DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 07, 2019 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Entity Registrant Name | YIELD10 BIOSCIENCE, INC. | |
Entity Central Index Key | 0001121702 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,519,017 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 3,252 | $ 3,023 |
Short-term investments | 998 | 2,746 |
Accounts receivable | 148 | 94 |
Unbilled receivables | 103 | 66 |
Prepaid expenses and other current assets | 516 | 448 |
Total current assets | 5,017 | 6,377 |
Restricted cash | 332 | 332 |
Property and equipment, net | 1,298 | 1,385 |
Right-of-use assets | 4,467 | 4,766 |
Other assets | 42 | 100 |
Total assets | 11,156 | 12,960 |
Current Liabilities: | ||
Accounts payable | 55 | 117 |
Accrued expenses | 586 | 680 |
Lease liabilities | 865 | 844 |
Total current liabilities | 1,506 | 1,641 |
Lease liabilities, net of current portion | 5,196 | 5,621 |
Total liabilities | 6,702 | 7,262 |
Commitments and contingencies (Note 9) | ||
Stockholders’ Equity: | ||
Preferred Stock ($0.01 par value per share); 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock ($0.01 par value per share); 60,000,000 shares authorized at June 30, 2019 and December 31, 2018; 12,494,731 and 10,025,811 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 125 | 100 |
Additional paid-in capital | 360,516 | 357,646 |
Accumulated other comprehensive loss | (118) | (110) |
Accumulated deficit | (356,069) | (351,938) |
Total stockholders’ equity | 4,454 | 5,698 |
Total liabilities and stockholders’ equity | $ 11,156 | $ 12,960 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Revenue | $ 318 | $ 285 | $ 442 | $ 345 |
Expenses: | ||||
Research and development | 1,191 | 1,260 | 2,414 | 2,361 |
General and administrative | 1,025 | 1,456 | 2,211 | 2,732 |
Total expenses | 2,216 | 2,716 | 4,625 | 5,093 |
Loss from operations | (1,898) | (2,431) | (4,183) | (4,748) |
Other income (expense), net | 27 | 38 | 52 | 63 |
Net loss | $ (1,871) | $ (2,393) | $ (4,131) | $ (4,685) |
Basic and diluted net loss per share (in USD per share) | $ (0.15) | $ (0.24) | $ (0.36) | $ (0.48) |
Number of shares used in per share calculations: | ||||
Basic and diluted (in shares) | 12,494,337 | 9,991,460 | 11,504,314 | 9,845,902 |
Grant | ||||
Revenue: | ||||
Revenue | $ 318 | $ 285 | $ 442 | $ 345 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, issued (in shares) | 12,494,731 | 10,025,811 |
Common stock, outstanding (in shares) | 12,494,731 | 10,025,811 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss: | $ (1,871) | $ (2,393) | $ (4,131) | $ (4,685) |
Other comprehensive loss | ||||
Change in unrealized gain (loss) on investments | 0 | (1) | 0 | 0 |
Change in foreign currency translation adjustment | (3) | (9) | (8) | (14) |
Total other comprehensive loss | (3) | (10) | (8) | (14) |
Comprehensive loss | $ (1,874) | $ (2,403) | $ (4,139) | $ (4,699) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ (4) | $ (6) |
Cash flows from operating activities | ||
Net loss | (4,131) | (4,685) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 100 | 96 |
Charge for 401(k) company common stock match | 49 | 70 |
Stock-based compensation | 275 | 596 |
Non-cash lease expense | 299 | 145 |
Changes in operating assets and liabilities: | ||
Accounts receivables | (54) | 54 |
Unbilled receivables | (37) | 22 |
Prepaid expenses and other assets | (10) | (56) |
Accounts payable | (62) | (42) |
Accrued expenses | (102) | (926) |
Lease liabilities | (404) | (162) |
Net cash used for operating activities | (4,077) | (4,888) |
Cash flows from investing activities | ||
Purchase of property and equipment | (13) | (34) |
Purchase of short-term investments | (998) | (7,986) |
Proceeds from the sale and maturity of short-term investments | 2,746 | 1,500 |
Net cash provided by (used for) investing activities | 1,735 | (6,520) |
Cash flows from financing activities | ||
Proceeds from warrants exercised | 0 | 124 |
Proceeds from registered direct offering, net of issuance costs | 2,583 | 0 |
Net cash provided by financing activities | 2,579 | 118 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (8) | (14) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 229 | (11,304) |
Cash, cash equivalents and restricted cash at beginning of period | 3,355 | 14,804 |
Cash, cash equivalents and restricted cash at end of period | 3,584 | 3,500 |
Supplemental disclosure of non-cash information: | ||
Right-of-use assets acquired in exchange for lease liabilities | $ 0 | $ 74 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Series B Warrant | Preferred Stock | Common Stock | Common StockSeries B Warrant | Additional Paid-In Capital | Additional Paid-In CapitalSeries B Warrant | Accumulated other Comprehensive Loss | Accumulated Deficit |
Balance (in shares) at Dec. 31, 2017 | 1,826 | 9,089,159 | |||||||
Balance at Dec. 31, 2017 | $ 13,502 | $ 818 | $ 91 | $ 355,431 | $ (85) | $ (342,753) | |||
Increase (decrease) in stockholders' equity | |||||||||
Non-cash stock-based compensation expense | 596 | 596 | |||||||
Issuance of common stock for 401k match (in shares) | 31,760 | ||||||||
Issuance of common stock for 401k match | 59 | 59 | |||||||
Issuance of stock for restricted stock unit vesting, net of shares withheld for employee taxes (in shares) | 4,401 | ||||||||
Issuance of stock for restricted stock unit vesting, net of shares withheld for employee taxes | (6) | (6) | |||||||
Issuance of common stock for registered direct offering and conversion of warrants (in shares) | 55,100 | ||||||||
Issuance of common stock for registered direct offering and conversion of warrants | $ 124 | $ 1 | $ 123 | ||||||
Issuance of common stock upon conversion of Series A Convertible Preferred Stock (in shares) | (1,826) | 811,557 | |||||||
Issuance of common stock upon conversion of Series A Convertible Preferred Stock | $ (818) | $ 8 | 810 | ||||||
Effect of foreign currency translation and unrealized gain on investments | (14) | (14) | |||||||
Net loss | (4,685) | (4,685) | |||||||
Balance at Jun. 30, 2018 | 9,576 | $ 0 | $ 100 | 357,013 | (99) | (347,438) | |||
Balance (in shares) at Jun. 30, 2018 | 0 | 9,991,977 | |||||||
Balance (in shares) at Mar. 31, 2018 | 0 | 9,968,455 | |||||||
Balance at Mar. 31, 2018 | 11,633 | $ 0 | $ 100 | 356,667 | (89) | (345,045) | |||
Increase (decrease) in stockholders' equity | |||||||||
Non-cash stock-based compensation expense | 315 | 315 | |||||||
Issuance of common stock for 401k match (in shares) | 19,121 | ||||||||
Issuance of common stock for 401k match | 37 | 37 | |||||||
Issuance of stock for restricted stock unit vesting, net of shares withheld for employee taxes (in shares) | 4,401 | ||||||||
Issuance of stock for restricted stock unit vesting, net of shares withheld for employee taxes | (6) | (6) | |||||||
Effect of foreign currency translation and unrealized gain on investments | (10) | (10) | |||||||
Net loss | (2,393) | (2,393) | |||||||
Balance at Jun. 30, 2018 | $ 9,576 | $ 0 | $ 100 | 357,013 | (99) | (347,438) | |||
Balance (in shares) at Jun. 30, 2018 | 0 | 9,991,977 | |||||||
Balance (in shares) at Dec. 31, 2018 | 10,025,811 | 0 | 10,025,811 | ||||||
Balance at Dec. 31, 2018 | $ 5,698 | $ 0 | $ 100 | 357,646 | (110) | (351,938) | |||
Increase (decrease) in stockholders' equity | |||||||||
Non-cash stock-based compensation expense | 275 | 275 | |||||||
Issuance of common stock for 401k match (in shares) | 42,606 | ||||||||
Issuance of common stock for 401k match | 41 | 41 | |||||||
Issuance of stock for restricted stock unit vesting, net of shares withheld for employee taxes (in shares) | 4,652 | ||||||||
Issuance of stock for restricted stock unit vesting, net of shares withheld for employee taxes | (4) | (4) | |||||||
Issuance of common stock for registered direct offering and conversion of warrants (in shares) | 2,421,662 | ||||||||
Issuance of common stock for registered direct offering and conversion of warrants | 2,583 | $ 25 | 2,558 | ||||||
Effect of foreign currency translation and unrealized gain on investments | (8) | (8) | |||||||
Net loss | (4,131) | (4,131) | |||||||
Balance at Jun. 30, 2019 | $ 4,454 | $ 0 | $ 125 | 360,516 | (118) | (356,069) | |||
Balance (in shares) at Jun. 30, 2019 | 12,494,731 | 0 | 12,494,731 | ||||||
Balance (in shares) at Mar. 31, 2019 | 0 | 12,468,219 | |||||||
Balance at Mar. 31, 2019 | $ 6,195 | $ 0 | $ 125 | 360,383 | (115) | (354,198) | |||
Increase (decrease) in stockholders' equity | |||||||||
Non-cash stock-based compensation expense | 113 | 113 | |||||||
Issuance of common stock for 401k match (in shares) | 21,860 | ||||||||
Issuance of common stock for 401k match | 24 | 24 | |||||||
Issuance of stock for restricted stock unit vesting, net of shares withheld for employee taxes (in shares) | 4,652 | ||||||||
Issuance of stock for restricted stock unit vesting, net of shares withheld for employee taxes | (4) | (4) | |||||||
Effect of foreign currency translation and unrealized gain on investments | (3) | (3) | |||||||
Net loss | (1,871) | (1,871) | |||||||
Balance at Jun. 30, 2019 | $ 4,454 | $ 0 | $ 125 | $ 360,516 | $ (118) | $ (356,069) | |||
Balance (in shares) at Jun. 30, 2019 | 12,494,731 | 0 | 12,494,731 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Shares withheld for employee taxes | 2,449 | 2,703 | 2,449 | 2,703 |
Offering costs | $ 349 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2019 | |
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. is an agricultural bioscience company which uses its "Trait Factory" to develop high value seed traits for the agriculture and food industries. Specifically, Yield10 plans to efficiently develop superior gene traits for the major grain crops corn, soybean, canola, wheat and rice that will enable step-change increases in crop yield of at least 10-20 percent. While maintaining its focus on the development of novel yield traits for key crops based on a licensing model, the Company has recently begun to execute the second part of its strategy which is to develop independent business opportunities for Yield10 in the specialty oils and niche crop space using the oilseed Camelina. The target of this effort is sustainable business solutions to support agriculture, global food production and other specialty applications. Yield10 brings a unique history, skill set, and tools captured in its G ene R anking A rtificial I ntelligence N etwork ("GRAIN") platform for developing advanced crop traits and increasing the concentration of specific biochemicals of commercial interest in crops. The Company's plan is to develop a source of revenue from funded research and development collaborations for traits, products and crops not being directly pursued internally. While there is no guarantee of success, the Company is currently engaged in a range of discussions with third parties on different crops, traits and products in the feed, food and pharmaceutical sectors. Yield10 Bioscience is headquartered in Woburn, Massachusetts and has an oilseed development Center of Excellence in Saskatoon, Saskatchewan, Canada. The accompanying unaudited 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 fair statements of the financial position and results of operations for the interim periods ended June 30, 2019 and June 30, 2018 . The Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases , ("Topic 842") on January 1, 2019 using a modified retrospective approach. As a result, the Company's unaudited condensed consolidated balance sheet at December 31, 2018 and its unaudited condensed consolidated statements of operations, comprehensive loss, cash flows and stockholders' equity for the three and six months ended June 30, 2018 , included herein, have been adjusted to incorporate the guidance of Topic 842. See Note 8. 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 unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018 , which are contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2019. The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. With the exception of a single year, the Company has recorded losses since its initial founding, including the three and six months ended June 30, 2019 . As of June 30, 2019 , the Company held unrestricted cash, cash equivalents and short-term investments of $4,250 . The Company follows the guidance of Accounting Standards Codification ("ASC") Topic 205-40, Presentation of Financial Statements-Going Concern, 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 current cash forecast, management expects that the Company's present capital resources will be sufficient to fund its planned operations and meet its obligations into the fourth quarter of 2019. This forecast of cash resources is forward-looking information that involves risks and uncertainties, and the actual amount of expenses could vary materially and adversely as a result of a number of factors. The Company's ability to continue operations after its current cash resources are exhausted depends on its ability to obtain additional financing through, among other sources, public or private equity financing, secured or unsecured debt financing, equity or debt bridge financing, warrant holders' ability and willingness to exercise the Company's outstanding warrants, additional government grants or collaborative arrangements with third parties, as to which no assurance can be given. Management does not know whether additional financing will be available on terms favorable or acceptable to the Company when needed, if at all. If adequate additional funds are not available when required, management will be forced to curtail the Company's research efforts, explore strategic alternatives and/or wind down its operations and pursue options for liquidating its remaining assets, including intellectual property. Based on its cash forecast, management has determined that the Company's present capital resources will not be sufficient to fund its planned operations for the twelve months from the date that these financial statements are filed, which raises substantial doubt about the Company's ability to continue as a going concern. 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, as amended, 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 | 6 Months Ended |
Jun. 30, 2019 | |
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 six months ended June 30, 2019, the Company adopted the following new accounting guidance. In February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize most leases on their balance sheet as right-of-use assets and lease liabilities. In July 2018, the FASB issued ASU No. 2018-10, " Codification Improvements to Topic 842, Leases " ("ASU 2018-10"), which provided narrow amendments to clarify how to apply certain aspects of the new lease standard, and ASU No. 2018-11, " Leases (Topic 842 - Targeted Improvements)" ("ASU 2018-11"), which addressed implementation issues related to the new lease standard. The new guidance was effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years. Under the new standard, disclosures are required to enable users of financial statements to better assess the amount, timing, and uncertainty of cash flows arising from leases. Topic 842 required filers to adopt the new standard using a modified retrospective approach under either of two transition methods; (1) to apply the new lease requirements at the beginning of the earliest period presented, or (2) to apply the new lease requirements at the effective date. The Company adopted the new standard on January 1, 2019 and elected to adjust its 2018 financial statements in order to make them comparable to its 2019 financial statements. Adoption of Topic 842 had a material impact on the Company's previously reported 2018 financial statements. See Note 8. New pronouncements that are not yet effective but may impact the Company's financial statements in the future are described below. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The FASB has subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of January 1, 2020. These standards require that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. These standards limit the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. The Company is still evaluating the potential impact of the standard on its consolidated financial position, results of operations and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This standard modifies certain disclosure requirements on fair value measurements and will become effective for the Company on January 1, 2020. The Company is still evaluating the potential impact of the standard on its consolidated financial position and results of operations and related disclosures. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 . This standard makes targeted improvements for collaborative arrangements as follows: • Clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606, Revenue from Contracts with Customers , when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, the guidance in ASC 606 should be applied, including recognition, measurement, presentation and disclosure requirements; • Adds unit-of-account guidance to ASC 808, Collaborative Arrangements , to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606; and • Precludes a company from presenting transactions with collaborative arrangement participants that are not directly related to sales to third parties with revenue recognized under ASC 606 if the collaborative arrangement participant is not a customer. This standard will become effective for the Company on January 1, 2020; however, early adoption is permitted. A retrospective transition approach is required for either all contracts or only for contracts that are not completed at the date of initial application of ASC 606, with a cumulative adjustment to opening retained earnings, as of January 1, 2019. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial position, results of operations and related disclosures. Principles of Consolidation The Company's unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited condensed 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 Unaudited Condensed Consolidated Balance Sheets included herein: June 30, December 31, Cash and cash equivalents $ 3,252 $ 3,023 Restricted cash 332 332 Total cash, cash equivalents and restricted cash $ 3,584 $ 3,355 Amounts included in restricted cash represent those required to be set aside by contractual agreement. Restricted cash of $332 at June 30, 2019 and December 31, 2018 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 June 30, 2019 and December 31, 2018 . 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. 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. 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 June 30, 2019 , 100% of the Company's total accounts and unbilled receivables of $251 are due from U.S. government grants. |
BASIC AND DILUTED NET INCOME (L
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
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, basic and dilutive loss per share are the same. Common stock equivalents include stock options, restricted stock awards and warrants. 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 and six months ended June 30, 2019 and June 30, 2018 , respectively, are shown below. Issued and outstanding warrants shown in the table below are described in greater detail in Note 11, contained herein. Three Months Ended Six Months Ended 2019 2018 2019 2018 Options 2,027,870 1,117,827 1,874,968 910,427 Restricted stock units — 7,101 3,531 10,660 Warrants 7,368,254 10,597,486 7,400,490 10,597,486 Total 9,396,124 11,722,414 9,278,989 11,518,573 |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Investments consist of the following: Accumulated Cost Unrealized Market Value June 30, 2019 Gain (Loss) Short-term investments Government securities $ 998 $ — $ — $ 998 Total $ 998 $ — $ — $ 998 Accumulated Cost Unrealized Market Value December 31, 2018 Gain (Loss) Short-term investments Government securities $ 2,746 $ — $ — $ 2,746 Total $ 2,746 $ — $ — $ 2,746 There were no long-term investments at June 30, 2019 , and December 31, 2018 . |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 , the Company did not own any Level 3 financial assets. The Company’s financial assets classified as Level 2 at June 30, 2019 and December 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 June 30, 2019 and December 31, 2018 . The tables below present information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 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) June 30, 2019 Cash equivalents: Money market funds $ 2,371 $ — $ — $ 2,371 Short-term investments: U.S. government and agency securities — 998 — 998 Total $ 2,371 $ 998 $ — $ 3,369 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, 2018 Cash equivalents: Money market funds $ 2,663 $ — $ — $ 2,663 Short-term investments: U.S. government agency securities — 2,746 — 2,746 Total $ 2,663 $ 2,746 $ — $ 5,409 There were no transfers of financial assets between category levels for the three and six months ended June 30, 2019 . The Company owns 648,149 shares of Series A Redeemable Convertible Preferred Stock of Tepha, Inc. ("Tepha"), a privately held medical device company located in Lexington, Massachusetts, that is engaged in the development of medical device products that restore, maintain, or improve tissue function. The Company received the preferred shares from Tepha during 2002 in connection with a technology sublicense agreement that was later terminated during 2016. The preferred shares owned by the Company represent less than one percent of Tepha's current outstanding common shares on a fully diluted basis and were fully written off through an impairment charge during 2005 prior to Tepha initiating commercial product sales. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following at: June 30, December 31, Employee compensation and benefits $ 217 $ 98 Leased facilities 36 50 Professional services 169 234 Other 164 298 Total accrued expenses $ 586 $ 680 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2019 | |
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 $113 and $275 for the three and six months ended June 30, 2019 . During the three and six months ended June 30, 2018 , the Company recognized $315 and $596 of stock-based compensation expense, respectively. At June 30, 2019 , there was approximately $1,461 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 3.35 years . Stock Options A summary of option activity for the six months ended June 30, 2019 is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2018 1,745,037 $ 6.38 Granted 710,275 $ 0.91 Exercised — — Forfeited (7,500 ) $ 1.43 Expired (1,730 ) $ 287.80 Outstanding at June 30, 2019 2,446,082 $ 4.61 Options vested and expected to vest at June 30, 2019 2,446,082 $ 4.61 Options exercisable at June 30, 2019 1,037,393 $ 9.12 Restricted Stock Units The Company records stock compensation expense for restricted stock units ("RSUs") on a straight-line basis over their requisite service period, which approximates the vesting period, based on each RSU's award date market value. As RSUs vest, the Company withholds a number of shares from its employees 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. The Company then pays the minimum required income tax for the employees. During the six months ended June 30, 2019 and June 30, 2018 , the Company paid $4 and $6 , respectively, for income tax withholdings associated with RSUs during these periods. A summary of RSU activity for the six months ended June 30, 2019 is as follows: Number of RSUs Weighted Average Remaining Contractual Life (years) Outstanding at December 31, 2018 7,101 Awarded — Common stock issued upon vesting (7,101 ) Forfeited — Outstanding at June 30, 2019 — — As of June 30, 2019 , the Company had no remaining unvested RSUs outstanding. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
LEASES | LEASES New Lease Accounting Topic 842 is effective for annual reporting periods beginning after December 15, 2018 and for interim periods within those fiscal years. The Company adopted Topic 842 on January 1, 2019 and elected to apply the new lease accounting requirements to its financial statements beginning on January 1, 2018 (the earliest period presented in its comparative financial statements), using a modified retrospective approach. The new guidance also requires additional financial statement disclosures to enable users of financial statements to better assess the amount, timing, and uncertainty of cash flows arising from leases. Topic 842 replaced the previous lease accounting and reporting guidance of ASC Topic 840, Leases , ("ASC Topic 840") and requires lessees to reflect a right-of-use asset and a lease liability on their balance sheet for leases with terms of more than twelve months. The Company's enactment of Topic 842, effective on January 1, 2019, resulted in it recording right-of-use assets and lease liabilities for real estate and equipment leases of $4,766 and $6,465 , respectively, as of that date. The Company also eliminated $1,005 in lease incentive obligations from its balance sheet on January 1, 2019 as a result of the discontinuation of the previous guidance under ASC Topic 840. Application of the new pronouncement to the Company's 2018 comparative year had a material effect on its previously issued 2018 financial statements. The Company's condensed consolidated balance sheet as of December 31, 2018 and its condensed consolidated statements of operations, comprehensive income (loss), cash flows and stockholders' equity for the three and six months ended June 30, 2018 , included herein, have been adjusted to incorporate the guidance of Topic 842. Under Topic 842, leases are classified as either operating or finance leases, with classification based on criteria similar to previous lease accounting guidance, but without the explicit quantitative determining factors used to establish a lease as either a capital or an operating lease. The Company reviewed its 2018 transitional leases and its currently active leases falling within the scope of Topic 842 and determined that all of these leases met the criteria for classification as operating leases. Lease liabilities are recorded as of their commencement date and are calculated as the present value of the remaining lease payments, using the interest rate implicit in the lease, or if that rate is not readily determinable, using the lessee's incremental borrowing rate. Right-of-use assets are equal to the lease liability with adjustments made, as necessary, for lease prepayments, lease accruals, initial direct costs, lessor lease incentives and any lease impairments that may be present. Topic 842 further requires that lease expense for operating leases be calculated on a straight-line basis and reported as a single operating expense within income from operations. Topic 842 provides a number of transitional practical expedients designed to assist lessees with initial implementation. The Company made the following elections in applying Topic 842. • Short-term lease exception. Active leases as of January 1, 2018, and new leases entered into thereafter with terms of twelve months or less were and will be excluded from accounting under Topic 842. • Package of practical expedients. These expedients, which must be elected in their entirety, permit a company to continue its historical accounting during the transition period for contractual arrangements containing embedded leases in lieu of performing a re-evaluation of the agreements in order to separate lease and non-lease components. The package of expedients also permit a company to maintain its previous accounting classification for transitional leases as either operating or finance leases without reassessment under the new guidance. Lastly, the package of practical expedients does not require reassessment and capitalization of initial direct costs incurred to establish a lease. In applying the guidance of Topic 842 to the 2018 transition period, the Company did not elect the available hindsight expedient with respect to the determination of lease terms used in the calculation of lease liabilities and right-of-use assets by considering the actual outcome of lease renewals. Maturity Analysis of Lease Liabilities At June 30, 2019 , the Company's lease liabilities will mature as follows: Year ended December 31, Undiscounted Cash Flows 2019 (July to December) $ 637 2020 1,080 2021 939 2022 969 2023 998 Thereafter 3,082 Total undiscounted future lease payments 7,705 Discount (1,644 ) Total lease liabilities $ 6,061 Short-term lease liabilities $ 865 Long-term lease liabilities $ 5,196 At June 30, 2019 , real estate and equipment leases represent approximately 99% and 1% , of the Company's lease liabilities, respectively. Quantitative Disclosure of Lease Costs (unaudited) Three Months Ended Six Months Ended 2019 2018 2019 2018 Lease cost: Operating lease cost $ 257 $ 272 $ 516 $ 538 Short-term lease cost 108 139 254 257 Sublease income (134 ) (113 ) (258 ) (232 ) Total lease cost, net $ 231 $ 298 $ 512 $ 563 Other information as of: June 30, 2019 December 31, 2018 Weighted-average remaining lease term (years) 7.1 7.4 Weighted-average discount rate 6.75% 6.75% Impact of Topic 842 Adoption on Reported Results Adoption of the new lease standard impacted the Company's 2018 previously reported financial statements as follows (unaudited): Three Months Ended June 30, 2018 As Reported New Lease Standard Adjustment As Adjusted Condensed Consolidated Statements of Income: Revenue $ 285 $ — $ 285 Expenses 2,705 11 2,716 Other Income (expense) 30 8 38 Net loss (2,390 ) (3 ) (2,393 ) Basic and diluted net loss per share (0.24 ) — (0.24 ) Six Months Ended June 30, 2018 As Reported New Lease Standard Adjustment As Adjusted Condensed Consolidated Statements of Income: Revenue $ 345 $ — $ 345 Expenses 5,072 21 5,093 Other Income (expense) 47 16 63 Net loss (4,680 ) (5 ) (4,685 ) Basic and diluted net loss per share (0.48 ) — (0.48 ) June 30, 2018 As Reported New Lease Standard Adjustment As Adjusted Condensed Consolidated Balance Sheet: Current assets $ 10,104 $ — $ 10,104 Restricted cash 332 — 332 Property and equipment, net 1,477 — 1,477 Right-of-use assets — 5,209 5,209 Other assets 98 — 98 Total assets $ 12,011 $ 5,209 $ 17,220 Liabilities and Stockholders' Equity: Accounts payable $ 34 $ — $ 34 Accrued expenses 1,455 (584 ) 871 Short-term lease liabilities — 739 739 Lease incentive obligation, net of current portion 941 (941 ) — Long-term lease liabilities — 6,000 6,000 Stockholders' equity 9,581 (5 ) 9,576 Total liabilities and stockholders' equity $ 12,011 $ 5,209 $ 17,220 December 31, 2018 As Reported New Lease Standard Adjustment As Adjusted Condensed Consolidated Balance Sheet: Current assets $ 6,377 $ — $ 6,377 Restricted cash 332 — 332 Property and equipment, net 1,385 — 1,385 Right-of-use assets — 4,766 4,766 Other assets 100 — 100 Total assets $ 8,194 $ 4,766 $ 12,960 Liabilities and Stockholders' Equity: Accounts payable $ 117 $ — $ 117 Accrued expenses 1,429 (749 ) 680 Short-term lease liabilities — 844 844 Lease incentive obligation, net of current portion 935 (935 ) — Long-term lease liabilities — 5,621 5,621 Stockholders' equity 5,713 (15 ) 5,698 Total liabilities and stockholders' equity $ 8,194 $ 4,766 $ 12,960 Real Estate Leases During 2016, the Company entered into a lease agreement for its headquarters, 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 lease agreement does not include any options for the early termination or the extension of the lease. The Company provided the landlord with a security deposit in the form of a letter of credit in the amount of $307 . Pursuant to the lease, the Company will also pay certain taxes and operating costs associated with the premises throughout 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. Upon the adoption of Topic 842, these improvements were recorded as a reduction in the valulation of the right-of-use asset. 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. The sublease is coterminous with the Company's master lease, and CJ will pay 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. Future CJ sublease payments have not been presented as an offset to total undiscounted future lease payments of $7,705 shown in the lease maturity analysis table above. CJ 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, as amended, expires in May 2020. The terms of the agreement provide the Company with a five -year option to extend the lease provided written notice is given prior to August 31, 2019. The Company does not intend to elect this option. During July 2018, the Company discontinued further use of the Lowell space, and as a result, the Company recorded a non-cash lease exit charge of $255 for the facility in accordance with ASC Topic 420-10, Exit or Disposal Obligations . The exit charge was recorded as an increase in the Company's lease expense and a reduction to the associated right-of-use asset. The Company will continue to make monthly rental payments for the Lowell facility through its expiration in May 2020. The Company's wholly-owned subsidiary, Metabolix Oilseeds, Inc. ("MOI"), located in Saskatoon, Saskatchewan, Canada, leases approximately 6,200 square feet of office, laboratory and greenhouse space located within Innovation Place at 410 Downey Road and within the research facility of National Research Council Canada located at 110 Gymnasium Place. None of the leases contain renewal or early termination options. MOI's leases for these facilities expire on various dates through May 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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 June 30, 2019 and December 31, 2018 , 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 and contractors. 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 June 30, 2019 and December 31, 2018 . |
GEOGRAPHIC INFORMATION
GEOGRAPHIC INFORMATION | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019: Grant revenue from external customers $ 318 $ — $ — $ 318 Inter-geographic revenues — 499 (499 ) — Revenues $ 318 $ 499 $ (499 ) $ 318 Three Months Ended June 30, 2018: Grant revenue from external customers $ 285 $ — $ — $ 285 Inter-geographic revenues — 372 (372 ) — Revenues $ 285 $ 372 $ (372 ) $ 285 Six Months Ended June 30, 2019: Net revenues from external customers $ 442 $ — $ — $ 442 Inter-geographic revenues — 836 (836 ) — Net revenues $ 442 $ 836 $ (836 ) $ 442 Six Months Ended June 30, 2018: Net revenues from external customers $ 345 $ — $ — $ 345 Inter-geographic revenues — 640 (640 ) — Net revenues $ 345 $ 640 $ (640 ) $ 345 Foreign revenue is based on the country in which the Company’s subsidiary that earned the revenue is domiciled. During the three and six months ended June 30, 2019 , the Company's grant revenue from the Michigan State University ("MSU") sub-award of $318 and $442 represented 100% of total revenue for both periods. During the three and six months ended June 30, 2018 , revenue earned from the MSU sub-award totaled $236 for both periods and represented 83% and 68% of total revenue, respectively. The geographic distribution of the Company’s long-lived assets is summarized as follows: U.S. Canada Eliminations Total June 30, 2019 $ 1,276 $ 22 $ — $ 1,298 December 31, 2018 $ 1,372 $ 13 $ — $ 1,385 |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK Common Stock On March 18, 2019, the Company completed a registered direct offering of its common stock. Proceeds from the transaction were approximately $2,932 , before issuance costs of $349 . Investors participating in the transaction purchased a total of 2,421,662 shares of common stock at a price of $1.2101 per share. 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. In 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. As of March 19, 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 June 30, 2019 : Issuance Number of Shares Issuable Upon Exercise of Outstanding Warrants Exercise Price Expiration Date 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 Consultant 30,000 $ 2.90 September 11, 2024 Total 7,039,784 On June 15, 2019, 393,300 warrants issued in connection with the Company's private placement of securities on June 15, 2015, expired in accordance with the terms of the securities purchase agreement. Reserved Shares The following shares of common stock were reserved for future issuance upon exercise of stock options, vesting of RSUs and conversion of warrants: June 30, December 31, Stock Options 2,446,082 1,745,037 RSUs — 7,101 Warrants 7,039,784 7,433,084 Total number of common shares reserved for future issuance 9,485,866 9,185,222 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Company's unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The unaudited condensed 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 June 30, 2019 and December 31, 2018 . 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. |
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. |
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) | 6 Months Ended |
Jun. 30, 2019 | |
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 Unaudited Condensed Consolidated Balance Sheets included herein: June 30, December 31, Cash and cash equivalents $ 3,252 $ 3,023 Restricted cash 332 332 Total cash, cash equivalents and restricted cash $ 3,584 $ 3,355 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company's Unaudited Condensed Consolidated Balance Sheets included herein: June 30, December 31, Cash and cash equivalents $ 3,252 $ 3,023 Restricted cash 332 332 Total cash, cash equivalents and restricted cash $ 3,584 $ 3,355 |
BASIC AND DILUTED NET INCOME _2
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 and six months ended June 30, 2019 and June 30, 2018 , respectively, are shown below. Issued and outstanding warrants shown in the table below are described in greater detail in Note 11, contained herein. Three Months Ended Six Months Ended 2019 2018 2019 2018 Options 2,027,870 1,117,827 1,874,968 910,427 Restricted stock units — 7,101 3,531 10,660 Warrants 7,368,254 10,597,486 7,400,490 10,597,486 Total 9,396,124 11,722,414 9,278,989 11,518,573 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investment holdings | Investments consist of the following: Accumulated Cost Unrealized Market Value June 30, 2019 Gain (Loss) Short-term investments Government securities $ 998 $ — $ — $ 998 Total $ 998 $ — $ — $ 998 Accumulated Cost Unrealized Market Value December 31, 2018 Gain (Loss) Short-term investments Government securities $ 2,746 $ — $ — $ 2,746 Total $ 2,746 $ — $ — $ 2,746 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 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) June 30, 2019 Cash equivalents: Money market funds $ 2,371 $ — $ — $ 2,371 Short-term investments: U.S. government and agency securities — 998 — 998 Total $ 2,371 $ 998 $ — $ 3,369 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, 2018 Cash equivalents: Money market funds $ 2,663 $ — $ — $ 2,663 Short-term investments: U.S. government agency securities — 2,746 — 2,746 Total $ 2,663 $ 2,746 $ — $ 5,409 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following at: June 30, December 31, Employee compensation and benefits $ 217 $ 98 Leased facilities 36 50 Professional services 169 234 Other 164 298 Total accrued expenses $ 586 $ 680 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of option activity | A summary of option activity for the six months ended June 30, 2019 is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2018 1,745,037 $ 6.38 Granted 710,275 $ 0.91 Exercised — — Forfeited (7,500 ) $ 1.43 Expired (1,730 ) $ 287.80 Outstanding at June 30, 2019 2,446,082 $ 4.61 Options vested and expected to vest at June 30, 2019 2,446,082 $ 4.61 Options exercisable at June 30, 2019 1,037,393 $ 9.12 |
Schedule of restricted stock units activity | A summary of RSU activity for the six months ended June 30, 2019 is as follows: Number of RSUs Weighted Average Remaining Contractual Life (years) Outstanding at December 31, 2018 7,101 Awarded — Common stock issued upon vesting (7,101 ) Forfeited — Outstanding at June 30, 2019 — — |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Maturity analysis of lease liabilities | At June 30, 2019 , the Company's lease liabilities will mature as follows: Year ended December 31, Undiscounted Cash Flows 2019 (July to December) $ 637 2020 1,080 2021 939 2022 969 2023 998 Thereafter 3,082 Total undiscounted future lease payments 7,705 Discount (1,644 ) Total lease liabilities $ 6,061 Short-term lease liabilities $ 865 Long-term lease liabilities $ 5,196 |
Quantitative disclosure of lease costs | Three Months Ended Six Months Ended 2019 2018 2019 2018 Lease cost: Operating lease cost $ 257 $ 272 $ 516 $ 538 Short-term lease cost 108 139 254 257 Sublease income (134 ) (113 ) (258 ) (232 ) Total lease cost, net $ 231 $ 298 $ 512 $ 563 Other information as of: June 30, 2019 December 31, 2018 Weighted-average remaining lease term (years) 7.1 7.4 Weighted-average discount rate 6.75% 6.75% |
Impact of Topic 842 adoption on reported results | Adoption of the new lease standard impacted the Company's 2018 previously reported financial statements as follows (unaudited): Three Months Ended June 30, 2018 As Reported New Lease Standard Adjustment As Adjusted Condensed Consolidated Statements of Income: Revenue $ 285 $ — $ 285 Expenses 2,705 11 2,716 Other Income (expense) 30 8 38 Net loss (2,390 ) (3 ) (2,393 ) Basic and diluted net loss per share (0.24 ) — (0.24 ) Six Months Ended June 30, 2018 As Reported New Lease Standard Adjustment As Adjusted Condensed Consolidated Statements of Income: Revenue $ 345 $ — $ 345 Expenses 5,072 21 5,093 Other Income (expense) 47 16 63 Net loss (4,680 ) (5 ) (4,685 ) Basic and diluted net loss per share (0.48 ) — (0.48 ) June 30, 2018 As Reported New Lease Standard Adjustment As Adjusted Condensed Consolidated Balance Sheet: Current assets $ 10,104 $ — $ 10,104 Restricted cash 332 — 332 Property and equipment, net 1,477 — 1,477 Right-of-use assets — 5,209 5,209 Other assets 98 — 98 Total assets $ 12,011 $ 5,209 $ 17,220 Liabilities and Stockholders' Equity: Accounts payable $ 34 $ — $ 34 Accrued expenses 1,455 (584 ) 871 Short-term lease liabilities — 739 739 Lease incentive obligation, net of current portion 941 (941 ) — Long-term lease liabilities — 6,000 6,000 Stockholders' equity 9,581 (5 ) 9,576 Total liabilities and stockholders' equity $ 12,011 $ 5,209 $ 17,220 December 31, 2018 As Reported New Lease Standard Adjustment As Adjusted Condensed Consolidated Balance Sheet: Current assets $ 6,377 $ — $ 6,377 Restricted cash 332 — 332 Property and equipment, net 1,385 — 1,385 Right-of-use assets — 4,766 4,766 Other assets 100 — 100 Total assets $ 8,194 $ 4,766 $ 12,960 Liabilities and Stockholders' Equity: Accounts payable $ 117 $ — $ 117 Accrued expenses 1,429 (749 ) 680 Short-term lease liabilities — 844 844 Lease incentive obligation, net of current portion 935 (935 ) — Long-term lease liabilities — 5,621 5,621 Stockholders' equity 5,713 (15 ) 5,698 Total liabilities and stockholders' equity $ 8,194 $ 4,766 $ 12,960 |
GEOGRAPHIC INFORMATION (Tables)
GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019: Grant revenue from external customers $ 318 $ — $ — $ 318 Inter-geographic revenues — 499 (499 ) — Revenues $ 318 $ 499 $ (499 ) $ 318 Three Months Ended June 30, 2018: Grant revenue from external customers $ 285 $ — $ — $ 285 Inter-geographic revenues — 372 (372 ) — Revenues $ 285 $ 372 $ (372 ) $ 285 Six Months Ended June 30, 2019: Net revenues from external customers $ 442 $ — $ — $ 442 Inter-geographic revenues — 836 (836 ) — Net revenues $ 442 $ 836 $ (836 ) $ 442 Six Months Ended June 30, 2018: Net revenues from external customers $ 345 $ — $ — $ 345 Inter-geographic revenues — 640 (640 ) — Net revenues $ 345 $ 640 $ (640 ) $ 345 |
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 June 30, 2019 $ 1,276 $ 22 $ — $ 1,298 December 31, 2018 $ 1,372 $ 13 $ — $ 1,385 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 : Issuance Number of Shares Issuable Upon Exercise of Outstanding Warrants Exercise Price Expiration Date 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 Consultant 30,000 $ 2.90 September 11, 2024 Total 7,039,784 |
Schedule of Stock by Class | The following shares of common stock were reserved for future issuance upon exercise of stock options, vesting of RSUs and conversion of warrants: June 30, December 31, Stock Options 2,446,082 1,745,037 RSUs — 7,101 Warrants 7,039,784 7,433,084 Total number of common shares reserved for future issuance 9,485,866 9,185,222 |
NATURE OF BUSINESS AND BASIS _2
NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unrestricted cash and cash equivalents and short-term investments | $ 4,250 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Concentration of credit risk | |||
Restricted cash | $ 332 | $ 332 | $ 332 |
Government Grants | |||
Concentration of credit risk | |||
Receivables/sales (as a percent) | 100.00% | ||
Unbilled receivables | $ 251 |
ACCOUNTING POLICIES - Schedule
ACCOUNTING POLICIES - Schedule of Cash And Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 3,252 | $ 3,023 | ||
Restricted cash | 332 | 332 | $ 332 | |
Total cash, cash equivalents and restricted cash | $ 3,584 | $ 3,355 | $ 3,500 | $ 14,804 |
BASIC AND DILUTED NET INCOME _3
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive securities | ||||
Antidilutive common stock excluded from the calculation of dilutive shares | 9,396,124 | 11,722,414 | 9,278,989 | 11,518,573 |
Options | ||||
Antidilutive securities | ||||
Antidilutive common stock excluded from the calculation of dilutive shares | 2,027,870 | 1,117,827 | 1,874,968 | 910,427 |
Restricted stock units | ||||
Antidilutive securities | ||||
Antidilutive common stock excluded from the calculation of dilutive shares | 0 | 7,101 | 3,531 | 10,660 |
Warrants | ||||
Antidilutive securities | ||||
Antidilutive common stock excluded from the calculation of dilutive shares | 7,368,254 | 10,597,486 | 7,400,490 | 10,597,486 |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Short-term Investments [Abstract] | ||
Accumulated Cost | $ 998 | $ 2,746 |
Unrealized Gain | 0 | 0 |
Unrealized (Loss) | 0 | 0 |
Market Value | 998 | 2,746 |
Long-term Investments | 0 | 0 |
Government securities | ||
Short-term Investments [Abstract] | ||
Accumulated Cost | 998 | 2,746 |
Unrealized Gain | 0 | 0 |
Unrealized (Loss) | 0 | 0 |
Market Value | $ 998 | $ 2,746 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Tepha | ||
Fair value measurements | ||
Investment owned (in shares) | 648,149 | |
Investment owned, percentage (less than) | 1.00% | |
Fair Value, measurements, recurring | ||
Fair value measurements | ||
Assets, fair value disclosure | $ 3,369 | $ 5,409 |
Fair Value, measurements, recurring | Money market funds | ||
Fair value measurements | ||
Assets, fair value disclosure | 2,371 | 2,663 |
Fair Value, measurements, recurring | U.S. government and agency securities | ||
Fair value measurements | ||
Assets, fair value disclosure | 998 | 2,746 |
Fair Value, measurements, recurring | Quoted prices in active markets for identical assets | ||
Fair value measurements | ||
Assets, fair value disclosure | 2,371 | 2,663 |
Fair Value, measurements, recurring | Quoted prices in active markets for identical assets | Money market funds | ||
Fair value measurements | ||
Assets, fair value disclosure | 2,371 | 2,663 |
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 | 0 |
Fair Value, measurements, recurring | Significant other observable inputs | ||
Fair value measurements | ||
Assets, fair value disclosure | 998 | 2,746 |
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 | 998 | 2,746 |
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 | $ 0 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Payables and Accruals [Abstract] | |||
Employee compensation and benefits | $ 217 | $ 98 | |
Leased facilities | 36 | 50 | |
Professional services | 169 | 234 | |
Other | 164 | 298 | |
Total accrued expenses | $ 586 | $ 680 | $ 871 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock-based compensation | ||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ (4) | $ (6) | ||
Stock-based compensation | $ 113 | $ 315 | 275 | $ 596 |
Employee stock option | ||||
Stock-based compensation | ||||
Stock-based compensation expense, net of estimated forfeitures, related to unvested awards not yet recognized | $ 1,461 | $ 1,461 | ||
Weighted average remaining recognition period (years) | 3 years 4 months 7 days | |||
Options | ||||
Number of Shares | ||||
Outstanding at the beginning of the period (in shares) | 1,745,037 | |||
Granted (in shares) | 710,275 | |||
Exercised (in shares) | 0 | |||
Forfeited (in shares) | (7,500) | |||
Expired (in shares) | (1,730) | |||
Outstanding at the end of the period (in shares) | 2,446,082 | 2,446,082 | ||
Options vested and expected to vest at the end of the period (in shares) | 2,446,082 | 2,446,082 | ||
Options exercisable at the end of the period (in shares) | 1,037,393 | 1,037,393 | ||
Weighted Average Exercise Price | ||||
Outstanding at the beginning of the period (in dollars per share) | $ 6.38 | |||
Granted (in dollars per share) | 0.91 | |||
Exercised (in dollars per share) | 0 | |||
Forfeited (in dollars per share) | 1.43 | |||
Expired (in dollars per share) | 287.80 | |||
Outstanding at the end of the period (in dollars per share) | $ 4.61 | 4.61 | ||
Options vested and expected to vest at the end of the period (in dollars per share) | 4.61 | 4.61 | ||
Options exercisable at the end of the period (in dollars per share) | $ 9.12 | $ 9.12 |
STOCK-BASED COMPENSATION - REST
STOCK-BASED COMPENSATION - RESTRICTED STOCK UNIT ACTIVITY TABLE (Details) - Restricted stock units | 6 Months Ended |
Jun. 30, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding (in shares) | 7,101 |
Awarded (in shares) | 0 |
Common stock issued upon vesting (in shares) | (7,101) |
Forfeited (in shares) | 0 |
Outstanding (in shares) | 0 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Thousands | Jan. 01, 2019USD ($) | Jul. 31, 2018USD ($) | Oct. 31, 2016USD ($)ft² | Dec. 31, 2016USD ($)ft² | Jun. 30, 2019USD ($)ft² | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Right-of-use assets | $ 4,467 | $ 4,766 | $ 5,209 | ||||
Lease liabilities | 6,061 | ||||||
Area of real estate property | ft² | 29,622 | ||||||
Security deposit | $ 307 | ||||||
Operating leases, landlord reimbursement for lease improvements | 889 | ||||||
Operating leases, landlord reimbursement for lease improvements, additional payments | $ 444 | ||||||
Undiscounted future lease payments | $ 7,705 | ||||||
CJ CheilJedang Corporation | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Area of real estate property | ft² | 9,874 | ||||||
Security deposit | $ 103 | ||||||
Percentage of amounts payable reimbursable by counterparty | 33.33% | ||||||
650 Suffolk Street | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Area of real estate property | ft² | 13,702 | ||||||
Operating leases, renewal term | 5 years | ||||||
Non-cash lease exit charge | $ 255 | ||||||
Subsidiaries | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Area of real estate property | ft² | 6,200 | ||||||
Topic 842 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Right-of-use assets | $ 4,766 | ||||||
Lease liabilities | 6,465 | ||||||
Elimination of lease incentive obligations | $ 1,005 | ||||||
Real estate leases | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Percent of lease liabilities | 99.00% | ||||||
Equipment leases | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Percent of lease liabilities | 1.00% |
LEASES - Maturity Analysis of L
LEASES - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Leases [Abstract] | |||
2019 (July to December) | $ 637 | ||
2020 | 1,080 | ||
2021 | 939 | ||
2022 | 969 | ||
2023 | 998 | ||
Thereafter | 3,082 | ||
Total undiscounted future lease payments | 7,705 | ||
Discount | (1,644) | ||
Total lease liabilities | 6,061 | ||
Short-term lease liabilities | 865 | $ 844 | $ 739 |
Long-term lease liabilities | $ 5,196 | $ 5,621 | $ 6,000 |
LEASES - Quantitative Disclosur
LEASES - Quantitative Disclosure of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Lease cost: | |||||
Operating lease cost | $ 257 | $ 272 | $ 516 | $ 538 | |
Short-term lease cost | 108 | 139 | 254 | 257 | |
Sublease income | (134) | (113) | (258) | (232) | |
Total lease cost, net | $ 231 | $ 298 | $ 512 | $ 563 | |
Other information as of: | |||||
Weighted-average remaining lease term | 7 years 1 month 6 days | 7 years 1 month 6 days | 7 years 4 months 24 days | ||
Weighted-average discount rate | 6.75% | 6.75% | 6.75% |
LEASES - Impact of Topic 842 Ad
LEASES - Impact of Topic 842 Adoption on Reported Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Condensed Consolidated Statements of Income: | |||||||||
Revenue | $ 318 | $ 285 | $ 442 | $ 345 | |||||
Expenses | 2,216 | 2,716 | 4,625 | 5,093 | |||||
Other Income (expense) | 27 | 38 | 52 | 63 | |||||
Net loss | $ (1,871) | $ (2,393) | $ (4,131) | $ (4,685) | |||||
Basic and diluted net loss per share (in USD per share) | $ (0.15) | $ (0.24) | $ (0.36) | $ (0.48) | |||||
Condensed Consolidated Balance Sheet: | |||||||||
Current assets | $ 5,017 | $ 10,104 | $ 5,017 | $ 10,104 | $ 6,377 | ||||
Restricted cash | 332 | 332 | 332 | 332 | 332 | ||||
Property and equipment, net | 1,298 | 1,477 | 1,298 | 1,477 | 1,385 | ||||
Right-of-use assets | 4,467 | 5,209 | 4,467 | 5,209 | 4,766 | ||||
Other assets | 42 | 98 | 42 | 98 | 100 | ||||
Total assets | 11,156 | 17,220 | 11,156 | 17,220 | 12,960 | ||||
Liabilities and Stockholders' Equity: | |||||||||
Accounts payable | 55 | 34 | 55 | 34 | 117 | ||||
Accrued expenses | 586 | 871 | 586 | 871 | 680 | ||||
Lease liabilities | 865 | 739 | 865 | 739 | 844 | ||||
Lease incentive obligation, net of current portion | 0 | 0 | 0 | ||||||
Long-term lease liabilities | 5,196 | 6,000 | 5,196 | 6,000 | 5,621 | ||||
Stockholders’ equity | 4,454 | 9,576 | 4,454 | 9,576 | $ 6,195 | 5,698 | $ 11,633 | $ 13,502 | |
Total liabilities and stockholders’ equity | $ 11,156 | 17,220 | $ 11,156 | 17,220 | 12,960 | ||||
As Reported | |||||||||
Condensed Consolidated Statements of Income: | |||||||||
Revenue | 285 | 345 | |||||||
Expenses | 2,705 | 5,072 | |||||||
Other Income (expense) | 30 | 47 | |||||||
Net loss | $ (2,390) | $ (4,680) | |||||||
Basic and diluted net loss per share (in USD per share) | $ (0.24) | $ (0.48) | |||||||
Condensed Consolidated Balance Sheet: | |||||||||
Current assets | $ 10,104 | $ 10,104 | 6,377 | ||||||
Restricted cash | 332 | 332 | 332 | ||||||
Property and equipment, net | 1,477 | 1,477 | 1,385 | ||||||
Right-of-use assets | 0 | 0 | 0 | ||||||
Other assets | 98 | 98 | 100 | ||||||
Total assets | 12,011 | 12,011 | 8,194 | ||||||
Liabilities and Stockholders' Equity: | |||||||||
Accounts payable | 34 | 34 | 117 | ||||||
Accrued expenses | 1,455 | 1,455 | 1,429 | ||||||
Lease liabilities | 0 | 0 | 0 | ||||||
Lease incentive obligation, net of current portion | 941 | 941 | 935 | ||||||
Long-term lease liabilities | 0 | 0 | 0 | ||||||
Stockholders’ equity | 9,581 | 9,581 | 5,713 | ||||||
Total liabilities and stockholders’ equity | 12,011 | 12,011 | 8,194 | ||||||
Topic 842 | |||||||||
Condensed Consolidated Balance Sheet: | |||||||||
Right-of-use assets | $ 4,766 | ||||||||
Topic 842 | New Lease Standard Adjustment | |||||||||
Condensed Consolidated Statements of Income: | |||||||||
Revenue | 0 | 0 | |||||||
Expenses | 11 | 21 | |||||||
Other Income (expense) | 8 | 16 | |||||||
Net loss | $ (3) | $ (5) | |||||||
Basic and diluted net loss per share (in USD per share) | $ 0 | $ 0 | |||||||
Condensed Consolidated Balance Sheet: | |||||||||
Current assets | $ 0 | $ 0 | 0 | ||||||
Restricted cash | 0 | 0 | 0 | ||||||
Property and equipment, net | 0 | 0 | 0 | ||||||
Right-of-use assets | 5,209 | 5,209 | 4,766 | ||||||
Other assets | 0 | 0 | 0 | ||||||
Total assets | 5,209 | 5,209 | 4,766 | ||||||
Liabilities and Stockholders' Equity: | |||||||||
Accounts payable | 0 | 0 | 0 | ||||||
Accrued expenses | (584) | (584) | (749) | ||||||
Lease liabilities | 739 | 739 | 844 | ||||||
Lease incentive obligation, net of current portion | (941) | (941) | (935) | ||||||
Long-term lease liabilities | 6,000 | 6,000 | 5,621 | ||||||
Stockholders’ equity | (5) | (5) | (15) | ||||||
Total liabilities and stockholders’ equity | $ 5,209 | $ 5,209 | $ 4,766 |
GEOGRAPHIC INFORMATION - Distri
GEOGRAPHIC INFORMATION - Distribution of Revenues and Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Geographic Information | ||||
Revenue | $ 318 | $ 285 | $ 442 | $ 345 |
U.S. | ||||
Geographic Information | ||||
Revenue | 318 | 285 | 442 | 345 |
Canada | ||||
Geographic Information | ||||
Revenue | 499 | 372 | 836 | 640 |
Operating segments | ||||
Geographic Information | ||||
Revenue | 318 | 285 | 442 | 345 |
Operating segments | U.S. | ||||
Geographic Information | ||||
Revenue | 318 | 285 | 442 | 345 |
Operating segments | Canada | ||||
Geographic Information | ||||
Revenue | 0 | 0 | 0 | 0 |
Eliminations | ||||
Geographic Information | ||||
Revenue | (499) | (372) | (836) | (640) |
Eliminations | Canada | ||||
Geographic Information | ||||
Revenue | $ 499 | $ 372 | $ 836 | $ 640 |
GEOGRAPHIC INFORMATION - Narrat
GEOGRAPHIC INFORMATION - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Concentration risk | ||||
Revenue | $ 318 | $ 285 | $ 442 | $ 345 |
Grant | ||||
Concentration risk | ||||
Revenue | 318 | 285 | 442 | 345 |
Grant | Michigan State University | Sales | ||||
Concentration risk | ||||
Revenue | $ 318 | $ 236 | $ 442 | $ 236 |
Concentration risk (as a percent) | 100.00% | 83.00% | 100.00% | 68.00% |
GEOGRAPHIC INFORMATION - Schedu
GEOGRAPHIC INFORMATION - Schedule of Geographic Distribution (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Geographic Information | |||
Long-lived assets | $ 1,298 | $ 1,385 | $ 1,477 |
Reportable Geographical Components | U.S. | |||
Geographic Information | |||
Long-lived assets | 1,276 | 1,372 | |
Reportable Geographical Components | Canada | |||
Geographic Information | |||
Long-lived assets | 22 | 13 | |
Eliminations | |||
Geographic Information | |||
Long-lived assets | $ 0 | $ 0 |
CAPITAL STOCK - Common Stock (D
CAPITAL STOCK - Common Stock (Details) - Registered direct offering $ / shares in Units, $ in Thousands | Mar. 18, 2019USD ($)$ / sharesshares |
Proceeds from stock offering | $ 2,932 |
Payments of stock issuance costs | $ 349 |
Common stock sold (in shares) | shares | 2,421,662 |
Common stock sold, price (in dollars per share) | $ / shares | $ 1.2101 |
CAPITAL STOCK - Preferred Stock
CAPITAL STOCK - Preferred Stock (Details) - $ / shares | Mar. 19, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 | ||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | ||
Number of shares issuable upon conversion (in shares) | 7,039,784 | |||
Stock issued upon conversion of securities (in shares) | 1,772,000 | |||
Class B Units | ||||
Class of Stock [Line Items] | ||||
Shares issued during period (in shares) | 3,987 | |||
Series A Warrant | ||||
Class of Stock [Line Items] | ||||
Number of shares issuable upon conversion (in shares) | 445 | |||
Series A Warrant | Class B Units | ||||
Class of Stock [Line Items] | ||||
Investment warrants, exercise price (in shares) | $ 2.25 |
CAPITAL STOCK - Warrants (Detai
CAPITAL STOCK - Warrants (Details) - $ / shares | Jun. 15, 2019 | Jun. 30, 2019 |
Class of Warrant or Right [Line Items] | ||
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 7,039,784 | |
Warrants expired (in shares) | 393,300 | |
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 | |
December 2017 Public Offering - Series A | ||
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 | |
Exercise price of warrants (in dollars per share) | $ 2.90 |
CAPITAL STOCK - Reserved Shares
CAPITAL STOCK - Reserved Shares (Details) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Total number of common shares reserved for future issuance | 9,485,866 | 9,185,222 |
Options | ||
Class of Stock [Line Items] | ||
Total number of common shares reserved for future issuance | 2,446,082 | 1,745,037 |
Restricted stock units | ||
Class of Stock [Line Items] | ||
Total number of common shares reserved for future issuance | 0 | 7,101 |
Warrants | ||
Class of Stock [Line Items] | ||
Total number of common shares reserved for future issuance | 7,039,784 | 7,433,084 |