Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BIOC | |
Entity Registrant Name | Biocept, Inc. | |
Entity Central Index Key | 0001044378 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 14,722,958 | |
Document Quarterly 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 | 9955 Mesa Rim Road | |
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 $.0001 per share | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 19,451,189 | $ 14,367,942 |
Accounts receivable, net | 12,595,694 | 14,144,911 |
Inventories, net | 3,016,342 | 1,929,624 |
Prepaid expenses and other current assets | 897,370 | 2,151,527 |
Total current assets | 35,960,595 | 32,594,004 |
Fixed assets, net | 2,078,464 | 2,317,616 |
Lease right-of-use assets - operating | 9,275,168 | 9,776,349 |
Lease right-of-use assets - finance | 2,850,277 | 2,337,709 |
Other non-current assets | 438,776 | 425,908 |
Total assets | 50,603,280 | 47,451,586 |
Current liabilities: | ||
Accounts payable | 5,705,805 | 8,364,858 |
Accrued liabilities | 2,410,939 | 3,165,669 |
Current portion of lease liabilities - operating | 53,741 | |
Current portion of lease liabilities - finance | 1,067,516 | 963,726 |
Supplier financings | 416,471 | |
Total current liabilities | 9,654,472 | 12,494,253 |
Non-current portion of lease liabilities - operating | 9,971,046 | 9,805,361 |
Non-current portion of lease liabilities - finance | 1,625,939 | 1,459,550 |
Total liabilities | 21,251,457 | 23,759,164 |
Commitments and contingencies (see Note 11) | ||
Shareholders’ equity: | ||
Preferred stock, $0.0001 par value, 5,000,000 authorized; 2,111 shares issued and outstanding at December 31, 2020 and June 30, 2021. | ||
Common stock, $0.0001 par value, 150,000,000 authorized; 13,397,041 issued and outstanding at December 31, 2020; 14,310,606 issued and outstanding at June 30, 2021. | 1,431 | 1,340 |
Additional paid-in capital | 292,105,446 | 287,217,949 |
Accumulated deficit | (262,755,054) | (263,526,867) |
Total shareholders’ equity | 29,351,823 | 23,692,422 |
Total liabilities and shareholders’ equity | $ 50,603,280 | $ 47,451,586 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 2,111 | 2,111 |
Preferred stock, shares outstanding | 2,111 | 2,111 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 14,310,606 | 13,397,041 |
Common stock, shares outstanding | 14,310,606 | 13,397,041 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net revenues | $ 12,047,166 | $ 917,471 | $ 29,803,356 | $ 2,364,020 |
Costs and expenses: | ||||
Cost of revenues | 7,461,819 | 2,517,902 | 16,467,675 | 5,464,760 |
Research and development expenses | 1,137,614 | 1,588,716 | 2,180,339 | 2,901,392 |
General and administrative expenses | 3,250,859 | 1,911,239 | 6,370,663 | 3,815,672 |
Sales and marketing expenses | 1,944,661 | 1,333,271 | 3,867,933 | 2,798,386 |
Total costs and expenses | 13,794,953 | 7,351,128 | 28,886,610 | 14,980,210 |
(Loss)/income from operations | (1,747,787) | (6,433,657) | 916,746 | (12,616,190) |
Other expense: | ||||
Interest expense | (79,692) | (55,646) | (144,933) | (112,342) |
Warrant inducement expense | (2,102,109) | |||
Total other expense | (79,692) | (55,646) | (144,933) | (2,214,451) |
(Loss)/income before income taxes | (1,827,479) | (6,489,303) | 771,813 | (14,830,641) |
Net (loss)/income and comprehensive (loss)/income | (1,827,479) | (6,489,303) | 771,813 | (14,830,641) |
Deemed dividend related to warrants down round provision | (2,774) | |||
Net (loss)/income attributable to common shareholders | $ (1,827,479) | $ (6,489,303) | $ 771,813 | $ (14,833,415) |
Weighted-average shares outstanding used in computing net (loss)/income per share attributable to common shareholders: | ||||
Basic | 13,462,329 | 12,717,372 | 13,431,340 | 10,308,681 |
Diluted | 13,462,329 | 12,717,372 | 13,646,789 | 10,308,681 |
Net (loss)/income per common share: | ||||
Basic | $ (0.14) | $ (0.51) | $ 0.06 | $ (1.44) |
Diluted | $ (0.14) | $ (0.51) | $ 0.06 | $ (1.44) |
Condensed Statements of Shareho
Condensed Statements of Shareholders' Equity (Unaudited) - USD ($) | Total | March 2, 2020 Financing Transaction [Member] | March 4, 2020 Financing Transaction [Member] | December 2019 Financing Transaction Overallotment [Member] | April 2020 Financing Transaction [Member] | ATM Transaction [Member] | Common Stock [Member] | Common Stock [Member]Cashless Warrants [Member] | Common Stock [Member]March 2, 2020 Financing Transaction [Member] | Common Stock [Member]March 4, 2020 Financing Transaction [Member] | Common Stock [Member]December 2019 Financing Transaction Overallotment [Member] | Common Stock [Member]April 2020 Financing Transaction [Member] | Common Stock [Member]ATM Transaction [Member] | SeriesA Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Cashless Warrants [Member] | Additional Paid-in Capital [Member]March 2, 2020 Financing Transaction [Member] | Additional Paid-in Capital [Member]March 4, 2020 Financing Transaction [Member] | Additional Paid-in Capital [Member]December 2019 Financing Transaction Overallotment [Member] | Additional Paid-in Capital [Member]April 2020 Financing Transaction [Member] | Additional Paid-in Capital [Member]ATM Transaction [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2019 | $ 11,200,643 | $ 547 | $ 256,917,285 | $ (245,717,189) | ||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 5,473,848 | 2,133 | ||||||||||||||||||||
Stock-based compensation expense | 142,964 | 142,964 | ||||||||||||||||||||
Shares issued upon exercise of common stock warrants | 2,306,708 | $ 70 | $ 61 | 2,306,638 | $ (61) | |||||||||||||||||
Shares issued upon exercise of common stock warrants, shares | 696,141 | 608,000 | ||||||||||||||||||||
Deemed dividends related to warrants downround provision | 2,774 | (2,774) | ||||||||||||||||||||
Shares and warrants issued, net of issuance costs | $ 8,565,500 | $ 6,093,561 | $ 659,958 | $ 230 | $ 160 | $ 19 | $ 8,565,270 | $ 6,093,401 | $ 659,939 | |||||||||||||
Shares and warrants issued, net of issuance costs, shares | 2,300,000 | 1,600,000 | 192,750 | |||||||||||||||||||
Warrant inducement expense | 2,102,109 | 2,102,109 | ||||||||||||||||||||
Net income (loss) | (8,341,338) | (8,341,338) | ||||||||||||||||||||
Ending balance at Mar. 31, 2020 | 22,730,105 | $ 1,087 | 276,790,319 | (254,061,301) | ||||||||||||||||||
Ending balance, shares at Mar. 31, 2020 | 10,870,739 | 2,133 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 11,200,643 | $ 547 | 256,917,285 | (245,717,189) | ||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 5,473,848 | 2,133 | ||||||||||||||||||||
Deemed dividends related to warrants downround provision | 2,774 | |||||||||||||||||||||
Net income (loss) | (14,830,641) | |||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 26,084,943 | $ 1,312 | 286,634,235 | (260,550,604) | ||||||||||||||||||
Ending balance, shares at Jun. 30, 2020 | 13,121,323 | 2,133 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 11,200,643 | $ 547 | 256,917,285 | (245,717,189) | ||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | 5,473,848 | 2,133 | ||||||||||||||||||||
Net income (loss) | (17,800,000) | |||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 23,692,422 | $ 1,340 | 287,217,949 | (263,526,867) | ||||||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 13,397,041 | 2,111 | ||||||||||||||||||||
Beginning balance at Mar. 31, 2020 | 22,730,105 | $ 1,087 | 276,790,319 | (254,061,301) | ||||||||||||||||||
Beginning balance, shares at Mar. 31, 2020 | 10,870,739 | 2,133 | ||||||||||||||||||||
Stock-based compensation expense | 194,236 | 194,236 | ||||||||||||||||||||
Shares issued upon exercise of common stock warrants | 72,608 | $ 2 | 72,606 | |||||||||||||||||||
Shares issued upon exercise of common stock warrants, shares | 20,584 | |||||||||||||||||||||
Shares and warrants issued, net of issuance costs | $ 9,577,297 | $ 223 | $ 9,577,074 | |||||||||||||||||||
Shares and warrants issued, net of issuance costs, shares | 2,230,000 | |||||||||||||||||||||
Net income (loss) | (6,489,303) | (6,489,303) | ||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 26,084,943 | $ 1,312 | 286,634,235 | (260,550,604) | ||||||||||||||||||
Ending balance, shares at Jun. 30, 2020 | 13,121,323 | 2,133 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 23,692,422 | $ 1,340 | 287,217,949 | (263,526,867) | ||||||||||||||||||
Beginning balance, shares at Dec. 31, 2020 | 13,397,041 | 2,111 | ||||||||||||||||||||
Stock-based compensation expense | 460,201 | 460,201 | ||||||||||||||||||||
Shares issued upon conversion of preferred stock, shares | 23 | |||||||||||||||||||||
Shares issued upon exercise of options | 760 | 760 | ||||||||||||||||||||
Shares issued upon exercise of options, shares | 194 | |||||||||||||||||||||
Shares issued upon exercise of common stock warrants | 18,552 | 18,552 | ||||||||||||||||||||
Shares issued upon exercise of common stock warrants, shares | 5,304 | |||||||||||||||||||||
Net income (loss) | 2,599,292 | 2,599,292 | ||||||||||||||||||||
Ending balance at Mar. 31, 2021 | 26,771,227 | $ 1,340 | 287,697,462 | (260,927,575) | ||||||||||||||||||
Ending balance, shares at Mar. 31, 2021 | 13,402,562 | 2,111 | ||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 23,692,422 | $ 1,340 | 287,217,949 | (263,526,867) | ||||||||||||||||||
Beginning balance, shares at Dec. 31, 2020 | 13,397,041 | 2,111 | ||||||||||||||||||||
Shares issued upon exercise of options, shares | 194 | |||||||||||||||||||||
Net income (loss) | $ 771,813 | |||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 29,351,823 | $ 1,431 | 292,105,446 | (262,755,054) | ||||||||||||||||||
Ending balance, shares at Jun. 30, 2021 | 14,310,606 | 2,111 | ||||||||||||||||||||
Beginning balance at Mar. 31, 2021 | 26,771,227 | $ 1,340 | 287,697,462 | (260,927,575) | ||||||||||||||||||
Beginning balance, shares at Mar. 31, 2021 | 13,402,562 | 2,111 | ||||||||||||||||||||
Stock-based compensation expense | $ 494,330 | 494,330 | ||||||||||||||||||||
Shares and warrants issued, net of issuance costs | $ 3,913,745 | $ 91 | $ 3,913,654 | |||||||||||||||||||
Shares and warrants issued, net of issuance costs, shares | 908,044 | 908,044 | ||||||||||||||||||||
Net income (loss) | $ (1,827,479) | (1,827,479) | ||||||||||||||||||||
Ending balance at Jun. 30, 2021 | $ 29,351,823 | $ 1,431 | $ 292,105,446 | $ (262,755,054) | ||||||||||||||||||
Ending balance, shares at Jun. 30, 2021 | 14,310,606 | 2,111 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net (loss)/income | $ 771,813 | $ (14,830,641) | |
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities: | |||
Depreciation and amortization | 711,099 | 477,396 | |
Amortization of right-of-use assets | 720,607 | (96,962) | |
Change in inventory reserve | (59,901) | 54,202 | |
Stock-based compensation | 954,531 | 337,200 | |
Warrant inducement expense | 2,102,109 | ||
Loss on disposal of fixed assets | 3,941 | 459 | |
Increase/(decrease) in cash resulting from changes in: | |||
Accounts receivable, net | 1,549,217 | 347,861 | |
Inventory | (1,026,817) | (259,900) | |
Prepaid expenses and other current assets | 1,876,097 | 11,232 | |
Accounts payable | (1,921,583) | (4,916) | |
Accrued liabilities | (754,730) | (108,406) | |
Other non-current assets | (12,868) | ||
Net cash (used in)/provided by operating activities | 2,811,406 | (11,970,366) | $ (19,800,000) |
Cash Flows from Investing Activities: | |||
Purchases of fixed assets | (831,852) | (35,457) | |
Net cash used in investing activities | (831,852) | (35,457) | |
Cash Flows from Financing Activities: | |||
Net proceeds from issuance of common stock and warrants | 3,913,745 | 24,236,358 | |
Proceeds from exercise of common stock warrants | 18,552 | 2,379,316 | |
Proceeds from exercise of stock options | 760 | ||
Proceeds from exercise of overallotment warrants | 659,958 | ||
Payments on finance leases | (623,895) | (311,576) | |
Payments on supplier and other third-party financings | (205,469) | (206,370) | |
Net cash provided by financing activities | 3,103,693 | 26,757,686 | |
Net increase in Cash | 5,083,247 | 14,751,863 | |
Cash at Beginning of Period | 14,367,942 | 9,301,406 | 9,301,406 |
Cash at End of Period | 19,451,189 | 24,053,269 | $ 14,367,942 |
Cash paid during the period for: | |||
Interest | $ 144,933 | $ 112,342 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financed insurance premium through third party financing | $ 622,000 | $ 567,000 | |
Fixed assets purchased under finance lease obligations | 894,000 | 703,000 | |
Unpaid fixed assets | $ 88,000 | 57,000 | |
Stock price | $ 4.67 | ||
Operating lease, right-of-use asset | $ 9,275,168 | ||
Operating lease liability | $ 10,024,787 | ||
ASC Topic 842 [Member] | San Diego, California [Member] | |||
Lessee, operating lease, option to extend | November 2020 | ||
Lessee, operating lease, existence of option to extend | true | ||
Operating lease, right-of-use asset | $ 482,000 | 482,000 | |
Operating lease liability | $ 482,000 | $ 482,000 |
The Company, Business Activitie
The Company, Business Activities and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
The Company, Business Activities and Basis of Presentation | 1. The Company, Business Activities and Basis of Presentation 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. The COVID-19 pandemic continues to evolve, and the extent to which COVID-19 may impact the Company’s 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 pandemic, the emergence and impact of variants, vaccinations, 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 the Company experienced increased revenue levels in 2020 and the first half of 2021 related to its COVID-19 testing business and attained net income for the first time in its operating history in the fourth quarter in 2020, and again in the first quarter of 2021, these results are not expected to be indicative of future results. Basis of Presentation The accompanying unaudited condensed financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and on the basis that the Company will continue as a going concern (see Note 2). The accompanying unaudited condensed 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. The unaudited condensed financial statements included in this Form 10-Q have been prepared in accordance with the U.S. Securities and Exchange Commission, or SEC, instructions for Quarterly Reports on Form 10-Q. Accordingly, the condensed financial statements are unaudited and do not contain all the information required by GAAP to be included in a full set of financial statements. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for a complete set of financial statements. The audited financial statements for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission, or SEC, with our Annual Report on Form 10-K on March 31, 2021 include a summary of our significant accounting policies and should be read in conjunction with this Form 10-Q. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in this Form 10-Q. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. On September 3, 2020, pursuant to the approval of the Company’s board of directors, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s outstanding common stock using a ratio of one-for-ten. 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-ten 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-ten reverse stock split. A novel strain of coronavirus, or COVID COVID COVID Significant Accounting Policies During the three and six months ended June 30, 2021, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. 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. 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. Contracts For its commercial revenues, while the Company markets directly to physicians and other healthcare providers, the Company provides services that benefit the patient. Patients do not typically 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 Centers for Medicare & 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. • On ce 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, such as pharma or biotech organizations, 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, and for our RT-PCR COVID-19 testing, typically 48 hours or less. 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 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 three and six months ended June 30, 2020 and 2021. Further, although the Company believes that its estimate for contractual allowances and other reserves is appropriate, it is possible that the Company will experience an impact on cash collections as a result of the impact of the COVID-19 pandemic. 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 condensed 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 three and six months ended June 30, 2020 and 2021, disaggregated by source and nature, are as follows: For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Net revenues from contracted payers* $ 261,620 $ 6,920,315 $ 761,808 $ 13,234,199 Net revenues from non-contracted payers 579,398 5,058,939 1,396,811 16,400,102 Development services revenues 38,453 33,429 98,782 72,715 Kits and Blood Collection Tubes (BCT) 38,000 34,483 106,619 96,340 Total net revenues $ 917,471 $ 12,047,166 $ 2,364,020 $ 29,803,356 *Includes Medicare, Medicare Advantage, and CARES Act as reimbursement amounts are fixed. Revenues for the three and six months ended June 30, 2021 included $12.0 million and $29.6 million, respectively, in commercial test revenues, including $12.1 million and $29.0 million of revenues attributable to RT-PCR COVID-19 testing. In addition, during the three months ended June 30, 2021, the Company recorded approximately $1.1 million in additional reserves related to aged account receivable balances, which is reflected as a reduction to net revenues. For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Net commercial revenues recognized upon delivery $ 841,018 $ 11,979,254 $ 2,158,619 $ 29,634,301 Development services revenues recognized upon delivery 38,453 33,429 98,782 72,715 Kits and Blood Collection Tubes (BCT) 38,000 34,483 106,619 96,340 Total net revenues $ 917,471 $ 12,047,166 $ 2,364,020 $ 29,803,356 At December 31, 2020 and June 30, 2021, unbilled account receivables total approximately $4.5 million and $4.3 million, respectively. 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 many 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 three and six months ended June 30, 2020 and 2021 were as follows: For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Medicare and Medicare Advantage/CARES Act 30 % 57 % 34 % 44 % Blue Cross Blue Shield 29 % 25 % 29 % 28 % 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, 2020 and June 30, 2021 were as follows: December 31, 2020 June 30, 2021 Medicare and Medicare Advantage/CARES Act 35 % 20 % Blue Cross Blue Shield 24 % 29 % United Healthcare 6 % 11 % Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Credit Losses (Topic 326).” ASU 2016-13 requires that financial assets measured at amortized cost, such as trade receivables and investments, be represented net of expected credit losses, which may be estimated based on relevant information such as historical experience, current conditions, and future expectation for each pool of similar financial asset. The new guidance requires enhanced disclosures related to trade receivables and associated credit losses. In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief,” which allows for a transition election on certain instruments. The guidance is effective for Small Reporting Companies for fiscal years beginning after December 15, 2022 and interim periods in those fiscal years. In November 2019, the FASB issued ASU No. 2019-11 which amends certain aspects of ASU No. 2016-13, including transition relief for trouble debt restructuring, among other topics. The Company is currently evaluating the impact of this pronouncement on its financial statements . |
Liquidity
Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Liquidity | 2. Liquidity As of June 30, 2021, the Company had $19.5 million of cash and an accumulated deficit of $262.8 million. For the year ended December 31, 2020 and the six months ended June 30, 2021, the Company incurred a net loss and net income of $17.8 million and $771,813, respectively, and had negative cash flows and cash generated from operations of $19.8 million and $2.8 million, respectively. At June 30, 2021, the Company had aggregate net interest-bearing indebtedness of $3.1 million, of which $1.5 million was due within one year, in addition to $2.4 million of other non-interest-bearing current liabilities. The Company has historically funded its operations through sales of its equity securities. The COVID-19 testing revenue during 2020 and through the second quarter of 2021, has provided the Company with increased levels of cash inflows from operations, and it is expected to continue, albeit at lower and declining levels, throughout at least the next twelve months. As a result, the Company believes that based on its current and planned cash usage, along with current COVID-19 testing revenues, its cash balances will support operations through the third quarter of 2022. As such, the Company determined that it is not probable based on projected cash flows that substantial doubt about the Company’s ability to continue as a going concern exists for the one-year period following the date that the financial statements for the three and six months ended June 30, 2021 were issued. The Company’s determination was based on estimates regarding expected COVID-19 testing volumes, which are uncertain and subject to change as more individuals are expected to be vaccinated and as the pandemic subsides. The Company used all information currently available to make this determination. Historically, the Company’s principal sources of cash have included proceeds from the issuance of common and preferred stock, proceeds from the exercise of warrants to purchase common stock, proceeds from the issuance of debt, and revenues from laboratory services. The Company’s principal uses of cash have included cash used in operations, payments relating to purchases of property and equipment and repayments of borrowings. The Company expects that the principal uses of cash in the future will be for continuing operations, hiring of sales and marketing personnel and increased sales and marketing activities, funding of research and development, capital expenditures, and general working capital requirements. The Company expects that, as revenues grow, sales and marketing and research and development expenses will continue to grow, albeit at a slower rate and, as a result, the Company will need to generate significant growth in net revenues to achieve and sustain income from operations. In order to meet its long-term operating requirements beyond the next twelve months, 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, cash received from the exercise of outstanding common stock warrants, or transactions involving product development, technology licensing or collaboration. The Company cannot provide any assurances that such additional funds will be available on reasonable terms, or at all. In January 2020, the Company issued an aggregate of 692,725 shares of its common stock pursuant to the exercise of certain warrants issued by the Company in February 2019 and March 2019, as part of a warrant repricing and exchange transaction. As part of the warrant repricing and exchange transaction, the Company issued an aggregate of 692,725 new warrants in exchange for the exercise of the February 2019 and March 2019 warrants and received net proceeds of approximately $2.3 million. As a result of the warrant repricing, the exercise price of warrants to purchase an aggregate of 89,657 shares of common stock issued by the Company in January 2018 was adjusted from $4.05 to $3.495 per share. During the three months ended June 30, 2021 , the Company received net cash proceeds of approximately $3.9 million from the sales of 908,044 shares of common stock at a weighted average sale price of $4.67 per share, using the Company’s at-the-market equity facility initiated in May 2021. |
Sales of Equity Securities
Sales of Equity Securities | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Sales of Equity Securities | 3. Sales of Equity Securities In January 2020, the Company issued an aggregate of 692,725 shares of its common stock pursuant to the exercise of certain warrants issued by the Company in February 2019 and March 2019, as part of a warrant repricing and exchange transaction. As part of the warrant repricing and exchange transaction, the Company issued an aggregate of 692,725 new warrants in exchange for the exercise of the February 2019 and March 2019 warrants and received net proceeds of approximately $2.3 million. As a result of the warrant repricing, the exercise price of warrants to purchase an aggregate of 89,657 shares of common stock issued by the Company in January 2018 was adjusted from $4.05 to $3.495 per share. In January 2020, the Company issued 192,750 shares of common stock pursuant to the partial exercise of the underwriters’ overallotment option from the Company’s December 2019 public offering. The net proceeds to the Company from the overallotment closing, was approximately $700,000. The warrants issued in connection with the warrant repricing and exchange transaction were considered inducement warrants and are classified in equity. In addition, the modification expense associated with the change in fair value due to the repricing of February and March 2019 warrants is recorded as inducement expense, which was approximately $191,000. The fair value of the warrants issued was approximately $1.9 million. The fair value of the inducement warrants and warrant modification of $2.1 million was expensed as warrant inducement expense in the accompanying condensed statements of operations for the six months ended June 30, 2020. On March 2, 2020, the Company sold and issued 2,300,000 shares of its common stock at a negotiated purchase price of $4.00 per share in a registered direct offering and received net cash proceeds of approximately $8.6 million after deducting placement agent fees and other expenses. On March 4, 2020, the Company sold and issued 1,600,000 shares of its common stock at a negotiated purchase price of $4.10 per share in a registered direct offering and received net cash proceeds of approximately $6.1 million after deducting placement agent fees and other expenses. On April 16, 2020, the Company sold and issued 2,230,000 shares of its common stock at a negotiated purchase price of $4.60 per share in a registered direct offering and received net cash proceeds of approximately $9.6 million after deducting placement agent fees and other expenses. On May 12, 2021, the Company entered into a Controlled Equity Offering SM |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 4. Fair Value Measurement The estimated nonrecurring fair value measurements associated with fixed asset purchases recorded as right-of-use asset finance lease obligations totaling approximately $894,000 during the six months ended June 30, 2021 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 Measurements As of the closing of the Company’s January 2020 warrant repricing and exchange transaction, the estimated grant date fair value of approximately $2.80 per share associated with the warrants to purchase up to 692,725 shares of common stock issued in the transaction, or a total of approximately $1.9 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 $3.495 per share, became exercisable beginning 6 months from issuance 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 $ 3.00 Exercise price $ 3.495 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.66 % Expected life (in years) 5.50 Expected volatility 150.33 % In addition to the inducement warrants issued in the Company’s January 2020 warrant repricing and exchange transaction, the Company adjusted the exercise prices of the February 2019 and March 2019 warrants from $12.00 and $12.50, respectively, to $3.495 to induce exercise of these warrants. This price modification triggered the requirement for modification accounting of these warrants. Based on the applicable guidance, the modification required the Company to value the modified February 2019 and March 2019 warrants immediately prior to the modification of the exercise price and immediately following the modification and record the difference between the resulting two values as warrant inducement expense. The estimated fair value prior to modification of the February 2019 and March 2019 warrants was approximately $2.70 per share, whereas the estimated fair value of the February 2019 warrants increased to $2.90 due to the adjustment of the exercise price, and the estimated fair value of the March 2019 warrants increased to $3.00 per share. There were 216,725 February 2019 warrants and 476,000 March 2019 warrants eligible for this price modification and the resulting modification expense recorded as warrant inducement expenses were $60,000 and $130,000, respectively. |
Balance Sheet Details
Balance Sheet Details | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Details | 5. Balance Sheet Details The following provides certain balance sheet details: December 31, June 30, 2020 2021 Inventories Raw materials $ 1,235,620 $ 2,328,339 Subassemblies 691,126 675,072 Finished goods 2,878 12,931 $ 1,929,624 $ 3,016,342 Fixed Assets Machinery and equipment $ 2,974,320 $ 3,035,532 Furniture and office equipment 156,987 156,987 Computer equipment and software 2,428,211 2,675,926 Leasehold improvements 570,173 485,360 Construction in process 761,221 17,396 Total fixed assets, gross 6,890,912 6,371,201 Less accumulated depreciation and amortization (4,573,296 ) (4,292,737 ) Total fixed assets, net $ 2,317,616 $ 2,078,464 Accrued Liabilities Accrued payroll $ 452,118 $ 467,451 Accrued vacation 868,557 945,572 Accrued bonuses 1,022,421 619,031 Accrued sales commissions 456,526 220,139 Accrued other 366,047 158,746 Total accrued liabilities $ 3,165,669 $ 2,410,939 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 6. 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 Fixed Assets 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 approximately 3 to 7 years. The total gross value of equipment capitalized under such lease arrangements was approximately $4,639,000 and $5,533,000 at December 31, 2020 and June 30, 2021, respectively. Total accumulated depreciation related to equipment under finance leases was approximately $2,302,000 and $2,683,000 at December 31, 2020 and June 30, 2021, respectively. Total depreciation expense related to equipment under finance leases during the three months ended June 30, 2020 and 2021 was approximately $130,000 and $209,000, and was approximately $274,000 and $381,000 during the six months ended June 30, 2020 and 2021, respectively. In February 2020, the Company entered into finance leases for a total capitalized amount of $197,000 for three pieces of equipment . 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 in installments ranging from 48 to 60 monthly installments of $4,532 totaling approximately $265,000 through January 2025. In addition, in March 2020, the Company entered into a finance lease for a capitalized amount of $11,000 for an additional piece of equipment. Under the term of the equipment financing agreement, the principal amount plus interest are to be repaid in 48 monthly installments of $288 totaling approximately $14,000 through February 2024. In April 2020, the Company entered into finance leases for a capitalized amount of $161,000 for laboratory testing equipment and manufacturing tooling. 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 in 60 monthly installments of $3,337 totaling approximately $185,000 through March 2025. In June 2020 the Company entered into finance leases for a capitalized amount of $334,000 for equipment and laboratory management software. During the six months ended June 30, 2021, the Company entered into finance leases for a total capitalized amount of $894,000 for four pieces of equipment. Under the terms of the financing agreements, which were accounted for as finance lease transactions, the principal balance plus interest for the equipment are to be paid in installments ranging from 36 to 60 monthly installments of $21,330 totaling approximately $1,064,000 through March 2026. Operating Lease The Company leases its primary laboratory and office facilities in San Diego, California. In accordance with the ASC 842 guidance, the facility lease is classified as an operating lease. From its inception until December 2020, the Company’s primary facilities were located at 5810 Nancy Ridge Road in San Diego, California (Nancy Ridge Facility) and subject to a lease agreement dated March 31, 2004. On June 5, 2020, the Company entered into a fifth amendment (the “Amendment”) to its lease agreement relating to the Nancy Ridge Facility. Pursuant to the Amendment, the expiration date of the lease was extended from July 31, 2020 to November 30, 2020. The monthly base rent during the extended term was the then-current monthly rate paid by the Company. The Company agreed to pay additional rent and all other charges as set forth in the lease through the expiration date. Pursuant to the extension of the expiration date of the lease, the Company recorded an additional lease right-of-use asset and lease liability of $482,000. In order to allow the Company adequate time to move its operations to its new facility, the Company entered into an additional extension related to the facility extending the lease until December 11, 2020 at the prorated amount of the then-current rent. On June 1, 2020, the Company entered into a lease for a 39,000 square foot headquarters, manufacturing and laboratory facility at 9955 Mesa Rim Road in San Diego, California. The lease commenced on December 1, 2020 and is for a term of 127 months from the commencement date. The lease includes a rent abatement period of seven months, from January 2021 through July of 2021, during which period the Company is exempted from paying the amount of base rent of $111,000. In addition, the lease stipulates an additional two months of lease abatement period in the event that the property is sold within the first six months of the initial lease period. In March 2021, the Company was notified that the original landlord has sold the building, hence the Company is eligible for an additional two months of rent abatement period. In addition, the landlord agreed to pay for certain preapproved leasehold improvement costs through a one-time leasehold improvement allowance of approximately $1,586,000, and an additional leasehold improvement allowance of approximately $1,586,000. The amount of additional leasehold improvement allowance of approximately $1,586,000 is to be paid back to the landlord during the term of the lease by the Company, amortized at an agreed upon annual rate of 7% as an additional rent payment of approximately $18,000 per month. The average monthly cash payment including payment for the additional leasehold improvement allowance for the lease is approximately $140,000 per month with initial monthly lease payments of $128,000 per month. The Company recorded a lease right-of-use asset and lease liability of $9,776,000 and $9,805,000, respectively, as of December 31, 2020, based on the present value of payments and an incremental borrowing rate of 12%. As the Company’s lease did not provide an implicit rate, the Company estimated the incremental borrowing rate based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings. The Company recorded $1,631,000 in other current assets related to reimbursable leasehold improvement costs incurred as of December 31, 2020. All reimbursable leasehold improvement costs were reimbursed by the landlord as of June 30, 2021. 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, 2020 and June 30, 2021 as follows: December 31, June 30, 2020 2021 Lease right-of-use assets: Operating 9,776,349 $ 9,275,168 Finance 2,337,709 2,850,277 Total $ 12,114,058 $ 12,125,445 The following schedule sets forth the current portion of operating and finance lease liabilities as of December 31, 2020 and June 30, 2021: December 31, June 30, 2020 2021 Current portion of lease liability: Operating — $ 53,741 Finance 963,726 1,067,516 Total $ 963,726 $ 1,121,257 The following schedule sets forth the long-term portion of operating and finance lease liabilities as of December 31, 2020 and June 30, 2021: December 31, June 30, 2020 2021 Long-term portion of lease liability: Operating $ 9,805,361 $ 9,971,046 Finance 1,459,550 1,625,939 Total $ 11,264,911 $ 11,596,985 The following schedule represents the components of lease expense for the three and six months ended June 30, 2020 and 2021: For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Lease cost Finance lease cost Amortization of right-of-use assets $ 129,576 $ 209,181 $ 274,106 $ 381,506 Interest on lease liabilities 50,975 74,751 107,672 139,992 Operating lease cost 318,005 414,384 636,010 829,186 Total $ 498,556 $ 698,316 $ 1,017,788 $ 1,350,684 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 June 30, 2021: Finance Operating Minimum Maintenance and Minimum Lease Sales Tax Obligation Lease Payments Payments Payments 2021 $ 600,649 $ 57,777 $ 442,454 2022 1,020,965 101,578 1,586,210 2023 873,830 85,427 1,629,025 2024 464,328 55,806 1,671,841 Thereafter 209,372 16,184 11,995,434 Total payments 3,169,144 316,772 17,324,964 Less amount representing interest (475,689 ) — (7,300,177 ) Present value of payments $ 2,693,455 $ 316,772 $ 10,024,787 The following schedule sets forth supplemental cash flow information related to operating and finance leases as of June 30, 2020 and 2021: For the six months ended June 30, 2020 2021 Other information Operating cash flows from finance leases $ 107,672 $ 139,992 Operating cash flows from operating leases $ 732,973 $ 106,272 Financing cash flows from finance leases $ 311,576 $ 623,895 The aggregate weighted average remaining lease term was 3.11 years on finance leases and 9.92 years on operating leases as of June 30, 2021. The aggregate weighted average discount rate was 17.66% on finance leases and 12.0% on operating leases as of June 30, 2021. During the six months ended June 30, 2021, the Company added $894,000 of right of use assets in connection with finance lease liabilities. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation Equity Incentive Plans The Company maintains the Biocept, Inc. Amended and Restated 2013 Equity Incentive Plan, or the 2013 Plan, which is a successor to the Company’s prior equity incentive plan, the 2007 Equity Incentive Plan, or the 2007 Plan. At the Company’s annual meeting of stockholders held on July 16, 2021, 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 shares . In December 2020, the Company’s board of directors approved an increase of the number of inducement shares of common stock authorized for issuance under the 2013 Plan by 750,000 shares. As of June 30 , 20 2 1 , 762,421 shares of the Company’s common stock were authorized exclusively for the issuance of stock awards to new 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 June 30, 2021, under all plans, a total of 1,036,409 non-inducement shares were authorized for issuance, 991,601 shares had been issued with 996,672 non-inducement stock options and restricted stock units, or RSUs, underlying outstanding awards, and 62,125 non-inducement shares were available for grant. As of June 30, 2021, 761,836 inducement shares were authorized for issuance, 413,462 inducement shares had been issued under the 2013 Plan, with 380,222 inducement stock options and RSUs underlying outstanding awards and 381,530 inducement shares were available for grant under the 2013 Plan. Stock Options A summary of stock option activity for the six months ended June 30, 2021 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2020 1,078,704 $ 11.64 9.36 Granted 318,410 $ 5.17 Exercised (194 ) 3.91 Cancelled/forfeited/expired (72,633 ) $ 13.95 Outstanding at June 30, 2021 1,324,287 $ 9.90 9.13 Vested and unvested expected to vest at June 30, 2021 1,298,653 $ 10.00 9.13 The intrinsic values of options outstanding, options exercisable, and options vested and unvested expected to vest at December 31, 2020 and June 30, 2021 were each $4,714 and $856. The assumptions used in the Black-Scholes pricing model for stock options granted during the six months ended June 30, 2021 were as follows: Stock and exercise prices $4.52 - $6.03 Expected dividend yield 0.00% Discount rate-bond equivalent yield 0.52% – 1.15% Expected life (in years) 5.39 – 5.98 Expected volatility 163.1% - 170.1% Restricted Stock A summary of RSU activity for the six months ended June 30, 2021 is as follows: Weighted Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2020 36 $ 4,158 Granted — — Vested and issued — — Forfeited — — Outstanding at June 30, 2021 36 $ 4,158 Vested and unvested expected to vest at June 30, 2021 36 $ 4,158 At June 30, 2021, the intrinsic values of RSUs outstanding and RSUs unvested and expected to vest were each approximately $200. Of the 36 RSUs outstanding at June 30, 2021, 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 non-employees on the unaudited condensed statements of operations and comprehensive loss during the periods presented: For the three months ended For the six months ended June 30, June 30, 2020 2021 2020 2021 Stock Options Cost of revenues $ 30,752 $ 112,591 $ 53,565 $ 206,855 Research and development expenses 29,082 49,771 53,517 94,087 General and administrative expenses 103,345 262,450 197,759 521,813 Sales and marketing expenses 31,057 69,518 32,359 131,776 Total expenses related to stock options $ 194,236 $ 494,330 $ 337,200 $ 954,531 As of June 30, 2021, total unrecognized share-based compensation expense related to unvested stock options and RSUs was approximately $4,855,541 and is expected to be recognized over a weighted-average period of approximately 2.66 years. |
Common Stock Warrants Outstandi
Common Stock Warrants Outstanding | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Common Stock Warrants Outstanding | 8. Common Stock Warrants Outstanding A summary of equity-classified common stock warrant activity for the six months ended June 30, 2021 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2020 997,167 $ 35.48 3.3 Issued — — Exercised (5,304 ) 3.50 Expired (3,877 ) 1,170.00 Outstanding at June 30, 2021 987,986 $ 31.20 2.9 All warrants outstanding at December 31, 2020 and June 30, 2021 are exercisable. 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 December 2, 2024, warrants issued in December 2019 have an expiration date of December 11, 2024, and warrants issued in the January 2020 inducement offering have an expiration date of July 10, 2025. The intrinsic value of equity-classified common stock warrants outstanding at December 31, 2020 and June 30, 2021 was $243,000 and $173,000, respectively. |
Net Loss per Common Share
Net Loss per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 9. Net Loss per Common Share Basic and diluted net income (loss) per common share is determined by dividing net loss applicable to common shareholders by the weighted-average common shares outstanding during the period. Because there is a net loss attributable to common shareholders for the three and six months ended June 30, 2020 and the three months ended June 30, 2021, 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. For the six months ended June 30, 2021, there is net income attributable to common shareholders and, as a result, 256,461 warrants and 582 options in the money were included in the calculation of dilutive weighted average shares. As these shares were in the money at June 30, 2021, an additional 215,449 shares were included in the calculation of diluted net income per share. 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 six months ended June 30, 2020 2021 Common warrants outstanding 1,506,491 987,986 RSUs outstanding 36 36 Convertible preferred stock outstanding (number of common stock equivalents) 47,139 46,651 Common options outstanding 257,171 1,324,675 Total anti-dilutive common share equivalents 1,810,837 2,359,348 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies In the normal course of business, the Company may be involved in legal proceedings or threatened legal proceedings. The Company is not party to any legal proceedings or aware of any threatened legal proceedings that are expected to have a material adverse effect on its financial condition, results of operations or liquidity. During the three months ended June 30, 2020 and 2021, total expense recorded in the Company’s unaudited condensed statements of operations and comprehensive loss for sales tax and maintenance obligations associated with equipment financing arrangements was approximately $30,000 and $43,000, respectively, with approximately $62,000 and $87,000 recorded during the six months ended June 30, 2020 and 2021, respectively. At December 31, 2020 and June 30, 2021, approximately $75,000 and $79,000, respectively, 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 5). Future amounts totaling $316,772 for sales tax and maintenance obligations associated with financed equipment were due under equipment financing arrangements at June 30, 2021, which will be expensed as incurred (see Note 6). |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. 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 $26,000 and $36,000 during the years ended December 31, 2019 and 2020, 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 the Company’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. As of December 31, 2020 and June 30, 2021, the Company has accrued approximately $2,900 and $1,700 for royalty expenses, respectively, related to this arrangement. On June 3, 2020, the Company entered into a development agreement with Aegea focused on the co-development by Biocept and Aegea of a highly sensitive PCR-based assay designed by Aegea for detecting the COVID-19 virus. Pursuant to the agreement, the Company will receive compensation for development services performed based on time and materials expended. During the three and six months ended June 30, 2021, the Company recorded development service revenues of approximately $15,000 and $60,000, respectively, and had approximately $22,000 accounts receivable due from Aegea as of June 30, 2021 related to this agreement. In February 2021, the Company entered into a supply agreement with Aegea for a new PCR-based COVID-19 assay kit designed by Aegea and co-developed by Aegea and the Company. Under the agreement, Aegea will supply the COVID-19 assay kit to the Company for validation in its CLIA-certified, CAP-accredited high-complexity molecular lab and subsequent commercialization of a laboratory developed test (LDT). In the three and six months ended June 30, 2021, there has been no amounts exchanged under this agreement. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events From June 30, 2021 through the issuance of the financial statements, the Company sold 412,009 shares of its common stock at a weighted average purchase price of $4.14 under the Sales Agreement and received net cash proceeds of approximately $1.7 million after deducting sales agent commissions. |
The Company, Business Activit_2
The Company, Business Activities and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
The Company and Business Activities | 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. The COVID-19 pandemic continues to evolve, and the extent to which COVID-19 may impact the Company’s 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 pandemic, the emergence and impact of variants, vaccinations, 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 the Company experienced increased revenue levels in 2020 and the first half of 2021 related to its COVID-19 testing business and attained net income for the first time in its operating history in the fourth quarter in 2020, and again in the first quarter of 2021, these results are not expected to be indicative of future results. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, and on the basis that the Company will continue as a going concern (see Note 2). The accompanying unaudited condensed 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. The unaudited condensed financial statements included in this Form 10-Q have been prepared in accordance with the U.S. Securities and Exchange Commission, or SEC, instructions for Quarterly Reports on Form 10-Q. Accordingly, the condensed financial statements are unaudited and do not contain all the information required by GAAP to be included in a full set of financial statements. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for a complete set of financial statements. The audited financial statements for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission, or SEC, with our Annual Report on Form 10-K on March 31, 2021 include a summary of our significant accounting policies and should be read in conjunction with this Form 10-Q. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in this Form 10-Q. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results of operations for the entire year. On September 3, 2020, pursuant to the approval of the Company’s board of directors, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s outstanding common stock using a ratio of one-for-ten. 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-ten 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-ten reverse stock split. A novel strain of coronavirus, or COVID COVID COVID |
Significant Accounting Policies | Significant Accounting Policies During the three and six months ended June 30, 2021, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. |
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. 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. Contracts For its commercial revenues, while the Company markets directly to physicians and other healthcare providers, the Company provides services that benefit the patient. Patients do not typically 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 Centers for Medicare & 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. • On ce 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, such as pharma or biotech organizations, 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, and for our RT-PCR COVID-19 testing, typically 48 hours or less. 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 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 three and six months ended June 30, 2020 and 2021. Further, although the Company believes that its estimate for contractual allowances and other reserves is appropriate, it is possible that the Company will experience an impact on cash collections as a result of the impact of the COVID-19 pandemic. 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 condensed 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 three and six months ended June 30, 2020 and 2021, disaggregated by source and nature, are as follows: For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Net revenues from contracted payers* $ 261,620 $ 6,920,315 $ 761,808 $ 13,234,199 Net revenues from non-contracted payers 579,398 5,058,939 1,396,811 16,400,102 Development services revenues 38,453 33,429 98,782 72,715 Kits and Blood Collection Tubes (BCT) 38,000 34,483 106,619 96,340 Total net revenues $ 917,471 $ 12,047,166 $ 2,364,020 $ 29,803,356 *Includes Medicare, Medicare Advantage, and CARES Act as reimbursement amounts are fixed. Revenues for the three and six months ended June 30, 2021 included $12.0 million and $29.6 million, respectively, in commercial test revenues, including $12.1 million and $29.0 million of revenues attributable to RT-PCR COVID-19 testing. In addition, during the three months ended June 30, 2021, the Company recorded approximately $1.1 million in additional reserves related to aged account receivable balances, which is reflected as a reduction to net revenues. For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Net commercial revenues recognized upon delivery $ 841,018 $ 11,979,254 $ 2,158,619 $ 29,634,301 Development services revenues recognized upon delivery 38,453 33,429 98,782 72,715 Kits and Blood Collection Tubes (BCT) 38,000 34,483 106,619 96,340 Total net revenues $ 917,471 $ 12,047,166 $ 2,364,020 $ 29,803,356 At December 31, 2020 and June 30, 2021, unbilled account receivables total approximately $4.5 million and $4.3 million, respectively. 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 many 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 three and six months ended June 30, 2020 and 2021 were as follows: For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Medicare and Medicare Advantage/CARES Act 30 % 57 % 34 % 44 % Blue Cross Blue Shield 29 % 25 % 29 % 28 % 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, 2020 and June 30, 2021 were as follows: December 31, 2020 June 30, 2021 Medicare and Medicare Advantage/CARES Act 35 % 20 % Blue Cross Blue Shield 24 % 29 % United Healthcare 6 % 11 % |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Credit Losses (Topic 326).” ASU 2016-13 requires that financial assets measured at amortized cost, such as trade receivables and investments, be represented net of expected credit losses, which may be estimated based on relevant information such as historical experience, current conditions, and future expectation for each pool of similar financial asset. The new guidance requires enhanced disclosures related to trade receivables and associated credit losses. In May 2019, the FASB issued ASU No. 2019-05, “Financial Instruments—Credit Losses (Topic 326) Targeted Transition Relief,” which allows for a transition election on certain instruments. The guidance is effective for Small Reporting Companies for fiscal years beginning after December 15, 2022 and interim periods in those fiscal years. In November 2019, the FASB issued ASU No. 2019-11 which amends certain aspects of ASU No. 2016-13, including transition relief for trouble debt restructuring, among other topics. The Company is currently evaluating the impact of this pronouncement on its financial statements . |
The Company, Business Activit_3
The Company, Business Activities and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Composition of Net Revenues Recognized Disaggregated by Source and Nature | The composition of the Company’s net revenues recognized during the three and six months ended June 30, 2020 and 2021, disaggregated by source and nature, are as follows: For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Net revenues from contracted payers* $ 261,620 $ 6,920,315 $ 761,808 $ 13,234,199 Net revenues from non-contracted payers 579,398 5,058,939 1,396,811 16,400,102 Development services revenues 38,453 33,429 98,782 72,715 Kits and Blood Collection Tubes (BCT) 38,000 34,483 106,619 96,340 Total net revenues $ 917,471 $ 12,047,166 $ 2,364,020 $ 29,803,356 *Includes Medicare, Medicare Advantage, and CARES Act as reimbursement amounts are fixed. Revenues for the three and six months ended June 30, 2021 included $12.0 million and $29.6 million, respectively, in commercial test revenues, including $12.1 million and $29.0 million of revenues attributable to RT-PCR COVID-19 testing. In addition, during the three months ended June 30, 2021, the Company recorded approximately $1.1 million in additional reserves related to aged account receivable balances, which is reflected as a reduction to net revenues. For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Net commercial revenues recognized upon delivery $ 841,018 $ 11,979,254 $ 2,158,619 $ 29,634,301 Development services revenues recognized upon delivery 38,453 33,429 98,782 72,715 Kits and Blood Collection Tubes (BCT) 38,000 34,483 106,619 96,340 Total net revenues $ 917,471 $ 12,047,166 $ 2,364,020 $ 29,803,356 |
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 three and six months ended June 30, 2020 and 2021 were as follows: For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Medicare and Medicare Advantage/CARES Act 30 % 57 % 34 % 44 % Blue Cross Blue Shield 29 % 25 % 29 % 28 % 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, 2020 and June 30, 2021 were as follows: December 31, 2020 June 30, 2021 Medicare and Medicare Advantage/CARES Act 35 % 20 % Blue Cross Blue Shield 24 % 29 % United Healthcare 6 % 11 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assumptions Used for Determining Fair Values of Common Stock Warrants | The fair value of the warrants was estimated using a Black-Scholes model with the following assumptions: Beginning stock price $ 3.00 Exercise price $ 3.495 Expected dividend yield 0.00 % Discount rate-bond equivalent yield 1.66 % Expected life (in years) 5.50 Expected volatility 150.33 % |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Components [Abstract] | |
Schedule of Fixed Assets and Accrued Liabilities | The following provides certain balance sheet details: December 31, June 30, 2020 2021 Inventories Raw materials $ 1,235,620 $ 2,328,339 Subassemblies 691,126 675,072 Finished goods 2,878 12,931 $ 1,929,624 $ 3,016,342 Fixed Assets Machinery and equipment $ 2,974,320 $ 3,035,532 Furniture and office equipment 156,987 156,987 Computer equipment and software 2,428,211 2,675,926 Leasehold improvements 570,173 485,360 Construction in process 761,221 17,396 Total fixed assets, gross 6,890,912 6,371,201 Less accumulated depreciation and amortization (4,573,296 ) (4,292,737 ) Total fixed assets, net $ 2,317,616 $ 2,078,464 Accrued Liabilities Accrued payroll $ 452,118 $ 467,451 Accrued vacation 868,557 945,572 Accrued bonuses 1,022,421 619,031 Accrued sales commissions 456,526 220,139 Accrued other 366,047 158,746 Total accrued liabilities $ 3,165,669 $ 2,410,939 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 and June 30, 2021 as follows: December 31, June 30, 2020 2021 Lease right-of-use assets: Operating 9,776,349 $ 9,275,168 Finance 2,337,709 2,850,277 Total $ 12,114,058 $ 12,125,445 |
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, 2020 and June 30, 2021: December 31, June 30, 2020 2021 Current portion of lease liability: Operating — $ 53,741 Finance 963,726 1,067,516 Total $ 963,726 $ 1,121,257 |
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, 2020 and June 30, 2021: December 31, June 30, 2020 2021 Long-term portion of lease liability: Operating $ 9,805,361 $ 9,971,046 Finance 1,459,550 1,625,939 Total $ 11,264,911 $ 11,596,985 |
Schedule of Lease Expenses | The following schedule represents the components of lease expense for the three and six months ended June 30, 2020 and 2021: For the three months ended June 30, For the six months ended June 30, 2020 2021 2020 2021 Lease cost Finance lease cost Amortization of right-of-use assets $ 129,576 $ 209,181 $ 274,106 $ 381,506 Interest on lease liabilities 50,975 74,751 107,672 139,992 Operating lease cost 318,005 414,384 636,010 829,186 Total $ 498,556 $ 698,316 $ 1,017,788 $ 1,350,684 |
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 June 30, 2021: Finance Operating Minimum Maintenance and Minimum Lease Sales Tax Obligation Lease Payments Payments Payments 2021 $ 600,649 $ 57,777 $ 442,454 2022 1,020,965 101,578 1,586,210 2023 873,830 85,427 1,629,025 2024 464,328 55,806 1,671,841 Thereafter 209,372 16,184 11,995,434 Total payments 3,169,144 316,772 17,324,964 Less amount representing interest (475,689 ) — (7,300,177 ) Present value of payments $ 2,693,455 $ 316,772 $ 10,024,787 |
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 June 30, 2020 and 2021: For the six months ended June 30, 2020 2021 Other information Operating cash flows from finance leases $ 107,672 $ 139,992 Operating cash flows from operating leases $ 732,973 $ 106,272 Financing cash flows from finance leases $ 311,576 $ 623,895 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2021 is as follows: Weighted Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2020 1,078,704 $ 11.64 9.36 Granted 318,410 $ 5.17 Exercised (194 ) 3.91 Cancelled/forfeited/expired (72,633 ) $ 13.95 Outstanding at June 30, 2021 1,324,287 $ 9.90 9.13 Vested and unvested expected to vest at June 30, 2021 1,298,653 $ 10.00 9.13 |
Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model | The assumptions used in the Black-Scholes pricing model for stock options granted during the six months ended June 30, 2021 were as follows: Stock and exercise prices $4.52 - $6.03 Expected dividend yield 0.00% Discount rate-bond equivalent yield 0.52% – 1.15% Expected life (in years) 5.39 – 5.98 Expected volatility 163.1% - 170.1% |
Summary of RSU Activity | A summary of RSU activity for the six months ended June 30, 2021 is as follows: Weighted Number of Average Grant Shares Date Fair Value Outstanding at December 31, 2020 36 $ 4,158 Granted — — Vested and issued — — Forfeited — — Outstanding at June 30, 2021 36 $ 4,158 Vested and unvested expected to vest at June 30, 2021 36 $ 4,158 |
Effects of Stock-Based Compensation Related to Equity Awards to Employees and Non-employees on Condensed Statement of Operations and Comprehensive Loss | The following table presents the effects of stock-based compensation related to equity awards to employees and non-employees on the unaudited condensed statements of operations and comprehensive loss during the periods presented: For the three months ended For the six months ended June 30, June 30, 2020 2021 2020 2021 Stock Options Cost of revenues $ 30,752 $ 112,591 $ 53,565 $ 206,855 Research and development expenses 29,082 49,771 53,517 94,087 General and administrative expenses 103,345 262,450 197,759 521,813 Sales and marketing expenses 31,057 69,518 32,359 131,776 Total expenses related to stock options $ 194,236 $ 494,330 $ 337,200 $ 954,531 |
Common Stock Warrants Outstan_2
Common Stock Warrants Outstanding (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Classified Warrants [Abstract] | |
Summary of Equity-Classified Common Stock Warrant Activity | A summary of equity-classified common stock warrant activity for the six months ended June 30, 2021 is as follows: Average Weighted Remaining Number of Average Exercise Contractual Shares Price Per Share Term in Years Outstanding at December 31, 2020 997,167 $ 35.48 3.3 Issued — — Exercised (5,304 ) 3.50 Expired (3,877 ) 1,170.00 Outstanding at June 30, 2021 987,986 $ 31.20 2.9 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 six months ended June 30, 2020 2021 Common warrants outstanding 1,506,491 987,986 RSUs outstanding 36 36 Convertible preferred stock outstanding (number of common stock equivalents) 47,139 46,651 Common options outstanding 257,171 1,324,675 Total anti-dilutive common share equivalents 1,810,837 2,359,348 |
The Company, Business Activit_4
The Company, Business Activities and Basis of Presentation - Additional Information (Detail) | Sep. 03, 2020shares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)shares |
The Company Business Activities And Basis Of Presentation [Line Items] | ||||||
Stockholders equity reverse stock split ratio | 0.1 | |||||
Common stock, shares authorized | shares | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | ||
Description of reverse stock split | On September 3, 2020, pursuant to the approval of the Company’s board of directors, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s outstanding common stock using a ratio of one-for-ten. | |||||
Net revenues | $ 12,047,166 | $ 917,471 | $ 29,803,356 | $ 2,364,020 | ||
Additional reserves related to aged account receivable | 1,100,000 | |||||
Unbilled accounts receivables | 4,300,000 | 4,300,000 | $ 4,500,000 | |||
Commercial Test Revenue [Member] | ||||||
The Company Business Activities And Basis Of Presentation [Line Items] | ||||||
Net revenues | 12,000,000 | 29,600,000 | ||||
Commercial Test Revenue [Member] | RT-PCR COVID-19 Testing [Member] | ||||||
The Company Business Activities And Basis Of Presentation [Line Items] | ||||||
Net revenues | $ 12,100,000 | $ 29,000,000 | ||||
ASC 606 [Member] | ||||||
The Company Business Activities And Basis Of Presentation [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, and for our RT-PCR COVID-19 testing, typically 48 hours or less. | |||||
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] | ||||||
The Company Business Activities And Basis Of Presentation [Line Items] | ||||||
Amortization period | 1 year |
The Company, Business Activit_5
The Company, Business Activities and Basis of Presentation - Composition of Net Revenues Recognized Disaggregated by Source (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Disaggregation Of Revenue [Line Items] | |||||
Total net revenues | $ 12,047,166 | $ 917,471 | $ 29,803,356 | $ 2,364,020 | |
Commercial Revenues [Member] | Contracted Payers [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total net revenues | [1] | 6,920,315 | 261,620 | 13,234,199 | 761,808 |
Commercial Revenues [Member] | Non-Contracted Payers [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total net revenues | 5,058,939 | 579,398 | 16,400,102 | 1,396,811 | |
Development Services Revenues [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total net revenues | 33,429 | 38,453 | 72,715 | 98,782 | |
Kits and Blood Collection Tubes [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total net revenues | $ 34,483 | $ 38,000 | $ 96,340 | $ 106,619 | |
[1] | Includes Medicare, Medicare Advantage, and CARES Act as reimbursement amounts are fixed. |
The Company, Business Activit_6
The Company, Business Activities and Basis of Presentation - Composition of Net Revenues Recognized Disaggregated by Nature (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
The Company Business Activities And Basis Of Presentation [Line Items] | ||||
Total net revenues | $ 12,047,166 | $ 917,471 | $ 29,803,356 | $ 2,364,020 |
Commercial Revenues [Member] | Net Commercial Revenues Recognized Upon Delivery [Member] | ||||
The Company Business Activities And Basis Of Presentation [Line Items] | ||||
Total net revenues | 11,979,254 | 841,018 | 29,634,301 | 2,158,619 |
Development Services Revenues [Member] | ||||
The Company Business Activities And Basis Of Presentation [Line Items] | ||||
Total net revenues | 33,429 | 38,453 | 72,715 | 98,782 |
Kits and Blood Collection Tubes [Member] | ||||
The Company Business Activities And Basis Of Presentation [Line Items] | ||||
Total net revenues | $ 34,483 | $ 38,000 | $ 96,340 | $ 106,619 |
The Company, Business Activit_7
The Company, Business Activities and Basis of Presentation - Summary of Third-Party Payers That Represent More Than 10% of Total Net Revenues and Total Net Accounts Receivable and Their Related Percentage (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Customer Concentration Risk [Member] | Net Revenues [Member] | Blue Cross Blue Shield [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 25.00% | 29.00% | 28.00% | 29.00% | |
Customer Concentration Risk [Member] | Net Revenues [Member] | Cares Act [Member] | Medicare and Medicare Advantage [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 57.00% | 30.00% | 44.00% | 34.00% | |
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | Blue Cross Blue Shield [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 29.00% | 24.00% | |||
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | United Healthcare [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 11.00% | 6.00% | |||
Credit Concentration Risk [Member] | Net Accounts Receivable [Member] | Cares Act [Member] | Medicare and Medicare Advantage [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 20.00% | 35.00% |
Liquidity - Additional Informat
Liquidity - Additional Information (Detail) - USD ($) | Apr. 16, 2020 | Mar. 04, 2020 | Mar. 02, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jan. 31, 2018 |
Liquidity And Managements Plans [Line Items] | ||||||||||||
Cash | $ 19,451,189 | $ 19,451,189 | $ 14,367,942 | |||||||||
Accumulated deficit | (262,755,054) | (262,755,054) | (263,526,867) | |||||||||
Net income (loss) | (1,827,479) | $ 2,599,292 | $ (6,489,303) | $ (8,341,338) | 771,813 | $ (14,830,641) | (17,800,000) | |||||
Cash flows from operations | 2,811,406 | $ (11,970,366) | $ (19,800,000) | |||||||||
Aggregate net interest-bearing indebtedness | 3,100,000 | 3,100,000 | ||||||||||
Aggregate net interest-bearing indebtedness due within one year | 1,500,000 | 1,500,000 | ||||||||||
Other non-interest-bearing current liabilities | $ 2,400,000 | $ 2,400,000 | ||||||||||
Stock price | $ 4.60 | $ 4.10 | $ 4 | $ 4.67 | $ 4.67 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 9,600,000 | $ 6,100,000 | $ 8,600,000 | $ 3,900,000 | ||||||||
Shares issued in offering | 2,230,000 | 1,600,000 | 2,300,000 | 908,044 | ||||||||
Warrant [Member] | ||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||
Issuance of warrants to purchase shares of common stock | 89,657 | |||||||||||
Stock price | $ 3.495 | $ 4.05 | ||||||||||
February 2019 March 2019 Warrant Repricing and Exchange Transaction [Member] | ||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||
Proceeds from exercise of common stock warrants | $ 2,300,000 | |||||||||||
February 2019 March 2019 Warrant Repricing and Exchange Transaction [Member] | Warrant [Member] | ||||||||||||
Liquidity And Managements Plans [Line Items] | ||||||||||||
Issuance of warrants to purchase shares of common stock | 692,725 | 692,725 |
Sales of Equity Securities - Ad
Sales of Equity Securities - Additional Information (Detail) - USD ($) | May 12, 2021 | Apr. 16, 2020 | Mar. 04, 2020 | Mar. 02, 2020 | Jan. 31, 2020 | Mar. 31, 2019 | Feb. 28, 2019 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 31, 2018 |
Class Of Stock [Line Items] | |||||||||||
Proceeds from exercise of common stock warrants | $ 18,552 | $ 2,379,316 | |||||||||
Stock price | $ 4.60 | $ 4.10 | $ 4 | $ 4.67 | $ 4.67 | ||||||
Fair value of warrants issued | $ 1,900,000 | ||||||||||
Warrant inducement expense | $ 130,000 | $ 60,000 | $ 2,102,109 | ||||||||
Shares issued in offering | 2,230,000 | 1,600,000 | 2,300,000 | 908,044 | |||||||
Net cash proceeds from sale of securities | $ 9,600,000 | $ 6,100,000 | $ 8,600,000 | $ 3,900,000 | |||||||
Sales Agreement [Member] | Sales Agent [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Stock price | $ 4.67 | $ 4.67 | |||||||||
Shares issued in offering | 908,044 | ||||||||||
Net cash proceeds from sale of securities | $ 3,900,000 | ||||||||||
Number of days prior notice to terminate sales agreement | 10 days | ||||||||||
Percentage of fixed commission to sales agent rate equal to gross sales price per share of common stock sold under sales agreement | 3.00% | ||||||||||
Maximum [Member] | Sales Agreement [Member] | Sales Agent [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued in offering | 25,000,000 | ||||||||||
Warrant [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of warrants to purchase shares of common stock | 89,657 | ||||||||||
Stock price | $ 3.495 | $ 4.05 | |||||||||
Over-allotment Option [Member] | Warrant [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Proceeds from exercise of common stock warrants | $ 700,000 | ||||||||||
Shares issued in offering | 192,750 | ||||||||||
February 2019 March 2019 Warrant Repricing and Exchange Transaction [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Proceeds from exercise of common stock warrants | $ 2,300,000 | ||||||||||
Warrant inducement expense | $ 191,000 | ||||||||||
February 2019 March 2019 Warrant Repricing and Exchange Transaction [Member] | Warrant [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of warrants to purchase shares of common stock | 692,725 | 692,725 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | Jan. 10, 2020 | Mar. 31, 2019 | Feb. 28, 2019 | Jun. 30, 2021 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fixed asset purchases as right-of-use asset finance lease obligations | $ 894,000 | $ 703,000 | |||
Estimated grant date fair value of warrants | $ 2.80 | ||||
Issuance of unregistered warrants to purchase shares of common stock, grant date fair value | $ 1,900,000 | ||||
Exercise price of unregistered warrants | $ 3.495 | ||||
Adjusted exercise price of warrants | $ 12.50 | $ 12 | |||
Estimated fair value of warrants | 2.70 | 2.70 | |||
Estimated fair value of warrants increased | $ 3 | $ 2.90 | |||
Warrants eligible for price modification | 476,000 | 216,725 | |||
Warrant inducement expense | $ 130,000 | $ 60,000 | $ 2,102,109 | ||
Warrant Inducement Transaction [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Exercise price of unregistered warrants | $ 3.495 | ||||
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 | 692,725 | ||||
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 | $ 894,000 |
Fair Value Measurement - Assump
Fair Value Measurement - Assumptions Used for Determining Fair Values of Common Stock Warrants (Detail) | Jun. 30, 2021$ / shares | Apr. 16, 2020$ / shares | Mar. 04, 2020$ / shares | Mar. 02, 2020$ / shares |
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 4.67 | $ 4.60 | $ 4.10 | $ 4 |
January 10, 2020 Warrant Inducement Transaction [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Beginning stock price | $ 3 | |||
January 10, 2020 Warrant Inducement Transaction [Member] | Exercise Price [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 3.495 | |||
January 10, 2020 Warrant Inducement Transaction [Member] | Expected Dividend Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 0 | |||
January 10, 2020 Warrant Inducement Transaction [Member] | Discount Rate-Bond Equivalent Yield [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 1.66 | |||
January 10, 2020 Warrant Inducement Transaction [Member] | Expected Life [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Expected life (in years) | 5 years 6 months | |||
January 10, 2020 Warrant Inducement Transaction [Member] | Expected Volatility [Member] | ||||
Warrant Fair Value Black Scholes Method [Line Items] | ||||
Exercise price | 150.33 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Fixed Assets and Accrued Liabilities (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventories | ||
Raw materials | $ 2,328,339 | $ 1,235,620 |
Subassemblies | 675,072 | 691,126 |
Finished goods | 12,931 | 2,878 |
Inventory, Gross | 3,016,342 | 1,929,624 |
Fixed Assets | ||
Machinery and equipment | 3,035,532 | 2,974,320 |
Furniture and office equipment | 156,987 | 156,987 |
Computer equipment and software | 2,675,926 | 2,428,211 |
Leasehold improvements | 485,360 | 570,173 |
Construction in process | 17,396 | 761,221 |
Total fixed assets, gross | 6,371,201 | 6,890,912 |
Less accumulated depreciation and amortization | (4,292,737) | (4,573,296) |
Total fixed assets, net | 2,078,464 | 2,317,616 |
Accrued Liabilities | ||
Accrued payroll | 467,451 | 452,118 |
Accrued vacation | 945,572 | 868,557 |
Accrued bonuses | 619,031 | 1,022,421 |
Accrued sales commissions | 220,139 | 456,526 |
Accrued other | 158,746 | 366,047 |
Total accrued liabilities | $ 2,410,939 | $ 3,165,669 |
Leases - Additional Information
Leases - Additional Information (Detail) | Jun. 05, 2020USD ($) | Jun. 01, 2020USD ($)ft² | Mar. 31, 2004USD ($) | Jun. 30, 2020USD ($)mo | Apr. 30, 2020USD ($)mo | Mar. 31, 2020USD ($)mo | Feb. 29, 2020USD ($)mo | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)mo | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jan. 01, 2019USD ($) |
Leases [Line Items] | |||||||||||||
Finance lease right-of-use assets | $ 2,850,277 | $ 2,850,277 | $ 2,337,709 | ||||||||||
Total proceeds from equipment financing commitment | $ 334,000 | $ 161,000 | $ 11,000 | $ 197,000 | $ 894,000 | ||||||||
Finance lease transaction, frequency of payments | monthly | monthly | monthly | monthly | monthly | ||||||||
Finance lease transaction, number of installments payments | mo | 60 | 48 | |||||||||||
Finance lease transaction, monthly installments of principal and interest payments | $ 8,966 | $ 3,337 | $ 288 | $ 4,532 | $ 21,330 | ||||||||
Finance lease transaction, total amount to be repaid | $ 469,000 | $ 185,000 | $ 14,000 | $ 265,000 | 1,064,000 | $ 469,000 | $ 1,064,000 | $ 469,000 | |||||
Finance lease transaction, commitment period | 2025-06 | 2025-03 | 2024-02 | 2025-01 | 2026-03 | ||||||||
Operating lease monthly payments | $ 106,272 | 732,973 | |||||||||||
Operating lease, right-of-use asset | 9,275,168 | 9,275,168 | 9,776,349 | ||||||||||
Operating lease liability | $ 10,024,787 | $ 10,024,787 | |||||||||||
Finance lease, weighted average remaining lease term | 3 years 1 month 9 days | 3 years 1 month 9 days | |||||||||||
Operating lease, weighted average remaining lease term | 9 years 11 months 1 day | 9 years 11 months 1 day | |||||||||||
Finance lease, weighted average discount rate, percent | 17.66% | 17.66% | |||||||||||
Operating lease, weighted average discount rate, percent | 12.00% | 12.00% | |||||||||||
Right of use assets in exchange for finance lease liabilities | $ 894,000 | ||||||||||||
ASC Topic 842 [Member] | |||||||||||||
Leases [Line Items] | |||||||||||||
Finance lease right-of-use assets | $ 1,400,000 | ||||||||||||
Financed equipment | $ 5,533,000 | 5,533,000 | 4,639,000 | ||||||||||
Accumulated depreciation related to equipment under finance leases | 2,683,000 | 2,683,000 | 2,302,000 | ||||||||||
Depreciation expense related to equipment under finance leases | $ 209,000 | $ 130,000 | $ 381,000 | $ 274,000 | |||||||||
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 | ||||||||||||
Operating lease liability | $ 2,201,000 | ||||||||||||
Operating lease incremental borrowing rate | 4.50% | ||||||||||||
ASC Topic 842 [Member] | 5810 Nancy Ridge Road in San Diego, California [Member] | |||||||||||||
Leases [Line Items] | |||||||||||||
Operating lease, right-of-use asset | $ 482,000 | ||||||||||||
Operating lease liability | $ 482,000 | ||||||||||||
Lessee, operating lease, option to extend | Pursuant to the Amendment, the expiration date of the lease was extended from July 31, 2020 to November 30, 2020. | ||||||||||||
Lease expire date | Nov. 30, 2020 | ||||||||||||
Lessee, operating lease, existence of option to extend | true | ||||||||||||
Additional extension facility extending the lease | December 11, 2020 | ||||||||||||
ASC Topic 842 [Member] | 9955 Mesa Rim Road in San Diego, California [Member] | |||||||||||||
Leases [Line Items] | |||||||||||||
Operating lease monthly payments | $ 128,000 | ||||||||||||
Operating lease, right-of-use asset | 9,776,000 | ||||||||||||
Operating lease liability | $ 9,805,000 | ||||||||||||
Operating lease incremental borrowing rate | 12.00% | ||||||||||||
Lease agreement | ft² | 39,000 | ||||||||||||
Lease commenced date | Dec. 1, 2020 | ||||||||||||
Lessee, operating lease, term of contract | 127 months | ||||||||||||
Lease term, description | The lease includes a rent abatement period of seven months, from January 2021 through July of 2021, during which period the Company is exempted from paying the amount of base rent of $111,000. | ||||||||||||
Rent Expense | $ 111,000 | ||||||||||||
Leasehold improvement allowance | 1,586,000 | ||||||||||||
Additional leasehold improvement allowance | $ 1,586,000 | ||||||||||||
Additional rent payment of percentage | 7.00% | ||||||||||||
Additional rent payment | $ 18,000 | ||||||||||||
Lessee operating lease initial monthly lease payments | $ 140,000 | ||||||||||||
Reimbursable leasehold improvement costs | $ 1,631,000 | ||||||||||||
Minimum [Member] | |||||||||||||
Leases [Line Items] | |||||||||||||
Finance lease transaction, number of installments payments | mo | 36 | 48 | 36 | ||||||||||
Minimum [Member] | ASC Topic 842 [Member] | |||||||||||||
Leases [Line Items] | |||||||||||||
Financed equipment useful life | 3 years | 3 years | |||||||||||
Maximum [Member] | |||||||||||||
Leases [Line Items] | |||||||||||||
Finance lease transaction, number of installments payments | mo | 60 | 60 | 60 | ||||||||||
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) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Lease right-of-use assets: | ||
Operating | $ 9,275,168 | $ 9,776,349 |
Finance | 2,850,277 | 2,337,709 |
Total | $ 12,125,445 | $ 12,114,058 |
Leases - Schedule of Current Po
Leases - Schedule of Current Portion of Operating and Finance Lease Liabilities (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current portion of lease liability: | ||
Operating | $ 53,741 | |
Finance | 1,067,516 | $ 963,726 |
Total | $ 1,121,257 | $ 963,726 |
Leases - Schedule of Long-Term
Leases - Schedule of Long-Term Portion of Operating and Finance Lease Liabilities (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term portion of lease liability: | ||
Operating | $ 9,971,046 | $ 9,805,361 |
Finance | 1,625,939 | 1,459,550 |
Total | $ 11,596,985 | $ 11,264,911 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finance lease cost | ||||
Amortization of right-of-use assets | $ 209,181 | $ 129,576 | $ 381,506 | $ 274,106 |
Interest on lease liabilities | 74,751 | 50,975 | 139,992 | 107,672 |
Operating lease cost | 414,384 | 318,005 | 829,186 | 636,010 |
Total | $ 698,316 | $ 498,556 | $ 1,350,684 | $ 1,017,788 |
Leases - Schedule of Remaining
Leases - Schedule of Remaining Future Minimum Lease Payments for Finance and Operating Leases (Detail) | Jun. 30, 2021USD ($) |
Financing Lease Minimum Payment Abstract | |
2021 | $ 600,649 |
2022 | 1,020,965 |
2023 | 873,830 |
2024 | 464,328 |
Thereafter | 209,372 |
Total payments | 3,169,144 |
Less amount representing interest | (475,689) |
Present value of payments | 2,693,455 |
Financing Lease Maintenance and Sales Tax Obligation Payments Abstract | |
2021 | 57,777 |
2022 | 101,578 |
2023 | 85,427 |
2024 | 55,806 |
Thereafter | 16,184 |
Total payments | 316,772 |
Present value of payments | 316,772 |
Operating Lease Minimum Payment Abstract | |
2021 | 442,454 |
2022 | 1,586,210 |
2023 | 1,629,025 |
2024 | 1,671,841 |
Thereafter | 11,995,434 |
Total payments | 17,324,964 |
Less amount representing interest | (7,300,177) |
Present value of payments | $ 10,024,787 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Operating and Finance Leases (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Other information | ||
Operating cash flows from finance leases | $ 139,992 | $ 107,672 |
Operating cash flows from operating leases | 106,272 | 732,973 |
Financing cash flows from finance leases | $ 623,895 | $ 311,576 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | Jul. 16, 2021 | Dec. 31, 2020 | Jun. 30, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total Shares Outstanding | 1,078,704 | 1,324,287 | |
Unrecognized share-based compensation expense, weighted-average recognition period | 2 years 7 months 28 days | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Intrinsic value of options outstanding | $ 4,714 | $ 856 | |
Intrinsic value of options exercisable | 4,714 | 856 | |
Intrinsic value of options vested and unvested expected to vest | $ 4,714 | 856 | |
RSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Intrinsic value shares, RSUs outstanding | 200 | ||
Intrinsic value amount, RSUs unvested and expected to vest | $ 200 | ||
RSUs outstanding | 36 | 36 | |
Stock Options and RSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense, stock options | $ 4,855,541 | ||
2013 Equity Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock options and RSUs authorized | 762,421 | ||
2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock options and RSUs authorized | 1,036,409 | ||
Stock options and RSUs issued | 991,601 | ||
Total Shares Outstanding | 996,672 | ||
Common stock, shares authorized | 62,125 | ||
2013 Equity Incentive Plan [Member] | Non-inducement Shares [Member] | Subsequent Event [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Increase in number of shares of common stock authorized for issuance | 1,300,000 | ||
2013 Equity Incentive Plan [Member] | Inducement Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Increase in number of shares of common stock authorized for issuance | 750,000 | ||
Total stock options and RSUs authorized | 761,836 | ||
Stock options and RSUs issued | 380,222 | ||
Total Shares Outstanding | 413,462 | ||
Common stock, shares authorized | 381,530 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares Outstanding, Beginning Balance | 1,078,704 | |
Number of Shares, Granted | 318,410 | |
Number of Shares, Exercised | (194) | |
Number of Shares, Cancelled/forfeited/expired | (72,633) | |
Number of Shares Outstanding, Ending Balance | 1,324,287 | 1,078,704 |
Number of Shares, Vested and unvested expected to vest, Ending Balance | 1,298,653 | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 11.64 | |
Weighted Average Exercise Price Per Share, Granted | 5.17 | |
Weighted Average Exercise Price Per Share, Exercised | 3.91 | |
Weighted Average Exercise Price Per Share, Cancelled/forfeited/expired | 13.95 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | 9.90 | $ 11.64 |
Weighted Average Exercise Price Per Share, Vested and unvested expected to vest, Ending Balance | $ 10 | |
Weighted Average Remaining Contractual Term in Years, Outstanding | 9 years 1 month 17 days | 9 years 4 months 9 days |
Weighted Average Remaining Contractual Term in Years, Vested and unvested expected to vest | 9 years 1 month 17 days |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Determining Fair Value of Stock Options Under Black-Scholes Pricing Model (Detail) | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected dividend yield | 0.00% |
Expected volatility, Minimum | 163.10% |
Expected volatility, Maximum | 170.10% |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock and exercise prices | $ 4.52 |
Discount rate-bond equivalent yield | 0.52% |
Expected life (in years) | 5 years 4 months 20 days |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock and exercise prices | $ 6.03 |
Discount rate-bond equivalent yield | 1.15% |
Expected life (in years) | 5 years 11 months 23 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSU Activity (Detail) - RSUs [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning Balance | shares | 36 |
Number of Shares, Granted | shares | 0 |
Number of share, Vested and issued | shares | 0 |
Number of share, Forfeited | shares | 0 |
Number of Shares Outstanding, Ending Balance | shares | 36 |
Number of Shares, Vested and unvested expected to vest, Ending Balance | shares | 36 |
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance | $ / shares | $ 4,158 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested and issued | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance | $ / shares | 4,158 |
Weighted Average Grant Date Fair Value, Vested and unvested expected to vest, Ending Balance | $ / shares | $ 4,158 |
Stock-Based Compensation - Effe
Stock-Based Compensation - Effects of Stock-Based Compensation Related to Equity Awards to Employees and Non-employees on Condensed Statement of Operations and Comprehensive Loss (Detail) - Stock Options [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 494,330 | $ 194,236 | $ 954,531 | $ 337,200 |
Cost of revenues [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 112,591 | 30,752 | 206,855 | 53,565 |
Research and Development Expenses [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 49,771 | 29,082 | 94,087 | 53,517 |
General and Administrative Expenses [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 262,450 | 103,345 | 521,813 | 197,759 |
Sales and Marketing Expenses [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 69,518 | $ 31,057 | $ 131,776 | $ 32,359 |
Common Stock Warrants Outstan_3
Common Stock Warrants Outstanding - Summary of Equity-Classified Common Stock Warrant Activity (Detail) - Warrants [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Class Of Warrant Or Right [Line Items] | ||
Number of Shares, Outstanding, Beginning Balance | 997,167 | |
Number of Shares, Exercised | (5,304) | |
Number of Shares, Expired | (3,877) | |
Number of Shares, Outstanding, Ending Balance | 987,986 | 997,167 |
Weighted Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 35.48 | |
Weighted Average Exercise Price Per Share, Exercised | 3.50 | |
Weighted Average Exercise Price Per Share, Expired | 1,170 | |
Weighted Average Exercise Price Per Share, Outstanding, Ending Balance | $ 31.20 | $ 35.48 |
Average Remaining Contractual Term (in years) | 2 years 10 months 24 days | 3 years 3 months 18 days |
Common Stock Warrants Outstan_4
Common Stock Warrants Outstanding - Additional Information (Detail) - USD ($) | 1 Months Ended | ||||||
Jan. 31, 2020 | Dec. 31, 2019 | May 31, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | |
Class Of Warrant Or Right [Line Items] | |||||||
Common stock warrants outstanding, intrinsic value | $ 173,000 | $ 243,000 | |||||
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 | Dec. 2, 2024 | ||||||
Warrants [Member] | December 2019 Underwritten Offering [Member] | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Class of warrant or rights, expiration date | Dec. 11, 2024 | ||||||
Warrants [Member] | January 2020 Inducement Offering [Member] | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Class of warrant or rights, expiration date | Jul. 10, 2025 |
Net Loss per Common Share - Add
Net Loss per Common Share - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021shares | |
Earnings Per Share [Abstract] | |
Number of warrants included in the calculation of dilutive weighted average shares | 256,461 |
Number of options included in the calculation of dilutive weighted average shares | 582 |
Additional shares included in the calculation of diluted net income per share | 215,449 |
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 | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 2,359,348 | 1,810,837 |
Common Warrants Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 987,986 | 1,506,491 |
RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 36 | 36 |
Common Options Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 1,324,675 | 257,171 |
Convertible Preferred Stock Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents | 46,651 | 47,139 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||||
Total expense for sales tax and maintenance obligations | $ 43,000 | $ 30,000 | $ 87,000 | $ 62,000 | |
Total amounts for future sales tax and maintenance obligations | 316,772 | 316,772 | |||
Accrued Other Liabilities [Member] | |||||
Loss Contingencies [Line Items] | |||||
Sales tax and maintenance obligations incurred but not paid | $ 79,000 | $ 79,000 | $ 75,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Jan. 01, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||||||
Revenues | $ 12,047,166 | $ 917,471 | $ 29,803,356 | $ 2,364,020 | |||
Development Services Revenues [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Revenues | 33,429 | $ 38,453 | 72,715 | $ 98,782 | |||
Aegea Biotechnologies, Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Reimbursement for shared patent costs | $ 36,000 | $ 26,000 | |||||
Percentage of royalty on sale of product | 10.00% | ||||||
Accrued royalty expense | 1,700 | 1,700 | $ 2,900 | ||||
Accounts receivable | 22,000 | 22,000 | |||||
Aegea Biotechnologies, Inc [Member] | Development Services Revenues [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Revenues | $ 15,000 | $ 60,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Apr. 16, 2020 | Mar. 04, 2020 | Mar. 02, 2020 | Aug. 16, 2021 | Jun. 30, 2021 |
Subsequent Event [Line Items] | |||||
Shares and warrants issued, net of issuance costs, shares | 2,230,000 | 1,600,000 | 2,300,000 | 908,044 | |
Stock price | $ 4.60 | $ 4.10 | $ 4 | $ 4.67 | |
Proceeds from issuance of common stock, net of issuance costs | $ 9.6 | $ 6.1 | $ 8.6 | $ 3.9 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares and warrants issued, net of issuance costs, shares | 412,009 | ||||
Stock price | $ 4.14 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 1.7 |