Plus Therapeutics (PSTV) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CYTORI THERAPEUTICS, INC.
Entity Central Index Key	1,095,981
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		150,958,152
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 23,842,000	$ 14,622,000
Accounts receivable, net of reserves of $900,000 and of $1,523,000 in 2015 and 2014, respectively	750,000	1,243,000
Inventories, net	4,079,000	4,829,000
Other current assets	986,000	992,000
Total current assets	29,657,000	21,686,000
Property and equipment, net	1,860,000	1,583,000
Restricted cash and cash equivalents	350,000	350,000
Other assets	1,480,000	1,763,000
Intangibles, net	9,255,000	9,415,000
Goodwill	3,922,000	3,922,000
Total assets	46,524,000	38,719,000
Current liabilities:
Accounts payable and accrued expenses	7,003,000	5,546,000
Current portion of long-term obligations, net of discount	26,000	7,363,000
Joint venture purchase obligation	2,192,000	3,008,000
Total current liabilities	9,221,000	15,917,000
Deferred revenues	253,000	112,000
Warrant liabilities, long-term	18,187,000	9,793,000
Long-term deferred rent and other	419,000	558,000
Long-term obligations, net of discount, less current portion	16,184,000	18,041,000
Total liabilities	$ 44,264,000	$ 44,421,000
Commitments and contingencies
Stockholders' equity (deficit):
Series A 3.6% convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 13,500 shares issued; 0 and 5,311 outstanding in 2015 and 2014, respectively	$ 0	$ 0
Common stock, $0.001 par value; 290,000,000 shares authorized; 150,958,152 and 99,348,377 shares issued and outstanding in 2015 and 2014, respectively	151,000	99,000
Additional paid-in capital	356,940,000	331,772,000
Accumulated other comprehensive income	951,000	700,000
Accumulated deficit	(355,782,000)	(338,273,000)
Total stockholders' equity (deficit)	2,260,000	(5,702,000)
Total liabilities and stockholders' equity (deficit)	$ 46,524,000	$ 38,719,000

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Accounts receivable, reserves	$ 900,000	$ 1,523,000
Stockholders' equity (deficit):
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	290,000,000	290,000,000
Common stock, shares issued (in shares)	150,958,152	99,348,377
Common stock, shares outstanding (in shares)	150,958,152	99,348,377
Series A Preferred Stock [Member]
Stockholders' equity (deficit):
Convertible preferred stock (in hundredths)	3.60%	3.60%
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	13,500	13,500
Preferred stock, shares outstanding (in shares)	0	5,311

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) [Abstract]
Product revenues	$ 1,614,000	$ 935,000	$ 2,516,000	$ 1,965,000
Cost of product revenues	1,296,000	766,000	1,894,000	1,187,000
Gross profit	318,000	169,000	622,000	778,000
Development revenues:
Government contracts and other	1,847,000	356,000	3,291,000	759,000
Operating expenses:
Research and development	6,048,000	4,674,000	10,012,000	8,966,000
Sales and marketing	654,000	1,934,000	1,493,000	3,861,000
General and administrative	2,793,000	4,602,000	5,292,000	8,942,000
Change in fair value of warrant liabilities	(13,122,000)	0	2,322,000	0
Total operating expenses	(3,627,000)	11,210,000	19,119,000	21,769,000
Operating income (loss)	5,792,000	(10,685,000)	(15,206,000)	(20,232,000)
Other income (expense):
Income (loss) on asset disposal	(1,000)	(1,000)	8,000	(1,000)
Loss on debt extinguishment	(260,000)	0	(260,000)	0
Interest income	3,000	1,000	3,000	3,000
Interest expense	(936,000)	(1,085,000)	(2,007,000)	(2,026,000)
Other income (expense), net	(148,000)	(58,000)	(47,000)	28,000
Total other expense	(1,342,000)	(1,143,000)	(2,303,000)	(1,996,000)
Net income (loss)	4,450,000	(11,828,000)	(17,509,000)	(22,228,000)
Beneficial conversion feature for convertible preferred stock	0	0	(661,000)	0
Net income (loss) allocable to common stockholders	$ 4,450,000	$ (11,828,000)	$ (18,170,000)	$ (22,228,000)
Net income (loss) per share allocable to common stockholders
Basic (in dollars per share)	$ 0.03	$ (0.15)	$ (0.15)	$ (0.29)
Diluted (in dollars per shares)	$ 0.03	$ (0.15)	$ (0.15)	$ (0.29)
Weighted average shares used in calculating net income (loss) per share allocable to common stockholders
Basic (in shares)	138,992,108	76,682,643	122,691,044	75,399,647
Diluted (in dollars per shares)	147,368,073	76,682,643	122,691,044	75,399,647
Comprehensive income (loss):
Net income (loss)	$ 4,450,000	$ (11,828,000)	$ (17,509,000)	$ (22,228,000)
Other comprehensive income (loss) - foreign currency translation adjustments	215,000	193,000	251,000	143,000
Comprehensive income (loss)	$ 4,665,000	$ (11,635,000)	$ (17,258,000)	$ (22,085,000)

CONSOLIDATED CONDENSED STATEME5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (17,509,000)	$ (22,228,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	510,000	344,000
Amortization of deferred financing costs and debt discount	500,000	562,000
Joint Venture acquisition obligation accretion	307,000	145,000
Provision for doubtful accounts	0	836,000
Provision for expired enzyme	0	209,000
Change in fair value of warrants	2,322,000	0
Stock-based compensation expense	1,146,000	1,448,000
Loss on debt extinguishment	260,000	0
Increases (decreases) in cash caused by changes in operating assets and liabilities:
Accounts receivable	544,000	1,386,000
Inventories	730,000	(526,000)
Other current assets	(106,000)	(59,000)
Other assets	407,000	(281,000)
Accounts payable and accrued expenses	1,089,000	124,000
Deferred revenues	151,000	0
Long-term deferred rent	(139,000)	(97,000)
Net cash used in operating activities	(9,788,000)	(18,137,000)
Cash flows from investing activities:
Purchases of property and equipment	(497,000)	(467,000)
Expenditures for intellectual property	(13,000)	(255,000)
License agreement termination fee	0	(400,000)
Net cash used in investing activities	(510,000)	(1,122,000)
Cash flows from financing activities:
Principal payments on long-term obligations	(25,032,000)	0
Proceeds from long-term obligations	17,700,000	0
Debt issuance costs and loan fees	(1,854,000)	0
Joint Venture purchase payments	(1,123,000)	(2,189,000)
Proceeds from exercise of employee stock options and warrants	4,986,000	33,000
Proceeds from sale of common stock, net	24,930,000	18,665,000
Dividends paid on preferred stock	(75,000)	0
Net cash provided by financing activities	19,532,000	16,509,000
Effect of exchange rate changes on cash and cash equivalents	(14,000)	4,000
Net increase (decrease) in cash and cash equivalents	9,220,000	(2,746,000)
Cash and cash equivalents at beginning of period	14,622,000	15,506,000
Cash and cash equivalents at end of period	23,842,000	12,760,000
Cash paid during period for:
Interest	1,202,000	1,318,000
Supplemental schedule of non-cash investing and financing activities:
Conversion of preferred stock into common stock	10,000	0
Declared dividend related to preferred stock	$ 3,000	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation Our accompanying unaudited consolidated condensed financial statements as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. Our consolidated condensed balance sheet at June 30, 2015 has been derived from the audited financial statements at December 31, 2014, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of Cytori Therapeutics, Inc., and our subsidiaries (the Company) have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These financial statements should be read in conjunction with the consolidated financial statements and notes therein included in our annual report on Form 10-K for the year ended December 31, 2014.

Use of Estimates

Use of Estimates	6 Months Ended
	Jun. 30, 2015
Use of Estimates [Abstract]
Use of Estimates	2. Use of Estimates The preparation of Consolidated Condensed Financial Statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Our most significant estimates and critical accounting policies involve recognizing revenue, valuing warrants, determining the assumptions used in measuring share-based compensation expense, measuring accretion expense related to our acquisition of the joint venture, and valuing allowances for doubtful accounts and inventories. Actual results could differ from these estimates. Management’s estimates and assumptions are reviewed regularly, and the effects of revisions are reflected in the Consolidated Condensed Financial Statements in the periods they are determined to be necessary.

Capital Availability

Capital Availability	6 Months Ended
	Jun. 30, 2015
Capital Availability [Abstract]
Capital Availability	3. Capital Availability We have net income of $4.5 million and net loss of $17.5 million for the three and six months ended June 30, 2015, respectively and incurred net losses of $11.8 million and $22.2 million for the three and six months ended June 30, 2014, respectively. We have an accumulated deficit of $356 million as of June 30, 2015. Additionally, we have used net cash of $9.8 million and $18.1 million to fund our operating activities for the six months ended June 30, 2015 and 2014, respectively. On May 5, 2015, we entered into a Securities Purchase Agreement with certain institutional investors pursuant to which the Company agreed to sell up to $25 million of units, with each unit consisting of its common stock and one warrant to purchase one share of its common stock. Pursuant to the recently announced securities transaction and related equity issuance, as well as anticipated gross profits and potential outside sources of capital, the Company believes it has sufficient cash to fund operations through at least the next 12 months. The Company continues to seek additional capital through product revenues, strategic transactions, including extension opportunities under the awarded U.S. Department of Health and Human Service’s Biomedical Advanced Research and Development Authority (“BARDA”) contract, and from other financing alternatives. See Note 12 for further discussion on our May 2015 Securities Purchase Agreement.

Transactions with Olympus Corpo

Transactions with Olympus Corporation	6 Months Ended
	Jun. 30, 2015
Transactions with Olympus Corporation [Abstract]
Transactions with Olympus Corporation	4. Transactions with Olympus Corporation On April 30, 2015, the Company entered into Amendment One to Joint Venture Termination Agreement (the “Amendment”) with Olympus Corporation (“Olympus”) to that certain Joint Venture Termination Agreement, dated May 8, 2013, by and between the Company and Olympus (the “Agreement”) in order to extend our payment obligations under the Agreement. Under the original Agreement, we were required to pay Olympus a total purchase price of $6 million within two years of the date of the Agreement. The Amendment amends the payment terms of the Agreement to extend the period for payment of the remaining balance of the $6 million, or $3.2 million, with the balance of the purchase price bearing an interest rate of 6% per annum. Pursuant to the Amendment, we paid $1 million on May 8, 2015 and are required to pay $0.5 million of principal on or prior to September 30, 2015, $0.5 million of principal on or prior to December 31, 2015, $0.5 million of principal on or prior to March 31, 2016, and the remaining $0.7 million of principal and accrued interest on or prior to May 8, 2016. We may prepay the remaining principal and accrued interest at any time without penalty. In accordance with the terms of the Agreement, if we fail to pay the full balance of any installment payment, we will be required to pay Olympus the extended purchase price of a total of $16 million on or prior to March 1, 2020, with any principal payments previously paid applied towards the extended purchase price.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2015
Long-term Debt [Abstract]
Long-term Debt	5. Long-term Debt On May 29, 2015 we entered into the Loan and Security Agreement with Oxford Finance LLC (“Oxford” or “Lender”), pursuant to which the Lender funded an aggregate principal amount of $17.7 million (“Term Loan”), subject to the terms and conditions set forth in the loan agreement. The Term Loan accrues interest at a floating rate of 8.95% per annum, comprised of three-month LIBOR rate with a floor of 1.00% plus 7.95%. Pursuant to the Loan Agreement, we are required to make interest only payments through June 1, 2016 and thereafter we are required to make payments of principal and accrued interest in equal monthly installments sufficient to amortize the Term loan through June 1, 2019, the maturity date. If we receive positive data on our US ACT-OA clinical trial or close a licensing, partnership or similar transaction on terms acceptable to the Lender by May 31, 2016, the interest only payments will be extended to December 1, 2016. All unpaid principal and interest with respect to the Term Loan is due and payable in full on June 1, 2019. At maturity of the Term Loan, or earlier repayment in full following voluntary prepayment or upon acceleration, the Company is required to make a final payment fee in an aggregate amount equal to approximately $1.1 million. In connection with the Term Loan, on May 29, 2015, we issued to the Lender warrants to purchase an aggregate of 1,416,618 shares of our common stock at an exercise price of $0.69 per share. These warrants are exercisable on or after November 30, 2015 and will expire on May 29, 2025, and following the authoritative accounting guidance, are equity classified. In connection with the Loan Agreement, we prepaid all outstanding amounts under our prior loan agreement, at which time the Company’s obligations under the prior loan agreement immediately terminated. The Company paid to the prior agent and the prior lenders (Oxford Finance LLC and Silicon Valley Bank) approximately $25.4 million, consisting of the then outstanding principal balance due of approximately $23.4 million, accrued but unpaid interest of approximately $0.2 million, final payment and other agency fees of approximately $1.8 million and other customary lender fees and expenses. For Oxford, we accounted for this Term Loan as a debt modification. The Company retired $3.1 million of the principal of the previous loan and the corresponding unamortized fees were expensed. The remaining fees of $0.8 million, were recorded as debt discount, and along with the new loan fees, will be amortized as an adjustment of interest expense using the effective interest method. For Silicon Valley Bank, which did not participate in the Term Loan, the payoff of the loan was accounted for as debt extinguishment. Accordingly, a total loss on debt extinguishment of $0.3 million was recorded, which includes the unamortized fees and discounts along with final payment fees. We allocated the aggregate proceeds of the Term Loan between the warrants and the debt obligations based on their relative fair values. The fair value of the warrants issued to the Lender was calculated utilizing the Black-Scholes option pricing model. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, expected term and risk-free interest rates. The expected volatility is based on the historical volatility of the Company’s common stock over the most recent period. The risk-free interest rate for period within the contractual life of the warrant is based on the U.S. Treasury yield in effect at the time of grant. We will amortize the relative fair value of the warrants as a discount of $0.8 million over the term of the loan using the effective interest method, with an effective interest rate of 14.95%. The Term Loan is collateralized by a security interest in substantially all of the Company’s existing and after-acquired assets, subject to certain exceptions set forth in the Loan Agreement and excluding its intellectual property assets, which are subject to a negative pledge.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2015
Revenue Recognition [Abstract]
Revenue Recognition	6. Revenue Recognition Concentration of Significant Customers Two distributors and three direct customers comprised 68% of our revenue recognized for the six months ended June 30, 2015. Two direct customers accounted for 73% of total outstanding accounts receivable as of June 30, 2015. Five distributors comprised 71% of our revenue recognized for the six months ended June 30, 2014. Three distributors accounted for 78% of total outstanding accounts receivable as of June 30, 2014. Product revenues, classified by geographic location, are as follows: Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Product Revenues % of Total Product Revenues % of Total Product Revenues % of Total Product Revenues % of Total Americas $ 272,000 17 % $ 227,000 24 % $ 477,000 19 % $ 264,000 14 % Japan 352,000 22 % 618,000 66 % 957,000 38 % 1,263,000 64 % Europe 328,000 20 % 90,000 10 % 416,000 17 % 438,000 22 % Asia Pacific 662,000 41 % — — 666,000 26 % — — Total product revenues $ 1,614,000 100 % $ 935,000 100 % $ 2,516,000 100 % $ 1,965,000 100 % Research and Development We earn revenue for performing tasks under research and development agreements with governmental agencies like the BARDA. Revenues derived from reimbursement of direct out-of-pocket expenses for research costs associated with government contracts are recorded as government contract and other within development revenues. Government contract revenue is recorded at the gross amount of the reimbursement. The costs associated with these reimbursements are reflected as a component of research and development expense in our statements of operations. We recognized $1.8 million and $3.3 million in BARDA revenue for the three and six months ended June 30, 2015, respectively as compared to $0.4 million and $0.8 million for the three and six months ended June 30, 2014, respectively.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventories [Abstract]
Inventories	7. Inventories Inventories are carried at the lower of cost or market, determined on the first-in, first-out (FIFO) method. Inventories consisted of the following: June 30, 2015 December 31, 2014 Raw materials $ 1,556,000 $ 1,715,000 Work in process 829,000 1,301,000 Finished goods 1,694,000 1,813,000 $ 4,079,000 $ 4,829,000

Income (Loss) per Share

Income (Loss) per Share	6 Months Ended
	Jun. 30, 2015
Income (Loss) per Share [Abstract]
Income (Loss) per Share	8. Income (Loss) per Share Basic per share data is computed by dividing net income or loss applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted per share data is computed by dividing net income or loss applicable to common stockholders by the weighted average number of common shares outstanding during the period increased to include, if dilutive, the number of additional common shares that would have been outstanding as calculated using the treasury stock method. Potential common shares were related entirely to outstanding but unexercised options and warrants for all periods presented. We have included 8.4 million dilutive securities for the purposes of calculating earnings per share for the three months ended June 30, 2015. We have excluded all potentially dilutive securities, including unvested performance-based restricted stock, from the calculation of diluted loss per share attributable to common stockholders for the six month period ended June 30, 2015 and three and six month periods ended June 30, 2014, as their inclusion would be antidilutive. Potentially dilutive common shares excluded from the calculations of diluted loss per share were 55.1 million for the six month periods ended June 30, 2015 and 22.5 million for the three and six month periods ended June 30, 2014, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies We have entered into agreements with various research organizations for pre-clinical and clinical development studies, which have provisions for cancellation. Under the terms of these agreements, the vendors provide a variety of services including conducting research, recruiting and enrolling patients, monitoring studies and data analysis. Payments under these agreements typically include fees for services and reimbursement of expenses. The timing of payments due under these agreements is estimated based on current study progress. As of June 30, 2015, we have clinical research study obligations of $9.2 million ($5.2 million of which are expected to be complete within a year). Should the timing of the clinical trials change, the timing of the payment of these obligations would also change. We have entered into several lease agreements for our headquarters office location as well as international office locations. As of June 30, 2015, we have remaining lease obligations of $ ($ We have amended a supply agreement that contains a minimum purchase requirement. Pursuant to the amendment, as of June 30, 2015, we have a minimum purchase obligation of $1 million, all of which is expected to be completed within a year. We are subject to various claims and contingencies related to legal proceedings. Due to their nature, such legal proceedings involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions. Management assesses the probability of loss for such contingencies and accrues a liability and/or discloses the relevant circumstances, as appropriate. Management believes that any liability to us that may arise as a result of currently pending legal proceedings will not have a material adverse effect on our financial condition, liquidity, or results of operations as a whole. See Note 4 for a discussion of our commitments and contingencies related to our transactions with Olympus.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	10. Fair Value Measurements Fair value measurements are market-based measurements, not entity-specific measurements. Therefore, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. We follow a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below: ● ● ● The following table provides a summary of the recognized assets and liabilities that we measure at fair value on a recurring basis: Balance as of Basis of Fair Value Measurements June 30, 2015 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 5,644,000 $ 5,644,000 $ — $ — Liabilities: Warrant liability $ 18,187,000 $ — $ — $ 18,187,000 Balance as of Basis of Fair Value Measurements December 31, 2014 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 8,144,000 $ 8,144,000 $ — $ — Liabilities: Warrant liability $ 9,793,000 $ — $ — $ 9,793,000 We use quoted market prices to determine the fair value of our cash equivalents, which consist of money market funds that are classified in Level 1 of the fair value hierarchy. Warrants with exercise price reset features (down-round protection) are accounted for as liabilities, with changes in the fair value included in net income (loss) for the respective periods. Because some of the inputs to our valuation model are either not observable or are not derived principally from or corroborated by observable market data by correlation or other means, the warrant liability is classified as Level 3 in the fair value hierarchy. Our stock price can be volatile and there could be material fluctuations in the value of warrants in future periods. Warrant Liability In connection with the October 2014 Securities Purchase Agreement the Company issued common stock purchase warrants to certain institutional investors. Each warrant has an exercise price of $0.5771 per share, is exercisable six months after the date of issuance and expires five years from the date on which it is initially exercisable. The initial fair value of the liability associated with these warrants was $10.0 million. The fair value of the October warrants was $7.5 million as of June 30, 2015 and $9.8 million as of December 31, 2014. In May 2015, the Company entered into a Securities Purchase Agreement with certain institutional investors pursuant to which the Company agreed to sell up to $25 million of units, with each unit consisting of one share of its common stock and one warrant to purchase one share of its common stock, in a registered direct offering. The Securities Purchase Agreement contemplates two closings, the first of which occurred on May 8, 2015, the second of which will occur upon satisfaction of certain conditions precedent, including, but not limited to, receipt of required stockholder approval. Each warrant issued at the initial closing has an initial exercise price of $1.02 per share, will be exercisable six months and one day after the date of issuance and expires five years from the date it becomes exercisable. The initial fair value of the liability associated with these warrants was $14.3 million, and the fair value decreased to $10.7 million as of June 30, 2015. All future changes in the fair value of the warrants will be recognized in our consolidated statements of operations until they are either exercised or expire in 2020. The warrants are not traded in an active securities market, and as such the estimated the fair value as of June 30, 2015 and December 31, 2014 was determined by using an option pricing model (Monte Carlo) with the following assumptions: As of June 30, 2015 As of December 31, 2014 October 2014 Warrants Expected term 4.8 years 5.3 years Common stock market price $ 0.56 $ 0.49 Risk-free interest rate 1.63 % 1.65 % Expected volatility 90-120 % 90.00 % Resulting fair value (per warrant) $ 0.43 $ 0.38 As of June 30, 2015 As of December 31, 2014 May 2015 Warrants Expected term 5.4 years — Common stock market price $ 0.56 — Risk-free interest rate 1.63 % — Expected volatility 90-120 % — Resulting fair value (per warrant) $ 0.42 — Expected volatility is based on both historical and implied volatility. Historical volatility was computed using daily pricing observations for recent periods that correspond to the expected term of the warrants while implied volatility was computed using publicly traded options of Cytori as well as Cytori’s peer companies. We believe this method produces an estimate that is representative of our expectations of future volatility over the expected term of these warrants. We currently have no reason to believe future volatility over the expected remaining life of these warrants is likely to differ materially from historical volatility. The expected life is based on the remaining contractual term of the warrants. The risk-free interest rate is the U.S. Treasury bond rate as of the valuation date. The fair value of these warrants also incorporates our assumptions about future equity issuances and their impact to the down-round protection feature. Fluctuations in the fair value of the warrants are impacted by unobservable inputs, most significantly the assumption with regards to future equity issuances and its impact to the down-round protection feature. Significant increases (decreases) in this input in isolation would result in a significantly higher (lower) fair value measurement. The following table summarizes the change in our Level 3 warrant liability value: Warrant liability Six months ended June 30, 2015 Beginning balance $ 9,793,000 Issuance of warrants 14,329,000 Exercised warrants (8,257,000 ) Change in fair value 2,322,000 Ending balance $ 18,187,000 The main drivers for the change in the fair value of warrants at June 30, 2015, were issuance of new warrants, exercise of issued warrants and changes in our stock price, as compared to the stock price at December 31, 2014.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2015
Fair Value [Abstract]
Fair Value	11. Fair Value Financial Instruments We disclose fair value information about all financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. The disclosures of estimated fair value of financial instruments at June 30, 2015 and December 31, 2014, were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. The carrying amounts for cash and cash equivalents, accounts receivable, inventories, other current assets, accounts payable, accrued expenses and other liabilities approximate fair value due to the short-term nature of these instruments. We utilize quoted market prices to estimate the fair value of our fixed rate debt, when available. If quoted market prices are not available, we calculate the fair value of our fixed rate debt based on a currently available market rate assuming the loans are outstanding through maturity and considering the collateral. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar terms to the debt. At June 30, 2015 and December 31, 2014, the aggregate fair value and the carrying value of the Company’s long-term debt were as follows: June 30, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Long-term debt $ 16,219,000 $ 16,184,000 $ 25,206,000 $ 25,373,000 Carrying value is net of debt discount of $2.7 million and $1.5 million as of June 30, 2014 and December 31, 2014, respectively. The fair value of debt is classified as Level 3 in the fair value hierarchy as some of the inputs to our valuation model are either not observable quoted prices or are not derived principally from or corroborated by observable market data by correlation or other means.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity [Abstract]
Stockholders' Equity	12. Stockholders’ Equity Preferred Stock We have authorized 5 million shares of $0.001 par value preferred stock. Our Board of Directors is authorized to designate the terms and conditions of any preferred stock we issue without further action by the common stockholders. There were 13,500 shares of Series A 3.6% Convertible Preferred Stock issued at June 30, 2015 and December 31, 2014 and 0 and 5,311 shares outstanding as of June 30, 2015 and December 31, 2014, respectively. In October 2014, we entered into a Securities Purchase Agreement with certain institutional investors pursuant to which the Company sold a total of 13,500 units for a purchase price of $1,000 per unit, with each unit consisting of one share of the Company’s Series A 3.6% Convertible Preferred Stock, which are convertible into shares of the Company’s common stock with a conversion price of $0.52, and warrants to purchase up to a number of shares of common stock equal to 100% of the conversion shares under the shares of preferred stock, in a registered direct offering. The preferred stock and the warrants were immediately separable and were issued separately. As of June 30, 2015, all remaining outstanding Series A 3.6% Convertible Preferred Stock were converted into shares of common stock. We recorded a dividend of $1.2 million for the year ended December 31, 2014, related to a beneficial conversion feature included in the issuance of our Series A 3.6% Convertible Preferred Stock. The fair value of the common stock into which the Series A 3.6% Convertible Preferred Stock was convertible on the date of issuance exceeded the proceeds allocated to the preferred stock, resulting in the beneficial conversion feature that we recognized as a dividend to the preferred shareholders and, accordingly, an adjustment to net loss to arrive at net loss allocable to common shareholders. Certain shares of Series A 3.6% Convertible Preferred Stock were not convertible until shareholder approval, which occurred in January 2015. As a result, additional dividends for the beneficial conversion feature of $0.7 million were recorded during the quarter ended March 31, 2015. In connection with the 3.6% Convertible Preferred Stock outstanding at December 31, 2014, we declared a cash dividend of $0.07 million. The cash dividend was paid in January 2015. Common Stock In May 2014, the Company entered into a sales agreement with Cowen and Company, LLC, relating to shares of our common stock, $0.001 par value per share. Pursuant to this agreement, through April 30, 2015, Cowen sold a total of 5.8 million shares of our common stock, raising approximately $7.2 million in net proceeds (after deductions for sales agent commissions and discounts and other offering costs), through an “at the market offering.” In September 2014, the Company and 13 holders of warrants dated June 4, 2014 to purchase a total of 4 million shares of the Company’s common stock agreed to amend the warrants in order to reduce the exercise price from $3.00 per share to $1.00 per share and change the expiration date from June 4, 2019 to September 10, 2014. The Company received proceeds of approximately $4 million from the exercise of the warrants. In addition, pursuant to the terms of the amendment, upon each holder’s exercise of all shares for cash prior to the amended expiration date, the Company issued additional warrants for the same number of common shares to the holders. The additional warrants have an exercise price of $2.00 per share, and are exercisable on the date that is six months and one day from the date of issuance and expire five years from the date of issuance. For those investors participating in the October 2014 issuance of Series A 3.6% Convertible Preferred Stock, we agreed to reduce the exercise price of 3.4 million warrants from $2.00 per share to $0.5771 per share, conditioned upon shareholder approval which was obtained in January 2015. As of June 30, 2015, all 3.4 million warrants had been exercised, some via cash and others on a cashless basis resulting in the issuance of an aggregate of 1.8 million shares of Common Stock, and receipt by the Company of $0.1 million in net proceeds. In October 2014 the Company entered into a Securities Purchase Agreement with certain institutional investors pursuant to which it issued common stock purchase warrants to the institutional investors. Each warrant has an exercise price of $0.5771 per share, is exercisable six months after the date of issuance and expires five years from the date on which it is initially exercisable. As of June 30, 2015, 8.5 million of the October 2014 warrants have been exercised for cash at $0.5771 per share for net proceeds of $4.9 million and 17.5 million October 2014 warrants remain outstanding. In May 2015, the Company entered into a Securities Purchase Agreement with certain institutional investors pursuant to which the Company agreed to sell up to $25 million of units, with each unit consisting of one share of its common stock and one warrant to purchase one share of its common stock, in a registered direct offering. The purchase and sale of the units is expected to take place in two separate closings. At the initial closing, which took place on May 8, 2015, the Company received approximately $17.7 million in net proceeds from the sale of units. The purchase price for each unit sold at the initial closing was $0.77. Each warrant issued as part of the units at the initial closing has an initial exercise price of $1.02 per share, will be exercisable six months and one day after the date of issuance and expires five years from the date it becomes exercisable. The second closing of the purchase and sale of the units is subject to certain conditions, including, without limitation, shareholder vote, which is anticipated to take place at the Company’s annual stockholder meeting in August 2015. If the Company satisfies these conditions, the second closing will occur within ten days after satisfaction (or waiver) of these conditions.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation Our accompanying unaudited consolidated condensed financial statements as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. Our consolidated condensed balance sheet at June 30, 2015 has been derived from the audited financial statements at December 31, 2014, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of Cytori Therapeutics, Inc., and our subsidiaries (the Company) have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These financial statements should be read in conjunction with the consolidated financial statements and notes therein included in our annual report on Form 10-K for the year ended December 31, 2014.

Use of Estimates (Policies)

Use of Estimates (Policies)	6 Months Ended
	Jun. 30, 2015
Use of Estimates [Abstract]
Use of Estimates	2. Use of Estimates The preparation of Consolidated Condensed Financial Statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Our most significant estimates and critical accounting policies involve recognizing revenue, valuing warrants, determining the assumptions used in measuring share-based compensation expense, measuring accretion expense related to our acquisition of the joint venture, and valuing allowances for doubtful accounts and inventories. Actual results could differ from these estimates. Management’s estimates and assumptions are reviewed regularly, and the effects of revisions are reflected in the Consolidated Condensed Financial Statements in the periods they are determined to be necessary.

Revenue Recognition (Policies)

Revenue Recognition (Policies)	6 Months Ended
	Jun. 30, 2015
Revenue Recognition [Abstract]
Revenue Recognition	6. Revenue Recognition Concentration of Significant Customers Two distributors and three direct customers comprised 68% of our revenue recognized for the six months ended June 30, 2015. Two direct customers accounted for 73% of total outstanding accounts receivable as of June 30, 2015. Five distributors comprised 71% of our revenue recognized for the six months ended June 30, 2014. Three distributors accounted for 78% of total outstanding accounts receivable as of June 30, 2014. Product revenues, classified by geographic location, are as follows: Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Product Revenues % of Total Product Revenues % of Total Product Revenues % of Total Product Revenues % of Total Americas $ 272,000 17 % $ 227,000 24 % $ 477,000 19 % $ 264,000 14 % Japan 352,000 22 % 618,000 66 % 957,000 38 % 1,263,000 64 % Europe 328,000 20 % 90,000 10 % 416,000 17 % 438,000 22 % Asia Pacific 662,000 41 % — — 666,000 26 % — — Total product revenues $ 1,614,000 100 % $ 935,000 100 % $ 2,516,000 100 % $ 1,965,000 100 % Research and Development We earn revenue for performing tasks under research and development agreements with governmental agencies like the BARDA. Revenues derived from reimbursement of direct out-of-pocket expenses for research costs associated with government contracts are recorded as government contract and other within development revenues. Government contract revenue is recorded at the gross amount of the reimbursement. The costs associated with these reimbursements are reflected as a component of research and development expense in our statements of operations. We recognized $1.8 million and $3.3 million in BARDA revenue for the three and six months ended June 30, 2015, respectively as compared to $0.4 million and $0.8 million for the three and six months ended June 30, 2014, respectively.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2015
Revenue Recognition [Abstract]
Product Revenues by Geographic Location	Product revenues, classified by geographic location, are as follows: Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Product Revenues % of Total Product Revenues % of Total Product Revenues % of Total Product Revenues % of Total Americas $ 272,000 17 % $ 227,000 24 % $ 477,000 19 % $ 264,000 14 % Japan 352,000 22 % 618,000 66 % 957,000 38 % 1,263,000 64 % Europe 328,000 20 % 90,000 10 % 416,000 17 % 438,000 22 % Asia Pacific 662,000 41 % — — 666,000 26 % — — Total product revenues $ 1,614,000 100 % $ 935,000 100 % $ 2,516,000 100 % $ 1,965,000 100 %

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventories [Abstract]
Inventory	Inventories consisted of the following: June 30, 2015 December 31, 2014 Raw materials $ 1,556,000 $ 1,715,000 Work in process 829,000 1,301,000 Finished goods 1,694,000 1,813,000 $ 4,079,000 $ 4,829,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value	The following table provides a summary of the recognized assets and liabilities that we measure at fair value on a recurring basis: Balance as of Basis of Fair Value Measurements June 30, 2015 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 5,644,000 $ 5,644,000 $ — $ — Liabilities: Warrant liability $ 18,187,000 $ — $ — $ 18,187,000 Balance as of Basis of Fair Value Measurements December 31, 2014 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 8,144,000 $ 8,144,000 $ — $ — Liabilities: Warrant liability $ 9,793,000 $ — $ — $ 9,793,000
Estimation of Fair Value Determined by Using Option Pricing Model	All future changes in the fair value of the warrants will be recognized in our consolidated statements of operations until they are either exercised or expire in 2020. The warrants are not traded in an active securities market, and as such the estimated the fair value as of June 30, 2015 and December 31, 2014 was determined by using an option pricing model (Monte Carlo) with the following assumptions: As of June 30, 2015 As of December 31, 2014 October 2014 Warrants Expected term 4.8 years 5.3 years Common stock market price $ 0.56 $ 0.49 Risk-free interest rate 1.63 % 1.65 % Expected volatility 90-120 % 90.00 % Resulting fair value (per warrant) $ 0.43 $ 0.38 As of June 30, 2015 As of December 31, 2014 May 2015 Warrants Expected term 5.4 years — Common stock market price $ 0.56 — Risk-free interest rate 1.63 % — Expected volatility 90-120 % — Resulting fair value (per warrant) $ 0.42 —
Summary of Change in Level 3 Warrant Liability	The following table summarizes the change in our Level 3 warrant liability value: Warrant liability Six months ended June 30, 2015 Beginning balance $ 9,793,000 Issuance of warrants 14,329,000 Exercised warrants (8,257,000 ) Change in fair value 2,322,000 Ending balance $ 18,187,000

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value [Abstract]
Fair Value and Carrying Value of Long-term Debt	At June 30, 2015 and December 31, 2014, the aggregate fair value and the carrying value of the Company’s long-term debt were as follows: June 30, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Long-term debt $ 16,219,000 $ 16,184,000 $ 25,206,000 $ 25,373,000

Capital Availability (Details)

Capital Availability (Details) - USD ($)	May. 05, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Oct. 31, 2014
Capital Availability [Line Items]
Net income (loss)		$ 4,450,000	$ (11,828,000)	$ (17,509,000)	$ (22,228,000)
Accumulated deficit		$ (355,782,000)		(355,782,000)		$ (338,273,000)
Net cash used in operating activities				$ (9,788,000)	$ (18,137,000)
Institutional Investors [Member]
Capital Availability [Line Items]
Common stock issued, value	$ 25,000,000
Each unit consist of number of common stock and warrant (in shares)	1						1

Transactions with Olympus Cor26

Transactions with Olympus Corporation (Details) - USD ($) $ in Millions	Apr. 30, 2015	Jun. 30, 2015
Acquisition of Olympus' Interest in the Joint Venture [Abstract]
Total purchase price	$ 6
Purchase price payment agreement term		2 years
Amendment One to Joint Venture Termination Agreement [Member]
Acquisition of Olympus' Interest in the Joint Venture [Abstract]
Purchase price remaining balance	$ 3.2
Interest rate on the purchase price of remaining balance (in hundredths)	6.00%
Purchase price principal amount payable on May 8, 2015	$ 1
Purchase price principal amount payable on September 30, 2015	0.5
Purchase price principal amount payable on December 31, 2015	0.5
Purchase price principal amount payable on March 31, 2016	0.5
Purchase price principal amount and accrued interest payable on May 8, 2016	$ 0.7
Acquired Olympus Ownership [Member]
Acquisition of Olympus' Interest in the Joint Venture [Abstract]
Extended purchase price amount in default prior to March 1, 2020		$ 16

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	May. 29, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014	Sep. 10, 2014	Jun. 04, 2014
Debt Instrument [Line Items]
Warrant exercise price (in dollars per share)						$ 2	$ 1	$ 3
Repayment of long term debt				$ 25,032,000	$ 0
Loss on debt extinguishment		$ 260,000	$ 0	$ 260,000	$ 0
LIBOR [Member] | Interest Rate Floor [Member]
Debt Instrument [Line Items]
Basis variable rate (In hundredths)	1.00%
Term Loan [Member]
Debt Instrument [Line Items]
Origination date				May 29, 2015
Original loan amount	$ 17,700,000
Interest rate (in hundredths)	8.95%
Basis variable rate (In hundredths)	7.95%
Maturity date				Jun. 1, 2019
Fees amount associated with loan	$ 1,100,000
Date from which warrants are exercisable				Nov. 30, 2015
Warrants issued to lenders (in shares)	1,416,618
Warrant exercise price (in dollars per share)	$ 0.69
Warrant expiration date				May 29, 2025
Repayment of long term debt	$ 25,400,000
Term Loan remaining balance at date of Amendment	23,400,000
Accrued but unpaid interest	200,000
Final payment fee	1,800,000
Principal amount of previous loan retired	3,100,000
Unamortized debt discount	$ 800,000
Effective interest rate (in hundredths)	14.95%
Loss on debt extinguishment	$ 300,000
Term Loan [Member] | Final Payment [Member]
Debt Instrument [Line Items]
Fees amount associated with loan	$ 800,000

Revenue Recognition (Details)

Revenue Recognition (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)DistributorCustomer	Jun. 30, 2014USD ($)Distributor
Concentration Risk [Table]
Revenues	$ 1,614,000	$ 935,000	$ 2,516,000	$ 1,965,000
Concentration risk percentage (in hundredths)	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk [Member] | Revenue Recognized [Member]
Concentration Risk [Table]
Number of distributors | Distributor			2	5
Number of customers | Customer			3
Concentration risk percentage (in hundredths)			68.00%	71.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk [Table]
Number of distributors | Distributor				3
Number of customers | Customer			2
Concentration risk percentage (in hundredths)			73.00%	78.00%
BARDA Contract [Member]
Research and Development Arrangements [Line Items]
Revenue recognized	$ 1,800,000	$ 400,000	$ 3,300,000	$ 800,000
Americas [Member]
Concentration Risk [Table]
Revenues	$ 272,000	$ 227,000	$ 477,000	$ 264,000
Concentration risk percentage (in hundredths)	17.00%	24.00%	19.00%	14.00%
Japan [Member]
Concentration Risk [Table]
Revenues	$ 352,000	$ 618,000	$ 957,000	$ 1,263,000
Concentration risk percentage (in hundredths)	22.00%	66.00%	38.00%	64.00%
Europe [Member]
Concentration Risk [Table]
Revenues	$ 328,000	$ 90,000	$ 416,000	$ 438,000
Concentration risk percentage (in hundredths)	20.00%	10.00%	17.00%	22.00%
Asia Pacific [Member]
Concentration Risk [Table]
Revenues	$ 662,000	$ 0	$ 666,000	$ 0
Concentration risk percentage (in hundredths)	41.00%	0.00%	26.00%	0.00%

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Inventories [Abstract]
Raw materials	$ 1,556,000	$ 1,715,000
Work in process	829,000	1,301,000
Finished goods	1,694,000	1,813,000
Inventory, net	$ 4,079,000	$ 4,829,000

Income (Loss) per Share (Detail

Income (Loss) per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income (Loss) per Share [Abstract]
Potentially dilutive securities included for the calculating earnings per share (in shares)	8.4
Dilutive common shares excluded from the calculations of diluted loss per share (in shares)		22.5	55.1	22.5

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)
Recorded Unconditional Purchase Obligation [Line Items]
Minimum purchase obligations due within one year	$ 1
Pre-clinical Research Study Obligations [Member]
Recorded Unconditional Purchase Obligation [Line Items]
Purchase obligation	9.2
Purchase obligation, due in next twelve months	5.2
Operating Lease Obligations [Member]
Recorded Unconditional Purchase Obligation [Line Items]
Contractual obligation	5.2
Contractual Obligation, due in next twelve months	$ 2.2

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	May. 05, 2015	Oct. 31, 2014	Sep. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	May. 31, 2015	Sep. 10, 2014	Jun. 04, 2014
Liabilities [Abstract]
Warrant liability				$ 9,793,000	$ 9,793,000	$ 18,187,000
Warrant Liability [Abstract]
Warrant exercise price (in dollars per share)			$ 2					$ 1	$ 3
Period exercisable from the date of issuance		6 months	6 months 1 day
Change in Level 3 warrant liability [Roll Forward]
Beginning balance				9,793,000
Issuance of warrants				14,329,000
Exercised warrants				(8,257,000)
Change in fair value				2,322,000
Ending balance				18,187,000	9,793,000
Warrants [Member]
Liabilities [Abstract]
Warrant liability				10,000,000		10,000,000
Change in Level 3 warrant liability [Roll Forward]
Ending balance				10,000,000
October 2014 warrants [Member]
Liabilities [Abstract]
Warrant liability				$ 9,800,000	$ 9,800,000	$ 7,500,000
Warrant Liability [Abstract]
Warrant exercise price (in dollars per share)						$ 0.5771
Period exercisable from the date of issuance				6 months
Expiration term of warrant				5 years
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Expected term				4 years 9 months 18 days	5 years 3 months 18 days
Common stock market price (in dollars per share)					$ 0.49	0.56
Risk-free interest rate (in hundredths)				1.63%	1.65%
Expected volatility (in hundredths)					90.00%
Resulting fair value (in dollars per share)					$ 0.38	$ 0.43
Change in Level 3 warrant liability [Roll Forward]
Beginning balance				$ 9,800,000
Ending balance				$ 7,500,000	$ 9,800,000
October 2014 warrants [Member] | Maximum [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Expected volatility (in hundredths)				120.00%
October 2014 warrants [Member] | Minimum [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Expected volatility (in hundredths)				90.00%
May 2015 Warrant s [Member]
Liabilities [Abstract]
Warrant liability				$ 10,700,000		$ 10,700,000	$ 14,300,000
Warrant Liability [Abstract]
Warrant exercise price (in dollars per share)	$ 1.02					$ 1.02
Period exercisable from the date of issuance	6 months 1 day			6 months 1 day
Expiration term of warrant				5 years
Common stock issued, value				$ 25,000,000
Number of common stock within each unit (in shares)				1
Number of warrants within each unit (in shares)				1
Number of warrants to purchase common stock (in shares)						1
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Expected term				5 years 4 months 24 days
Common stock market price (in dollars per share)					$ 0	$ 0.56
Risk-free interest rate (in hundredths)				1.63%	0.00%
Expected volatility (in hundredths)					0.00%
Resulting fair value (in dollars per share)					$ 0	$ 0.42
Change in Level 3 warrant liability [Roll Forward]
Ending balance				$ 10,700,000
May 2015 Warrant s [Member] | Maximum [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Expected volatility (in hundredths)				120.00%
May 2015 Warrant s [Member] | Minimum [Member]
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract]
Expected volatility (in hundredths)				90.00%
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Cash equivalents					$ 8,144,000	$ 5,644,000
Liabilities [Abstract]
Warrant liability				$ 9,793,000	9,793,000	18,187,000
Change in Level 3 warrant liability [Roll Forward]
Beginning balance				9,793,000
Ending balance				18,187,000	9,793,000
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Cash equivalents					8,144,000	5,644,000
Liabilities [Abstract]
Warrant liability				0	0	0
Change in Level 3 warrant liability [Roll Forward]
Beginning balance				0
Ending balance				0	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Cash equivalents					0	0
Liabilities [Abstract]
Warrant liability				0	0	0
Change in Level 3 warrant liability [Roll Forward]
Beginning balance				0
Ending balance				0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Cash equivalents					0	0
Liabilities [Abstract]
Warrant liability				9,793,000	9,793,000	$ 18,187,000
Change in Level 3 warrant liability [Roll Forward]
Beginning balance				9,793,000
Ending balance				$ 18,187,000	$ 9,793,000

Fair Value (Details)

Fair Value (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 16,219,000	$ 25,206,000
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	16,184,000	25,373,000
Debt discount	$ 2,700,000	$ 1,500,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	May. 05, 2015USD ($)$ / sharesshares	Apr. 30, 2015USD ($)shares	Oct. 31, 2014$ / sharesshares	Sep. 30, 2014USD ($)WarrantHolder$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Sep. 10, 2014$ / shares	Jun. 04, 2014$ / shares	May. 31, 2014$ / shares
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)					5,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.001
Common Stock [Abstract]
Period exercisable from the date of issuance			6 months	6 months 1 day
Number of warrant holders | WarrantHolder				13
Number of shares called by warrants (in shares)				4,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.001	$ 0.001
Warrant exercise price (in dollars per share) | $ / shares				$ 2			$ 1	$ 3
Period in which warrants will expire				5 years
Warrants with reduced exercise price (in shares)			3,400,000
Conversion price (in dollars per share) | $ / shares			$ 0.52
Percentage of shares equal to purchase of warrants (in hundredths)			100.00%
Proceeds from exercise of warrants | $				$ 4,000
Warrants [Member]
Common Stock [Abstract]
Warrants exercised (in shares)					3,400,000
October 2014 Warrants [Member]
Common Stock [Abstract]
Common stock at purchase price (in dollars per unit) | $ / shares					$ 0.56	0.49
Period exercisable from the date of issuance					6 months
Warrant exercise price (in dollars per share) | $ / shares					$ 0.5771
Proceeds from exercise of warrants | $					$ 4,900
Warrants exercised (in shares)					8,500,000
Number of warrants outstanding (in shares)					17,500,000
May 2015 Warrants [Member]
Common Stock [Abstract]
Common stock at purchase price (in dollars per unit) | $ / shares					$ 0.56	$ 0
Period exercisable from the date of issuance	6 months 1 day				6 months 1 day
Warrant exercise price (in dollars per share) | $ / shares	$ 1.02				$ 1.02
Period in which warrants will expire	5 years
Number of common stock and warrant available in each unit of subscription agreement (in shares)	1
Common stock issued, value | $					$ 25,000
Each unit consist of number of common stock and warrant (in shares)	1
Institutional Investors [Member]
Common Stock [Abstract]
Common stock issued (in shares)			13,500
Sale of stock, price per share (in dollars per share) | $ / shares			$ 1,000
Period in which warrants will expire			5 years
Number of common stock and warrant available in each unit of subscription agreement (in shares)	1		1
Common stock issued, value | $	$ 25,000
Each unit consist of number of common stock and warrant (in shares)	1		1
Institutional Investors [Member] | May 2015 Warrants [Member]
Common Stock [Abstract]
Proceeds from private placement of stock | $	$ 17,700
Common stock at purchase price (in dollars per unit) | $ / shares	$ 0.77
Number of common stock and warrant available in each unit of subscription agreement (in shares)	1
Common stock issued, value | $	$ 25,000
Each unit consist of number of common stock and warrant (in shares)	1
Cowen and Company, LLC [Member]
Common Stock [Abstract]
Proceeds from private placement of stock | $		$ 7,200
Common stock issued (in shares)		5,800,000
Common stock, par value (in dollars per share) | $ / shares									$ 0.001
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)					5,000,000	5,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)					0	5,311
Preferred stock, shares issued (in shares)					13,500	13,500
Convertible preferred stock (in hundredths)					3.60%	3.60%
Common Stock [Abstract]
Cashless exercise of warrants | $					$ 1,800
Proceeds from exercise of warrants | $					100
Series A Preferred Stock [Member] | Dividend Declared [Member]
Common Stock [Abstract]
Dividends Payable | $						$ 70
Series A Preferred Stock [Member] | Dividend Paid [Member]
Common Stock [Abstract]
Dividends Payable | $					$ 700	$ 1,200
Warrants [Member]
Common Stock [Abstract]
Warrant exercise price (in dollars per share) | $ / shares			$ 0.5771