DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Mar. 31, 2018 | May 08, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | YIELD10 BIOSCIENCE, INC. | |
Entity Central Index Key | 1,121,702 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY) | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 9,968,455 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 7,583,000 | $ 14,487,000 |
Short-term investments | 3,991,000 | 0 |
Accounts receivable | 42,000 | 54,000 |
Unbilled receivables | 36,000 | 65,000 |
Prepaid expenses and other current assets | 442,000 | 311,000 |
Total current assets | 12,094,000 | 14,917,000 |
Restricted cash | 317,000 | 317,000 |
Property and equipment, net | 1,526,000 | 1,539,000 |
Other assets | 103,000 | 109,000 |
Total assets | 14,040,000 | 16,882,000 |
Current Liabilities: | ||
Accounts payable | 80,000 | 76,000 |
Accrued expenses | 1,352,000 | 2,299,000 |
Total current liabilities | 1,432,000 | 2,375,000 |
Lease incentive obligation, net of current portion | 973,000 | 1,005,000 |
Total liabilities | 2,405,000 | 3,380,000 |
Commitments and contingencies (Note 8) | ||
Stockholders’ Equity: | ||
Series A Convertible Preferred Stock ($0.01 par value per share); 5,000,000 shares authorized at March 31, 2018 and December 31, 2017; 0 and 1,826 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 0 | 818,000 |
Common stock ($0.01 par value per share); 40,000,000 shares authorized at March 31, 2018 and December 31, 2017; 9,968,455 and 9,089,159 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 100,000 | 91,000 |
Additional paid-in capital | 356,667,000 | 355,431,000 |
Accumulated other comprehensive loss | (89,000) | (85,000) |
Accumulated deficit | (345,043,000) | (342,753,000) |
Total stockholders’ equity | 11,635,000 | 13,502,000 |
Total liabilities and stockholders’ equity | $ 14,040,000 | $ 16,882,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred shares issued | 0 | 1,826 | 0 |
Preferred stock, shares outstanding | 0 | 1,826 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock shares authorized | 40,000,000 | 40,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 9,968,455 | 9,089,159 | |
Common stock, shares outstanding | 9,968,455 | 9,089,159 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Grant revenue | $ 60 | $ 324 |
Total revenue | 60 | 324 |
Expenses: | ||
Research and development | 1,094 | 1,109 |
General and administrative | 1,273 | 1,276 |
Total expenses | 2,367 | 2,385 |
Loss from operations | (2,307) | (2,061) |
Interest income, net | 35 | 1 |
Other expense, net | (18) | (32) |
Total other income (expense), net | 17 | (31) |
Net loss | $ (2,290) | $ (2,092) |
Basic and diluted net loss per share (in USD per share) | $ (0.24) | $ (0.74) |
Number of shares used in per share calculations: | ||
Basic & Diluted (in shares) | 9,698,726 | 2,839,963 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss: | $ (2,290) | $ (2,092) |
Other comprehensive loss | ||
Change in unrealized gain (loss) on investments | 1 | 0 |
Change in foreign currency translation adjustment | (5) | (1) |
Total other comprehensive loss | (4) | (1) |
Comprehensive loss | $ (2,294) | $ (2,093) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (2,290) | $ (2,092) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 47 | 53 |
Charge for 401(k) company common stock match | 46 | 23 |
Stock-based compensation | 281 | 264 |
Changes in operating assets and liabilities: | ||
Accounts receivables | 12 | (144) |
Due from related party | 0 | 1 |
Unbilled receivables | 29 | 7 |
Prepaid expenses and other assets | (125) | (97) |
Accounts payable | (27) | (5) |
Accrued expenses | (971) | (168) |
Contract termination obligation and other long-term liabilities | (32) | (275) |
Net cash used for operating activities | (3,030) | (2,433) |
Cash flows from investing activities | ||
Purchase of property and equipment | (3) | 0 |
Purchase of short-term investments | (4,002) | 0 |
Proceeds from the sale and maturity of short-term investments | 11 | 0 |
Net cash used for investing activities | (3,994) | 0 |
Cash flows from financing activities | ||
Proceeds from warrants exercised | 124 | 0 |
Net cash provided by financing activities | 124 | 0 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4) | (1) |
Net decrease in cash, cash equivalents and restricted cash | (6,904) | (2,434) |
Cash, cash equivalents and restricted cash at beginning of period | 14,804 | 7,741 |
Cash, cash equivalents and restricted cash at end of period | 7,900 | 5,307 |
Supplemental disclosure of non-cash information: | ||
Purchase of property and equipment included in accounts payable and accrued expenses | $ 31 | $ 0 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION | NATURE OF BUSINESS AND BASIS OF PRESENTATION Yield10 Bioscience, Inc. ("Yield10 Bioscience," "Yield10," or the "Company") is an agricultural bioscience company focusing on the development of new technologies to enable step-change increases in crop yield to enhance global food security. The Company considers 10 - 20 percent increases in crop yield to be step-change increases. According to a United Nations report, food production must be increased by over 70 percent in the next 35 years to feed the growing global population, which is expected to increase from 7 billion to more than 9.6 billion by 2050. During that time period, there will be a reduction in available arable land as a result of infrastructure growth and increased pressure on scarce water resources. Harvestable food production per acre and per growing season must be increased to meet this demand. At the same time, in light of the increasing focus on health and wellness, food safety and sustainability in developed countries, the Company anticipates a rise in demand for new varieties of food and food ingredients with improved nutritional properties. Further, concerns about food safety have led to the concept of “seed to plate,” or "farm to fork," with a focus on stringent quality control along the entire value chain. If this concept takes hold with consumers, it is likely to require identity preservation from seed to harvest and involve contract farming. This concept has been initially implemented in agricultural biotechnology, in products such as high oleic canola and soybean. Consumer demand for identity preserved specialty ingredients is also expected to rise, and the Company believes that Yield10's crop yield technologies and crop genome-editing platform could be useful in this emerging field. The foundation technology of Yield10 was based on using two proprietary advanced biotechnology trait gene discovery platforms to improve fundamental crop yield through enhanced photosynthetic carbon capture and increased carbon utilization efficiency to increase seed yield. These platforms are based on the principle that plants which capture and utilize carbon more efficiently will enable more robust crops capable of increased seed yield. Yield10 is working to develop, translate and demonstrate the commercial value of a number of novel yield trait genes from these discovery platforms in major crops. The Company's “Smart Carbon Grid for Crops” metabolic engineering platform has already proven useful in identifying a number of its C3000 series of traits, including the novel yield trait gene C3003 which will be field tested in Camelina and canola in the 2018 growing season. The Company's “T3 Platform,” is based on mining transcription factor network data sets and led to the identification of its C4001, C4002 and C4003 global transcription factor gene traits. These gene traits enabled the Company to engineer switchgrass plants with high rates of photosynthesis and increased biomass yield. The Company is currently repeating its work with C4001 and C4003 in rice and wheat and plan to do so in corn. Yield10 is currently combining the two trait gene discovery platforms to create an integrated system for identifying key plant gene combinations for modification using genome editing to improve crop performance. Advanced metabolic flux analysis forms the foundation of the GRAIN platform the Company is developing based on Yield10 scientists unique 20 -plus years of experience successfully deploying advanced metabolic flux analysis to address critical bottlenecks in carbon metabolism. Based on elements of the GRAIN platform that the Company is already working on, it has identified the C4004 through C4027 series of transcription factor genes that are down-regulated in the Company's high-photosynthesis engineered switchgrass plants as well as a number of new gene targets related to the Company's lead C3003 yield trait. New tools for genome-editing continue to develop at a fast pace and be deployed against known targets which for the most part are focused on changing seed or seed oil composition. However, identifying gene combinations remain an unmet need. The Company is currently progressing the development of its lead yield trait genes in canola, soybean, rice and wheat to provide step-change yield solutions for enhancing global food security. Yield10 Bioscience is headquartered in Woburn, Massachusetts and has an additional agricultural science facility with greenhouses in Saskatoon, Saskatchewan, Canada. The accompanying condensed consolidated financial statements are unaudited and have been prepared by Yield10 in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The condensed consolidated financial statements, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the financial position and results of operations for the interim periods ended March 31, 2018 and March 31, 2017 . The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for any future period or the entire fiscal year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017 , which are contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2018. As of March 31, 2018 , the Company held unrestricted cash, cash equivalents and short-term investments of $11,574 . The Company follows the guidance of ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40) in order to determine whether there is substantial doubt about its ability to continue as a going concern for one year after the date its financial statements are issued. Based on its cash forecast, management expects that the Company's present capital resources will be sufficient to fund its planned operations for at least the next twelve month period from the date these unaudited financial statements are issued. If the Company issues equity or debt securities to raise additional funds, (i) the Company may incur fees associated with such issuance, (ii) its existing stockholders may experience dilution from the issuance of new equity securities, (iii) the Company may incur ongoing interest expense and be required to grant a security interest in Company assets in connection with any debt issuance, and (iv) the new equity or debt securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. In addition, utilization of the Company’s net operating loss and research and development credit carryforwards may be subject to significant annual limitations under Section 382 of the Internal Revenue Code of 1986 due to ownership changes resulting from equity financing transactions. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products or proprietary technologies, or grant licenses on terms that are not favorable to the Company. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that the Company adopts as of the specified effective date. During the three months ended March 31, 2018, the Company adopted the following new accounting guidance. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU is the result of a joint project by the FASB and the International Accounting Standards Board ("IASB") to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards ("IFRS") that would: remove inconsistencies and weaknesses in the treatment of this area between GAAP and IFRS, provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices across entities, jurisdictions, industries, and capital markets, improve disclosure requirements and resulting financial statements, and simplify the presentation of financial statements. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the new standard effective January 1, 2018 using the modified retrospective method and determined that its grant revenue, which is its sole source of revenue, does not fall within the guidance of the new standard. The Company will review future customer revenue agreements against the guidance provided by ASU No. 2014-09 to ensure that revenue is recorded appropriately. In January 2016 the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . This new standard amended certain aspects of accounting and disclosure requirements for financial instruments, including the requirement that equity investments with readily determinable fair values are to be measured at fair value with any changes in fair value recognized in a company's statements of operations. Prior to adoption of ASU 2016-01, companies recognized changes in fair value in accumulated other comprehensive income (loss), net. Equity investments that do not have readily determinable fair values may be measured at fair value or at cost minus impairment adjusted for changes in observable prices. In addition, a valuation allowance should be evaluated on deferred tax assets related to available-for-sale debt securities in combination with other deferred tax assets. The Company adopted this new standard on January 1, 2018, using the modified retrospective method, and determined that it did not have a material impact on the Company's financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The new standard clarifies certain aspects of the statement of cash flows, including the classification of debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investees and beneficial interests in securitization transactions. The new standard also clarifies that an entity should determine each separately identifiable source or use within the cash receipts and cash payments on the basis of the nature of the underlying cash flows. In situations in which cash receipts and payments have aspects of more than one class of cash flows and cannot be separated by source or use, the appropriate classification should depend on the activity that is likely to be the predominant source or use of cash flows for the item. The Company adopted this new standard on January 1, 2018 and determined that it did not have a material impact on the Company's financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other Than Inventory . This new standard eliminates the deferral of the tax effects of intra-entity asset transfers other than inventory. As a result, the income tax consequences from the intra-entity transfer of an asset other than inventory and associated changes to deferred taxes will be recognized when the transfer occurs. The Company adopted this new standard on January 1, 2018 and determined that it did not have a material impact on the Company's financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). The new standard provides uniform guidance for the classification and presentation of changes in restricted cash on the statement of cash flows under Topic 230, Statement of Cash Flows . ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash. Therefore, amounts included in restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 was effective for the Company for its fiscal year beginning January 1, 2018, including interim periods, and requires a retrospective presentation of each period presented. As a result, the Company's Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2018 and March 31, 2017 have been prepared in accordance with the new requirements of ASU 2016-18. Other than the new standards described above, there have been no material changes in accounting policies since the Company’s fiscal year ended December 31, 2017 , as described in Note 2 to the consolidated financial statements included in its Annual Report on Form 10-K for the year then ended. New pronouncements that are not yet effective but may impact the Company's financial statements in the future are described below. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for Yield10 Bioscience on January 1, 2019. The Company is in the process of evaluating the impact of this new guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new standard changes the impairment model for most financial assets and certain other instruments. Under the new standard, entities holding financial assets and net investment in leases that are not accounted for at fair value through net income are to be presented at the net amount expected to be collected. An allowance for credit losses will be a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The new standard will be effective for the Company on January 1, 2020. The Company is in the process of evaluating the impact of this new guidance. Principles of Consolidation The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions were eliminated, including transactions with its Canadian subsidiary, Metabolix Oilseeds, Inc. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less at the date of purchase to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company's Condensed Consolidated Balance Sheets included herein: March 31, 2018 December 31, 2017 Cash and cash equivalents $ 7,583 $ 14,487 Restricted cash 317 317 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 7,900 $ 14,804 Amounts included in restricted cash represent those required to be set aside by contractual agreement. Restricted cash of $317 at March 31, 2018 and December 31, 2017 primarily consists of funds held in connection with the Company's lease agreement for its Woburn, Massachusetts facility. Investments The Company considers all investments purchased with an original maturity date of more than ninety days at the date of purchase and a maturity date of one year or less at the balance sheet date to be short-term investments. All other investments are classified as long-term. The Company held no long-term investments at March 31, 2018 and no short or long-term investments at December 31, 2017. Other-than-temporary impairments of equity investments are recognized in the Company's statements of operations if the Company has experienced a credit loss and has the intent to sell the investment or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Realized gains and losses, dividends, interest income and declines in value judged to be other-than-temporary credit losses are included in other income (expense). Any premium or discount arising at purchase is amortized and/or accreted to interest income. Restructuring In 2016, the Company announced a strategic restructuring under which Yield10 Bioscience became its core business and its biopolymer operations were discontinued. The Company records estimated restructuring charges for employee severance and contract termination costs as a current period expense as those costs become contractually fixed, probable and estimable. Obligations associated with these charges are reduced or adjusted as payments are made or the Company's estimates are revised. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of grant revenue and expenses during the reporting periods. Actual results could differ from those estimates. Foreign Currency Translation Foreign denominated assets and liabilities of the Company's wholly owned foreign subsidiaries are translated into U.S. dollars at the prevailing exchange rates in effect on the balance sheet date. Revenues and expenses are translated at average exchange rates prevailing during the period. Any resulting translation gains or losses are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheet. When the Company dissolves, sells or substantially sells all of the assets of a consolidated foreign subsidiary, the cumulative translation gain or loss of that subsidiary is released from comprehensive income (loss) and included within its consolidated statement of operations during the fiscal period when the dissolution or sale occurs. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company's tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the deferred tax asset to a level which, more likely than not, will be realized. In December 2017, the Tax Cuts and Jobs Act, or the Tax Act ("TCJA"), was signed into law. Among other things, the Tax Act permanently lowers the corporate federal income tax rate to 21% effective for tax years including or commencing January 1, 2018. As a result of the reduction of the corporate federal income tax rate, GAAP requires companies to revalue their deferred tax assets and deferred tax liabilities as of the date of enactment, with the resulting tax effects accounted for in the reporting period of enactment. The Company's preliminary estimate of the TCJA and the remeasurement of its deferred tax assets and liabilities is subject to change as additional information becomes available, but no later than one year from the enactment of the TCJA. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents and investments. The Company has historically invested its cash equivalents in highly rated money market funds, corporate debt, federal agency notes and U.S. treasury notes. Investments, when purchased, are acquired in accordance with the Company’s investment policy which establishes a concentration limit per issuer. At March 31, 2018 , 77% of the Company's total accounts and unbilled receivables of $78 are due from U.S. government grants. |
BASIC AND DILUTED NET INCOME (L
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | BASIC AND DILUTED NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of dilutive common shares outstanding during the period. Diluted shares outstanding is calculated by adding to the weighted shares outstanding any potential (unissued) shares of common stock from outstanding stock options and warrants based on the treasury stock method, as well as weighted shares outstanding of any potential (unissued) shares of common stock from restricted stock units. In periods when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods when a loss is reported, there is no difference in basic and dilutive loss per share. Common stock equivalents include stock options, restricted stock awards and warrants. On May 26, 2017, the Company effected a 1-for- 10 reverse stock split of its common stock. The calculation of basic and diluted net loss per share, as presented in the accompanying condensed consolidated statement of operations, have been determined based on a retroactive adjustment of weighted average shares outstanding for all periods presented. The number of shares of potentially dilutive common stock presented on a weighted average basis, related to options, restricted stock units and warrants (prior to consideration of the treasury stock method) that were excluded from the calculation of dilutive shares since the inclusion of such shares would be anti-dilutive for the three months ended March 31, 2018 and March 31, 2017 , respectively, are shown below. Issued and outstanding warrants shown in the table below are described in greater detail in Note 10, contained herein. Three Months Ended 2018 2017 Options 700,722 616,188 Restricted stock units 14,259 21,642 Warrants 10,597,486 393,300 Total 11,312,467 1,031,130 |
INVESTMENTS (Notes)
INVESTMENTS (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Investments consist of the following: Accumulated Cost Unrealized Market Value March 31, 2018 Gain (Loss) Short-term investments Government securities $ 3,990 $ 1 $ — $ 3,991 Total $ 3,990 $ 1 $ — $ 3,991 The Company considers all highly liquid investments purchased with an original maturity date of more than ninety days at the date of purchase to be cash equivalents, and investments purchased with an original maturity date of ninety days or more at the date of purchase and a maturity date of one year or less at the balance sheet date to be short-term investments. All other investments are classified as long-term. There were no long-term investments as of March 31, 2018 or December 31, 2017 , and no short-term investments at December 31, 2017 . The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the Company's condensed consolidated statements of operations if the Company has experienced a credit loss and has the intent to sell the investment or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. Realized gains and losses, dividends, interest income and declines in value judged to be other-than-temporary credit losses are included in other income (expense). Any premium or discount arising at purchase is amortized and/or accreted to interest income. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company has certain financial assets recorded at fair value which have been classified as either Level 1 or 2 within the fair value hierarchy as described in the accounting standards for fair value measurements. Fair value is the price that would be received from the sale of an asset or the price paid to transfer a liability in an orderly transaction between independent market participants at the measurement date. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The fair value hierarchy level is determined by the lowest level of significant input. At March 31, 2018 and December 31, 2017 , the Company did not own any Level 3 financial assets. The Company’s financial assets classified as Level 2 at March 31, 2018 , were initially valued at the transaction price and subsequently valued utilizing third party pricing services. Because the Company’s investment portfolio may include securities that do not always trade on a daily basis, the pricing services use many observable market inputs to determine value including reportable trades, benchmark yields and benchmarking of like securities. The Company validates the prices provided by the third party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of March 31, 2018 . The tables below present information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. Fair value measurements at reporting date using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Balance as of Description (Level 1) (Level 2) (Level 3) March 31, 2018 Cash equivalents: Money market funds $ 4,044 $ — $ — $ 4,044 U.S. government and agency securities — 2,997 — 2,997 Short-term investments: U.S. government and agency securities — 3,991 — 3,991 Total $ 4,044 $ 6,988 $ — $ 11,032 Fair value measurements at reporting date using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Balance as of Description (Level 1) (Level 2) (Level 3) December 31, 2017 Cash equivalents: Money market funds $ 11,025 $ — $ — $ 11,025 Total $ 11,025 $ — $ — $ 11,025 The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less at the date of purchase to be cash equivalents, and investments purchased with an original maturity date of more than ninety days at the date of purchase and a maturity date of one year or less at the balance sheet date to be short-term investments. All other investments are classified as long-term. There were no long-term investments as of March 31, 2018 or December 31, 2017 , and no short-term investments at December 31, 2017 . |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following at: March 31, December 31, Employee compensation and benefits $ 276 $ 646 Commercial manufacturing 246 489 Professional services 175 335 Other 655 829 Total accrued expenses $ 1,352 $ 2,299 Accrued commercial manufacturing expense at March 31, 2018 and December 31, 2017 , is related to the Company's terminated biopolymer manufacturing contract obligation. See Note 11. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Expense Information for Employee and Non-Employee Stock Awards The Company recognized stock-based compensation expense related to stock awards, including awards to non-employees and members of the Board of Directors of $281 and $264 for the three months ended March 31, 2018 and March 31, 2017 , respectively. At March 31, 2018 , there was approximately $715 of pre-tax stock-based compensation expense related to unvested awards not yet recognized. The compensation expense related to unvested stock options is expected to be recognized over a remaining weighted average period of 0.56 years. Stock Options A summary of option activity for the three months ended March 31, 2018 is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2017 702,033 $ 16.21 Granted 12,425 $ 1.95 Exercised — — Forfeited (791 ) $ 12.64 Expired (1,495 ) $ 453.96 Outstanding at March 31, 2018 712,172 $ 15.05 Options vested and expected to vest at March 31, 2018 712,172 $ 15.05 Options exercisable at March 31, 2018 455,878 $ 20.57 Restricted Stock Units Restricted Stock Units ("RSUs") awarded to employees generally vest in four equal annual installments beginning one year after the date of grant, subject to service conditions. RSUs awarded to non-employee directors generally vest one year after the date of grant, with the exception of RSUs granted in lieu of cash compensation, which vest immediately. The Company records stock compensation expense for RSUs on a straight line basis over their vesting period based on each RSU's award date market value. The Company pays minimum required income tax withholding associated with RSUs for its employees. As the RSUs vest, the Company withholds a number of shares with an aggregate fair market value equal to the minimum tax withholding amount (unless the employee makes other arrangements for payment of the tax withholding) from the common stock issuable at the vest date. During the three months ended March 31, 2018 and March 31, 2017 , no outstanding RSUs vested and therefore the Company did not pay for income tax withholdings associated with RSUs during these periods. A summary of RSU activity for the three months ended March 31, 2018 is as follows: Number of RSUs Weighted Average Remaining Contractual Life (years) Outstanding at December 31, 2017 14,367 Awarded — Common stock issued upon vesting — Forfeited (162 ) Outstanding at March 31, 2018 14,205 1.00 Weighted average remaining recognition period 1.00 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Leases The Company rents its facilities under operating leases, which expire at various dates through December 2026. Rent expense for the three months ended March 31, 2018 and March 31, 2017 , was $240 and $180 , respectively. At March 31, 2018, the Company's future minimum payments required under operating leases are as follows: Year ended December 31, Minimum lease payments 2018 (April to December) $ 676 2019 855 2020 734 2021 654 2022 676 Thereafter 2,832 Total $ 6,427 Lease Commitments During 2016, the Company entered into a lease agreement, pursuant to which the Company leases approximately 29,622 square feet of office and research and development space located at 19 Presidential Way, Woburn, Massachusetts. The lease began on June 1, 2016 and will end on November 30, 2026. The Company provided the landlord with a security deposit in the form of a letter of credit in the amount of $307 which is included within restricted cash in the Company's condensed consolidated balance sheet included herein. Pursuant to the lease, the Company will also pay certain taxes and operating costs associated with the premises during the term of the lease. During the buildout of the rented space, the landlord paid $889 for tenant improvements to the facility and an additional $444 for tenant improvements that result in increased rental payments by the Company. The current and non-current portions of the lease incentive obligations related to the landlord’s contributions toward the cost of tenant improvements are recorded within accrued expenses and long-term lease incentive obligation, respectively, in the Company's condensed consolidated balance sheet contained herein. In October 2016, the Company entered into a sublease agreement with a subsidiary of CJ CheilJedang Corporation ("CJ") with respect to CJ's sublease of approximately 9,874 square feet of its leased facility located in Woburn, Massachusetts. The sublease space was determined to be in excess of the Company's needs as a result of its strategic shift to Yield10 Bioscience and the related restructuring of its operations. The sublease term is coterminous with the Company's master lease. CJ pays rent and operating expenses equal to approximately one-third of the amounts payable to the landlord by the Company, as adjusted from time-to-time in accordance with the terms of the master lease. Total future minimum operating lease payments of $6,427 shown above are net of the CJ sublease payments. CJ has provided the Company with a security deposit of $103 in the form of an irrevocable letter of credit. The Company also leases approximately 13,702 square feet of office and laboratory space at 650 Suffolk Street, Lowell, Massachusetts. The lease for this facility expires in May 2020, with an option to renew for one five -year period. The Company's wholly owned subsidiary, Metabolix Oilseeds, Inc. ("MOI"), located in Saskatoon, Saskatchewan, Canada, leases approximately 4,100 square feet of office, laboratory and greenhouse space. MOI's leases for its various leased facilities expire between April 30, 2018 and September 30, 2018. Contractual Commitments In connection with the discontinuation of biopolymer operations, the Company ceased pilot production of biopolymer material and reached agreements with the owner-operators of its biopolymer pilot production facilities regarding the termination of their services. The Company recorded contract termination costs related to these manufacturing agreements of $2,641 during 2016. As of March 31, 2018 , $246 remains outstanding and was subsequently paid during May 2018. This remaining contractual liability is included in accrued expenses within the Company's condensed consolidated balance sheet at March 31, 2018 . Litigation From time-to-time, the Company may be subject to legal proceedings and claims in the ordinary course of business. The Company is not currently aware of any such proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition or results of operations. Guarantees As of March 31, 2018 and December 31, 2017 , the Company did not have significant liabilities recorded for guarantees. The Company enters into indemnification provisions under various agreements with other companies in the ordinary course of business, typically with business partners, contractors, and customers. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date Yield10 Bioscience has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the estimated fair value of the indemnifications under these agreements is believed to be minimal. Accordingly, the Company has no liabilities recorded for these agreements as of March 31, 2018 and December 31, 2017 . |
GEOGRAPHIC INFORMATION
GEOGRAPHIC INFORMATION | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
GEOGRAPHIC INFORMATION | GEOGRAPHIC INFORMATION The geographic distribution of the Company’s grant revenues and long-lived assets are summarized in the tables below: U.S. Canada Eliminations Total Three Months Ended March 31, 2018: Grant revenue from external customers $ 60 $ — $ — $ 60 Inter-geographic revenues — 268 (268 ) — Revenues $ 60 $ 268 $ (268 ) $ 60 Three Months Ended March 31, 2017: Grant revenue from external customers $ 324 $ — $ — $ 324 Inter-geographic revenues — 221 (221 ) — Revenues $ 324 $ 221 $ (221 ) $ 324 Foreign revenue is based on the country in which the Company’s subsidiary that earned the revenue is domiciled. During the three months ended March 31, 2018 and March 31, 2017 , revenue earned from the Company’s Camelina grants with the U.S. Department of Energy totaled $60 and $293 , respectively, and represented 100% and 91% , respectively, of total revenue. The geographic distribution of the Company’s long-lived assets is summarized as follows: U.S. Canada Eliminations Total March 31, 2018 $ 1,517 $ 9 $ — $ 1,526 December 31, 2017 $ 1,533 $ 6 $ — $ 1,539 |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK Common Stock On December 27, 2017, the Company held a special meeting of its stockholders, at which the stockholders approved an amendment to the Company's Amended and Restated Certificate of Incorporation, as amended ("Certificate of Incorporation") to decrease from 250,000,000 shares to 40,000,000 shares the aggregate number of shares of common stock that are authorized to be issued. As a result of this vote, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware on December 27, 2017 to decrease the number of authorized shares. During December 2017, the Company closed on a public offering of its securities, receiving cash proceeds of $13,097 , net of issuance costs of $1,392 that were paid through January 31, 2018. The offering included 4,667,000 Class A Units, priced at a public offering price of $2.25 per unit, with each unit consisting of one share of common stock, a Series A five -year warrant to purchase one share of common stock at an exercise price of $2.25 per share, and a Series B nine -month warrant to purchase 0.5 share of common stock at an exercise price of $2.25 per share, and 3,987 Class B Units, priced at a public offering price of $1,000 per unit, with each unit consisting of one share of preferred stock, having a conversion price of $2.25 , Series A 5 -year warrants to purchase 445 shares of common stock at an exercise price of $2.25 per share, and Series B nine -month warrants to purchase 223 shares of common stock with an exercise price of $2.25 per share. The Company determined that both the preferred stock and the warrants should be recorded within stockholders' equity. Proceeds received from the offering were allocated to the various elements of the offering based on their relative fair values. The fair value of the common stock is its closing market price on December 21, 2017, the closing date of the offering. The Series A Convertible Preferred Stock was valued on an as-if-converted basis based on the underlying common stock and the Series A and Series B warrants were valued using the Black-Scholes model with the following weighted-average input at the time of issuance: • an expected term of 5.0 years and 0.75 years for the Series A and Series B warrants, respectively, • risk free rates of 2.2% and 1.7% for the Series A and Series B warrants, respectively, based on the published rates of U.S. treasury bills with similar terms, and • volatility of 125% based on the Company’s historical volatility. After allocation of the proceeds, the effective conversion price of the Series A Convertible Preferred Stock was determined to be beneficial and, as a result, the Company recorded a one-time non-cash deemed dividend of $1,427 equal to the intrinsic value of the beneficial conversion feature during its three months ended December 31, 2017. The Series A Convertible Preferred Stock did not have a stated redemption date, and as a consequence, accounting guidance required immediate recognition of the beneficial conversion feature rather than amortization of the benefit over time. As of March 31, 2018 , preferred shareholders have converted all 3,987 of the preferred shares into an aggregate of 1,772,000 shares of common stock. On September 12, 2017, the Company issued warrants to purchase up to 30,000 shares of common stock to the Company's investor relations consultant, in consideration for services rendered and to be rendered by the consultant. These warrants have an exercise price of $2.90 per share and are exercisable in whole or part at any time during the period commencing on September 12, 2017 and ending on September 11, 2024. The Company reviewed the accounting guidance for warrants and determined that these warrants should be recorded as equity within additional paid-in capital. On July 7, 2017, the Company completed an offering of its securities. Proceeds from the transaction were approximately $1,966 , net of issuance costs of $317 . Investors participating in the transaction purchased a total of 570,784 shares of common stock at a price of $4.00 per share and an equal number of warrants with an exercise price of $5.04 per share, exercisable beginning on January 7, 2018 and until their expiration on January 7, 2024. In accordance with accounting guidance, these warrants were also recorded as equity within additional paid-in capital. On May 26, 2017, the Company effected a 1-for- 10 reverse stock split of its common stock. The ratio for the reverse stock split was determined by the Company's board of directors following approval by stockholders at the Company's annual meeting held on May 24, 2017. The reverse stock split reduced the number of shares of the Company's common stock outstanding at the time of the reverse stock split from approximately 28.7 million shares to approximately 2.9 million shares. Proportional adjustments were made to the Company's outstanding stock options and restricted stock units and to the number of shares issued and issuable under the Company's equity compensation plans. Preferred Stock The Company's Certificate of Incorporation authorizes it to issue up to 5,000,000 shares of $ 0.01 par value preferred stock. As discussed above, during December 2017 the Company closed on a public offering of its securities that included issuance of 3,987 shares of Series A Convertible Preferred Stock. Each preferred share was convertible, at the holder's option, into 445 shares of common stock at a conversion price of $2.25 per share, subject to adjustments as a result of stock dividends and stock splits. The Company determined the Series A Convertible Preferred Stock should be classified as equity since it was not mandatorily redeemable, there were no unconditional obligations requiring the Company to settle in a variable number of common shares or settle through the transfer of assets and the monetary value of the preferred shares was fixed. As of March 31, 2018 , all of the 3,987 preferred shares had been converted to an aggregate of 1,772,000 shares of common stock. When converted, the shares of converted Series A Convertible Preferred Stock were restored to the status of authorized but unissued shares of preferred stock, subject to reissuance by the Board of Directors. Warrants The following table summarizes information with regard to outstanding warrants to purchase common stock as of March 31, 2018 : Issuance Number of Shares Issuable Upon Exercise of Outstanding Warrants Exercise Price Expiration Date June 2015 Private Placement 393,300 $ 39.80 June 15, 2019 July 2017 Registered Direct Offering 570,784 $ 5.04 January 7, 2024 December 2017 Public Offering - Series A 6,439,000 $ 2.25 December 21, 2022 December 2017 Public Offering - Series B 3,164,402 $ 2.25 September 21, 2018 Consultant 30,000 $ 2.90 September 11, 2024 Total 10,597,486 During the three months ended March 31, 2018 , a total of 55,100 Series B warrants from the December 2017 public offering were exercised resulting in the issuance of 55,100 shares of common stock and the Company's receipt of $124 in cash proceeds. Reserved Shares The following shares of common stock were reserved for future issuance upon exercise of stock options, release of RSUs, conversion of Series A Convertible Preferred Stock and conversion of warrants: March 31, 2018 December 31, 2017 Stock Options 712,172 702,033 RSUs 14,205 14,367 Series A Convertible Preferred Stock — 811,555 Warrants 10,597,486 10,652,586 Total number of common shares reserved for future issuance 11,323,863 12,180,541 |
RESTRUCTURING
RESTRUCTURING | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING During 2016, the Company initiated a strategic restructuring under which Yield10 Bioscience became its core business and its biopolymer operations were discontinued. As part of its strategic restructuring, the Company significantly reduced staffing levels and in January 2017, the Company formally changed its name to Yield10 Bioscience, Inc. In connection with the wind down of its biopolymer operations, the Company ceased pilot production of biopolymer materials and reached agreements with the owner-operators of its biopolymer production facilities regarding the termination of these services. Through March 31, 2018 , the Company made cash payments of $3,071 , issued 27,500 shares of common stock with a fair value of $85 and transferred certain biopolymer-related production equipment with a net book value of $111 to settle a portion of these agreements and other restructuring activities. At March 31, 2018 , remaining cash restructuring costs of $246 remained outstanding and were subsequently paid in May 2018. Biopolymer Production Agreements Employee Severance and Related Costs Total Aggregate Charges and Amounts Accrued $ 2,641 $ 872 $ 3,513 Paid in Cash (2,199 ) (872 ) (3,071 ) Paid through Stock and Equipment (196 ) — (196 ) Ending Balance Accrued at March 31, 2018 $ 246 $ — $ 246 |
SUBSEQUENT EVENT (Notes)
SUBSEQUENT EVENT (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 16, 2018, the Company filed a definitive proxy statement with the SEC in connection with its upcoming Annual Meeting of Shareholders ("Annual Meeting"). Included within the proxy statement is a proposal seeking an affirmative vote of a majority of the Company's outstanding common stock for the approval to an amendment to the amended and restated Certificate of Incorporation, as amended, for the increase in the Company's authorized shares of common stock from 40,000,000 shares to 60,000,000 shares. On April 17, 2018 the Company entered into a sub-award with Michigan State University to support a Department of Energy funded grant entitled "A Systems Approach to Increasing Carbon Flux to Seed Oil." The Company's participation under this grant will be awarded on an annual basis with the first year commencing September 15, 2017 and ending September 14, 2018 for an initial funded amount of $546 . The Company anticipates that additional option years will be awarded annually through September 14, 2022 for total sub-award funding of $2,957 , provided Congress continues to appropriate funds for the program, the Company is able to make progress towards meeting grant objectives and it remains in compliance with other terms and conditions of the sub-award. Work on this grant began in September 2017. During the fiscal quarter ended June 30, 2018, the Company estimates that it will recognize $114 in grant revenue under this sub-award for work previously performed during the period September 15, 2017 through March 31, 2018. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of Consolidation The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions were eliminated, including transactions with its Canadian subsidiary, Metabolix Oilseeds, Inc. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less at the date of purchase to be cash equivalents. |
Investments | Investments The Company considers all investments purchased with an original maturity date of more than ninety days at the date of purchase and a maturity date of one year or less at the balance sheet date to be short-term investments. All other investments are classified as long-term. The Company held no long-term investments at March 31, 2018 and no short or long-term investments at December 31, 2017. Other-than-temporary impairments of equity investments are recognized in the Company's statements of operations if the Company has experienced a credit loss and has the intent to sell the investment or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Realized gains and losses, dividends, interest income and declines in value judged to be other-than-temporary credit losses are included in other income (expense). Any premium or discount arising at purchase is amortized and/or accreted to interest income. |
Restructuring | Restructuring In 2016, the Company announced a strategic restructuring under which Yield10 Bioscience became its core business and its biopolymer operations were discontinued. The Company records estimated restructuring charges for employee severance and contract termination costs as a current period expense as those costs become contractually fixed, probable and estimable. Obligations associated with these charges are reduced or adjusted as payments are made or the Company's estimates are revised. |
Use of estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of grant revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Foreign currency translation | Foreign Currency Translation Foreign denominated assets and liabilities of the Company's wholly owned foreign subsidiaries are translated into U.S. dollars at the prevailing exchange rates in effect on the balance sheet date. Revenues and expenses are translated at average exchange rates prevailing during the period. Any resulting translation gains or losses are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheet. When the Company dissolves, sells or substantially sells all of the assets of a consolidated foreign subsidiary, the cumulative translation gain or loss of that subsidiary is released from comprehensive income (loss) and included within its consolidated statement of operations during the fiscal period when the dissolution or sale occurs. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company's tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the deferred tax asset to a level which, more likely than not, will be realized. In December 2017, the Tax Cuts and Jobs Act, or the Tax Act ("TCJA"), was signed into law. Among other things, the Tax Act permanently lowers the corporate federal income tax rate to 21% effective for tax years including or commencing January 1, 2018. As a result of the reduction of the corporate federal income tax rate, GAAP requires companies to revalue their deferred tax assets and deferred tax liabilities as of the date of enactment, with the resulting tax effects accounted for in the reporting period of enactment. The Company's preliminary estimate of the TCJA and the remeasurement of its deferred tax assets and liabilities is subject to change as additional information becomes available, but no later than one year from the enactment of the TCJA. |
Concentration of credit risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents and investments. The Company has historically invested its cash equivalents in highly rated money market funds, corporate debt, federal agency notes and U.S. treasury notes. Investments, when purchased, are acquired in accordance with the Company’s investment policy which establishes a concentration limit per issuer. |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company's Condensed Consolidated Balance Sheets included herein: March 31, 2018 December 31, 2017 Cash and cash equivalents $ 7,583 $ 14,487 Restricted cash 317 317 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 7,900 $ 14,804 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company's Condensed Consolidated Balance Sheets included herein: March 31, 2018 December 31, 2017 Cash and cash equivalents $ 7,583 $ 14,487 Restricted cash 317 317 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 7,900 $ 14,804 |
BASIC AND DILUTED NET INCOME 21
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of number of shares of potentially dilutive common stock related to options and warrants that were excluded from the calculation of dilutive shares | The number of shares of potentially dilutive common stock presented on a weighted average basis, related to options, restricted stock units and warrants (prior to consideration of the treasury stock method) that were excluded from the calculation of dilutive shares since the inclusion of such shares would be anti-dilutive for the three months ended March 31, 2018 and March 31, 2017 , respectively, are shown below. Issued and outstanding warrants shown in the table below are described in greater detail in Note 10, contained herein. Three Months Ended 2018 2017 Options 700,722 616,188 Restricted stock units 14,259 21,642 Warrants 10,597,486 393,300 Total 11,312,467 1,031,130 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investment holdings | Investments consist of the following: Accumulated Cost Unrealized Market Value March 31, 2018 Gain (Loss) Short-term investments Government securities $ 3,990 $ 1 $ — $ 3,991 Total $ 3,990 $ 1 $ — $ 3,991 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The tables below present information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. Fair value measurements at reporting date using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Balance as of Description (Level 1) (Level 2) (Level 3) March 31, 2018 Cash equivalents: Money market funds $ 4,044 $ — $ — $ 4,044 U.S. government and agency securities — 2,997 — 2,997 Short-term investments: U.S. government and agency securities — 3,991 — 3,991 Total $ 4,044 $ 6,988 $ — $ 11,032 Fair value measurements at reporting date using Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Balance as of Description (Level 1) (Level 2) (Level 3) December 31, 2017 Cash equivalents: Money market funds $ 11,025 $ — $ — $ 11,025 Total $ 11,025 $ — $ — $ 11,025 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following at: March 31, December 31, Employee compensation and benefits $ 276 $ 646 Commercial manufacturing 246 489 Professional services 175 335 Other 655 829 Total accrued expenses $ 1,352 $ 2,299 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of option activity | A summary of option activity for the three months ended March 31, 2018 is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2017 702,033 $ 16.21 Granted 12,425 $ 1.95 Exercised — — Forfeited (791 ) $ 12.64 Expired (1,495 ) $ 453.96 Outstanding at March 31, 2018 712,172 $ 15.05 Options vested and expected to vest at March 31, 2018 712,172 $ 15.05 Options exercisable at March 31, 2018 455,878 $ 20.57 |
Schedule of restricted stock units activity | A summary of RSU activity for the three months ended March 31, 2018 is as follows: Number of RSUs Weighted Average Remaining Contractual Life (years) Outstanding at December 31, 2017 14,367 Awarded — Common stock issued upon vesting — Forfeited (162 ) Outstanding at March 31, 2018 14,205 1.00 Weighted average remaining recognition period 1.00 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments for operating leases | Year ended December 31, Minimum lease payments 2018 (April to December) $ 676 2019 855 2020 734 2021 654 2022 676 Thereafter 2,832 Total $ 6,427 |
GEOGRAPHIC INFORMATION (Tables)
GEOGRAPHIC INFORMATION (Tables) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting [Abstract] | ||
Schedule of the geographic distribution of revenues and long-lived assets from continuing operations | The geographic distribution of the Company’s grant revenues and long-lived assets are summarized in the tables below: U.S. Canada Eliminations Total Three Months Ended March 31, 2018: Grant revenue from external customers $ 60 $ — $ — $ 60 Inter-geographic revenues — 268 (268 ) — Revenues $ 60 $ 268 $ (268 ) $ 60 Three Months Ended March 31, 2017: Grant revenue from external customers $ 324 $ — $ — $ 324 Inter-geographic revenues — 221 (221 ) — Revenues $ 324 $ 221 $ (221 ) $ 324 | |
Schedule of the geographic distribution of long-lived assets | The geographic distribution of the Company’s long-lived assets is summarized as follows: U.S. Canada Eliminations Total March 31, 2018 $ 1,517 $ 9 $ — $ 1,526 December 31, 2017 $ 1,533 $ 6 $ — $ 1,539 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stockholders' equity note, warrants or rights | The following table summarizes information with regard to outstanding warrants to purchase common stock as of March 31, 2018 : Issuance Number of Shares Issuable Upon Exercise of Outstanding Warrants Exercise Price Expiration Date June 2015 Private Placement 393,300 $ 39.80 June 15, 2019 July 2017 Registered Direct Offering 570,784 $ 5.04 January 7, 2024 December 2017 Public Offering - Series A 6,439,000 $ 2.25 December 21, 2022 December 2017 Public Offering - Series B 3,164,402 $ 2.25 September 21, 2018 Consultant 30,000 $ 2.90 September 11, 2024 Total 10,597,486 |
Schedule of Stock by Class | The following shares of common stock were reserved for future issuance upon exercise of stock options, release of RSUs, conversion of Series A Convertible Preferred Stock and conversion of warrants: March 31, 2018 December 31, 2017 Stock Options 712,172 702,033 RSUs 14,205 14,367 Series A Convertible Preferred Stock — 811,555 Warrants 10,597,486 10,652,586 Total number of common shares reserved for future issuance 11,323,863 12,180,541 |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of accrued restructuring charges | In connection with the wind down of its biopolymer operations, the Company ceased pilot production of biopolymer materials and reached agreements with the owner-operators of its biopolymer production facilities regarding the termination of these services. Through March 31, 2018 , the Company made cash payments of $3,071 , issued 27,500 shares of common stock with a fair value of $85 and transferred certain biopolymer-related production equipment with a net book value of $111 to settle a portion of these agreements and other restructuring activities. At March 31, 2018 , remaining cash restructuring costs of $246 remained outstanding and were subsequently paid in May 2018. Biopolymer Production Agreements Employee Severance and Related Costs Total Aggregate Charges and Amounts Accrued $ 2,641 $ 872 $ 3,513 Paid in Cash (2,199 ) (872 ) (3,071 ) Paid through Stock and Equipment (196 ) — (196 ) Ending Balance Accrued at March 31, 2018 $ 246 $ — $ 246 |
NATURE OF BUSINESS AND BASIS 30
NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrestricted cash, cash equivalents, and short-term investments | $ 11,574 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Concentration of credit risk | ||
Restricted cash | $ 317 | $ 317 |
Government Grants | ||
Concentration of credit risk | ||
Receivables/sales (as a percent) | 77.00% | |
Unbilled receivables | $ 78 |
ACCOUNTING POLICIES - Schedule
ACCOUNTING POLICIES - Schedule of Cash And Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 7,583 | $ 14,487 | ||
Restricted cash | 317 | 317 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 7,900 | $ 14,804 | $ 5,307 | $ 7,741 |
BASIC AND DILUTED NET INCOME 33
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Details) | May 26, 2017 | Mar. 31, 2018shares | Mar. 31, 2017shares |
Earnings Per Share [Abstract] | |||
Stock split conversion ratio | 10 | ||
Antidilutive securities | |||
Antidilutive common stock excluded from the calculation of dilutive shares | 11,312,467 | 1,031,130 | |
Options | |||
Antidilutive securities | |||
Antidilutive common stock excluded from the calculation of dilutive shares | 700,722 | 616,188 | |
Restricted stock units | |||
Antidilutive securities | |||
Antidilutive common stock excluded from the calculation of dilutive shares | 14,259 | 21,642 | |
Warrants | |||
Antidilutive securities | |||
Antidilutive common stock excluded from the calculation of dilutive shares | 10,597,486 | 393,300 |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Short-term Investments [Abstract] | ||
Accumulated Cost | $ 3,990 | |
Unrealized Gain | 1 | |
Unrealized (Loss) | 0 | |
Market Value | 3,991 | |
Long-term Investments | 0 | $ 0 |
Government securities | ||
Short-term Investments [Abstract] | ||
Accumulated Cost | 3,990 | |
Unrealized Gain | 1 | |
Unrealized (Loss) | 0 | |
Market Value | $ 3,991 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Fair value measurements | ||
Long-term Investments | $ 0 | $ 0 |
Short-term investments | 3,991,000 | 0 |
Fair Value, measurements, recurring | ||
Fair value measurements | ||
Assets, fair value disclosure | 11,032,000 | |
Fair Value, measurements, recurring | Money market funds | ||
Fair value measurements | ||
Assets, fair value disclosure | 4,044,000 | |
Fair Value, measurements, recurring | U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | 2,997,000 | |
Fair Value, measurements, recurring | Short-term Investments: U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | 3,991,000 | |
Fair Value, measurements, recurring | Quoted prices in active markets for identical assets | ||
Fair value measurements | ||
Assets, fair value disclosure | 4,044,000 | 11,025,000 |
Fair Value, measurements, recurring | Quoted prices in active markets for identical assets | Money market funds | ||
Fair value measurements | ||
Assets, fair value disclosure | 4,044,000 | 11,025,000 |
Fair Value, measurements, recurring | Quoted prices in active markets for identical assets | U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | 0 | |
Fair Value, measurements, recurring | Quoted prices in active markets for identical assets | Short-term Investments: U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | 0 | |
Fair Value, measurements, recurring | Significant other observable inputs | ||
Fair value measurements | ||
Assets, fair value disclosure | 6,988,000 | 0 |
Fair Value, measurements, recurring | Significant other observable inputs | Money market funds | ||
Fair value measurements | ||
Assets, fair value disclosure | 0 | 0 |
Fair Value, measurements, recurring | Significant other observable inputs | U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | 2,997,000 | |
Fair Value, measurements, recurring | Significant other observable inputs | Short-term Investments: U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | 3,991,000 | |
Fair Value, measurements, recurring | Significant unobservable inputs | ||
Fair value measurements | ||
Assets, fair value disclosure | 0 | 0 |
Fair Value, measurements, recurring | Significant unobservable inputs | Money market funds | ||
Fair value measurements | ||
Assets, fair value disclosure | 0 | $ 0 |
Fair Value, measurements, recurring | Significant unobservable inputs | U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | 0 | |
Fair Value, measurements, recurring | Significant unobservable inputs | Short-term Investments: U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | $ 0 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits | $ 276 | $ 646 |
Commercial manufacturing | 246 | 489 |
Professional services | 175 | 335 |
Other | 655 | 829 |
Total accrued expenses | $ 1,352 | $ 2,299 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock-based compensation | ||
Stock-based compensation | $ 281 | $ 264 |
Employee stock option | ||
Stock-based compensation | ||
Stock-based compensation expense, net of estimated forfeitures, related to unvested awards not yet recognized | $ 715 | |
Weighted average remaining recognition period | 6 months 22 days | |
Options | ||
Number of Shares | ||
Outstanding at the beginning of the period (in shares) | 702,033 | |
Granted (in shares) | 12,425 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | (791) | |
Expired (in shares) | (1,495) | |
Outstanding at the end of the period (in shares) | 712,172 | |
Options vested and expected to vest at March 31, 2018 | 712,172 | |
Options exercisable at the end of the period (in shares) | 455,878 | |
Weighted Average Exercise Price | ||
Outstanding at the beginning of the period (in dollars per share) | $ 16.21 | |
Granted (in dollars per share) | 1.95 | |
Exercised (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 12.64 | |
Expired (in dollars per share) | 453.96 | |
Outstanding at the end of the period (in dollars per share) | 15.05 | |
Options vested and expected to vest at September 30, 2016 (in dollars per share) | 15.05 | |
Options exercisable at the end of the period (in dollars per share) | $ 20.57 |
STOCK-BASED COMPENSATION - REST
STOCK-BASED COMPENSATION - RESTRICTED STOCK UNIT ACTIVITY TABLE (Details) - Restricted stock units - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding at December 31, 2014 (in shares) | 14,367 | |
Awarded (in shares) | 0 | |
Common stock issued upon vesting (in shares) | 0 | |
Forfeited (in shares) | (162) | |
Outstanding at June 30, 2015 (in shares) | 14,205 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Life (years) | 1 year | |
Weighted average remaining recognition period | 1 year | |
Chief Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Common stock issued upon vesting (in shares) | 0 | |
Executive Employees | ||
Stock-based compensation | ||
Vesting period | 4 years | |
Period after which award begins vesting | 1 year |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES (Details) - CJ CheilJedang Corporation $ in Thousands | Mar. 31, 2018USD ($) |
Long-term Purchase Commitment [Line Items] | |
2018 (April to December) | $ 676 |
2,019 | 855 |
2,020 | 734 |
2,021 | 654 |
2,022 | 676 |
Thereafter | 2,832 |
Total | $ 6,427 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² | Oct. 31, 2016USD ($)ft² | Jan. 20, 2016ft² | |
Loss Contingencies [Line Items] | ||||||
Operating Leases, Rent Expense, Net | $ 0 | $ 0 | ||||
Area of real estate property | ft² | 29,622 | |||||
Security deposit | $ 307 | |||||
Operating leases, landlord reimbursement for lease improvements | $ 889 | |||||
Operating leases, landlord reimb for lease improvements, additional payments | $ 444 | |||||
Loss on contract termination | $ 2,641 | |||||
Contract termination fees payable | 246 | |||||
Subsidiaries | ||||||
Loss Contingencies [Line Items] | ||||||
Area of real estate property | ft² | 4,100 | |||||
Six Hundred Fifty Suffolk Street, Lowell, Massachusetts | ||||||
Loss Contingencies [Line Items] | ||||||
Area of real estate property | ft² | 13,702 | |||||
Operating leases, renewal term | 5 years | |||||
CJ CheilJedang Corporation | ||||||
Loss Contingencies [Line Items] | ||||||
Area of real estate property | ft² | 9,874 | |||||
Security deposit | $ 103 | |||||
Future minimum payments due | $ 6,427 |
GEOGRAPHIC INFORMATION - Schedu
GEOGRAPHIC INFORMATION - Schedule of distribution of revenues and long-lived assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Geographic Information | ||
Revenue | $ 60 | $ 324 |
U.S. | ||
Geographic Information | ||
Revenue | 60 | 324 |
Canada | ||
Geographic Information | ||
Revenue | 268 | 221 |
Operating segments | ||
Geographic Information | ||
Revenue | 60 | 324 |
Operating segments | U.S. | ||
Geographic Information | ||
Revenue | 60 | 324 |
Operating segments | Canada | ||
Geographic Information | ||
Revenue | 0 | 0 |
Eliminations | ||
Geographic Information | ||
Revenue | (268) | (221) |
Eliminations | Canada | ||
Geographic Information | ||
Revenue | $ 268 | $ 221 |
GEOGRAPHIC INFORMATION (Narrati
GEOGRAPHIC INFORMATION (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Concentration risk | ||
Revenue earned from the REFABB grant | $ 60 | $ 324 |
US Department of Energy | Sales | ||
Concentration risk | ||
Revenue earned from the REFABB grant | $ 60 | $ 293 |
Concentration risk (as a percent) | 100.00% | 91.00% |
GEOGRAPHIC INFORMATION - Sche43
GEOGRAPHIC INFORMATION - Schedule of geographic distribution (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Geographic Information | ||
Long-lived assets | $ 1,526 | $ 1,539 |
Reportable Geographical Components | U.S. | ||
Geographic Information | ||
Long-lived assets | 1,517 | 1,533 |
Reportable Geographical Components | Canada | ||
Geographic Information | ||
Long-lived assets | 9 | 6 |
Eliminations | ||
Geographic Information | ||
Long-lived assets | $ 0 | $ 0 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2018$ / sharesshares | Jul. 07, 2017USD ($)$ / sharesshares | May 26, 2017shares | Dec. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2018$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 27, 2017shares | Sep. 12, 2017shares | Dec. 31, 2016shares |
Number of securities called by warrants | 10,597,486 | 10,597,486 | |||||||
Proceeds from issuance of common stock | $ | $ 1,966 | $ 13,097 | |||||||
Payments of stock issuance costs | $ | $ 317 | $ 1,392 | |||||||
Common stock, shares issued (in shares) | 9,968,455 | 9,089,159 | 9,968,455 | 9,089,159 | |||||
Share price (in shares) | $ / shares | $ 4 | ||||||||
Investment warrants, exercise price (in shares) | $ / shares | $ 5.04 | ||||||||
Stock split conversion ratio | 10 | ||||||||
Share converted in stock split (in shares) | 28,700,000 | ||||||||
Stock issued during stock split (in shares) | 2,900,000 | ||||||||
Common stock shares authorized | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | 250,000,000 | |||
shares issued during period (in shares) | 570,784 | 27,500 | |||||||
Expected volatility rate | 125.00% | ||||||||
Dividends, income statement impact | $ | $ 1,427 | ||||||||
Series A Warrant | |||||||||
Expected term | 5 years | ||||||||
Risk free interest rate | 2.20% | ||||||||
Series B Warrant | |||||||||
shares issued during period (in shares) | 55,100 | ||||||||
Expected term | 9 months | ||||||||
Risk free interest rate | 1.70% | ||||||||
Shares converted (in shares) | 55,100 | ||||||||
Consultant | |||||||||
Number of securities called by warrants | 30,000 | 30,000 | 30,000 | ||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 2.90 | $ 2.90 | |||||||
Affiliated entity | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 2.90 | $ 2.90 | |||||||
Class A Units | |||||||||
Share price (in shares) | $ / shares | $ 2.25 | $ 2.25 | |||||||
shares issued during period (in shares) | 4,667,000 | ||||||||
Class A Units | Series A Warrant | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 2.25 | $ 2.25 | |||||||
Number of securities called by each warrant | 1 | 1 | |||||||
Expiration term | 5 years | ||||||||
Class A Units | Series B Warrant | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 2.25 | $ 2.25 | |||||||
Number of securities called by each warrant | 0.5 | 0.5 | |||||||
Expiration term | 9 months | ||||||||
Class B Units | |||||||||
Share price (in shares) | $ / shares | $ 1,000 | $ 1,000 | |||||||
shares issued during period (in shares) | 3,987 | ||||||||
Class B Units | Series A Warrant | |||||||||
Number of securities called by warrants | 445 | 445 | |||||||
Investment warrants, exercise price (in shares) | $ / shares | $ 2.25 | ||||||||
Expiration term | 5 years | ||||||||
Class B Units | Series B Warrant | |||||||||
Number of securities called by warrants | 223 | 223 | |||||||
Investment warrants, exercise price (in shares) | $ / shares | $ 2.25 | ||||||||
Number of securities called by each warrant | 1 | 1 | |||||||
Expiration term | 9 months | ||||||||
Convertible Preferred Stock | |||||||||
Shares converted (in shares) | (3,987) | ||||||||
Common Stock | |||||||||
Stock issued upon conversion of securities (in shares) | 1,772,000 |
CAPITAL STOCK - Preferred Stock
CAPITAL STOCK - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2018 | Jul. 07, 2017 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
shares issued during period (in shares) | 570,784 | 27,500 | |||
Number of securities called by warrants | 10,597,486 | 10,597,486 | |||
Investment warrants, exercise price (in shares) | $ 5.04 | ||||
Proceeds from warrants exercised | $ 124 | $ 0 | |||
Class B Units | |||||
Class of Stock [Line Items] | |||||
shares issued during period (in shares) | 3,987 | ||||
Convertible Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Shares converted (in shares) | (3,987) | ||||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Stock issued upon conversion of securities (in shares) | 1,772,000 | ||||
Series A Warrant | Class B Units | |||||
Class of Stock [Line Items] | |||||
Number of securities called by warrants | 445 | ||||
Investment warrants, exercise price (in shares) | $ 2.25 | ||||
Series B Warrant | |||||
Class of Stock [Line Items] | |||||
Shares converted (in shares) | 55,100 | ||||
shares issued during period (in shares) | 55,100 | ||||
Proceeds from warrants exercised | $ 124 | ||||
Series B Warrant | Class B Units | |||||
Class of Stock [Line Items] | |||||
Number of securities called by warrants | 223 | ||||
Investment warrants, exercise price (in shares) | $ 2.25 |
CAPITAL STOCK - Information on
CAPITAL STOCK - Information on outstanding warrants (Details) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 12, 2017 | Jul. 31, 2017 | Jun. 30, 2017 |
Class of Warrant or Right [Line Items] | |||||
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 10,597,486 | ||||
Class B Units | |||||
Class of Warrant or Right [Line Items] | |||||
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 3,164,402 | ||||
Exercise price of warrants (in dollars per share) | $ 2.25 | ||||
June 2015 Private Placement | |||||
Class of Warrant or Right [Line Items] | |||||
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 393,300 | ||||
Exercise price of warrants (in dollars per share) | $ 39.80 | ||||
July 2017 Registered Direct Offering | |||||
Class of Warrant or Right [Line Items] | |||||
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 570,784 | ||||
Exercise price of warrants (in dollars per share) | $ 5.04 | ||||
Class A Units | |||||
Class of Warrant or Right [Line Items] | |||||
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 6,439,000 | ||||
Exercise price of warrants (in dollars per share) | $ 2.25 | ||||
Consultant | |||||
Class of Warrant or Right [Line Items] | |||||
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 30,000 | 30,000 | |||
Exercise price of warrants (in dollars per share) | $ 2.90 |
CAPITAL STOCK - Schedule of com
CAPITAL STOCK - Schedule of common stock reserved for future issuance (Details) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 11,323,863 | 12,180,541 |
Warrants (in shares) | 10,597,486 | |
Options | ||
Class of Stock [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 712,172 | 702,033 |
Stock Options (in shares) | 712,172 | 702,033 |
Restricted stock units | ||
Class of Stock [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 14,205 | 14,367 |
RSUs (in shares) | 14,205 | 14,367 |
Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 0 | 811,555 |
Warrants | ||
Class of Stock [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 10,597,486 | 10,652,586 |
RESTRUCTURING - Narrative (Deta
RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands | Jul. 07, 2017 | Mar. 31, 2018 |
Restructuring Cost and Reserve [Line Items] | ||
shares issued during period (in shares) | 570,784 | 27,500 |
Biopolymer Production Agreements | ||
Restructuring Cost and Reserve [Line Items] | ||
Payments for restructuring | $ 2,199 | |
Contract Termination | ||
Restructuring Cost and Reserve [Line Items] | ||
Stock issued during period, value, new issues | 85 | |
Transfer of equipment to settle contractual liability | 111 | |
Employee Severance and Related Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Payments for restructuring | 872 | |
Discontinued Operations | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 246 | |
Discontinued Operations | Biopolymer Production Agreements | ||
Restructuring Cost and Reserve [Line Items] | ||
Payments for restructuring | $ 3,071 |
RESTRUCTURING (Details)
RESTRUCTURING (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Loss on contract termination | $ 2,641 | |
Contract termination fees payable | $ 246 | |
Paid through Stock and Equipment | (196) | |
Biopolymer Production Agreements | ||
Restructuring Reserve [Roll Forward] | ||
Employee Severance and Related Costs | (2,199) | |
Paid through Stock and Equipment | (196) | |
Employee Severance and Related Costs | ||
Restructuring Reserve [Roll Forward] | ||
Biopolymer Production Agreements | 872 | |
Employee Severance and Related Costs | (872) | |
Paid through Stock and Equipment | 0 | |
Total | 0 | |
Discontinued Operations | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring charges | 3,513 | |
Restructuring reserve | 246 | |
Discontinued Operations | Biopolymer Production Agreements | ||
Restructuring Reserve [Roll Forward] | ||
Employee Severance and Related Costs | $ (3,071) |
DISCONTINUED OPERATION (Details
DISCONTINUED OPERATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Other (income) or expense | $ (17) | $ 31 |
DISCONTINUED OPERATIONS -Non-ca
DISCONTINUED OPERATIONS -Non-cash operating items (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Non-cash operating items: | ||
Depreciation | $ 47 | $ 53 |
Charge for 401(k) company common stock match | 46 | 23 |
Stock-based compensation | 281 | 264 |
Investing items: | ||
Purchase of property and equipment | $ 3 | $ 0 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands | Apr. 17, 2018 | Jun. 30, 2018 | Sep. 14, 2018 | Apr. 16, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 27, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||||||
Common stock shares authorized | 40,000,000 | 40,000,000 | 40,000,000 | 250,000,000 | ||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock shares authorized | 60,000,000 | |||||||
Grant | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Grants Revenues | $ 546 | |||||||
Scenario, Forecast | Grant | ||||||||
Subsequent Event [Line Items] | ||||||||
Grants Revenues | $ 114 | $ 3 |