Financings | 9. Supplier Financings In 2018 and 2019, the Company obtained third-party financing for certain business insurance premiums. The 2018 and 2019 financings bore interest at rates ranging from 4.40% to 6.20% per annum, and all financings were due within one year. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
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. At the Company’s annual meeting of stockholders held on June 28, 2018, 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 146,666 shares. At the Company’s annual meeting of stockholders held on June 17, 2019, the Company’s stockholders approved additional amendments to the 2013 Plan including the increase in the number of non-inducement shares of common stock authorized for issuance under the 2013 Plan by 2,800,000 shares. As of December 31, 2019, 124,211 shares of the Company’s common stock were authorized exclusively for the issuance 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. As of December 31, 2019, under all plans, a total of 3,064,098 non-inducement shares were authorized for issuance, 2,731,962 shares had been issued with 2,615,503 non-inducement stock options and restricted stock units, or RSUs, underlying outstanding awards, and 332,136 non-inducement shares were available for grant. As of December 31, 2019, 118,368 inducement shares had been issued under the 2013 Plan, with 117,534 inducement stock options and RSUs underlying outstanding awards and 0 inducement shares available for grant. Stock Options Non-performance options granted under either plan vest over a maximum period of four years and expire ten years from the date of grant. Non-performance options generally vest either (i) over four years, 25% on the one-year anniversary of the date of grant and monthly thereafter for the remaining three years; or (ii) over four years, monthly vesting beginning month-one after the grant and monthly thereafter. 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, 2018 and 2019 are as follows: 2018 2019 Stock and exercise prices $0.86 - $6.00 $0.29 - $1.03 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 2.50% - 3.02% 1.58% - 2.55% Expected life (in years) 4.00 - 5.96 4.00 - 5.96 Expected volatility 100% - 120% 128% - 156% 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 2018 and 2019 were approximately $1.75 and $0.91 per share, respectively. A summary of stock option activity for the years ended December 31, 2018 and 2019 is as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term in Years Outstanding at December 31, 2017 81,643 $ 113.68 8.80 Granted 142,587 $ 2.20 Exercised — — Cancelled/forfeited/expired (28,410 ) $ 57.96 Outstanding at December 31, 2018 195,820 $ 41.41 9.20 Granted 2,676,229 $ 0.91 Exercised — — Cancelled/forfeited/expired (140,026 ) $ 3.70 Outstanding at December 31, 2019 2,732,023 $ 3.66 9.25 Vested and unvested expected to vest, December 31, 2019 2,655,129 $ 3.74 9.25 The intrinsic values of options outstanding, options exercisable, and options vested and unvested expected to vest at December 31, 2018 and 2019 were each zero. 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 2018 and 2019 is as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 12,030 $ 56.10 Granted — $ 0 Vested and issued (5,835 ) $ 45.00 Forfeited (5,835 ) $ 45.00 Outstanding at December 31, 2018 360 $ 415.80 Granted — $ — Vested and issued — $ — Forfeited — $ — Outstanding at December 31, 2019 360 $ 415.80 Vested, December 31, 2019 360 $ 415.80 At December 31, 2019, the intrinsic values of RSUs outstanding was approximately $100. Of the 360 RSUs outstanding at December 31, 2019, all were fully vested. 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, 2018 2019 Stock Options Cost of revenues $ 46,708 $ 77,495 Research and development expenses 133,525 127,844 General and administrative expenses 300,433 517,324 Sales and marketing expenses 78,321 146,916 Total expenses related to stock options 558,987 869,579 RSUs Cost of revenues (18,802 ) — Research and development expenses 13,576 — General and administrative expenses 54,302 — Sales and marketing expenses 15,349 — Total stock-based compensation $ 623,412 $ 869,579 Stock-based compensation expense was recorded net of estimated forfeitures of 0% - 8% per annum during the years ended December 31, 2018 and 2019. As of December 31, 2019, total unrecognized share-based compensation expense related to unvested stock options and RSUs, adjusted for estimated forfeitures, was approximately $2,222,000, and such amount is expected to be recognized over a weighted-average period of approximately 3.11 years. |
Common Stock Warrants Outstandi
Common Stock Warrants Outstanding | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Common Stock Warrants Outstanding | 11. Common A summary of equity-classified common stock warrant activity, for warrants other than those underlying unexercised overallotment option warrants, during 2018 and 2019 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2017 288,196 $ 78.86 4.0 Issued 4,526,731 $ 3.85 Exercised (120,000 ) $ 0.01 Expired — $ — Outstanding at December 31, 2018 4,694,927 $ 8.55 4.4 Issued 41,189,726 $ 0.70 Exercised (18,395,930 ) $ 1.20 Expired (4,474 ) $ 953.06 Outstanding at December 31, 2019 27,484,249 $ 1.86 4.6 All warrants outstanding at December 31, 2019 are exercisable and all warrants outstanding at December 31, 2018 were exercisable, except for the 762,438 warrants issued on September 24, 2018, which were first exercisable on March 24, 2019 and expire on March 24, 2024. Warrants issued in the February 2019 financing transaction have an expiration date of February 12, 2024, warrants issued in the March 2019 transaction have an expiration date of September 19, 2024, warrants issued in the May 2019 inducement offering have an expiration date of July 10, 2025, and warrants issued in the December 2019 have an expiration date of December 11, 2024. Included in the September 20, 2018 financing transaction the Company issued 120,000 pre-funded warrants to investors. These pre-funded warrants had an intrinsic value of $350,000, were subsequently fully exercised and are no longer outstanding as of December 31, 2019. In addition, included in the December 11, 2019 financing transaction the Company issued 5,400,000 pre-funded warrants. The pre-funded warrants had an intrinsic value of $1.4 million, were subsequently fully exercised and are no longer outstanding as of December 31, 2019. The intrinsic value of equity-classified common stock warrants outstanding at December 31, 2018 and 2019 was zero. On January 30, 2018, the Company issued warrants to purchase up to an aggregate of 1,095,153 shares of its common stock, which had an exercise price of $15.00 per share are exercisable immediately and expire five years from the date of issuance |
Net Loss per Common Share
Net Loss per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 and 2019, 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 years ended December 31, 2018 2019 Preferred warrants outstanding (number of common stock equivalents) 17 — Common warrants outstanding 4,694,927 27,484,249 RSUs outstanding 360 360 Convertible preferred stock outstanding (number of common stock equivalents) 976,157 471,393 Common options outstanding 195,820 2,732,023 Total anti-dilutive common share equivalents 5,867,281 30,688,025 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 and 2019, the Company made $215,000 and approximately $228,000, respectively, in matching contributions into the savings plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes On December 22, 2017, the President of the United States signed into law legislation, informally titled the Tax Cuts and Jobs Act of 2017, 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. As of December 31, 2019, the Company completed its accounting for the tax effects of the enactment of the Tax Cuts and Jobs Act of 2017 which resulted in immaterial adjustments to provisional estimates, offset by a full valuation allowance. For the years ended December 31, 2018 and 2019, the provision for income taxes was calculated as follows: For the years ended December 31, 2018 2019 Current: Federal $ — $ — State 1,886 — Total 1,886 — Deferred Federal — — State — — Total — — Provision for income tax $ 1,886 $ — The following table reconciles income taxes computed at the federal statutory rate and the Company’s provision for income taxes: For the years ended December 31, 2018 2019 Income tax at statutory rate $ (5,159,881 ) $ (5,278,232 ) Change in federal tax rate — — State liability (670,015 ) (764,997 ) Permanent items 118,959 103,617 Stock compensation 11,128 174,128 Warrant inducement — 384,534 Expiration of net operating losses — 35,487 Research and development credit (272,314 ) (359,765 ) State rate change (132,855 ) 388 Estimated section 382 limitation — 325,046 Return to provision 8,386 (4,296 ) Other 19,420 (83,353 ) Valuation allowance 6,079,058 5,467,443 Provision for income tax $ 1,886 $ — 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, 2018 and 2019, as it is more likely than not that the assets will not be utilized. At December 31, 2019, the Company had estimated federal net operating loss carryforwards of approximately $54.9 million For the taxable years ended December 31, 2018 and 2019, 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, 2018 or 2019. 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 2015 and before, state and local income tax examinations 2014 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 carryforward 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, 2018 2019 Estimated net operating loss carryforward $ 9,229,174 $ 13,118,923 Estimated research and development credits 2,958,710 3,318,475 Accruals and other 2,864,028 4,536,147 Deferred rent 64,628 — Operating lease liability — 205,542 15,116,540 21,179,087 Right-of-use asset — (569,870 ) Gross deferred tax liabilities — (569,870 ) Less valuation allowance (15,116,540 ) (20,609,217 ) Net deferred tax assets $ — $ — Utilization of the estimated domestic net operating loss and research and development tax 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 Sections 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 by value 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 Sections 382 and 383 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, 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 tax 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 2019. As a result, the Company has estimated that the use of its net operating loss carryforwards 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, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions 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 $26,000 during the years ended December 31, 2018 and 2019, respectively, from Aegea as reimbursements for shared patent costs under the Cross-License Agreement. On December 11, 2019, the Company entered into a First Amendment to Assignment and Exclusive Cross-License Agreement with Aegea pursuant to which the Company obtained a royalty bearing license for a certain patent. The Company agreed to pay Aegea, effective January 1, 2019, a royalty of 10% on Biocept’s sale of research use only, or RUO, and import research use only reagents and kits in the field of oncology, where the sample types are tissue, whole blood, bone marrow, cerebrospinal fluid or derivatives of any of the foregoing. A payment of $12,000 was made in December 2019 related to this arrangement for 2019 year to date activity up to the end of the third quarter of 2019. In addition, the Company has accrued $7,000 for royalty expenses related to this arrangement as of December 31, 2019, which was paid subsequent to year end. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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. See Lease footnote for further detail. 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, 2019, approximately $91,000 remained outstanding under this purchase commitment. Financed Equipment Maintenance and Sales Tax Obligations During the years ended December 31, 2018 and 2019, total expense recorded in the Company’s statement of operations and comprehensive loss for sales tax and maintenance obligations associated with finance lease arrangements was approximately $101,000 and $122,000, respectively. At December 31, 2018 and 2019, approximately $69,000 and $73,000 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 $284,000 for sales tax and maintenance obligations associated with financed equipment were due under equipment financing arrangements at December 31, 2019, 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, 2019 | |
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, 2018 Balance sheet data: Cash $ 9,272,420 $ 2,569,111 $ 8,956,200 $ 3,423,373 Total assets 14,747,827 8,291,310 14,551,892 8,750,303 Total non-current liabilities 1,357,193 1,258,261 1,174,397 1,098,137 Total shareholders’ equity 8,507,714 2,527,568 8,938,408 3,042,519 Statement of operations and comprehensive loss data: Net revenues $ 806,943 $ 822,238 $ 761,591 $ 859,526 Cost of revenues 2,434,886 2,699,671 2,481,916 2,435,262 Research and development expenses 1,070,584 1,019,285 1,089,746 1,288,957 General and administrative expenses 1,938,664 1,708,970 1,793,720 1,632,670 Sales and marketing expenses 1,636,542 1,433,174 1,404,192 1,440,798 Loss from operations (6,273,733 ) (6,038,862 ) (6,007,983 ) (5,938,161 ) Net loss $ (6,356,404 ) $ (6,153,101 ) $ (6,047,784 ) $ (6,014,312 ) Deemed dividend related to warrants down round provision — — (636,370 ) — Net loss attributable to common shareholders $ (6,356,404 ) $ (6,153,101 ) $ (6,684,154 ) $ (6,014,312 ) Net loss per common share: 1 Basic $ (3.33 ) $ (2.70 ) $ (2.42 ) $ (1.43 ) Diluted $ (3.33 ) $ (2.70 ) $ (2.42 ) $ (1.43 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 1,911,282 2,280,115 2,767,440 4,209,221 Diluted 1,911,282 2,280,115 2,759,614 4,209,221 1 Basic and diluted net loss per common share are computed independently for each of the 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, 2019 Balance sheet data: Cash $ 14,762,198 $ 12,590,597 $ 6,539,444 $ 9,301,406 Total assets 21,891,932 19,904,840 14,520,914 17,732,644 Total non-current liabilities 1,452,244 983,419 1,032,243 973,189 Total shareholders’ equity 14,014,084 13,099,551 7,705,458 11,200,643 Statement of operations and comprehensive loss data: Net revenues $ 1,024,239 $ 1,191,323 $ 1,529,262 $ 1,783,742 Cost of revenues 2,599,364 2,673,323 2,832,735 2,872,098 Research and development expenses 1,223,291 1,148,280 1,163,546 1,161,905 General and administrative expenses 1,681,837 1,676,310 1,700,380 1,911,593 Sales and marketing expenses 1,374,560 1,614,732 1,462,335 1,489,216 Loss from operations (5,854,813 ) (5,921,322 ) (5,629,734 ) (5,651,070 ) Net loss $ (5,916,787 ) $ (7,816,012 ) $ (5,691,762 ) $ (5,713,478 ) Deemed dividend related to warrants down round provision (99,743 ) — — (21,829 ) Net loss attributable to common shareholders $ (6,016,530 ) $ (7,816,012 ) $ (5,691,762 ) $ (5,735,307 ) Net loss per common share: 1 Basic $ (0.61 ) $ (0.38 ) $ (0.25 ) $ (0.20 ) Diluted $ (0.61 ) $ (0.38 ) $ (0.25 ) $ (0.20 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 9,792,093 20,466,224 23,018,235 29,128,632 Diluted 9,792,093 20,466,224 23,018,235 29,128,632 1 Basic and diluted net loss per common share are computed independently for each of the 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, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events In February 2020, the Company received net proceeds of approximately $2.2 million related to the February 2020 Warrant Exercise Inducement offering as well as an additional $700,000 from the underwriter exercising its overallotment warrants from the December 2019 underwritten financing transaction. In addition, as inducement for these exercises, the Company issued 6,927,258 warrants to purchase shares of common stock at $0.3495 per share. The warrants are exercisable on the six-month anniversary of issuance and expire in five years from the date first exercisable. On March 2, 2020, the Company received net cash proceeds of approximately $8.5 million from a registered direct offering to certain institutional investors of 23,000,000 shares of common stock at a negotiated purchase price of $0.40 per share. On March 4, 2020, the Company received net cash proceeds of approximately $6.1 million from a registered direct offering to certain institutional investors of 16,000,000 shares of common stock at a negotiated purchase price of $0.41 per share. On March 11, 2020 the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. In addition, as we are located in California, we are currently under a shelter in place mandate and many of our clients worldwide are similarly impacted. As a healthcare provider, we are allowed to remain open in compliance with the shelter in place mandate and continue to provide critical information for patients diagnosed with cancer. However, the global outbreak of the COVID-19 coronavirus continues to rapidly evolve, and the extent to which the COVID-19 coronavirus may impact our business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat the disease. While we are still receiving specimens from clients on a daily basis, we anticipate a potential slowdown in volume as many clinic visits are being re-scheduled and delayed. We are continuing to vigilantly monitor the situation with our primary focus on the health and safety of our employees and clients. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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, branded as Empower TC TM , 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, sales to laboratory supply distributors of the Company’s proprietary blood collection tubes commenced in June 2018, which allow for the intact transport of liquid biopsy samples for research use only, or RUO, from regions around the world. 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 July 6, 2018, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s Certificate of Amendment of Certificate of Incorporation to effect a one-for-thirty reverse stock split of the Company’s outstanding common stock. As such, all references to share and per share amounts in these financial statements and accompanying notes have been retroactively restated to reflect the one-for-thirty reverse stock split, except for the authorized number of shares of the Company’s common stock of 150,000,000 shares, which was not affected by the one-for-thirty reverse stock split. |
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 to patient’s 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. Commencing on January 1, 2018, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, or ASC 606, 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 adopted the provisions of ASC 606 using the modified retrospective application method applied to all contracts, which did not impact amounts previously reported by the Company, nor did it require a cumulative effect adjustment upon adoption, as the Company’s method of recognizing revenue under ASC 606 was analogous to the method utilized immediately prior to adoption. Accordingly, there is no need for the Company to disclose the amount by which each financial statement line item was affected as a result of applying the new standard and an explanation of significant changes. Contracts For its commercial revenues, while the Company markets directly to physicians, its customer is the patient. Patients do not enter into direct agreements with the Company, however, a patient’s insurance coverage requirements would dictate whether or not any portion of the cost of the tests would be patient responsibility. Accordingly, the Company establishes contracts with commercial insurers in accordance with customary business practices, as follows: • Approval of a contract is established via the order and accession, which are submitted by the patient’s physician. • The Company is obligated to perform its diagnostic services upon receipt of a sample from a physician, and the patient and/or applicable payer are obligated to reimburse the Company for services rendered based on the patient’s insurance benefits. • Payment terms are a function of a patient’s existing insurance benefits, including the impact of coverage decisions with the Center of Medicare and Medicaid Services, or CMS, and applicable reimbursement contracts established between the Company and payers, unless the patient is a self-pay patient, whereby the Company bills the patient directly after the services are provided. • Once the Company delivers a patient’s assay result to the ordering physician, the contract with a patient has commercial substance, as the Company is legally able to collect payment and bill an insurer and/or patient, regardless of payer contract status or patient insurance benefit status. • Consideration associated with 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 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, and revenues are recognized upon delivery of the performance obligations in the contract. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service, or a bundle of goods or services, to the customer. For its commercial and development services revenues, the Company’s contracts have a single performance obligation, which is satisfied upon rendering of services, which culminates in the delivery of a patient’s assay result(s) to the ordering physician or entity. The duration of time between accession receipt and delivery of a valid assay result to the ordering physician or entity is typically less than two weeks. Accordingly, the Company elected the practical expedient and therefore, does not disclose the value of unsatisfied performance obligations. Transaction Price The transaction price is the amount of consideration that the Company expects to collect in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties, such as sales taxes. The consideration expected from a contract with a customer may include fixed amounts, variable amounts, or both. 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, and is deemed to be variable although the variability is not explicitly stated in any contract. Rather, the implied variability is due to several factors, such as the payment history or lack thereof for third-party payers, reimbursement rate changes for contracted and non-contracted payers, any patient co-payments, deductibles or compliance incentives, the existence of secondary payers and claim denials. The Company estimates the amount of variable consideration using the most likely amount approach to estimating variable consideration for third-party payers, including direct patient bills, whereby the estimated reimbursement for services are established by payment histories on CPT codes for each payer, or similar payer types. When no payment history is available, the value of the account is estimated at Medicare rates, with additional other payer-specific reserves taken as appropriate. 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 variables. The estimates of amounts that will ultimately be realized from commercial diagnostic services for non-contracted payers require significant judgment by management. The Company limits the amount of variable consideration included in the transaction price to the unconstrained portion of such consideration. Revenue is recognized up to the amount of variable consideration that is not subject to a significant reversal until additional information is obtained or the uncertainty associated with the additional payments or refunds is subsequently resolved. Differences between original estimates and subsequent revisions, including final settlements, represent changes in the estimate of variable consideration and are included in the period in which such revisions are made. The Company monitors its estimates of transaction price to depict conditions that exist at each reporting date. If the Company subsequently determines that it will collect more consideration than it originally estimated for a contract with a customer, it will account for the change as an increase in the estimate of the transaction price in the period identified as an increase to revenue. Similarly, if the Company subsequently determines that the amount it expects to collect from a customer is less than it originally estimated, it will generally account for the change as a decrease in the estimate of the transaction price as a decrease to revenue, provided that such downward adjustment does not result in a significant reversal of cumulative revenue recognized. Revenue recognized from changes in transaction prices was not significant during the years ended December 31, 2018 and 2019. Allocate Transaction Price For the Company’s commercial revenues, the entire transaction price is allocated to the single performance obligation contained in a contract with a customer. For the Company’s development services revenues, the contracted transaction price is allocated to each single performance obligation contained in a contract with a customer as performed. Point-in-time Recognition The Company’s single performance obligation is satisfied at a point in time, and that point in time is defined as the date a patient’s successful assay result is delivered to the patient’s ordering physician or entity. The Company considers this date to be the time at which the patient obtains control of the promised diagnostic assay service. Contract Balances The timing of revenue recognition, billings and cash collections results in accounts receivable recorded in the Company’s balance sheets. Generally, billing occurs subsequent to delivery of a patient’s test result to the ordering physician or entity, resulting in an account receivable. Practical Expedients The Company does not adjust the transaction price for the effects of a significant financing component, as at contract inception, the Company expects the collection cycle to be one year or less. The Company expenses sales commissions when incurred because the amortization period is one year or less, which are recorded within sales and marketing expenses. The Company incurs certain other costs that are incurred regardless of whether a contract is obtained. Such costs are primarily related to legal services and patient communications. These costs are expensed as incurred and recorded within general and administrative expenses. Disaggregation of Revenue and Concentration of Risk The composition of the Company’s net revenues recognized during the years ended December 31, 2018 and 2019, disaggregated by source and nature, are as follows: For the year ended December 31, 2018 2019 Net revenues from contracted payers* $ 1,348,383 $ 2,071,961 Net revenues from non-contracted payers 1,693,739 3,044,249 Development services revenues 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total net revenues $ 3,250,298 $ 5,528,566 *Includes Medicare and Medicare Advantage, as reimbursement amounts are fixed. For the year ended December 31, 2018 2019 Net commercial revenues recognized upon delivery $ 3,042,122 $ 5,116,210 Development services revenues recognized upon delivery 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total net revenues $ 3,250,298 $ 5,528,566 The composition of the Company’s gross and net revenues recognized during the years ended December 31, 2018 and 2019 is as follows: For the year ended December 31, 2018 2019 Commercial revenues recognized upon delivery $ 12,495,709 $ 18,895,657 Development services revenues recognized upon delivery 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total gross revenues 12,703,885 19,308,013 Provisions for contractual discounts (3,937,993 ) (3,993,402 ) Provisions for aged non-patient receivables (326,137 ) (922,151 ) Provisions for estimated patient receivables (66,470 ) (7,342 ) Provisions for other payer-specific sales allowances (5,122,987 ) (8,856,552 ) Net revenues $ 3,250,298 $ 5,528,566 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, 2018 and 2019 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2017 Upon Delivery Adjudication 2018 Accounts receivable, gross $ 6,937,063 $ 12,835,371 $ (11,889,832 ) $ 7,882,602 Reserve for contractual discounts (1,974,849 ) (3,214,615 ) 3,011,989 (2,177,475 ) Reserve for aged non-patient receivables (452,088 ) (994,542 ) 880,682 (565,948 ) Reserve for estimated patient receivables (88,120 ) (135,955 ) 208,598 (15,477 ) Reserve for other payer-specific sales allowances (3,228,580 ) (5,239,961 ) 4,919,164 (3,549,377 ) Accounts receivable, net $ 1,193,426 $ 3,250,298 $ (2,869,399 ) $ 1,574,325 Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2018 Upon Delivery Adjudication 2019 Accounts receivable, gross $ 7,882,602 $ 19,001,873 $ (10,030,090 ) $ 16,854,385 Reserve for contractual discounts (2,177,475 ) (12,098,297 ) 10,449,272 (3,826,500 ) Reserve for aged non-patient receivables (565,948 ) (287,832 ) (646,247 ) (1,500,027 ) Reserve for estimated patient receivables (15,477 ) (111,572 ) 121,974 (5,075 ) Reserve for other payer-specific sales allowances (3,549,377 ) (975,606 ) (3,470,722 ) (7,995,705 ) Accounts receivable, net $ 1,574,325 $ 5,528,566 $ (3,575,813 ) $ 3,527,078 |
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 Measurements | Fair Value Measurements 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, 2018 and 2019 were as follows: For the year ended December 31, 2018 2019 Medicare and Medicare Advantage 39 % 38 % Blue Cross Blue Shield 11 % 21 % United Healthcare 17 % 8 % 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, 2018 and 2019 were as follows: For the year ended December 31, 2018 2019 Blue Cross Blue Shield 22 % 26 % Medicare and Medicare Advantage 17 % 17 % United Healthcare 15 % 12 % 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, 2018 and 2019 was approximately $801,000 and $932,000, 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. There had been no impairment losses recorded in 2018 and 2019. |
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. In addition, 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 and risk-free interest rate. |
Research and Development | Research and Development Research and development costs are expensed as incurred. The amounts expensed in the years ended December 31, 2018 and 2019 were approximately $4,469,000 and $4,697,000, 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, 2018 and 2019, 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, 2018 and 2019, and the Company has not recognized interest and/or penalties in the statements of operations and comprehensive loss for the years ended December 31, 2018 and 2019. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board, or FASB, issued authoritative guidance, which changes several aspects of the accounting for leases, including the requirement that all leases with durations greater than twelve months be recognized on the balance sheet. The guidance is effective for annual and interim reporting periods in fiscal years beginning after December 15, 2018. Effective January 1, 2019, the Company adopted the guidance and elected the optional transition method to account for the impact of the adoption with a cumulative-effect adjustment in the period of adoption and did not restate prior periods. The Company also elected the practical expedient package as permitted under the transition guidance. As of January 1, 2019, the Company recorded a right-of-use assets and liabilities upon adoption of the guidance (See Note 7). 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 adopted this guidance for the fiscal year beginning on January 1, 2019 and determined that the adoption of this guidance does not 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 legislation enacted in 2017, informally titled the Tax Cuts and Jobs Act of 2017. These amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. However, because these amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act of 2017, 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 adopted this guidance for the fiscal year beginning on January 1, 2019 which did not 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. In June 2018, the FASB issued authoritative guidance simplifying the accounting for nonemployee stock-based compensation and largely aligning such compensation with the accounting requirements for employee stock-based awards. For public companies, this guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company adopted this guidance for the fiscal year beginning on January 1, 2019 and determined that the adoption of this guidance does not have a material impact on its financial statements or disclosures. In November 2018, the FASB issued authoritative guidance clarifying the interaction between Collaborative Arrangements (Topic 808) and Revenue from Contracts with Customers (Topic 606) to address diversity in practice related to how companies account for collaborative arrangements. For public companies, this guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Revenue from Contracts with Customers (Topic 606). The Company currently intends to adopt this guidance upon the effective date and does not anticipate that the adoption of this guidance will have a material impact on its financial statements or disclosures. |
Stock Options [Member] | |
Fair Value Measurements | 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 Measurements | 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 Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Composition of Net Revenues Recognized Disaggregated by Source and Nature | The composition of the Company’s net revenues recognized during the years ended December 31, 2018 and 2019, disaggregated by source and nature, are as follows: For the year ended December 31, 2018 2019 Net revenues from contracted payers* $ 1,348,383 $ 2,071,961 Net revenues from non-contracted payers 1,693,739 3,044,249 Development services revenues 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total net revenues $ 3,250,298 $ 5,528,566 *Includes Medicare and Medicare Advantage, as reimbursement amounts are fixed. For the year ended December 31, 2018 2019 Net commercial revenues recognized upon delivery $ 3,042,122 $ 5,116,210 Development services revenues recognized upon delivery 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total net revenues $ 3,250,298 $ 5,528,566 |
Composition of Gross and Net Revenues Recognized | The composition of the Company’s gross and net revenues recognized during the years ended December 31, 2018 and 2019 is as follows: For the year ended December 31, 2018 2019 Commercial revenues recognized upon delivery $ 12,495,709 $ 18,895,657 Development services revenues recognized upon delivery 198,736 212,344 Kits and Blood Collection Tubes (BCT) 9,440 200,012 Total gross revenues 12,703,885 19,308,013 Provisions for contractual discounts (3,937,993 ) (3,993,402 ) Provisions for aged non-patient receivables (326,137 ) (922,151 ) Provisions for estimated patient receivables (66,470 ) (7,342 ) Provisions for other payer-specific sales allowances (5,122,987 ) (8,856,552 ) Net revenues $ 3,250,298 $ 5,528,566 |
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, 2018 and 2019 is as follows: Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2017 Upon Delivery Adjudication 2018 Accounts receivable, gross $ 6,937,063 $ 12,835,371 $ (11,889,832 ) $ 7,882,602 Reserve for contractual discounts (1,974,849 ) (3,214,615 ) 3,011,989 (2,177,475 ) Reserve for aged non-patient receivables (452,088 ) (994,542 ) 880,682 (565,948 ) Reserve for estimated patient receivables (88,120 ) (135,955 ) 208,598 (15,477 ) Reserve for other payer-specific sales allowances (3,228,580 ) (5,239,961 ) 4,919,164 (3,549,377 ) Accounts receivable, net $ 1,193,426 $ 3,250,298 $ (2,869,399 ) $ 1,574,325 Balance at Amounts Settlements Balance at December 31, Recognized Upon December 31, 2018 Upon Delivery Adjudication 2019 Accounts receivable, gross $ 7,882,602 $ 19,001,873 $ (10,030,090 ) $ 16,854,385 Reserve for contractual discounts (2,177,475 ) (12,098,297 ) 10,449,272 (3,826,500 ) Reserve for aged non-patient receivables (565,948 ) (287,832 ) (646,247 ) (1,500,027 ) Reserve for estimated patient receivables (15,477 ) (111,572 ) 121,974 (5,075 ) Reserve for other payer-specific sales allowances (3,549,377 ) (975,606 ) (3,470,722 ) (7,995,705 ) Accounts receivable, net $ 1,574,325 $ 5,528,566 $ (3,575,813 ) $ 3,527,078 |
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, 2018 and 2019 were as follows: For the year ended December 31, 2018 2019 Medicare and Medicare Advantage 39 % 38 % Blue Cross Blue Shield 11 % 21 % United Healthcare 17 % 8 % 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, 2018 and 2019 were as follows: For the year ended December 31, 2018 2019 Blue Cross Blue Shield 22 % 26 % Medicare and Medicare Advantage 17 % 17 % United Healthcare 15 % 12 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assumptions Used for Determining Fair Values of Common Stock Warrants | The fair value of the warrants was estimated using a Monte Carlo simulation valuation model using Geometric Brownian Motion, incorporating anticipated future financing events, with the following assumptions: Beginning stock price $ 10.17 Exercise price $ 15.00 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.48 % Expected life (in years) 5.00 Expected volatility 99.00 % Beginning stock price $ 3.89 Exercise price $ 4.53 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.75 % Expected life (in years) 5.00 Expected volatility 128.69 % Beginning stock price $ 2.92 Exercise price $ 3.16 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.77 % Expected life (in years) 5.50 Expected volatility 130.7 % Beginning stock price $ 1.05 Exercise price $ 1.20 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.49 % Expected life (in years) 5.00 Expected volatility 147.7 % Beginning stock price $ 1.12 Exercise price $ 1.25 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.44 % Expected life (in years) 5.50 Expected volatility 140.0 % Beginning stock price $ 1.29 Exercise price $ 1.31 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 2.05 % Expected life (in years) 5.50 Expected volatility 145.9 % Beginning stock price $ 0.27 Exercise price $ 0.405 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.64 % Expected life (in years) 5.00 Expected volatility 153.7 % |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 2019 Fixed Assets Machinery and equipment $ 2,818,583 $ 2,857,538 Furniture and office equipment 157,391 156,987 Computer equipment and software 1,437,408 1,552,891 Leasehold improvements 570,173 570,173 Financed equipment 2,573,955 — Construction in process 116,640 625,038 7,674,150 5,762,627 Less accumulated depreciation and amortization (4,934,728 ) (4,258,297 ) Total fixed assets, net $ 2,739,422 $ 1,504,330 Accrued Liabilities Accrued payroll $ 255,426 $ 298,855 Accrued vacation 535,682 622,792 Accrued bonuses 712,574 748,742 Accrued sales commissions 62,767 89,562 Current portion of deferred rent 158,342 — Accrued other 203,602 220,253 Total accrued liabilities $ 1,928,393 $ 1,980,204 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Right-Of-Use Lease Assets | The following schedule sets forth the components of right-of-use lease assets as of December 31, 2018 and 2019 as follows: December 31, December 31, 2018 2019 Lease right-of-use assets: Operating $ — $ 729,330 Finance — 1,606,387 Total $ — $ 2,335,717 |
Schedule of Current Portion of Operating and Finance Lease Liabilities | The following schedule sets forth the current portion of operating and finance lease liabilities as of December 31, 2018 and 2019: December 31, December 31, 2018 2019 Current portion of lease liability: Operating $ — $ 842,452 Finance — 724,329 Total $ — $ 1,566,781 |
Schedule of Long-Term Portion of Operating and Finance Lease Liabilities | The following schedule sets forth the long-term portion of operating and finance lease liabilities as of December 31, 2018 and 2019: December 31, December 31, 2018 2019 Long-term portion of lease liability: Operating $ — $ — Finance — 973,189 Total $ — $ 973,189 |
Schedule of Lease Expenses | The following schedule represents the components of lease expense for the years ended December 31, 2018 and 2019: For the years ended December 31, 2018 2019 Lease cost Finance lease cost Amortization of right-of-use assets $ — $ 470,486 Interest on lease liabilities — 249,984 Operating lease cost — 1,272,024 Total $ — $ 1,992,494 |
Schedule of Remaining Future Minimum Lease Payments for Finance and Operating Leases | The following schedule sets forth the remaining future minimum lease payments outstanding under finance and operating leases, as well as corresponding remaining sales tax and maintenance obligation payments that are expensed 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, 2019: Finance Operating Minimum Maintenance and Minimum Lease Sales Tax Obligation Lease Payments Payments Payments 2020 $ 779,049 $ 90,260 $ 855,136 2021 531,846 69,053 — 2022 408,396 57,499 — 2023 284,380 58,098 — Thereafter 69,674 9,536 — Total payments 2,073,345 284,446 855,136 Less amount representing interest (375,827 ) — (12,684 ) Present value of payments $ 1,697,518 $ 284,446 $ 842,452 |
Supplemental Cash Flow Information Related to Operating and Finance Leases | The following schedule sets forth supplemental cash flow information related to operating and finance leases as of December 31, 2019: For the year ended December 31, 2019 Other information Operating cash flows from finance leases $ 249,984 Operating cash flows from operating leases $ 1,430,366 Financing cash flows from finance leases $ 539,415 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 and 2019 are as follows: 2018 2019 Stock and exercise prices $0.86 - $6.00 $0.29 - $1.03 Expected dividend yield 0.00% 0.00% Discount rate-bond equivalent yield 2.50% - 3.02% 1.58% - 2.55% Expected life (in years) 4.00 - 5.96 4.00 - 5.96 Expected volatility 100% - 120% 128% - 156% |
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2018 and 2019 is as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term in Years Outstanding at December 31, 2017 81,643 $ 113.68 8.80 Granted 142,587 $ 2.20 Exercised — — Cancelled/forfeited/expired (28,410 ) $ 57.96 Outstanding at December 31, 2018 195,820 $ 41.41 9.20 Granted 2,676,229 $ 0.91 Exercised — — Cancelled/forfeited/expired (140,026 ) $ 3.70 Outstanding at December 31, 2019 2,732,023 $ 3.66 9.25 Vested and unvested expected to vest, December 31, 2019 2,655,129 $ 3.74 9.25 |
Summary of RSU Activity | A summary of RSU activity during 2018 and 2019 is as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2017 12,030 $ 56.10 Granted — $ 0 Vested and issued (5,835 ) $ 45.00 Forfeited (5,835 ) $ 45.00 Outstanding at December 31, 2018 360 $ 415.80 Granted — $ — Vested and issued — $ — Forfeited — $ — Outstanding at December 31, 2019 360 $ 415.80 Vested, December 31, 2019 360 $ 415.80 |
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, 2018 2019 Stock Options Cost of revenues $ 46,708 $ 77,495 Research and development expenses 133,525 127,844 General and administrative expenses 300,433 517,324 Sales and marketing expenses 78,321 146,916 Total expenses related to stock options 558,987 869,579 RSUs Cost of revenues (18,802 ) — Research and development expenses 13,576 — General and administrative expenses 54,302 — Sales and marketing expenses 15,349 — Total stock-based compensation $ 623,412 $ 869,579 |
Common Stock Warrants Outstan_2
Common Stock Warrants Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2018 and 2019 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2017 288,196 $ 78.86 4.0 Issued 4,526,731 $ 3.85 Exercised (120,000 ) $ 0.01 Expired — $ — Outstanding at December 31, 2018 4,694,927 $ 8.55 4.4 Issued 41,189,726 $ 0.70 Exercised (18,395,930 ) $ 1.20 Expired (4,474 ) $ 953.06 Outstanding at December 31, 2019 27,484,249 $ 1.86 4.6 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2018 2019 Preferred warrants outstanding (number of common stock equivalents) 17 — Common warrants outstanding 4,694,927 27,484,249 RSUs outstanding 360 360 Convertible preferred stock outstanding (number of common stock equivalents) 976,157 471,393 Common options outstanding 195,820 2,732,023 Total anti-dilutive common share equivalents 5,867,281 30,688,025 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | For the years ended December 31, 2018 and 2019, the provision for income taxes was calculated as follows: For the years ended December 31, 2018 2019 Current: Federal $ — $ — State 1,886 — Total 1,886 — Deferred Federal — — State — — Total — — Provision for income tax $ 1,886 $ — |
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 years ended December 31, 2018 2019 Income tax at statutory rate $ (5,159,881 ) $ (5,278,232 ) Change in federal tax rate — — State liability (670,015 ) (764,997 ) Permanent items 118,959 103,617 Stock compensation 11,128 174,128 Warrant inducement — 384,534 Expiration of net operating losses — 35,487 Research and development credit (272,314 ) (359,765 ) State rate change (132,855 ) 388 Estimated section 382 limitation — 325,046 Return to provision 8,386 (4,296 ) Other 19,420 (83,353 ) Valuation allowance 6,079,058 5,467,443 Provision for income tax $ 1,886 $ — |
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, 2018 2019 Estimated net operating loss carryforward $ 9,229,174 $ 13,118,923 Estimated research and development credits 2,958,710 3,318,475 Accruals and other 2,864,028 4,536,147 Deferred rent 64,628 — Operating lease liability — 205,542 15,116,540 21,179,087 Right-of-use asset — (569,870 ) Gross deferred tax liabilities — (569,870 ) Less valuation allowance (15,116,540 ) (20,609,217 ) Net deferred tax assets $ — $ — |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 Balance sheet data: Cash $ 9,272,420 $ 2,569,111 $ 8,956,200 $ 3,423,373 Total assets 14,747,827 8,291,310 14,551,892 8,750,303 Total non-current liabilities 1,357,193 1,258,261 1,174,397 1,098,137 Total shareholders’ equity 8,507,714 2,527,568 8,938,408 3,042,519 Statement of operations and comprehensive loss data: Net revenues $ 806,943 $ 822,238 $ 761,591 $ 859,526 Cost of revenues 2,434,886 2,699,671 2,481,916 2,435,262 Research and development expenses 1,070,584 1,019,285 1,089,746 1,288,957 General and administrative expenses 1,938,664 1,708,970 1,793,720 1,632,670 Sales and marketing expenses 1,636,542 1,433,174 1,404,192 1,440,798 Loss from operations (6,273,733 ) (6,038,862 ) (6,007,983 ) (5,938,161 ) Net loss $ (6,356,404 ) $ (6,153,101 ) $ (6,047,784 ) $ (6,014,312 ) Deemed dividend related to warrants down round provision — — (636,370 ) — Net loss attributable to common shareholders $ (6,356,404 ) $ (6,153,101 ) $ (6,684,154 ) $ (6,014,312 ) Net loss per common share: 1 Basic $ (3.33 ) $ (2.70 ) $ (2.42 ) $ (1.43 ) Diluted $ (3.33 ) $ (2.70 ) $ (2.42 ) $ (1.43 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 1,911,282 2,280,115 2,767,440 4,209,221 Diluted 1,911,282 2,280,115 2,759,614 4,209,221 1 Basic and diluted net loss per common share are computed independently for each of the 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, 2019 Balance sheet data: Cash $ 14,762,198 $ 12,590,597 $ 6,539,444 $ 9,301,406 Total assets 21,891,932 19,904,840 14,520,914 17,732,644 Total non-current liabilities 1,452,244 983,419 1,032,243 973,189 Total shareholders’ equity 14,014,084 13,099,551 7,705,458 11,200,643 Statement of operations and comprehensive loss data: Net revenues $ 1,024,239 $ 1,191,323 $ 1,529,262 $ 1,783,742 Cost of revenues 2,599,364 2,673,323 2,832,735 2,872,098 Research and development expenses 1,223,291 1,148,280 1,163,546 1,161,905 General and administrative expenses 1,681,837 1,676,310 1,700,380 1,911,593 Sales and marketing expenses 1,374,560 1,614,732 1,462,335 1,489,216 Loss from operations (5,854,813 ) (5,921,322 ) (5,629,734 ) (5,651,070 ) Net loss $ (5,916,787 ) $ (7,816,012 ) $ (5,691,762 ) $ (5,713,478 ) Deemed dividend related to warrants down round provision (99,743 ) — — (21,829 ) Net loss attributable to common shareholders $ (6,016,530 ) $ (7,816,012 ) $ (5,691,762 ) $ (5,735,307 ) Net loss per common share: 1 Basic $ (0.61 ) $ (0.38 ) $ (0.25 ) $ (0.20 ) Diluted $ (0.61 ) $ (0.38 ) $ (0.25 ) $ (0.20 ) Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: Basic 9,792,093 20,466,224 23,018,235 29,128,632 Diluted 9,792,093 20,466,224 23,018,235 29,128,632 1 Basic and diluted net loss per common share are computed independently for each of the 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 U_2
Liquidity and Going Concern Uncertainty- Additional Information (Detail) - USD ($) | Mar. 04, 2020 | Mar. 02, 2020 | Mar. 19, 2019 | Feb. 12, 2019 | Jan. 18, 2019 | Aug. 13, 2018 | Jan. 30, 2018 | Feb. 29, 2020 | May 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 11, 2019 | Sep. 20, 2018 |
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Cash | $ 9,301,406 | $ 6,539,444 | $ 12,590,597 | $ 14,762,198 | $ 3,423,373 | $ 8,956,200 | $ 2,569,111 | $ 9,272,420 | $ 9,301,406 | $ 3,423,373 | |||||||||||
Accumulated deficit | (245,717,189) | (220,457,578) | (245,717,189) | (220,457,578) | |||||||||||||||||
Net loss | (5,713,478) | $ (5,691,762) | $ (7,816,012) | $ (5,916,787) | $ (6,014,312) | $ (6,047,784) | $ (6,153,101) | $ (6,356,404) | (25,138,039) | (24,571,601) | |||||||||||
Cash flows from operations | (23,049,261) | (22,355,218) | |||||||||||||||||||
Aggregate net interest-bearing indebtedness | 1,700,000 | 1,700,000 | |||||||||||||||||||
Other non-interest-bearing current liabilities | 2,800,000 | 2,800,000 | |||||||||||||||||||
Aggregate net interest-bearing indebtedness due within one year | $ 724,000 | 724,000 | |||||||||||||||||||
Proceeds from warrant exercise inducement, net | 2,337,298 | ||||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 2,513,173 | $ 1,200 | |||||||||||||||||||
Issuance of warrants to purchase shares of common stock | 1,925,000 | ||||||||||||||||||||
Stock price | $ 1.37 | $ 2.25 | $ 3.285 | ||||||||||||||||||
Class of warrant or rights, term | 5 years 6 months | 5 years | 5 years | ||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 7,600,000 | $ 2,000,000 | |||||||||||||||||||
Shares issued in offering | 5,950,000 | 990,000 | |||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 2,500,000 | ||||||||||||||||||||
Class of warrant or rights, term | 5 years | ||||||||||||||||||||
Over-allotment Option [Member] | Warrant [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Shares issued in offering | 915,000 | ||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Stock price | $ 0.41 | $ 0.40 | |||||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 6,100,000 | $ 8,500,000 | |||||||||||||||||||
Shares issued in offering | 16,000,000 | 23,000,000 | |||||||||||||||||||
Subsequent Event [Member] | Warrant [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Issuance of warrants to purchase shares of common stock | 6,927,258 | ||||||||||||||||||||
Stock price | $ 0.3495 | ||||||||||||||||||||
Class of warrant or rights, term | 5 years | ||||||||||||||||||||
Subsequent Event [Member] | Over-allotment Option [Member] | Warrant [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Proceeds from exercise of common stock warrants | $ 700,000 | ||||||||||||||||||||
February 2020 Warrant Exercise Inducement Offering [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Liquidity And Managements Plans [Line Items] | |||||||||||||||||||||
Proceeds from warrant exercise inducement, net | $ 2,200,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Jul. 06, 2018shares | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)shares | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segmentshares | Dec. 31, 2018USD ($)shares |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Stockholders equity reverse stock split ratio | 0.03 | ||||||||||
Common stock, shares authorized | shares | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | ||||||
Description of reverse stock split | On July 6, 2018, the Company’s stockholders approved, and the Company filed, an amendment to the Company’s Certificate of Amendment of Certificate of Incorporation to effect a one-for-thirty reverse stock split of the Company’s outstanding common stock. | ||||||||||
Number of reportable segments | Segment | 1 | ||||||||||
Number of suppliers | one supplier | ||||||||||
Depreciation and amortization expense | $ 931,655 | $ 800,905 | |||||||||
Impairment losses | 0 | 0 | |||||||||
Research and development expenses | $ 1,161,905 | $ 1,163,546 | $ 1,148,280 | $ 1,223,291 | $ 1,288,957 | $ 1,089,746 | $ 1,019,285 | $ 1,070,584 | 4,697,022 | 4,468,572 | |
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] | |||||||||||
Estimated useful life of assets | 3 years | ||||||||||
Maximum [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful life of assets | 7 years | ||||||||||
ASC 606 [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Performance obligation, description of timing | The duration of time between accession receipt and delivery of a valid assay result to the ordering physician or entity is typically less than two weeks. | ||||||||||
Practical expedient, description | The Company does not adjust the transaction price for the effects of a significant financing component, as at contract inception, the Company expects the collection cycle to be one year or less. | ||||||||||
ASC 606 [Member] | Maximum [Member] | Sales and Marketing Expenses [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Amortization period | 1 year |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Composition of Net Revenues Recognized Disaggregated by Source (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net revenues | $ 1,783,742 | $ 1,529,262 | $ 1,191,323 | $ 1,024,239 | $ 859,526 | $ 761,591 | $ 822,238 | $ 806,943 | $ 5,528,566 | $ 3,250,298 | |
Commercial Revenues [Member] | Contracted Payers [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net revenues | [1] | 2,071,961 | 1,348,383 | ||||||||
Commercial Revenues [Member] | Non-Contracted Payers [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net revenues | 3,044,249 | 1,693,739 | |||||||||
Development Services Revenues [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net revenues | 212,344 | 198,736 | |||||||||
Kits and Blood Collection Tubes [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net revenues | $ 200,012 | $ 9,440 | |||||||||
[1] | Includes Medicare and Medicare Advantage, as reimbursement amounts are fixed. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Composition of Net Revenues Recognized Disaggregated by Nature (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Net revenues | $ 1,783,742 | $ 1,529,262 | $ 1,191,323 | $ 1,024,239 | $ 859,526 | $ 761,591 | $ 822,238 | $ 806,943 | $ 5,528,566 | $ 3,250,298 |
Commercial Revenues [Member] | Net Commercial Revenues Recognized Upon Delivery [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Net revenues | 5,116,210 | 3,042,122 | ||||||||
Development Services Revenues [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Net revenues | 212,344 | 198,736 | ||||||||
Kits and Blood Collection Tubes [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Net revenues | $ 200,012 | $ 9,440 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Composition of Gross and Net Revenues Recognized (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Total gross revenues | $ 19,308,013 | $ 12,703,885 | ||||||||
Provisions for contractual discounts | (3,993,402) | (3,937,993) | ||||||||
Provisions for aged non-patient receivables | (922,151) | (326,137) | ||||||||
Provisions for estimated patient receivables | (7,342) | (66,470) | ||||||||
Provisions for other payer-specific sales allowances | (8,856,552) | (5,122,987) | ||||||||
Net revenues | $ 1,783,742 | $ 1,529,262 | $ 1,191,323 | $ 1,024,239 | $ 859,526 | $ 761,591 | $ 822,238 | $ 806,943 | 5,528,566 | 3,250,298 |
Commercial Revenues [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Total gross revenues | 18,895,657 | 12,495,709 | ||||||||
Development Services Revenues [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Total gross revenues | 212,344 | 198,736 | ||||||||
Net revenues | 212,344 | 198,736 | ||||||||
Kits and Blood Collection Tubes [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Total gross revenues | 200,012 | 9,440 | ||||||||
Net revenues | $ 200,012 | $ 9,440 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Activity in Gross and Net Accounts Receivable Balances and Reserves (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Gross and net accounts receivable, Beginning Balance | $ 1,574,325 | $ 1,193,426 |
Amounts Recognized Upon Delivery | 5,528,566 | 3,250,298 |
Settlements Upon Adjudication | (3,575,813) | (2,869,399) |
Gross and net accounts receivable, Ending Balance | 3,527,078 | 1,574,325 |
Accounts Receivable Gross [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Gross and net accounts receivable, Beginning Balance | 7,882,602 | 6,937,063 |
Amounts Recognized Upon Delivery | 19,001,873 | 12,835,371 |
Settlements Upon Adjudication | (10,030,090) | (11,889,832) |
Gross and net accounts receivable, Ending Balance | 16,854,385 | 7,882,602 |
Reserve for Contractual Discounts [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Gross and net accounts receivable, Beginning Balance | (2,177,475) | (1,974,849) |
Amounts Recognized Upon Delivery | (12,098,297) | (3,214,615) |
Settlements Upon Adjudication | 10,449,272 | 3,011,989 |
Gross and net accounts receivable, Ending Balance | (3,826,500) | (2,177,475) |
Reserve for Aged Non-patient Receivables [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Gross and net accounts receivable, Beginning Balance | (565,948) | (452,088) |
Amounts Recognized Upon Delivery | (287,832) | (994,542) |
Settlements Upon Adjudication | (646,247) | 880,682 |
Gross and net accounts receivable, Ending Balance | (1,500,027) | (565,948) |
Reserve for Estimated Patient Receivables [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Gross and net accounts receivable, Beginning Balance | (15,477) | (88,120) |
Amounts Recognized Upon Delivery | (111,572) | (135,955) |
Settlements Upon Adjudication | 121,974 | 208,598 |
Gross and net accounts receivable, Ending Balance | (5,075) | (15,477) |
Reserve for Other Payer-specific Sales Allowances [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Gross and net accounts receivable, Beginning Balance | (3,549,377) | (3,228,580) |
Amounts Recognized Upon Delivery | (975,606) | (5,239,961) |
Settlements Upon Adjudication | (3,470,722) | 4,919,164 |
Gross and net accounts receivable, Ending Balance | $ (7,995,705) | $ (3,549,377) |
Summary of Significant Accoun_9
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, 2019 | Dec. 31, 2018 | |
Customer Concentration Risk [Member] | Net Revenues [Member] | Medicare and Medicare Advantage [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 38.00% | 39.00% |
Customer Concentration Risk [Member] | Net Revenues [Member] | Blue Cross Blue Shield [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 21.00% | 11.00% |
Customer Concentration Risk [Member] | Net Revenues [Member] | United Healthcare [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 8.00% | 17.00% |
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | Medicare and Medicare Advantage [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 17.00% | 17.00% |
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | Blue Cross Blue Shield [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 26.00% | 22.00% |
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | United Healthcare [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 12.00% | 15.00% |
Sales of Equity Securities - Ad
Sales of Equity Securities - Additional Information (Detail) - USD ($) | Dec. 11, 2019 | Jul. 15, 2019 | May 30, 2019 | May 28, 2019 | Mar. 19, 2019 | Mar. 11, 2019 | Feb. 12, 2019 | Jan. 18, 2019 | Sep. 20, 2018 | Aug. 13, 2018 | Jan. 30, 2018 | May 31, 2019 | May 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2019 |
Class Of Stock [Line Items] | ||||||||||||||||
Net cash proceeds from sale of securities | $ 7,600,000 | $ 2,000,000 | ||||||||||||||
Issuance of warrants to purchase shares of common stock | 1,925,000 | |||||||||||||||
Stock price | $ 1.37 | $ 2.25 | $ 3.285 | |||||||||||||
Exercise price of warrants | $ 1.25 | $ 1.20 | $ 4.53 | $ 1.20 | $ 0.405 | $ 1.20 | ||||||||||
Class of warrant or rights, term | 5 years 6 months | 5 years | 5 years | |||||||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 6,400,000 | $ 1,800,000 | $ 6,000,000 | $ 6,800,000 | $ 2,000,000 | $ 8,400,000 | $ 9,700,000 | $ 9,700,000 | ||||||||
Aggregate units sold under right offering | 11,587 | |||||||||||||||
Shares issued in offering | 5,950,000 | 990,000 | ||||||||||||||
Warrant exercisable for share of common stock | 1 | 1 | ||||||||||||||
Series A Preferred Stock convertible to common stock, conversion price | $ 4.53 | |||||||||||||||
Net proceeds from issuance of units, net of issuance expenses | $ 2,200,000 | $ 10,100,000 | ||||||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||
Public offering, number of common stock and warrants issued | 642,438 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 2,513,173 | $ 1,200 | ||||||||||||||
Pre-funded Warrants [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Issuance of warrants to purchase shares of common stock | 5,400,000 | 120,000 | ||||||||||||||
Exercise price of warrants | $ 3.275 | |||||||||||||||
Change in exercise price of warrants | $ 0.01 | |||||||||||||||
Investor Warrants [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Exercise price of warrants | $ 1.31 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 2,300,000 | |||||||||||||||
Number of warrant exercised | 2,062,966 | 0 | ||||||||||||||
Cash exercise of warrants description | In order to induce the Exercising Holders to cash exercise the Investor Warrants, the Exercise Agreements provided for the issuance of new warrants, or the New Warrants, with such New Warrants to be issued in an amount equal to 75% of the number of Exercised Shares underlying any Investor Warrants that was cash exercised by July 15, 2019. The New Warrants were exercisable upon issuance and terminate on the date that is five-years and six-months following the initial exercise date. | |||||||||||||||
Fair value of warrants issued | $ 1,800,000 | |||||||||||||||
Percentage of common stock exercised for exchange of new warrants | 75.00% | |||||||||||||||
Warrants exercisable date | Jul. 31, 2019 | Jul. 15, 2019 | ||||||||||||||
Warrant [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Exercise price of warrants | $ 15 | |||||||||||||||
Class of warrant or rights, term | 5 years | |||||||||||||||
Aggregate warrants sold under right offering | 2,549,140 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 2,500,000 | |||||||||||||||
Number of warrant exercised | 2,086,479 | |||||||||||||||
Warrants exercisable date | Mar. 24, 2019 | |||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Shares issued in offering | 11,587 | |||||||||||||||
Preferred stock stated value per share | $ 1,000 | |||||||||||||||
Maximum [Member] | Pre-funded Warrants [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Issuance of warrants to purchase shares of common stock | 120,000 | |||||||||||||||
Maximum [Member] | Investor Warrants [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Warrants exercisable percentage | 20.00% | |||||||||||||||
Maximum [Member] | Warrant [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Issuance of warrants to purchase shares of common stock | 1,095,153 | |||||||||||||||
Follow-on Public Offering [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Net cash proceeds from sale of securities | $ 592,000 | $ 6,600,000 | $ 13,300,000 | |||||||||||||
Private offering, number of common stock and warrants issued | 6,250,000 | 1,095,153 | ||||||||||||||
Stock price | $ 1.20 | $ 1.20 | $ 13.50 | |||||||||||||
Cost directly associated with offering | $ 1,400,000 | |||||||||||||||
Exercise price of warrants | $ 0.405 | $ 1.25 | $ 1.20 | $ 3.16 | $ 4.53 | $ 0.405 | $ 0.405 | |||||||||
Class of warrant or rights, term | 5 years | 5 years 6 months | 5 years | 5 years | 5 years | 5 years | 5 years | |||||||||
Issuance of warrants to purchase shares of common stock, grant date fair value | $ 9,700,000 | |||||||||||||||
Shares issued in offering | 6,250,000 | |||||||||||||||
Public offering, number of common stock and warrants issued | 1,095,153 | |||||||||||||||
Proceeds from exercise of common stock warrants | $ 0 | |||||||||||||||
Purchase of common stock by underwriters to cover overallotments, number of shares | 538,867 | |||||||||||||||
Follow-on Public Offering [Member] | Maximum [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Issuance of warrants to purchase shares of common stock | 6,250,000 | 1,095,153 | ||||||||||||||
Shelf Registration Statement [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Shelf registration statement expiration period | May 31, 2021 | |||||||||||||||
Minimum public float limit for offering | $ 75,000,000 | |||||||||||||||
Shelf Registration Statement [Member] | Maximum [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Aggregate offering price | $ 50,000,000 | |||||||||||||||
Private Placement [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Exercise price of warrants | $ 3.16 | |||||||||||||||
Class of warrant or rights, term | 5 years | |||||||||||||||
Warrant exercisable for share of common stock | 1 | |||||||||||||||
Over-allotment Option [Member] | Warrant [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Shares issued in offering | 915,000 | |||||||||||||||
Over-allotment Option [Member] | Maximum [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Issuance of warrants to purchase shares of common stock | 937,500 | |||||||||||||||
Shares issued in offering | 3,690,000 | |||||||||||||||
Over-allotment Option [Member] | Maximum [Member] | Warrant [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Shares issued in offering | 3,690,000 | |||||||||||||||
Underwritten Public Offering [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Net cash proceeds from sale of securities | $ 8,900,000 | |||||||||||||||
Issuance of warrants to purchase shares of common stock | 24,600,000 | |||||||||||||||
Stock price | $ 0.405 | |||||||||||||||
Exercise price of warrants | $ 0.405 | |||||||||||||||
Class of warrant or rights, term | 5 years | |||||||||||||||
Shares issued in offering | 19,200,000 | |||||||||||||||
Warrant exercisable for share of common stock | 1 | |||||||||||||||
Underwritten Public Offering [Member] | Pre-funded Warrants [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Issuance of warrants to purchase shares of common stock | 5,400,000 | |||||||||||||||
Exercise price of warrants | $ 0.395 | |||||||||||||||
Warrant exercisable for share of common stock | 1 | |||||||||||||||
Change in exercise price of warrants | $ 0.01 | |||||||||||||||
Underwritten Public Offering [Member] | Cashless Warrants [Member] | ||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||
Issuance of warrants to purchase shares of common stock | 7,100,000 | |||||||||||||||
Percentage of common stock issuable upon exercise of the common warrant without cash payment | 50.00% | |||||||||||||||
Number of common warrants exercised | 14,200,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Dec. 11, 2019 | May 30, 2019 | Mar. 19, 2019 | Feb. 12, 2019 | Sep. 20, 2018 | Aug. 13, 2018 | Jan. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||||
Fixed asset purchases as right-of-use asset finance lease obligations | $ 632,000 | $ 279,000 | ||||||||
Estimated grant date fair value of warrants | $ 0.24 | $ 1.18 | $ 1.01 | $ 0.95 | $ 2.57 | $ 3.30 | $ 8.82 | |||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 6,400,000 | $ 1,800,000 | $ 6,000,000 | $ 6,800,000 | $ 2,000,000 | $ 8,400,000 | $ 9,700,000 | $ 9,700,000 | ||
Exercise price of unregistered warrants | $ 1.25 | $ 1.20 | $ 4.53 | $ 1.20 | $ 0.405 | $ 1.20 | ||||
Class of warrant or rights, term | 5 years 6 months | 5 years | 5 years | |||||||
Issuance of warrants to purchase shares of common stock | 1,925,000 | |||||||||
Common stock warrants outstanding, intrinsic value | $ 0 | $ 0 | ||||||||
Pre-funded Warrants [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||||
Exercise price of unregistered warrants | $ 3.275 | |||||||||
Issuance of warrants to purchase shares of common stock | 5,400,000 | 120,000 | ||||||||
Common stock warrants outstanding, intrinsic value | $ 1,400,000 | $ 350,000 | ||||||||
Follow-on Public Offering [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 9,700,000 | |||||||||
Exercise price of unregistered warrants | $ 0.405 | $ 1.25 | $ 1.20 | $ 3.16 | $ 4.53 | $ 0.405 | $ 0.405 | |||
Class of warrant or rights, term | 5 years | 5 years 6 months | 5 years | 5 years | 5 years | 5 years | 5 years | |||
Warrant Inducement Transaction [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||||
Exercise price of unregistered warrants | $ 1.31 | |||||||||
Class of warrant or rights, term | 5 years 6 months | |||||||||
Maximum [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||||
Issuance of unregistered warrants to purchase shares of common stock | 26,527,500 | 1,547,226 | 5,950,000 | 7,165,000 | 762,438 | 2,549,140 | 1,095,153 | |||
Maximum [Member] | Pre-funded Warrants [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||||
Issuance of warrants to purchase shares of common stock | 120,000 | |||||||||
Maximum [Member] | Follow-on Public Offering [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||||
Issuance of warrants to purchase shares of common stock | 6,250,000 | 1,095,153 | ||||||||
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 right-of-use asset finance lease obligations | $ 632,000 |
Fair Value Measurements - Assum
Fair Value Measurements - Assumptions Used for Determining Fair Values of Common Stock Warrants (Detail) | Dec. 31, 2019$ / shares | Mar. 19, 2019$ / shares | Jan. 18, 2019$ / shares | Sep. 20, 2018$ / shares |
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 1.37 | $ 2.25 | $ 3.285 | |
January 30, 2018 Offering [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 10.17 | |||
January 30, 2018 Offering [Member] | Exercise Price [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 15 | |||
January 30, 2018 Offering [Member] | Expected Dividend Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0 | |||
January 30, 2018 Offering [Member] | Discount Rate-Bond Equivalent Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 2.48 | |||
January 30, 2018 Offering [Member] | Expected Life [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Expected life (in years) | 5 years | |||
January 30, 2018 Offering [Member] | Expected Volatility [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 99 | |||
August 13, 2018 Rights Offering [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 3.89 | |||
August 13, 2018 Rights Offering [Member] | Exercise Price [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 4.53 | |||
August 13, 2018 Rights Offering [Member] | Expected Dividend Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0 | |||
August 13, 2018 Rights Offering [Member] | Discount Rate-Bond Equivalent Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 2.75 | |||
August 13, 2018 Rights Offering [Member] | Expected Life [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Expected life (in years) | 5 years | |||
August 13, 2018 Rights Offering [Member] | Expected Volatility [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 128.69 | |||
September 20, 2018 Offering [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 2.92 | |||
September 20, 2018 Offering [Member] | Exercise Price [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 3.16 | |||
September 20, 2018 Offering [Member] | Expected Dividend Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0 | |||
September 20, 2018 Offering [Member] | Discount Rate-Bond Equivalent Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 2.77 | |||
September 20, 2018 Offering [Member] | Expected Life [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Expected life (in years) | 5 years 6 months | |||
September 20, 2018 Offering [Member] | Expected Volatility [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 130.7 | |||
February 12, 2019 Offering [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 1.05 | |||
February 12, 2019 Offering [Member] | Exercise Price [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 1.20 | |||
February 12, 2019 Offering [Member] | Expected Dividend Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0 | |||
February 12, 2019 Offering [Member] | Discount Rate-Bond Equivalent Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 2.49 | |||
February 12, 2019 Offering [Member] | Expected Life [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Expected life (in years) | 5 years | |||
February 12, 2019 Offering [Member] | Expected Volatility [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 147.7 | |||
March 19, 2019 Offering [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 1.12 | |||
March 19, 2019 Offering [Member] | Exercise Price [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 1.25 | |||
March 19, 2019 Offering [Member] | Expected Dividend Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0 | |||
March 19, 2019 Offering [Member] | Discount Rate-Bond Equivalent Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 2.44 | |||
March 19, 2019 Offering [Member] | Expected Life [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Expected life (in years) | 5 years 6 months | |||
March 19, 2019 Offering [Member] | Expected Volatility [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 140 | |||
May 30, 2019 Warrant Inducement Transaction [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 1.29 | |||
May 30, 2019 Warrant Inducement Transaction [Member] | Exercise Price [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 1.31 | |||
May 30, 2019 Warrant Inducement Transaction [Member] | Expected Dividend Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0 | |||
May 30, 2019 Warrant Inducement Transaction [Member] | Discount Rate-Bond Equivalent Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 2.05 | |||
May 30, 2019 Warrant Inducement Transaction [Member] | Expected Life [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Expected life (in years) | 5 years 6 months | |||
May 30, 2019 Warrant Inducement Transaction [Member] | Expected Volatility [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 145.9 | |||
December 11, 2019 Offering [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 0.27 | |||
December 11, 2019 Offering [Member] | Exercise Price [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0.405 | |||
December 11, 2019 Offering [Member] | Expected Dividend Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0 | |||
December 11, 2019 Offering [Member] | Discount Rate-Bond Equivalent Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 1.64 | |||
December 11, 2019 Offering [Member] | Expected Life [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Expected life (in years) | 5 years | |||
December 11, 2019 Offering [Member] | Expected Volatility [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 153.7 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Fixed Assets and Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fixed Assets | ||
Machinery and equipment | $ 2,857,538 | $ 2,818,583 |
Furniture and office equipment | 156,987 | 157,391 |
Computer equipment and software | 1,552,891 | 1,437,408 |
Leasehold improvements | 570,173 | 570,173 |
Financed equipment | 2,573,955 | |
Construction in process | 625,038 | 116,640 |
Total fixed assets, gross | 5,762,627 | 7,674,150 |
Less accumulated depreciation and amortization | (4,258,297) | (4,934,728) |
Total fixed assets, net | 1,504,330 | 2,739,422 |
Accrued Liabilities | ||
Accrued payroll | 298,855 | 255,426 |
Accrued vacation | 622,792 | 535,682 |
Accrued bonuses | 748,742 | 712,574 |
Accrued sales commissions | 89,562 | 62,767 |
Current portion of deferred rent | 158,342 | |
Accrued other | 220,253 | 203,602 |
Total accrued liabilities | $ 1,980,204 | $ 1,928,393 |
April 2014 Credit Facility - Ad
April 2014 Credit Facility - Additional Information (Detail) - USD ($) | Dec. 11, 2019 | May 30, 2019 | Mar. 19, 2019 | Feb. 12, 2019 | Sep. 20, 2018 | Aug. 13, 2018 | Jan. 30, 2018 | Apr. 30, 2014 | Dec. 31, 2019 | Dec. 31, 2014 | Feb. 28, 2019 |
Line of Credit Facility [Line Items] | |||||||||||
Warrant issued to lender | 1,925,000 | ||||||||||
Exercise price of unregistered warrants | $ 1.25 | $ 1.20 | $ 4.53 | $ 1.20 | $ 0.405 | $ 1.20 | |||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 6,400,000 | $ 1,800,000 | $ 6,000,000 | $ 6,800,000 | $ 2,000,000 | $ 8,400,000 | $ 9,700,000 | $ 9,700,000 | |||
Oxford Finance LLC [Member] | Common Stock [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Warrant issued to lender | 588 | ||||||||||
Exercise price of unregistered warrants | $ 424.80 | ||||||||||
Warrant term | 10 years | ||||||||||
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% | ||||||||||
Line of credit facility, maturity and final payoff date | Jul. 1, 2018 | ||||||||||
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 |
Leases - Additional Information
Leases - Additional Information (Detail) | Feb. 01, 2019USD ($) | Jan. 31, 2019USD ($)mo | Dec. 31, 2019USD ($)mo | Sep. 30, 2019USD ($)mo | Aug. 31, 2019USD ($)mo | Jul. 31, 2019USD ($)mo | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) |
Leases [Line Items] | |||||||||
Finance lease right-of-use assets | $ 1,606,387 | $ 1,606,387 | |||||||
Financed equipment | $ 2,573,955 | ||||||||
Fixed asset purchases as right-of-use asset finance lease obligations | 632,000 | 279,000 | |||||||
Funds from finance lease commitment | $ 149,000 | $ 89,000 | $ 245,000 | $ 100,000 | |||||
Finance lease transaction, frequency of payments | monthly | monthly | monthly | monthly | |||||
Finance lease transaction, number of installments payments | mo | 36 | 60 | 36 | 48 | |||||
Finance lease transaction, monthly installments of principal and interest payments | $ 5,013 | $ 1,770 | $ 8,253 | $ 2,706 | |||||
Finance lease transaction, total amount to be repaid | $ 180,000 | $ 106,000 | $ 297,000 | $ 130,000 | |||||
Finance lease transaction, commitment period | 2022-02 | 2024-09 | 2022-08 | 2023-05 | |||||
Operating lease monthly payments | 1,430,366 | ||||||||
Operating lease, right-of-use asset | 729,330 | 729,330 | |||||||
Operating lease liability | $ 842,452 | $ 842,452 | |||||||
Finance lease, weighted average remaining lease term | 3 years 7 days | 3 years 7 days | |||||||
Operating lease, weighted average remaining lease term | 7 months 2 days | 7 months 2 days | |||||||
Finance lease, weighted average discount rate, percent | 21.93% | 21.93% | |||||||
Operating lease, weighted average discount rate, percent | 4.50% | 4.50% | |||||||
First Finance Lease [Member] | |||||||||
Leases [Line Items] | |||||||||
Funds from finance lease commitment | $ 28,000 | ||||||||
Finance lease transaction, frequency of payments | monthly | ||||||||
Finance lease transaction, number of installments payments | mo | 60 | ||||||||
Finance lease transaction, monthly installments of principal and interest payments | $ 597 | ||||||||
Finance lease transaction, total amount to be repaid | 36,000 | $ 36,000 | |||||||
Second Finance Lease [Member] | |||||||||
Leases [Line Items] | |||||||||
Funds from finance lease commitment | $ 22,000 | ||||||||
Finance lease transaction, frequency of payments | monthly | ||||||||
Finance lease transaction, number of installments payments | mo | 48 | ||||||||
Finance lease transaction, monthly installments of principal and interest payments | $ 563 | ||||||||
Finance lease transaction, total amount to be repaid | 27,000 | 27,000 | |||||||
ASC Topic 842 [Member] | |||||||||
Leases [Line Items] | |||||||||
Finance lease right-of-use assets | $ 1,400,000 | ||||||||
Financed equipment | 3,125,000 | 3,125,000 | 2,574,000 | ||||||
Accumulated depreciation related to financed equipment | 1,606,000 | 1,606,000 | 1,135,000 | ||||||
Total depreciation expense related to equipment under finance leases | 454,000 | 376,000 | |||||||
Fixed asset purchases as right-of-use asset finance lease obligations | $ 633,000 | $ 279,000 | |||||||
Operating lease transaction, frequency of payments | monthly cash payment | ||||||||
Operating lease monthly payments | $ 120,000 | ||||||||
Operating lease term | Jul. 31, 2020 | ||||||||
Operating lease, right-of-use asset | 1,930,000 | $ 1,930,000 | 1,900,000 | ||||||
Operating lease liability | $ 2,201,000 | $ 2,201,000 | $ 2,200,000 | ||||||
Operating lease incremental borrowing rate | 4.50% | ||||||||
Minimum [Member] | ASC Topic 842 [Member] | |||||||||
Leases [Line Items] | |||||||||
Financed equipment useful life | 5 years | 5 years | |||||||
Maximum [Member] | ASC Topic 842 [Member] | |||||||||
Leases [Line Items] | |||||||||
Financed equipment useful life | 7 years | 7 years |
Leases - Schedule of Right-Of-U
Leases - Schedule of Right-Of-Use Lease Assets (Detail) | Dec. 31, 2019USD ($) |
Lease right-of-use assets: | |
Operating | $ 729,330 |
Finance | 1,606,387 |
Total | $ 2,335,717 |
Leases - Schedule of Current Po
Leases - Schedule of Current Portion of Operating and Finance Lease Liabilities (Detail) | Dec. 31, 2019USD ($) |
Current portion of lease liability: | |
Operating | $ 842,452 |
Finance | 724,329 |
Total | $ 1,566,781 |
Leases - Schedule of Long-Term
Leases - Schedule of Long-Term Portion of Operating and Finance Lease Liabilities (Detail) | Dec. 31, 2019USD ($) |
Long-term portion of lease liability: | |
Finance | $ 973,189 |
Total | $ 973,189 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Finance lease cost | |
Amortization of right-of-use assets | $ 470,486 |
Interest on lease liabilities | 249,984 |
Operating lease cost | 1,272,024 |
Total | $ 1,992,494 |
Leases - Schedule of Remaining
Leases - Schedule of Remaining Future Minimum Lease Payments for Finance and Operating Leases (Detail) | Dec. 31, 2019USD ($) |
Financing Lease Minimum Payment Abstract | |
2020 | $ 779,049 |
2021 | 531,846 |
2022 | 408,396 |
2023 | 284,380 |
Thereafter | 69,674 |
Total payments | 2,073,345 |
Less amount representing interest | (375,827) |
Present value of payments | 1,697,518 |
Financing Lease Maintenance and Sales Tax Obligation Payments Abstract | |
2020 | 90,260 |
2021 | 69,053 |
2022 | 57,499 |
2023 | 58,098 |
Thereafter | 9,536 |
Total payments | 284,446 |
Present value of payments | 284,446 |
Operating Lease Minimum Payment Abstract | |
2020 | 855,136 |
Total payments | 855,136 |
Less amount representing interest | (12,684) |
Present value of payments | $ 842,452 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating and Finance Leases (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other information | ||
Operating cash flows from finance leases | $ 249,984 | |
Operating cash flows from operating leases | 1,430,366 | |
Financing cash flows from finance leases | $ 539,415 | $ 160,381 |
Supplier Financings - Additiona
Supplier Financings - Additional Information (Detail) - Financing Agreements With Supplier [Member] - Laboratory Software [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Financing agreement, due period | 1 year | 1 year |
Remaining balance under financing agreement | $ 0 | $ 0 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.40% | 4.40% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.20% | 6.20% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Jun. 17, 2019shares | Jun. 28, 2018shares | Dec. 31, 2019USD ($)Plan$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of equity incentive plans | Plan | 2 | ||||
Total Shares Outstanding | 2,732,023 | 195,820 | 81,643 | ||
Unrecognized share-based compensation expense, weighted-average recognition period | 3 years 1 month 9 days | ||||
Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Estimated forfeitures rate | 8.00% | 8.00% | |||
Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Estimated forfeitures rate | 0.00% | 0.00% | |||
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 | $ 0.91 | $ 1.75 | |||
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 | |||
Stock Options [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Employee Stock Option One [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Time period for vesting grants in installments on monthly basis | monthly thereafter for the remaining three years | ||||
Employee Stock Option Two [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options vesting term | monthly vesting beginning month-one after the grant and monthly thereafter | ||||
RSUs [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Intrinsic value shares, RSUs outstanding | $ | $ 100 | ||||
Intrinsic value amount, RSUs unvested and vested expected to vest | $ | $ 100 | ||||
RSUs outstanding | 360 | 360 | 12,030 | ||
Stock Options and RSUs [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized share-based compensation expense, stock options | $ | $ 2,222,000 | ||||
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] | |||||
Total stock options and RSUs authorized | 124,211 | ||||
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 | 3,064,098 | ||||
Increase in number of shares of common stock authorized for issuance | 2,800,000 | 146,666 | |||
Stock options and RSUs issued | 2,731,962 | ||||
Total Shares Outstanding | 2,615,503 | ||||
Common stock, shares authorized | 332,136 | ||||
2013 Equity Incentive Plan [Member] | Inducement shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options and RSUs issued | 118,368 | ||||
Total Shares Outstanding | 117,534 | ||||
Common stock, shares authorized | 0 |
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, 2019 | Dec. 31, 2018 | |
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 | $ 0.29 | $ 0.86 |
Discount rate-bond equivalent yield | 1.58% | 2.50% |
Expected life (in years) | 4 years | 4 years |
Expected volatility | 128.00% | 100.00% |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock and exercise prices | $ 1.03 | $ 6 |
Discount rate-bond equivalent yield | 2.55% | 3.02% |
Expected life (in years) | 5 years 11 months 15 days | 5 years 11 months 15 days |
Expected volatility | 156.00% | 120.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares Outstanding, Beginning Balance | 195,820 | 81,643 | |
Number of Shares, Granted | 2,676,229 | 142,587 | |
Number of Shares, Cancelled/forfeited/expired | (140,026) | (28,410) | |
Number of Shares Outstanding, Ending Balance | 2,732,023 | 195,820 | 81,643 |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 2,655,129 | ||
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 41.41 | $ 113.68 | |
Weighted Average Exercise Price Per Share, Granted | 0.91 | 2.20 | |
Weighted Average Exercise Price Per Share, Cancelled/forfeited/expired | 3.70 | 57.96 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | 3.66 | $ 41.41 | $ 113.68 |
Weighted Average Exercise Price Per Share, Vested and unvested expected to vest, Ending Balance | $ 3.74 | ||
Weighted Average Remaining Contractual Term in Years, Outstanding | 9 years 3 months | 9 years 2 months 12 days | 8 years 9 months 18 days |
Weighted Average Remaining Contractual Term in Years, Vested and unvested expected to vest | 9 years 3 months |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares Outstanding, Beginning Balance | 360 | 12,030 |
Number of Shares, Granted | 0 | |
Number of share, Vested and issued | 0 | (5,835) |
Number of share, Forfeited | 0 | (5,835) |
Number of Shares Outstanding, Ending Balance | 360 | 360 |
Number of Shares, Vested | 360 | |
Weighted Average Grand Date Fair Value, Outstanding, Beginning Balance | $ 415.80 | $ 56.10 |
Weighted Average Grand Date Fair Value, Granted | 0 | 0 |
Weighted Average Grand Date Fair Value,Vested and issued | 0 | 45 |
Weighted Average Grand Date Fair Value, Forfeited | 0 | 45 |
Weighted Average Grand Date Fair Value, Outstanding, Ending Balance | 415.80 | $ 415.80 |
Weighted Average Grant Date Fair Value, Vested | $ 415.80 |
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, 2019 | Dec. 31, 2018 | |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 869,579 | $ 558,987 |
Stock Options [Member] | Cost of revenues [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 77,495 | 46,708 |
Stock Options [Member] | Research and Development Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 127,844 | 133,525 |
Stock Options [Member] | General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 517,324 | 300,433 |
Stock Options [Member] | Sales and Marketing Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 146,916 | 78,321 |
RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 869,579 | 623,412 |
RSUs [Member] | Cost of revenues [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | (18,802) | |
RSUs [Member] | Research and Development Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 13,576 | |
RSUs [Member] | General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 54,302 | |
RSUs [Member] | Sales and Marketing Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 15,349 |
Common Stock Warrants Outstan_3
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 | Sep. 24, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class Of Warrant Or Right [Line Items] | ||||
Number of Shares, Outstanding, Beginning Balance | 4,694,927 | 288,196 | ||
Number of Shares, Issued | 762,438 | 41,189,726 | 4,526,731 | |
Number of Shares, Exercised | (18,395,930) | (120,000) | ||
Number of Shares, Expired | (4,474) | |||
Number of Shares, Outstanding, Ending Balance | 27,484,249 | 4,694,927 | 288,196 | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 8.55 | $ 78.86 | ||
Weighted Average Exercise Price Per Share, Issued | 0.70 | 3.85 | ||
Weighted Average Exercise Price Per Share, Exercised | 1.20 | 0.01 | ||
Weighted Average Exercise Price Per Share, Expired | 953.06 | |||
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | $ 1.86 | $ 8.55 | $ 78.86 | |
Average Remaining Contractual Term (in years) | 4 years 7 months 6 days | 4 years 4 months 24 days | 4 years |
Common Stock Warrants Outstan_4
Common Stock Warrants Outstanding - Additional Information (Detail) - USD ($) | Mar. 19, 2019 | Sep. 24, 2018 | Aug. 13, 2018 | Jan. 30, 2018 | Dec. 31, 2019 | May 31, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 11, 2019 | Feb. 12, 2019 | Sep. 20, 2018 |
Class Of Warrant Or Right [Line Items] | |||||||||||||
Issuance of warrants to purchase shares of common stock | 1,925,000 | ||||||||||||
Common stock warrants outstanding, intrinsic value | $ 0 | $ 0 | $ 0 | ||||||||||
Exercise price of warrants | $ 1.25 | $ 4.53 | $ 1.20 | $ 0.405 | $ 1.20 | $ 0.405 | $ 1.20 | ||||||
Class of warrant or rights, term | 5 years 6 months | 5 years | 5 years | ||||||||||
Pre-funded Warrants [Member] | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Issuance of warrants to purchase shares of common stock | 5,400,000 | 120,000 | |||||||||||
Common stock warrants outstanding, intrinsic value | $ 1,400,000 | $ 350,000 | |||||||||||
Exercise price of warrants | $ 3.275 | ||||||||||||
Pre-funded Warrants [Member] | Maximum [Member] | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Issuance of warrants to purchase shares of common stock | 120,000 | ||||||||||||
Warrants [Member] | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Warrants issued | 762,438 | 41,189,726 | 4,526,731 | ||||||||||
Class of warrant or rights, first exercisable date | Mar. 24, 2019 | ||||||||||||
Class of warrant or rights, expiration date | Mar. 24, 2024 | ||||||||||||
Exercise price of warrants | $ 15 | ||||||||||||
Class of warrant or rights, term | 5 years | ||||||||||||
Warrants [Member] | Maximum [Member] | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Issuance of warrants to purchase shares of common stock | 1,095,153 | ||||||||||||
Warrants [Member] | February 2019 Financing Transaction [Member] | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Class of warrant or rights, expiration date | Feb. 12, 2024 | ||||||||||||
Warrants [Member] | March 2019 Transaction [Member] | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Class of warrant or rights, expiration date | Sep. 19, 2024 | ||||||||||||
Warrants [Member] | May 2019 Inducement Offering [Member] | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Class of warrant or rights, expiration date | Jul. 10, 2025 | ||||||||||||
Warrants [Member] | December 2019 Underwritten Offering [Member] | |||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||
Class of warrant or rights, expiration date | Dec. 11, 2024 |
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, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 30,688,025 | 5,867,281 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 471,393 | 976,157 |
Preferred Warrants Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 17 | |
Common Warrants Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 27,484,249 | 4,694,927 |
RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 360 | 360 |
Common Options Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 2,732,023 | 195,820 |
401(k) Plan - Additional Inform
401(k) Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | ||
Employer's matching contributions to 401(k) plan | $ 228,000 | $ 215,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Corporate tax rate | 21.00% | 35.00% | |
Decrease in net deferred tax assets | $ 2,600,000 | ||
Net operating loss carryforwards | $ 13,900,000 | ||
Net operating loss carryforwards, expiration year | which will begin to expire in 2020 | ||
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 | $ 54,900,000 | $ 41,000,000 | |
Net operating loss carryforwards, expiration year | carrying forward indefinitely | ||
Federal [Member] | Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Percentage of future taxable income offset by operating loss carryforwards | 80.00% | ||
Federal [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Contingency [Line Items] | |||
Research and development tax credits | $ 366,000 | ||
Income tax research and development expiration year | begin to expire in 2020 | ||
California [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards, expiration year | which will begin to expire in 2020 | ||
Additional net operating loss carryforwards | $ 24,900,000 | ||
California [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Contingency [Line Items] | |||
Research and development tax credits | $ 3,738,000 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Current: | |
State | $ 1,886 |
Total | 1,886 |
Deferred | |
Provision for income tax | $ 1,886 |
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, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax at statutory rate | $ (5,278,232) | $ (5,159,881) |
State liability | (764,997) | (670,015) |
Permanent items | 103,617 | 118,959 |
Stock compensation | 174,128 | 11,128 |
Warrant inducement | 384,534 | |
Expiration of net operating losses | 35,487 | |
Research and development credit | (359,765) | (272,314) |
State rate change | 388 | (132,855) |
Estimated section 382 limitation | 325,046 | |
Return to provision | (4,296) | 8,386 |
Other | (83,353) | 19,420 |
Valuation allowance | $ 5,467,443 | 6,079,058 |
Provision for income tax | $ 1,886 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Estimated net operating loss carryforward | $ 13,118,923 | $ 9,229,174 |
Estimated research and development credits | 3,318,475 | 2,958,710 |
Accruals and other | 4,536,147 | 2,864,028 |
Deferred rent | 64,628 | |
Operating lease liability | 205,542 | |
Gross deferred tax assets | 21,179,087 | 15,116,540 |
Right-of-use asset | (569,870) | |
Gross deferred tax liabilities | (569,870) | |
Less valuation allowance | $ (20,609,217) | $ (15,116,540) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Aegea Biotechnologies, Inc [Member] - USD ($) | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Reimbursement for shared patent costs | $ 26,000 | $ 19,000 | ||
Percentage of royalty on sale of product | 10.00% | |||
Royalty expense | $ 12,000 | |||
Accrued royalty expense | $ 7,000 | $ 7,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2012 | Nov. 30, 2011ft² | |
Loss Contingencies [Line Items] | |||||
Lease expiration date | Jul. 31, 2020 | ||||
Unconditional purchase commitment aggregate amount | $ 1,062,500 | $ 91,000 | |||
Unconditional purchase commitment payment terms | Quarterly | ||||
Unconditional purchase commitment period | May 31, 2020 | ||||
Total expense for sales tax and maintenance obligations | $ 122,000 | $ 101,000 | |||
Total amounts for future sales tax and maintenance obligations | 284,446 | ||||
Accrued Other Liabilities [Member] | |||||
Loss Contingencies [Line Items] | |||||
Sales tax and maintenance obligations incurred but not paid | $ 73,000 | $ 69,000 | |||
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 | Oct. 31, 2018 | ||||
Leased facility, expansion of original premises | ft² | 9,849 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) - USD ($) | Jan. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||
Balance sheet data: | |||||||||||||||||||||
Cash | $ 8,956,200 | $ 9,301,406 | $ 6,539,444 | $ 12,590,597 | $ 14,762,198 | $ 3,423,373 | $ 8,956,200 | $ 2,569,111 | $ 9,272,420 | $ 9,301,406 | $ 3,423,373 | ||||||||||
Total assets | 14,551,892 | 17,732,644 | 14,520,914 | 19,904,840 | 21,891,932 | 8,750,303 | 14,551,892 | 8,291,310 | 14,747,827 | 17,732,644 | 8,750,303 | ||||||||||
Total non-current liabilities | 1,174,397 | 973,189 | 1,032,243 | 983,419 | 1,452,244 | 1,098,137 | 1,174,397 | 1,258,261 | 1,357,193 | 973,189 | 1,098,137 | ||||||||||
Total shareholders’ equity | 8,938,408 | 11,200,643 | 7,705,458 | 13,099,551 | 14,014,084 | 3,042,519 | 8,938,408 | 2,527,568 | 8,507,714 | 11,200,643 | 3,042,519 | $ 1,296,034 | |||||||||
Statement of operations and comprehensive loss data: | |||||||||||||||||||||
Net revenues | 1,783,742 | 1,529,262 | 1,191,323 | 1,024,239 | 859,526 | 761,591 | 822,238 | 806,943 | 5,528,566 | 3,250,298 | |||||||||||
Cost of revenues | 2,872,098 | 2,832,735 | 2,673,323 | 2,599,364 | 2,435,262 | 2,481,916 | 2,699,671 | 2,434,886 | 10,977,520 | 10,051,735 | |||||||||||
Research and development expenses | 1,161,905 | 1,163,546 | 1,148,280 | 1,223,291 | 1,288,957 | 1,089,746 | 1,019,285 | 1,070,584 | 4,697,022 | 4,468,572 | |||||||||||
General and administrative expenses | 1,911,593 | 1,700,380 | 1,676,310 | 1,681,837 | 1,632,670 | 1,793,720 | 1,708,970 | 1,938,664 | 6,970,120 | 7,074,024 | |||||||||||
Sales and marketing expenses | 1,489,216 | 1,462,335 | 1,614,732 | 1,374,560 | 1,440,798 | 1,404,192 | 1,433,174 | 1,636,542 | 5,940,843 | 5,914,706 | |||||||||||
Loss from operations | (5,651,070) | (5,629,734) | (5,921,322) | (5,854,813) | (5,938,161) | (6,007,983) | (6,038,862) | (6,273,733) | (23,056,939) | (24,258,739) | |||||||||||
Net loss | (5,713,478) | (5,691,762) | (7,816,012) | (5,916,787) | (6,014,312) | (6,047,784) | (6,153,101) | (6,356,404) | (25,138,039) | (24,571,601) | |||||||||||
Deemed dividend related to warrants down round provision | $ (122,000) | $ (636,000) | (21,829) | (99,743) | (636,370) | (121,572) | (636,370) | ||||||||||||||
Net loss attributable to common shareholders | $ (5,735,307) | $ (5,691,762) | $ (7,816,012) | $ (6,016,530) | $ (6,014,312) | $ (6,684,154) | $ (6,153,101) | $ (6,356,404) | $ (25,259,611) | $ (25,207,971) | |||||||||||
Net loss per common share: | |||||||||||||||||||||
Basic | $ (0.20) | [1] | $ (0.25) | [1] | $ (0.38) | [1] | $ (0.61) | [1] | $ (1.43) | [1] | $ (2.42) | [1] | $ (2.70) | [1] | $ (3.33) | [1] | $ (1.22) | $ (9.01) | |||
Diluted | $ (0.20) | [1] | $ (0.25) | [1] | $ (0.38) | [1] | $ (0.61) | [1] | $ (1.43) | [1] | $ (2.42) | [1] | $ (2.70) | [1] | $ (3.33) | [1] | $ (1.22) | $ (9.01) | |||
Weighted-average shares outstanding used in computing net loss per share attributable to common shareholders: | |||||||||||||||||||||
Basic | 29,128,632 | 23,018,235 | 20,466,224 | 9,792,093 | 4,209,221 | 2,767,440 | 2,280,115 | 1,911,282 | 20,660,894 | 2,798,243 | |||||||||||
Diluted | 29,128,632 | 23,018,235 | 20,466,224 | 9,792,093 | 4,209,221 | 2,759,614 | 2,280,115 | 1,911,282 | 20,660,894 | 2,798,243 | |||||||||||
[1] | Basic and diluted net loss per common share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net loss per common share. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Mar. 04, 2020 | Mar. 02, 2020 | Mar. 19, 2019 | Feb. 12, 2019 | Jan. 18, 2019 | Aug. 13, 2018 | Jan. 30, 2018 | Feb. 29, 2020 | May 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 11, 2019 | Sep. 20, 2018 |
Subsequent Event [Line Items] | |||||||||||||
Proceeds from warrant exercise inducement, net | $ 2,337,298 | ||||||||||||
Proceeds from exercise of common stock warrants | $ 2,513,173 | $ 1,200 | |||||||||||
Issuance of warrants to purchase shares of common stock | 1,925,000 | ||||||||||||
Stock price | $ 1.37 | $ 2.25 | $ 3.285 | ||||||||||
Class of warrant or rights, term | 5 years 6 months | 5 years | 5 years | ||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 7,600,000 | $ 2,000,000 | |||||||||||
Shares issued in offering | 5,950,000 | 990,000 | |||||||||||
Warrant [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Proceeds from exercise of common stock warrants | $ 2,500,000 | ||||||||||||
Class of warrant or rights, term | 5 years | ||||||||||||
Over-allotment Option [Member] | Warrant [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Shares issued in offering | 915,000 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Stock price | $ 0.41 | $ 0.40 | |||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 6,100,000 | $ 8,500,000 | |||||||||||
Shares issued in offering | 16,000,000 | 23,000,000 | |||||||||||
Subsequent Event [Member] | Warrant [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Issuance of warrants to purchase shares of common stock | 6,927,258 | ||||||||||||
Stock price | $ 0.3495 | ||||||||||||
Class of warrant or rights, term | 5 years | ||||||||||||
Subsequent Event [Member] | Over-allotment Option [Member] | Warrant [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Proceeds from exercise of common stock warrants | $ 700,000 | ||||||||||||
February 2020 Warrant Exercise Inducement Offering [Member] | Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Proceeds from warrant exercise inducement, net | $ 2,200,000 |