Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'MELA | ' |
Entity Registrant Name | 'MELA SCIENCES, INC. /NY | ' |
Entity Central Index Key | '0001051514 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 5,214,852 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
Current Assets: | ' | ' | |
Cash and cash equivalents | $4,202,279 | $3,782,881 | [1] |
Accounts receivable (net of allowance of $43,080 and $46,130 as of June 30, 2014 and December 31, 2013, respectively) | 49,472 | 57,151 | [1] |
Inventory (net of reserve of $863,559 as of June 30, 2014 and $325,000 as of December 31, 2013) | 3,946,852 | 5,631,205 | [1] |
Prepaid expenses and other current assets | 332,327 | 879,698 | [1] |
Total Current Assets | 8,530,930 | 10,350,935 | [1] |
Property and equipment, net | 3,872,574 | 3,690,784 | [1] |
Patents and trademarks, net | 39,257 | 41,795 | [1] |
Other assets | 48,000 | 48,000 | [1] |
Total Assets | 12,490,761 | 14,131,514 | [1] |
Current Liabilities: | ' | ' | |
Accounts payable (includes related parties of $35,554 and $32,902 as of June 30, 2014 and December 31, 2013, respectively) | 1,116,913 | 1,478,995 | [1] |
Accrued expenses (includes related parties of $0 and $48,000 as of June 30, 2014 and December 31, 2013, respectively) | 302,834 | 844,131 | [1] |
Deferred placement revenue | 151,508 | 243,605 | [1] |
Warrant liability | 3,559,227 | 3,017,142 | [1] |
Other current liabilities | 103,348 | 67,934 | [1] |
Total Current Liabilities | 5,233,830 | 5,651,807 | [1] |
Long-Term Liabilities: | ' | ' | |
Deferred placement revenue | 14,787 | 63,754 | [1] |
Deferred rent | 100,102 | 120,120 | [1] |
Total Long-Term Liabilities | 114,889 | 183,874 | [1] |
Total Liabilities | 5,348,719 | 5,835,681 | [1] |
COMMITMENTS AND CONTINGENCIES | ' | ' | [1] |
Stockholders' Equity: | ' | ' | |
Preferred stock - $0.10 par value; authorized 10,000,000 shares: issued and outstanding: 12,300 at June 30, 2014 and 0 at December 31, 2013 | 1,230 | ' | |
Common stock - $0.001 par value; authorized 50,000,000 shares: issued and outstanding 5,213,969 shares at June 30, 2014 and 4,750,160 at December 31, 2013 | 5,214 | 4,750 | [1] |
Additional paid-in capital | 182,637,024 | 176,438,961 | [1] |
Accumulated deficit | -175,501,426 | -168,147,878 | [1] |
Total Stockholders' Equity | 7,142,042 | 8,295,833 | [1] |
Total Liabilities and Stockholders' Equity | $12,490,761 | $14,131,514 | [1] |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
Statement Of Financial Position [Abstract] | ' | ' | |
Allowance for accounts receivable, current | $43,080 | $46,130 | [1] |
Inventory reserves | 863,559 | 325,000 | [1] |
Accounts payable, related parties | 35,554 | 32,902 | [1] |
Accrued expenses, related parties | $0 | $48,000 | [1] |
Preferred stock, par value | $0.10 | $0.10 | [1] |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | [1] |
Preferred stock, shares issued | 12,300 | 0 | [1] |
Preferred stock, shares outstanding | 12,300 | 0 | [1] |
Common stock, par value | $0.00 | $0.00 | [1] |
Common stock, shares authorized | 50,000,000 | 50,000,000 | [1] |
Common stock, shares issued | 5,213,969 | 4,750,160 | [1] |
Common stock, shares outstanding | 5,213,969 | 4,750,160 | [1] |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenues | $225,155 | $144,399 | $322,793 | $288,499 |
Cost of revenue | 1,277,061 | 1,381,447 | 2,195,584 | 2,461,710 |
Gross Profit | -1,051,906 | -1,237,048 | -1,872,791 | -2,173,211 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 370,648 | 1,122,962 | 1,078,472 | 2,384,963 |
Selling, general and administrative | 2,835,548 | 4,672,540 | 6,039,081 | 8,959,768 |
Total operating expenses | 3,206,196 | 5,795,502 | 7,117,553 | 11,344,731 |
Operating Loss | -4,258,102 | -7,032,550 | -8,990,344 | -13,517,942 |
Other income (expenses): | ' | ' | ' | ' |
Interest income | 688 | 2,710 | 1,306 | 4,815 |
Interest expense | -1,158 | -291,622 | -2,357 | -340,385 |
Change in fair value of warrant liability | 4,905,638 | -105,292 | 5,042,780 | -89,859 |
Registration rights liquidated damages | -29,758 | ' | -3,419,698 | ' |
Other income, net | 9,740 | 5,000 | 14,765 | 10,000 |
Total Other Income/(Loss) | 4,885,150 | -389,204 | 1,636,796 | -415,429 |
Net Income/(Loss) | $627,048 | ($7,421,754) | ($7,353,548) | ($13,933,371) |
Basic net income/(loss) per common share | $0.12 | ($1.72) | ($1.46) | ($3.38) |
Diluted net income/(loss) per common share | $0.12 | ($1.72) | ($1.46) | ($3.38) |
Basic weighted average number of common shares outstanding | 5,212,765 | 4,308,660 | 5,053,587 | 4,117,091 |
Diluted weighted average number of common shares outstanding | 5,212,765 | 4,308,660 | 5,053,587 | 4,117,091 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | ||
Cash flows from operating activities: | ' | ' | |
Net loss | ($7,353,548) | ($13,933,371) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | |
Depreciation and amortization | 881,535 | 1,107,009 | |
Bad debt expense | 700 | 40,290 | |
Inventory reserve | 538,559 | 325,000 | |
Non-cash interest expense | ' | 98,706 | |
Change in fair value of warrant liability | -5,042,780 | 89,859 | |
Write-off of unamortized financing costs | ' | 41,166 | |
Stock-based equity compensation | 332,115 | 1,097,106 | |
Gain on sale of fixed assets | -4,740 | ' | |
Changes in operating assets and liabilities: | ' | ' | |
Accounts receivable | 6,979 | -68,593 | |
Inventory | 21,509 | 74,100 | |
Melafind®systems sold | 62,238 | ' | |
Prepaid expenses and other current assets | 547,371 | 218,204 | |
Other assets | ' | -3,500 | |
Accounts payable and accrued expenses | -903,379 | 224,958 | |
Other current liabilities | 35,414 | 12,981 | |
Deferred revenue | -141,064 | 130,653 | |
Deferred rent | -20,018 | -11,826 | |
Long-term interest payable | ' | 51,922 | |
Net cash used in operating activities | -11,039,109 | -10,505,336 | |
Cash flows from investing activities: | ' | ' | |
Purchases of property and equipment | ' | -3,766,264 | |
Proceeds from the sale of fixed assets | 6,000 | ' | |
Net cash provided by (used in) investing activities | 6,000 | -3,766,264 | |
Cash flows from financing activities: | ' | ' | |
Net proceeds from private placements/public offerings | 11,452,507 | 15,789,873 | |
Net proceeds from long-term debt | ' | 6,000,000 | |
Expenses related to borrowings and issuance of warrant | ' | -245,358 | |
Proceeds from exercise of stock options | ' | 18,059 | |
Net cash provided by financing activities | 11,452,507 | 21,562,574 | |
Net increase in cash and cash equivalents | 419,398 | 7,290,974 | |
Cash and cash equivalents at beginning of period | 3,782,881 | [1] | 7,861,524 |
Cash and cash equivalents at end of period | 4,202,279 | 15,152,498 | |
Non-cash investing activity: | ' | ' | |
Reclassification of warrant liability to stockholders' equity | ' | $652,442 | |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Basis of Presentation | ' |
1. ORGANIZATION AND BASIS OF PRESENTATION | |
The accompanying unaudited condensed financial statements of MELA Sciences, Inc., a Delaware corporation (“MELA” or the “Company”), have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods. | |
The condensed financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In addition, some of the Company’s statements in this Quarterly Report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of results to be expected for the full year. | |
The Company is a medical technology company dedicated to designing and developing innovative software-driven technology for the clinical early detection and prevention of skin cancer. The Company is primarily focused on the commercialization of its flagship product, the MelaFind® system, and the further design and development of MelaFind® and its technology. The MelaFind® system is an optical diagnostic device that assists dermatologists in the diagnosis of melanoma. It features a hand-held component that uses light of differing wavelengths to capture digital data from clinically atypical pigmented skin lesions. The data are then analyzed utilizing sophisticated classification algorithms that have been ‘trained’ and blind tested on the Company’s proprietary database of melanomas and benign lesions. The MelaFind® system then provides images and objective data on the relative disorganization of a lesion’s structure that provides substantial additional perspective to assist physicians in the clinical management decision for atypical pigmented skin lesions, including information useful in the decision whether to biopsy the lesion. | |
In November 2011, the Company received written approval from the U.S. Food and Drug Administration (“FDA”) for the MelaFind® Pre-Market Approval (“PMA”) application and in September 2011 received Conformite Europeenne (“CE”) Mark approval. In March 2012, the Company installed the first commercial MelaFind® systems, and proceeded with the commercial launch of MelaFind®. The Company is currently conducting a Post-Approval Study (“PAS”) evaluating the sensitivity and false positive rate of physicians after using the MelaFind® system with their performance if MelaFind® was not available. | |
The launch of MelaFind® in 2012 and the subsequent commercialization activities supporting the launch did not meet the Company’s initial goals and objectives. Revenues were lower than forecasted and expenses continued to increase throughout 2012 and into 2013. In the third quarter of 2013, a significant cost reduction program was put into place. In November 2013, the Company adopted a refocused “Go-to-Market” strategy concentrating on key institutions, opinion leaders and dermatologists who treat many of the patients at high risk for melanoma. The Company also changed its business model for the MelaFind® system from a rental-based to a sales-based model. The Company has reduced its costs, added more experience to its management team, and reorganized its sales and marketing activities. | |
On August 22, 2013, the Company received a notice from The NASDAQ Stock Market (“NASDAQ”) that, for the previous 30 consecutive business days, the Company was not in compliance with the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Capital Market. In July 2014, the Company effected a one-for-ten reverse split of its common stock in order to regain compliance with the minimum bid price requirement prior to the expiration of the last applicable grace period. On July 24, 2014, the Company was notified by NASDAQ that it is now in compliance with the minimum bid price requirement. | |
In July 2014, MELA announced that it took the first step in the process of obtaining insurance reimbursement for its Multi-Spectral Digital Skin Lesion Analysis (“MSDSLA”) procedure that is performed by dermatologists utilizing the MelaFind® system as an aid in the detection of melanoma. The Company submitted an application for a Current Procedural Terminology (“CPT®”) code, which is necessary for Medicare Part B reimbursement by the Centers for Medicare and Medicaid Services (“CMS”). Currently, there is no CPT code available for the MelaFind® process. The Company plans to commence efforts to obtain reimbursement from private insurers during the CMS’ coverage determination process, which is expected to take at least 18 months. | |
MELA has experienced recurring losses and negative cash flow from operations and management expects these conditions to continue for the foreseeable future. As a result of these factors, the Company has been and continues to be dependent on raising capital from the sale of securities in order to operate and to meet its obligations in the ordinary course of business. In February 2014, the Company raised net proceeds of approximately $11.5 million from the sale of Series A Preferred Stock, common stock and warrants to strengthen the Company’s financial position (see Note 11). In July 2014, the Company raised an additional $14 million in net proceeds from the sale of senior secured convertible debt (see Note13). | |
The unaudited condensed financial statements included herein have been prepared from the books and records of the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. The information and note disclosures normally included in complete financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Interim results may not be indicative of the results that may be expected for the year. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has devoted substantially all of its cash resources to the development and marketing of the MelaFind® system and general and administrative expenses, and to date it has not generated any significant revenues from the sale of products. As a result, MELA has an accumulated deficit of $175.5 million as of June 30, 2014. The Company’s recurring losses from operations and the accumulated deficit raise substantial doubt about its ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Even if the Company succeeds in commercializing the MelaFind® system it may never become profitable. The Company expects to continue to incur significant expenses over the next several years. |
Use_of_Estimates
Use of Estimates | 6 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
Use of Estimates | ' |
2. USE OF ESTIMATES | |
The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to stock-based compensation arrangements, the use of estimates to determine the elements of our revenue and deferred revenue, accrued expenses, and the warrant liability. Actual results could differ from these estimates. Estimates of future operating results are based upon numerous factors including past experience, known information and subjective estimates and assumptions. Actual future operating results could be materially different from management’s estimates and unforeseen events could adversely affect management’s estimates. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
3. RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09,”Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnote disclosures. |
Inventory
Inventory | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory | ' | ||||||||
4. INVENTORY | |||||||||
Inventories currently consist of MelaFind® systems and other finished products and accessories that are stated at the lower of cost or market value. Inventory accessories are purchased items to be sold for use in the operation of the MelaFind® systems. The Company maintains a reserve for specific inventory items that are no longer being used in the devices. | |||||||||
In December 2013, the Company changed its business model for the MelaFind® system from a rental-based model to a sales-based model. In accordance with this new sales model, the Company reclassified approximately $5.4 million of MelaFind® systems from property and equipment into inventory at December 31, 2013. The systems reclassified into inventory represent systems available for sale. | |||||||||
During the second quarter of 2014, the Company ceased repairs of certain of its MelaFind system units that it determined were unlikely to be sold during the next several periods. The Company estimated the cost to restore its system units to sellable condition and created a repair reserve amounting to $0.5 million at June 30, 2014. | |||||||||
Inventory consists of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
MelaFind® Systems | $ | 4,277,581 | $ | 5,401,866 | |||||
Mela record cards | 327,748 | 327,900 | |||||||
Accessories | 205,082 | 226,439 | |||||||
4,810,411 | 5,956,205 | ||||||||
Reserve for obsolete inventory | (325,000 | ) | (325,000 | ) | |||||
Reserve for inventory repairs | (538,559 | ) | — | ||||||
3,946,852 | $ | 5,631,205 | |||||||
Property_and_Equipment_Net
Property and Equipment, Net | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property and Equipment, Net | ' | ||||||||||||
5. PROPERTY AND EQUIPMENT, NET | |||||||||||||
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered to be impaired when the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition exceeds its carrying amount. The amount of impairment loss, if any, is measured as the difference between the net book value of the asset and its estimated fair value. | |||||||||||||
In December 2013, the Company changed its business model for the MelaFind® system from a rental-based to a sales-based model. In accordance with this new sales model, the Company reclassified approximately $5.4 million of MelaFind® systems from property and equipment into inventory at December 31, 2013. The systems reclassified into inventory represent systems available for sale. Systems that have been leased under the rental-based model remain in property and equipment. | |||||||||||||
During the quarter, the Company reclassified $725,598 of accumulated depreciation related to MelaFind system components that were previously leased and are now available for sale that were included in inventory at December 31, 2013. | |||||||||||||
Property and equipment, at cost, consists of the following: | |||||||||||||
June 30, | December 31, | Estimated | |||||||||||
2014 | 2013 | Useful Life | |||||||||||
Leasehold improvements | $ | 905,888 | $ | 905,888 | Lease Term | ||||||||
Laboratory and research equipment | 1,083,661 | 1,083,661 | 3-5 years | ||||||||||
Office furniture and equipment | 2,005,344 | 2,022,833 | 3-5 years | ||||||||||
MelaFind® Systems | 5,185,073 | 5,081,816 | |||||||||||
9,179,966 | 9,094,198 | ||||||||||||
Accumulated depreciation and amortization | (5,307,392 | ) | (5,403,414 | ) | |||||||||
$ | 3,872,574 | $ | 3,690,784 | ||||||||||
Depreciation expense for the three and six months ended June 30, 2014 was $183,466 and $878,997, respectively, and June 30, 2013 was $609,007 and $1,104,034, respectively. |
Net_IncomeLoss_Per_Common_Shar
Net Income/(Loss) Per Common Share | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income/(Loss) Per Common Share | ' | ||||||||
6. NET INCOME/(LOSS) PER COMMON SHARE | |||||||||
Basic net income/(loss) per common share excludes dilution for potentially dilutive securities and is computed by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income/(loss) per common share gives effect to dilutive options, warrants and other potential common shares outstanding during the period. Diluted net income/(loss) per common share is equal to the basic net income/(loss) per common share since all potentially dilutive securities are anti-dilutive for each of the periods presented. Potential common stock equivalents outstanding as of June 30, 2014 and June 30, 2013 consist of common stock equivalents of convertible preferred stock, stock options, common stock purchase warrants and restricted stock, which are summarized as follows: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Common stock equivalents of convertible preferred stock | 1,464,287 | — | |||||||
Common stock options | 340,028 | 293,714 | |||||||
Common stock purchase warrants | 2,084,767 | 89,321 | |||||||
Restricted stock awards | 2,890 | — | |||||||
Total | 3,891,972 | 383,035 | |||||||
Comprehensive_Loss
Comprehensive Loss | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Comprehensive Loss | ' |
7. COMPREHENSIVE LOSS | |
For all periods presented, the Company had no comprehensive income items and accordingly there is no difference between the reported net loss and per share amounts per the Statement of Operations and comprehensive net loss and related per share amounts. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
8. STOCK-BASED COMPENSATION | |||||||||
Stock awards under the Company’s stock option plans have been granted with exercise prices that are no less than the market value of the stock on the date of the grant. Options granted under the 2013 and 2005 Plans are generally time-based or performance-based options and vesting varies accordingly. Options under the plans expire up to a maximum of ten years from the date of grant. | |||||||||
The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option valuation model and assumptions as noted in the following table: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Expected life | 6.5 years | 5.5-6.5 years | |||||||
Expected volatility | 75.51-73.87% | 71.71%-76.83% | |||||||
Risk-free interest rate | 2.14-2.45% | .71-1.95% | |||||||
Dividend yield | — | — | |||||||
Stock-based compensation expense for the three and six months ended June 30, 2014 was $167,947 and $312,663, respectively, and for the three and six months ended June 30, 2013 was $749,225 and $1,017,606, respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
9. DEBT | |
On March 15, 2013, the Company executed loan documents with Hercules Technology Growth Capital Inc. (“Hercules”), a venture capital lender, whereby the Company borrowed $6 million (the “Loan”). The Loan accrued interest at a rate of 10.45%. The term of the Loan was 42 months with interest payments only during the first 12 months. On September 10, 2013, the Company elected to prepay the Loan and paid Hercules approximately $6.4 million, including the end of term fee of $425,000, to settle all obligations to Hercules. Hercules agreed to waive the prepayment penalty of $180,000. | |
Upon executing the loan documents on March 15, 2013 the Company became obligated to issue to the Lender a warrant to purchase shares of the Company’s common stock upon approval by the Company’s stockholders of a proposal to increase the Company’s number of authorized shares of common stock at its 2013 Annual Meeting of Stockholders. The number of shares that could be acquired upon exercise of the warrant and the exercise price per share were not fixed on March 15, 2013, but would be determined when the warrant was issued based on a defined formula using trading prices of the Company’s common stock during certain periods prior to the issuance of the warrant. The Company’s stockholders approved the increase in the number of authorized shares of common stock on April 25, 2013 and on April 26, 2013 the warrant was issued to the Lender. The terms of the warrant were fixed on the date of issuance whereby the Lender received a warrant to purchase 69,321 shares of common stock at an exercise price of approximately $11.20 per share. The warrant expires on April 26, 2018. | |
For financial reporting purposes, the $6 million funded by the Lender on March 15, 2013 was allocated first to the fair value of the obligation to issue the warrant, which totaled approximately $563,000, and the balance was reduced further by the Lender’s costs and fees, resulting in an initial carrying value of the loan of approximately $5.3 million. The Company used a Level 3 fair value measurement to determine fair value of the warrant obligation, which has significant unobservable inputs as defined in Accounting Standards Codification 820 “Fair Value Measures”. During the period from the loan inception date until the warrant obligation was fulfilled and the warrant was issued, the warrant obligation was reflected as a long-term liability at fair value. Changes in the fair value (“mark-to-market adjustments”) of the warrant obligation of approximately $105,292 and $89,859 are included in operating results for the three and six months ended June 30, 2013. The fair value of the warrant obligation was determined using the Monte Carlo pricing model that used various assumptions that included: stock prices ranging from $11.60 to $11.80 per share, volatility of 77%, time to maturity of 5 years, exercise prices ranging from $11.50 to $11.60 and a risk free interest rate of return of .84%. Under the Monte Carlo model, a 10% change in the underlying unobservable inputs would not have a significant impact on the fair value. | |
The value of the warrant obligation combined with the costs resulted in an initial loan discount of approximately $727,000. The terms of the Loan required us to pay the Lender a fee of $425,000 at the maturity of the Loan. The loan discount and the fee were being amortized as additional interest expense over the life of the loan using the interest method. As discussed above, prior to the terms of the warrant being fixed on April 26, 2013, the warrant obligation fell within the scope of Accounting Standards Codification 815 “Derivatives and Hedging” (“ASC 815”) and therefore the warrant obligation was accounted for as a derivative reflected as a long-term liability until the warrant was issued on April 26, 2013. The terms of the warrant upon issuance no longer required derivative accounting under ASC 815 and therefore the fair value of the warrant was classified within stockholders equity. | |
As the result of the Company electing to prepay the loan on September 10, 2013, the unamortized loan discount, fee and deferred financing costs that were expensed at that date were approximately $1.0 million. |
Reverse_Split_of_Common_Stock
Reverse Split of Common Stock | 6 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
Reverse Split of Common Stock | ' |
10. REVERSE SPLIT OF COMMON STOCK | |
On July 9, 2014, the Company effected a previously authorized 1-for-10 reverse stock split of its common stock. The reverse split took effect at the start of trading on July 10, 2014 on a 1-for-10 split basis. All prior periods have been retroactively adjusted to reflect the reverse stock split. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Stockholders' Equity | ' | ||||||||||
11. STOCKHOLDERS’ EQUITY | |||||||||||
Preferred Stock | |||||||||||
The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.10 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. | |||||||||||
On February 5, 2014, pursuant to a securities purchase agreement, dated as of January 31, 2014, the Company sold to the Purchasers (i) an aggregate of 12,300 shares of Series A Convertible Preferred Stock, par value $0.10 and a stated value of $1,000 per share, convertible into 1,464,287 shares of common stock at an initial conversion price of $8.40, and (ii) warrants to purchase up to 1,329,731 shares of common stock for net proceeds of $11.4 million. The warrants have an exercise price of $7.40 per share, are immediately exercisable and have a term of five years. These warrants have non-standard terms as they relate to a fundamental transaction and require a net-cash settlement upon a change in control of the Company and therefore are classified as a derivative liability and recorded at fair value on the inception date of February 5, 2014. They will be recorded at their respective fair value at each subsequent balance sheet date. The fair value of these warrants on June 30, 2014 was approximately $2,393,513. The change in fair value of these warrants for the three and six months ended June 30, 2014 was a benefit of $3,191,352. | |||||||||||
In connection with this financing, the Company also granted to the Purchasers resale registration rights with respect to the shares of common stock underlying the Series A Preferred Stock and the warrants pursuant to the terms of a Registration Rights Agreement. The Purchasers were entitled to receive liquidated damages upon the occurrence of a number of events relating to filing, effectiveness and maintaining an effective registration statement covering the shares underlying the Series A Preferred Stock and the warrants. The Company was unable to meet certain filing and effectiveness requirements and as a result paid liquidated damages to the Purchasers in the aggregate amount of approximately $3.4 million. Under the terms of the Registration Rights Agreement, the Company filed a registration statement on March 18, 2014, which was declared effective by the SEC on April 3, 2014. Should this registration statement cease to remain effective for more than ten consecutive calendar days or more than an aggregate of 15 calendar days during any 12-month period, the Company would be subject to additional liquidated damages of up to approximately $500,000. | |||||||||||
Common Stock | |||||||||||
The Company is authorized to issue 50,000,000 shares of common stock with a par value of $0.001 per share. | |||||||||||
On October 29, 2013, the Company entered into a securities purchase agreement with certain accredited investors in connection with a $6.0 million registered offering of 422,819 shares of the Company’s common stock, fully paid prefunded warrants (“Series B Warrants”) to purchase up to 434,325 shares of its common stock and additional warrants (“Series A Warrants”) to purchase up to 685,715 shares of its common stock. The Series A Warrants are exercisable beginning on May 1, 2014 at a price of $8.50 per share and expire on May 1, 2019. The Series B Warrants are exercisable immediately for no additional consideration. The offering closed on October 31, 2013. | |||||||||||
The holders exercised 200,000 and 234,325 on March 5, 2014 and March 7, 2014, respectively, of the Series B Warrants. There were no warrant exercises in the first six months of 2013. | |||||||||||
The Series A Warrants have non-standard terms as they relate to a fundamental transaction and require a net-cash settlement upon a change in control of the Company and therefore are classified as a derivative. Therefore, these warrants have been recorded at fair value at the inception date of October 31, 2013, and will be recorded at their respective fair values at each subsequent balance sheet date. Any change in value between reporting periods will be recorded as a non-operating, non-cash charge in the Statements of Operations. The change in fair value of these warrants for the three and six months ended June 30, 2014, was a benefit of $1,714,826 and $1,851,428, respectively. | |||||||||||
On February 12, 2013 the Company entered into an underwriting agreement with Cowen and Company, LLC, relating to the public offering of 610,000 shares of the Company’s common stock, at a price to the public of $13.00 per share less underwriting discounts and commissions. The gross proceeds to the Company from the sale of the Common Stock totaled $7.9 million. After deducting the underwriters’ discounts and commissions and other estimated offering expenses payable by the Company, net proceeds were approximately $7.3 million. The offering closed on February 15, 2013. | |||||||||||
In June 2012, the Company entered into a sales agreement with Cowen and Company, LLC, to sell shares of the Company’s common stock through an “at-the-market” equity offering program (the “ATM Program”), which was terminated on February 15, 2013. During the three months ended March 31, 2013, and in connection with its termination, the Company sold approximately 470,000 shares under the ATM Program for gross and net proceeds of approximately $8.8 million and $8.5 million, respectively. During the term of the ATM Program, the Company sold a total of approximately 660,000 shares for aggregate gross and net proceeds of approximately $14.4 million and $13.8 million, respectively. | |||||||||||
On August 22, 2013, the Company received a notice from NASDAQ that, for the previous 30 consecutive business days, the Company was not in compliance with the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Capital Market. In July 2014, the Company effected a one-for-ten reverse split of its common stock in order to regain compliance with the minimum bid price requirement prior to the expiration of the last applicable grace period. On July 24, 2014, the Company was notified by NASDAQ that it is now in compliance with the minimum bid price requirement. | |||||||||||
Outstanding common stock warrants consist of the following: | |||||||||||
Total | |||||||||||
Issue Date | Expiration Date | Warrants | Ex. Price | ||||||||
4/26/13 | 4/26/18 | 69,321 | $ | 11.18 | |||||||
10/31/13 | 10/31/18 | 685,715 | $ | 8.5 | |||||||
2/5/14 | 2/5/19 | 1,329,731 | $ | 7.4 | |||||||
2,084,767 | |||||||||||
During the three months ended June 30, 2014, the number of outstanding shares of the Company’s common stock increased from 5,210,747 to 5,213,969. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value of Financial Instruments | ' | ||||||||
12. FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value for applicable assets and liabilities, we consider the principal or most advantageous market in which we would transact and we consider assumptions market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. This guidance also establishes a fair value hierarchy to prioritize inputs used in measuring fair value as follows: | |||||||||
• | Level 1: Observable inputs such as quoted prices in active markets; | ||||||||
• | Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||
• | Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||
The Company’s financial instruments are cash and cash equivalents, accounts payable, and derivative warrant liabilities. The recorded values of cash equivalents and accounts payable approximate their fair values based on their short-term nature. The fair value of derivative warrant liabilities is estimated using option pricing models that are based on the individual characteristics of our warrants, preferred and common stock, the derivative warrant liability on the valuation date as well as assumptions for volatility, remaining expected life, risk-free interest rate and, in some cases, credit spread. The derivative warrant liabilities are the only recurring Level 3 fair value measures. | |||||||||
The warrants have non-standard terms as they relate to a fundamental transaction and require a net-cash settlement upon change in control of the Company and therefore are classified as a derivative. These warrants have been recorded at their fair value using the Black-Scholes pricing model and will be recorded at their respective fair value at each subsequent balance sheet date. | |||||||||
A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2014 and December 31, 2013 is as follows: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Stock Price | $ | 3.2 | $ | 6.4 | |||||
Risk-free Rate (5-year U.S. Treasury Yield) | 1.62% | 1.75% | |||||||
Volatility (Annual) | 93.46% | 93.43% | |||||||
Time to Maturity (Years) | 4.60-4.83 | 5.33 | |||||||
Derivative warrant liabilities consist of the following: | |||||||||
Fair Value | |||||||||
Measurements Using | |||||||||
Significant | |||||||||
Unobservable Inputs | |||||||||
(Level 3) | |||||||||
Warrant Derivative | |||||||||
Liabilities | |||||||||
Beginning balance at January 1, 2014 | $ | 3,017,142 | |||||||
Issuance of warrants with derivative liabilities | 5,584,865 | ||||||||
Changes in estimated fair value | (5,042,780 | ) | |||||||
Ending balance at June 30, 2014 | $ | 3,559,227 |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. SUBSEQUENT EVENTS | |
On August 6, 2014, the Company and Askion GmbH entered into an “Amended and Restated Askion Production Agreement.” This agreement is a mutual settlement and release agreement of two prior unfulfilled purchase orders. The settlement amount of $1,141,644 will be used for future inventory purchases and will be paid to Askion in 9 installments. | |
On July 21, 2014, the Company entered into a definitive Securities Purchase Agreement (the “Purchase Agreement”) with entities affiliated with institutional investors providing for the issuance of (i) 12,300 shares of Series B convertible preferred stock (the “Preferred Stock”) at a price of $1,000 per share, (ii) Senior Secured Convertible Debentures in the aggregate principal amount of $15,000,000, due, subject to the terms therein, in July 2019 (the “Debentures”), and (iii) warrants (the “Warrants”) to purchase up to an aggregate of approximately 11.0 million shares of common stock, $0.001 par value per share (the “Common Stock”), at an exercise price of $2.45 per share (the “Offering”). The Offering closed on July 24, 2014. | |
The proceeds of the Offering will be used to redeem all of the Company’s outstanding shares of Series A convertible preferred stock and for general working capital purposes. | |
The Preferred Stock is convertible into an aggregate of approximately 4.8 million shares of Common Stock and the Debentures are convertible into an aggregate of approximately 5.8 million shares of Common Stock. The Debentures and the shares of Preferred Stock and Warrants described above have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). | |
Subject to certain ownership limitations, the Preferred Stock and Debentures are convertible at any time into shares of Common Stock at an initial conversion price of $2.565 per share (which represents a price above the closing bid price of the Common Stock on July 18, 2014, the trading day immediately prior to the entry into the Purchase Agreement). The Preferred Stock is only entitled to dividends in the event that dividends are paid on the Common Stock, and the Preferred Stock will not have any preferences over the Common Stock, including liquidation rights. The Warrants are also subject to certain ownership limitations and are immediately exercisable. 4.8 million of the Warrants will expire eighteen months from the date of issuance, and 6.2 million of the Warrants will expire five years from the date of issuance. | |
The Company has also entered into a Registration Rights Agreement with the investors pursuant to which the Company is obligated to file a registration statement within 30 days to register for resale the shares of Common Stock issuable upon conversion of the Preferred Stock and Debentures and upon exercise of the Warrants. If the Company is unable to meet certain filing and effectiveness requirements it could be required to pay up to a maximum penalty of $3.3 million plus interest in liquidating damages. | |
The Debentures will bear interest at an annual rate of 4%, payable quarterly or upon conversion into shares of Common Stock registered under the Securities Act. The Company’s obligations under the Debentures are secured by a first priority lien on all of the Company’s intellectual property pursuant to the terms of a security agreement (“Security Agreement”) dated July 21, 2014 among the Company and the investors. | |
Pursuant to the Purchase Agreement, until eighteen months following the effective date of the registration statement covering the resale of the shares underlying the Preferred Stock, Debentures and Warrants, or the date on which such shares may be resold pursuant to Rule 144 under the Securities Act, the investors have the right, but not the obligation, to participate in any financing that the Company undertakes, up to 50% of the aggregate amount of securities being offered. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09,”Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and footnote disclosures. |
Inventory_Tables
Inventory (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
Inventory consists of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
MelaFind® Systems | $ | 4,277,581 | $ | 5,401,866 | |||||
Mela record cards | 327,748 | 327,900 | |||||||
Accessories | 205,082 | 226,439 | |||||||
4,810,411 | 5,956,205 | ||||||||
Reserve for obsolete inventory | (325,000 | ) | (325,000 | ) | |||||
Reserve for inventory repairs | (538,559 | ) | — | ||||||
3,946,852 | $ | 5,631,205 | |||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Summary of Property and Equipment | ' | ||||||||||||
Property and equipment, at cost, consists of the following: | |||||||||||||
June 30, | December 31, | Estimated | |||||||||||
2014 | 2013 | Useful Life | |||||||||||
Leasehold improvements | $ | 905,888 | $ | 905,888 | Lease Term | ||||||||
Laboratory and research equipment | 1,083,661 | 1,083,661 | 3-5 years | ||||||||||
Office furniture and equipment | 2,005,344 | 2,022,833 | 3-5 years | ||||||||||
MelaFind® Systems | 5,185,073 | 5,081,816 | |||||||||||
9,179,966 | 9,094,198 | ||||||||||||
Accumulated depreciation and amortization | (5,307,392 | ) | (5,403,414 | ) | |||||||||
$ | 3,872,574 | $ | 3,690,784 | ||||||||||
Net_IncomeLoss_Per_Common_Shar1
Net Income/(Loss) Per Common Share (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Common Stock Equivalents of Convertible Preferred Stock, Stock Options, Common Stock Purchase Warrants and Restricted Stock | ' | ||||||||
Potential common stock equivalents outstanding as of June 30, 2014 and June 30, 2013 consist of common stock equivalents of convertible preferred stock, stock options, common stock purchase warrants and restricted stock, which are summarized as follows: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Common stock equivalents of convertible preferred stock | 1,464,287 | — | |||||||
Common stock options | 340,028 | 293,714 | |||||||
Common stock purchase warrants | 2,084,767 | 89,321 | |||||||
Restricted stock awards | 2,890 | — | |||||||
Total | 3,891,972 | 383,035 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Schedule of Fair Value of Each Option Award Granted | ' | ||||||||
The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option valuation model and assumptions as noted in the following table: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Expected life | 6.5 years | 5.5-6.5 years | |||||||
Expected volatility | 75.51-73.87% | 71.71%-76.83% | |||||||
Risk-free interest rate | 2.14-2.45% | .71-1.95% | |||||||
Dividend yield | — | — |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Schedule of Outstanding Common Stock Warrants | ' | ||||||||||
Outstanding common stock warrants consist of the following: | |||||||||||
Total | |||||||||||
Issue Date | Expiration Date | Warrants | Ex. Price | ||||||||
4/26/13 | 4/26/18 | 69,321 | $ | 11.18 | |||||||
10/31/13 | 10/31/18 | 685,715 | $ | 8.5 | |||||||
2/5/14 | 2/5/19 | 1,329,731 | $ | 7.4 | |||||||
2,084,767 | |||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Schedule of Fair Value Hierarchy | ' | ||||||||
A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2014 and December 31, 2013 is as follows: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
Stock Price | $ | 3.2 | $ | 6.4 | |||||
Risk-free Rate (5-year U.S. Treasury Yield) | 1.62% | 1.75% | |||||||
Volatility (Annual) | 93.46% | 93.43% | |||||||
Time to Maturity (Years) | 4.60-4.83 | 5.33 | |||||||
Schedule of Derivative Warrant Liabilities | ' | ||||||||
Derivative warrant liabilities consist of the following: | |||||||||
Fair Value | |||||||||
Measurements Using | |||||||||
Significant | |||||||||
Unobservable Inputs | |||||||||
(Level 3) | |||||||||
Warrant Derivative | |||||||||
Liabilities | |||||||||
Beginning balance at January 1, 2014 | $ | 3,017,142 | |||||||
Issuance of warrants with derivative liabilities | 5,584,865 | ||||||||
Changes in estimated fair value | (5,042,780 | ) | |||||||
Ending balance at June 30, 2014 | $ | 3,559,227 | |||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Aug. 22, 2013 | Feb. 28, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 22, 2013 | Jul. 09, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Minimum [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of consecutive business days, non-compliance of minimum bid price | '30 days | ' | ' | ' | ' | ' | ' | ' | |
Minimum bid price | ' | ' | ' | ' | $1 | ' | ' | ' | |
Reverse stock split, common stock | ' | ' | ' | ' | ' | 'One-for-ten reverse split of its common stock | ' | ' | |
Reverse stock split ratio, common stock | ' | ' | ' | ' | ' | 0.1 | ' | ' | |
Expected period to obtain reimbursement | ' | ' | ' | ' | ' | ' | ' | '18 months | |
Proceeds from sale of Series A Preferred Stock, common stock and warrants | ' | $11,500,000 | ' | ' | ' | ' | ' | ' | |
Proceeds from sale of senior secured convertible debt | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | |
Accumulated deficit | ' | ' | $175,501,426 | $168,147,878 | [1] | ' | ' | ' | ' |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | ' | ' | |
Inventory, Gross | $4,810,411 | $5,956,205 | |
Reserve for inventory | 863,559 | 325,000 | [1] |
MelaFind Systems [Member] | ' | ' | |
Inventory [Line Items] | ' | ' | |
Inventory, Gross | 4,277,581 | 5,401,866 | |
Inventory Repairs [Member] | ' | ' | |
Inventory [Line Items] | ' | ' | |
Reserve for inventory | $538,559 | ' | |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Inventory_Schedule_of_Inventor
Inventory - Schedule of Inventory (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
Inventory [Line Items] | ' | ' | |
Inventory, Gross | $4,810,411 | $5,956,205 | |
Reserve for inventory | -863,559 | -325,000 | [1] |
Inventory, Net | 3,946,852 | 5,631,205 | [1] |
MelaFind Systems [Member] | ' | ' | |
Inventory [Line Items] | ' | ' | |
Inventory, Gross | 4,277,581 | 5,401,866 | |
Mela Record Cards [Member] | ' | ' | |
Inventory [Line Items] | ' | ' | |
Inventory, Gross | 327,748 | 327,900 | |
Accessories [Member] | ' | ' | |
Inventory [Line Items] | ' | ' | |
Inventory, Gross | 205,082 | 226,439 | |
Obsolete Inventory [Member] | ' | ' | |
Inventory [Line Items] | ' | ' | |
Reserve for inventory | -325,000 | -325,000 | |
Inventory Repairs [Member] | ' | ' | |
Inventory [Line Items] | ' | ' | |
Reserve for inventory | ($538,559) | ' | |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Inventory, Gross | $4,810,411 | ' | $4,810,411 | ' | $5,956,205 |
Accumulated depreciation | 5,307,392 | ' | 5,307,392 | ' | 5,403,414 |
Depreciation expense | 183,466 | 609,007 | 878,997 | 1,104,034 | ' |
MelaFind Systems [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Inventory, Gross | 4,277,581 | ' | 4,277,581 | ' | 5,401,866 |
Accumulated depreciation | $725,598 | ' | $725,598 | ' | ' |
Property_and_Equipment_Net_Sum
Property and Equipment, Net - Summary of Property and Equipment (Detail) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | ||
Property, Plant and Equipment [Line Items] | ' | ' | |
Gross | $9,179,966 | $9,094,198 | |
Accumulated depreciation and amortization | -5,307,392 | -5,403,414 | |
Net | 3,872,574 | 3,690,784 | [1] |
Leasehold Improvements [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Gross | 905,888 | 905,888 | |
Estimated Useful Life | 'Lease Term | ' | |
Laboratory and Research Equipment [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Gross | 1,083,661 | 1,083,661 | |
Estimated Useful Life | '3-5 years | ' | |
Office Furniture and Equipment [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Gross | 2,005,344 | 2,022,833 | |
Estimated Useful Life | '3-5 years | ' | |
MelaFind Systems [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Gross | $5,185,073 | $5,081,816 | |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Net_IncomeLoss_Per_Common_Shar2
Net Income/(Loss) Per Common Share - Schedule of Common Stock Equivalents of Convertible Preferred Stock, Stock Options, Common Stock Purchase Warrants and Restricted Stock (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Potential common stock equivalents | 3,891,972 | 383,035 |
Common Stock Equivalents of Convertible Preferred Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Potential common stock equivalents | 1,464,287 | ' |
Common Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Potential common stock equivalents | 340,028 | 293,714 |
Restricted Stock Awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Potential common stock equivalents | 2,890 | ' |
Warrants Derivative Liabilities [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Potential common stock equivalents | 2,084,767 | 89,321 |
Comprehensive_Loss_Additional_
Comprehensive Loss - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Net Income Loss [Abstract] | ' | ' |
Comprehensive income (loss) | $0 | $0 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $167,947 | $749,225 | $332,115 | $1,097,106 |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expiry period of option plan | ' | ' | '10 years | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Fair Value of Each Option Award Granted (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Expected life | '6 years 6 months | '6 years 6 months |
Expected volatility - Minimum | 75.51% | 71.71% |
Expected volatility - Maximum | 73.87% | 76.83% |
Risk-free interest rate - Minimum | 2.14% | 0.71% |
Risk-free interest rate - Maximum | 2.45% | 1.95% |
Dividend yield | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||
Sep. 10, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 15, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 15, 2013 | Jun. 30, 2014 | Sep. 10, 2013 | Mar. 15, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Warrant Obligation [Member] | Warrant Obligation [Member] | Warrant Obligation [Member] | Hercules Technology Growth Capital Inc. [Member] | Hercules Technology Growth Capital Inc. [Member] | Hercules Technology Growth Capital Inc. [Member] | Hercules Technology Growth Capital Inc. [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||
Warrant Obligation [Member] | Warrant Obligation [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' |
Accrued interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.45% | ' | ' | ' | ' |
Maturity period of loan | ' | ' | ' | ' | ' | ' | ' | ' | '42 months | ' | ' | ' | ' | ' | ' | ' |
Time period of interest payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'First 12 months | ' | ' | ' | ' | ' | ' |
Prepayment of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' |
Term fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000 | ' | ' | ' | ' | ' |
Prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,321 | ' | ' | ' | ' |
Warrants issued to purchase common stock, exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.2 | ' | ' | ' | ' |
Expiry date for warrant outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-Apr-18 | ' | ' | ' | ' | ' | ' |
Warrant issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Apr-13 | ' | ' | ' | ' | ' | ' |
Fair value of warrant obligation | ' | ' | ' | ' | 563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial carrying value of the loan | ' | ' | ' | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in fair value of warrants | ' | -1,714,826 | -1,851,428 | ' | ' | 105,292 | ' | 89,859 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.60 | ' | $11.80 |
Volatility | ' | ' | 93.46% | 93.43% | ' | ' | 77.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period | ' | ' | ' | '5 years 3 months 29 days | ' | ' | '5 years | ' | ' | ' | ' | ' | '4 years 7 months 6 days | ' | '4 years 9 months 29 days | ' |
Exercise prices | ' | $3.20 | $3.20 | $6.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.50 | ' | $11.60 |
Risk free interest rate of return | ' | ' | 1.62% | 1.75% | ' | ' | 0.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in underlying unobservable inputs | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial loan discount amount | ' | 727,000 | 727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse_Split_of_Common_Stock_
Reverse Split of Common Stock - Additional Information (Detail) (Subsequent Event [Member]) | 0 Months Ended |
Jul. 09, 2014 | |
Subsequent Event [Member] | ' |
Class of Stock [Line Items] | ' |
Reverse stock split, common stock | 'One-for-ten reverse split of its common stock |
Reverse stock split ratio, common stock | 0.1 |
Reverse stock split, effective date | 10-Jul-14 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||||||||
Apr. 03, 2014 | Aug. 22, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 29, 2013 | Aug. 22, 2013 | Jul. 21, 2014 | Jul. 09, 2014 | Jul. 21, 2014 | Feb. 05, 2014 | Feb. 05, 2014 | Jun. 30, 2014 | Feb. 12, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 07, 2014 | Mar. 05, 2014 | Oct. 29, 2013 | Jun. 30, 2013 | Oct. 29, 2013 | Jun. 30, 2014 | Oct. 29, 2013 | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Common Stock Equivalents of Convertible Preferred Stock [Member] | Common Stock Equivalents of Convertible Preferred Stock [Member] | Securities Purchase Agreement [Member] | Shelf Registration Statement [Member] | ATM Program [Member] | Minimum [Member] | Maximum [Member] | Warrants Derivative Liabilities [Member] | Warrants Derivative Liabilities [Member] | Series B Prefunded Warrants [Member] | Series B Prefunded Warrants [Member] | Series B Prefunded Warrants [Member] | Series B Prefunded Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | ||||||||||
ATM Program [Member] | ATM Program [Member] | |||||||||||||||||||||||||||
Securities Financing Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock, shares authorized | ' | ' | 10,000,000 | 10,000,000 | ' | 10,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | $0.10 | $0.10 | ' | $0.10 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | 12,300 | 12,300 | ' | 0 | [1] | ' | ' | ' | ' | ' | ' | 12,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock stated value, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock converted to common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | ' | ' | 1,464,287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock converted to common stock, conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrants issued to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | 1,329,731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from issuance of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrants issued to purchase common stock, exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.45 | ' | 7.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.5 | |
Warrants issued, exercisable term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative fair value inception date | ' | ' | ' | 5-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Fair Value of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,393,513 | 2,393,513 | ' | ' | ' | ' | ' | ' | ' | |
Change in fair value of warrants, benefit | ' | ' | 1,714,826 | 1,851,428 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,191,352 | 3,191,352 | ' | ' | ' | ' | ' | ' | ' | |
Liquidated damages paid | ' | ' | 29,758 | 3,419,698 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Registration rights agreement description | ' | ' | ' | 'Under the terms of the Registration Rights Agreement, the Company filed a registration statement on March 18, 2014, which was declared effective by the SEC on April 3, 2014. Should this registration statement cease to remain effective for more than ten consecutive calendar days or more than an aggregate of 15 calendar days during any 12-month period, the Company would be subject to additional liquidated damages of up to approximately $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Additional liquidated damages payable | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock, shares authorized | ' | ' | 50,000,000 | 50,000,000 | ' | 50,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | $0.00 | $0.00 | ' | $0.00 | [1] | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 5,213,969 | 5,213,969 | ' | 4,750,160 | [1] | 422,819 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 434,325 | ' | ' | ' | 685,715 | |
Proceeds from issuance of common stock and warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | |
Warrants exercisable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-May-14 | ' | |
Warrants expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-May-19 | ' | |
Offering closed date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrants exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,325 | 200,000 | ' | 0 | ' | ' | ' | |
Public offering of common stock shares under underwriting agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 610,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Initial public offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gross proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales agreement termination date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Feb-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of common stock issued through company ATM program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 470,000 | 660,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gross proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | 14,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,500,000 | $13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of consecutive business days, non-compliance of minimum bid price | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Minimum bid price | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reverse stock split, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'One-for-ten reverse split of its common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reverse stock split ratio, common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock outstanding | ' | ' | 5,213,969 | 5,213,969 | 5,210,747 | 4,750,160 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Outstanding Common Stock Warrants (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Class of Warrant or Right [Line Items] | ' |
Total Warrants | 2,084,767 |
Ex. Price $ 11.18 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Issue Date | 26-Apr-13 |
Expiration Date | 26-Apr-18 |
Total Warrants | 69,321 |
Ex. Price | 11.18 |
Ex. Price $ 8.50 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Issue Date | 31-Oct-13 |
Expiration Date | 31-Oct-18 |
Total Warrants | 685,715 |
Ex. Price | 8.5 |
Ex. Price $ 7.40 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Issue Date | 5-Feb-14 |
Expiration Date | 5-Feb-19 |
Total Warrants | 1,329,731 |
Ex. Price | 7.4 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Stock Price | $3.20 | $6.40 |
Risk-free Rate | 1.62% | 1.75% |
Volatility (Annual) | 93.46% | 93.43% |
Time to maturity (Years) | ' | '5 years 3 months 29 days |
Minimum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Time to maturity (Years) | '4 years 7 months 6 days | ' |
Maximum [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Time to maturity (Years) | '4 years 9 months 29 days | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' |
U.S Treasury Yield, period | '5 years | '5 years |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Schedule of Derivative Warrant Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Warrants Derivative Liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Beginning balance at January 1, 2014 | $3,559,227 | $3,017,142 | [1] | $3,017,142 |
Issuance of warrants with derivative liabilities | ' | ' | 5,584,865 | |
Changes in estimated fair value | ' | ' | -5,042,780 | |
Ending balance at June 30, 2014 | $3,559,227 | $3,017,142 | [1] | $3,559,227 |
[1] | Derived from the audited balance sheet as of December 31, 2013 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 06, 2014 | Jul. 21, 2014 | Aug. 06, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | Jul. 21, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Purchases | Debentures [Member] | Warrants Expire in Eighteen Months [Member] | Warrants Expire in Eighteen Months [Member] | Warrants Expire in Five Years [Member] | Warrants Expire in Five Years [Member] | Maximum [Member] | Maximum [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | |||||||
Installment | ||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of unfulfilled purchase orders | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Settlement amount | ' | ' | ' | ' | $1,141,644 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of installments | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,300 | ' | |
Preferred stock stated value, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | |
Senior Secured Convertible Debentures, amount | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrants issued, exercise price | ' | ' | ' | ' | ' | 2.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrants issued to purchase common stock | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock, stated value per share | $0.00 | $0.00 | [1] | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing date of offering | ' | ' | ' | 24-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Preferred stock converted to common stock, value | ' | ' | ' | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debentures converted to common stock | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock conversion price | ' | ' | ' | ' | ' | $2.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | ' | 6,200,000 | ' | ' | ' | ' | |
Warrants, expiration period | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | '5 years | ' | ' | ' | ' | ' | |
Penalty payable for not meeting filing requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,300,000 | ' | ' | |
Debentures annual interest rate | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of securities offered for investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | |
[1] | Derived from the audited balance sheet as of December 31, 2013 |