Cryoport (CYRX) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Cryoport, Inc.
Entity Central Index Key	1,124,524
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	CYRX
Entity Common Stock, Shares Outstanding		27,679,684

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 18,993,994	$ 15,042,189
Accounts receivable, net of allowance for doubtful accounts of $70,000	2,385,904	1,625,476
Inventories	121,926	114,796
Prepaid expenses and other current assets	541,462	516,427
Total current assets	22,043,286	17,298,888
Property and equipment, net	2,572,298	2,511,174
Intangible assets, net	105,996	90,646
Deposits	363,403	363,403
Total assets	25,084,983	20,264,111
Current Liabilities:
Accounts payable and other accrued expenses	1,345,047	1,232,975
Accrued compensation and related expenses	1,074,532	925,514
Deferred revenue	23,073	26,654
Total current liabilities	2,442,652	2,185,143
Deferred rent liability	189,054	192,202
Total liabilities	2,631,706	2,377,345
Commitments and contingencies
Stockholders’ Equity:
Common stock, $0.001 par value; 50,000,000 shares authorized; 27,593,118 and 25,701,924 issued and outstanding at March 31, 2018 and December 31, 2017, respectively	27,593	25,702
Additional paid-in capital	156,541,327	149,293,947
Accumulated deficit	(134,115,643)	(131,432,883)
Total stockholders’ equity	22,453,277	17,886,766
Total liabilities and stockholders’ equity	25,084,983	20,264,111
Class A convertible preferred stock [Member]
Stockholders’ Equity:
Preferred stock	0	0
Class B Convertible Preferred Stock [Member]
Stockholders’ Equity:
Preferred stock	$ 0	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts receivable	$ 70,000	$ 70,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,500,000	2,500,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	27,593,118	25,701,924
Common stock, shares outstanding	27,593,118	25,701,924
Class A Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	800,000	800,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class B Convertible Preferres Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	585,000	585,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 4,023,189	$ 2,712,234
Cost of revenues	1,838,826	1,458,737
Gross margin	2,184,363	1,253,497
Operating costs and expenses:
General and administrative	2,068,510	1,703,032
Sales and marketing	1,584,428	1,069,935
Engineering and development	329,730	249,843
Total operating costs and expenses	3,982,668	3,022,810
Loss from operations	(1,798,305)	(1,769,313)
Other income (expense):
Interest expense	0	(15,667)
Warrant inducement and repricing expense	(899,410)	0
Other income, net	15,768	0
Loss before provision for income taxes	(2,681,947)	(1,784,980)
Provision for income taxes	(813)	(4,231)
Net loss	$ (2,682,760)	$ (1,789,211)
Net loss per share - basic and diluted	$ (0.1)	$ (0.1)
Weighted average shares outstanding - basic and diluted	26,774,179	17,604,283

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows From Operating Activities:
Net loss	$ (2,682,760)	$ (1,789,211)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	187,834	131,551
Amortization of debt discounts and deferred financing costs	0	6,130
Stock-based compensation expense	1,049,510	770,442
Warrant inducement and repricing expense	899,410	0
Loss on disposal of property and equipment	20,585	17,238
Changes in operating assets and liabilities:
Accounts receivable	(760,428)	(272,370)
Inventories	(7,130)	18,539
Prepaid expenses and other current assets	(25,035)	(34,500)
Accounts payable and other accrued expenses	105,343	329,514
Accrued compensation and related expenses	149,018	(5,413)
Accrued interest	0	(1,843)
Net cash used in operating activities	(1,063,653)	(829,923)
Cash Flows From Investing Activities:
Purchases of property and equipment	(269,543)	(631,082)
Patent and trademark costs	(15,350)	(10,199)
Net cash used in investing activities	(284,893)	(641,281)
Cash Flows From Financing Activities:
Proceeds from the public offering, net of offering costs	0	11,571,914
Proceeds from February 2018 tender offer, net of offering costs	4,641,807	0
Proceeds from exercise of stock options and warrants	658,544	0
Repayment of related-party notes payable	0	(92,379)
Net cash provided by financing activities	5,300,351	11,479,535
Net change in cash and cash equivalents	3,951,805	10,008,331
Cash and cash equivalents — beginning of period	15,042,189	4,524,529
Cash and cash equivalents — end of period	18,993,994	14,532,860
Supplemental Disclosure of Non-Cash Financing Activities:
Offering costs included in additional paid-in capital and accounts payable and other accrued expenses	$ 0	$ 165,990

Management's Representation and

Management's Representation and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Nature of the Business [Abstract]
Management's Representation and Basis of Presentation	Note 1. Management’s Representation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Cryoport, Inc. (the “Company”, “our” or “we”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statement presentation. However, the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The Company has evaluated subsequent events through the date of this filing, and determined that no subsequent events have occurred that would require recognition in the unaudited condensed consolidated financial statements or disclosure in the notes thereto other than as disclosed in the accompanying notes.

Nature of the Business

Nature of the Business	3 Months Ended
	Mar. 31, 2018
Nature of the Business [Abstract]
Nature of Operations	Note 2. Nature of the Business Cryoport is the premier provider of cryogenic logistics solutions to the life sciences industry through its purpose-built proprietary packaging, information technology and specialized cold chain logistics expertise. The Company provides leading edge logistics solutions for biologic materials, such as immunotherapies, stem cells, CAR-T cells and reproductive cells for clients worldwide. Leading global companies, such as FedEx, UPS and DHL have each separately selected Cryoport as the preferred cryogenic logistics provider for time- and temperature-sensitive biological material. Cryoport actively supports points-of-care, contract research organizations, central laboratories, pharmaceutical and biotechnology companies, contract manufacturers and university researchers. The Company is a Nevada corporation and its common stock is traded on the NASDAQ Capital Market exchange under the ticker symbol “CYRX.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies The accompanying consolidated financial statements include the accounts of Cryoport, Inc. and its wholly owned subsidiaries, Cryoport Systems, Inc. and Cryoport Europe Limited (collectively, the “Company”). All intercompany accounts and transactions have been eliminated. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from estimated amounts. The Company’s significant estimates include the allowance for doubtful accounts, recoverability of long-lived assets, allowance for inventory obsolescence, deferred taxes and their accompanying valuations, and valuation of equity instruments. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value for all such instruments approximates fair value at March 31, 2018 and December 31, 2017 due to their short-term nature. The Company considers highly liquid investments with original maturities of 90 The Company maintains its cash accounts in financial institutions. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) with basic deposit insurance coverage limits up to $ 250,000 18.7 The Company grants credit to customers within the U.S. and to a limited number of international customers and does not require collateral. Revenues from international customers are generally secured by advance payments except for established foreign customers. The Company generally requires advance or credit card payments for initial revenues from new customers. The Company’s ability to collect receivables can be affected by economic fluctuations in the geographic areas and industries served by the Company. Reserves for uncollectible amounts are provided based on past experience and a specific analysis of the accounts, which management believes is sufficient. Accounts receivable at March 31, 2018 and December 31, 2017 are net of reserves for doubtful accounts of $ 70,000 The Company’s customers are in the biotechnology, pharmaceutical and life science industries. Consequently, there is a concentration of accounts receivable within these industries, which is subject to normal credit risk. There was no single customer that owed us more than 10 The Company has revenue from foreign customers primarily in Europe, Japan, Canada, India and Australia. During the three months ended March 31, 2018 and 2017, the Company had revenues from foreign customers of approximately $ 528,200 282,200 13.1 10.4 10 The Company’s inventories consist of packaging materials and accessories that are sold to customers. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the standard cost method which approximates the first-in, first-to-expire method. Inventories are reviewed periodically for slow-moving or obsolete status. The Company writes down the carrying value of its inventories to reflect situations in which the cost of inventories is not expected to be recovered. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories. Raw materials and finished goods include material costs less reserves for obsolete or excess inventories. The Company evaluates the current level of inventories considering historical trends and other factors, such as selling prices and costs of completion, disposal and transportation, and based on the evaluation, records adjustments to reflect inventories at net realizable value. These adjustments are estimates, which could vary significantly from actual results if future economic conditions, customer demand, competition or other relevant factors differ from expectations. These estimates require us to make assessments about future demand for the Company’s products in order to categorize the status of such inventories items as slow-moving, obsolete or in excess-of-need. These estimates are subject to the ongoing accuracy of the Company’s forecasts of market conditions, industry trends, competition and other factors. The Company provides shipping containers (“Shippers”) to its customers and charges a fee in exchange for the use of the Shipper. The Company’s arrangements are similar to the accounting standard for leases since they convey the right to use the Shipper over a period of time. The Company retains the title to the Shippers and provides its customers the use of the Shipper for a specific shipping cycle. At the culmination of the customer’s shipping cycle, the Shipper is returned to the Company. As a result, the Company classifies the Shippers as property and equipment for the per-use Shipper program. Property and equipment are recorded at cost. Shippers and data loggers, which comprise 42 47 Betterments, renewals and extraordinary repairs that extend the lives of the assets are capitalized; other repairs and maintenance charges are expensed as incurred. The cost and related accumulated depreciation and amortization applicable to assets retired are removed from the accounts, and the gain or loss on disposition is recognized in the condensed consolidated statements of operations. Intangible assets are comprised of patents and trademarks and software development costs. The Company capitalizes costs of obtaining patents and trademarks, which are amortized, using the straight-line method over their estimated useful life of five years once the patent or trademark has been issued. The Company capitalizes certain costs related to software developed for internal use. Software development costs incurred during the preliminary or maintenance project stages are expensed as incurred, while costs incurred during the application development stage are capitalized and amortized using the straight-line method over the estimated useful life of the software, which is five years. Capitalized costs include purchased materials and costs of services. If indicators of impairment exist, we assess the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If impairment is indicated, we measure the amount of such impairment by comparing the fair value to the carrying value. We believe the future cash flows to be received from the long-lived assets will exceed the assets’ carrying value, and accordingly, we have not recognized any impairment losses through March 31, 2018. Deferred financing costs represent costs incurred in connection with the issuance of the debt instruments and equity financings. Deferred financing costs related to the issuance of debt are netted against the debt balance and are amortized over the term of the financing instrument using the effective interest method while offering costs from equity financings are netted against the gross proceeds received from the equity financings. The Company accounts for income taxes under the provision of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. Based on the weight of available evidence, the Company’s management has determined that it is more likely than not that the net deferred tax assets will not be realized. Therefore, the Company has recorded a full valuation allowance against the net deferred tax assets. The Company’s income tax provision consists of state minimum taxes. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on its condensed consolidated balance sheets at March 31, 2018 and December 31, 2017 and has not recognized interest and/or penalties in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017. The Company is subject to taxation in the U.S. and various state jurisdictions. As of March 31, 2018, the Company is no longer subject to U.S. federal examinations for years before 2014 and for California franchise and income tax examinations for years before 2013. However, to the extent allowed by law, the taxing authorities may have the right to examine prior periods where net operating losses were generated and carried forward, and make adjustments up to the amount of the net operating loss carry forward amount. The Company is not currently under examination by U.S. federal or state jurisdictions. See Note 7. The Company classifies amounts billed for shipping and handling as revenue. Shipping and handling fees and costs are included in cost of revenues in the accompanying condensed consolidated statements of operations. Expenditures relating to engineering and development are expensed in the period incurred. The Company accounts for stock-based payments to employees and directors in accordance with stock-based payment accounting guidance which requires all stock-based payments to employees and directors, including grants of employee stock options and warrants, to be recognized based upon their fair values. The fair value of stock-based awards is estimated at the grant date using the Black-Scholes Option Pricing Model (“Black-Scholes”) and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period. The determination of fair value using Black-Scholes is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables, including expected stock price volatility, risk-free interest rate, expected dividends and projected employee stock option exercise behaviors. The Company accounts for forfeitures of unvested awards as they occur. The Company’s stock-based compensation plans are discussed further in Note 6. Issuances of the Company’s common stock for acquiring goods or services are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for the fair value of the equity instruments issued to consultants or vendors is determined at the earlier of (i) the date at which a commitment for performance to earn the equity instruments is reached (a “performance commitment” which would include a penalty considered to be of a magnitude that is a sufficiently large disincentive for nonperformance) or (ii) the date at which performance is complete. When it is appropriate for the Company to recognize the cost of a transaction during financial reporting periods prior to the measurement date, for purposes of recognition of costs during those periods, the equity instrument is measured at the then-current fair values at each of those interim financial reporting dates. We calculate basic and diluted net loss per share attributable to common stockholders using the weighted average number of common shares outstanding during the periods presented, and adjust the amount of net loss used in this calculation for deemed dividends and cumulative preferred stock dividends (if any), whether they are earned or not during the period. In periods of a net loss position, basic and diluted weighted average common shares are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include dilutive stock options, warrants and shares associated with the conversion of convertible debt and convertible preferred stock outstanding during the periods. Three Months Ended March 31, 2018 2017 Net loss $ (2,682,760) $ (1,789,211) Weighted average common shares issued and outstanding - basic and diluted 26,774,179 17,604,283 Basic and diluted net loss per share attributable to common stockholders $ (0.10) $ (0.10) Three Months Ended March 31, 2018 2017 Stock options 2,753,544 429,036 Warrants 3,261,763 246,643 6,015,307 675,679 We currently operate in one reportable segment and our Chief Executive Officer is the chief operating decision maker. We measure fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: Level 1: Level 2: Level 3: In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in the assessment of fair value. We have no assets or liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017. We record foreign currency transactions at the exchange rate prevailing at the date of the transaction with resultant gains and losses being included in results of operations. Foreign currency transaction gains and losses have not been significant for any of the periods presented. We do not currently have any off balance sheet arrangements. In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes nearly all existing revenue recognition guidance, including industry-specific guidance. Subsequent to the issuance of ASU No. 2014-09, the FASB clarified the guidance through several Accounting Standards Updates; hereinafter the collection of revenue guidance is referred to as “Topic 606.” Topic 606 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Topic 606 also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. The Company adopted Topic 606 on January 1, 2018 using the modified retrospective transition method; accordingly, Topic 606 has been applied to the fiscal 2018 financial statements and disclosures going forward, but the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of Topic 606 to be immaterial to our operating results on an ongoing basis. See Note 7, “Revenue Recognition,” for additional details on this implementation and the required disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases”, which provides for a comprehensive change to lease accounting. The new standard requires that a lessee recognize a lease obligation liability and a right-to-use asset for virtually all leases of property, plant and equipment, subsequently amortized over the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, with a modified retrospective transition. Management is currently evaluating the impact this standard will have on our consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4. Commitments and Contingencies Facility and Equipment Leases We lease 27,600 February 28, 2023 24,700 8,100 7,600 Employment Agreements We have entered into employment agreements with certain of our officers under which payment and benefits would become payable in the event of termination by us for any reason other than cause, or upon a change in control of our Company, or by the employee for good reason. Litigation The Company may become a party to product litigation in the normal course of business. The Company accrues for open claims based on its historical experience and available insurance coverage. In the opinion of management, there are no legal matters involving the Company that would have a material adverse effect upon the Company’s consolidated financial condition or results of operations. Indemnities and Guarantees The Company has made certain indemnities and guarantees, under which it may be required to make payments to a guaranteed or indemnified party, in relation to certain actions or transactions. The guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities and guarantees in the accompanying condensed consolidated balance sheets. The Company indemnifies its directors, officers, employees and agents, as permitted under the laws of the States of California and Nevada. In connection with its facility lease, the Company has indemnified its lessor for certain claims arising from the use of the facility. The duration of the guarantees and indemnities varies, and is generally tied to the life of the agreement.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity [Abstract]
Stockholders' Equity	Note 5. Stockholders’ Equity Authorized Stock The Company has 50,000,000 0.001 In September 2011, our stockholders approved an amendment to the Amended and Restated Articles of Incorporation to authorize a class of undesignated or "blank check" preferred stock, consisting of 2,500,000 0.001 800,000 400,000 400,000 585,000 Common Stock Issued for Services During the three months ended March 31, 2018, 1,938 17,500 Common Stock Reserved for Future Issuance 9.1 Exercise of stock options 5,869,384 Exercise of warrants 3,267,393 Total shares of common stock reserved for future issuances 9,136,777 February 2018 Tender Offer On February 8, 2018, we completed an exchange offer with respect to the Company’s outstanding warrants to purchase one share of common stock at an exercise price of $ 3.57 3.00 Pursuant to the February 2018 Tender Offer, warrants to purchase 1,580,388 1,580,388 4.7 The Original Warrants were issued (i) in July 2015 in connection with the Company’s registered public offering of 2,090,750 4,977,038 3,836,793 The terms of the New Warrants included (i) an exercise price of $3.00 per share and (ii) an exercise period that expired concurrently with the expiration of the Offer at 5:00 p.m. (Eastern Time) on February 2, 2018 (the “Expiration Date”). In addition, the shares issuable upon exercise of the New Warrants (the “New Warrant Shares”) are subject to a 60-day lock-up period. The purpose of the Offer was to raise funds to support the Company’s growth plans by providing the holders of the Original Warrants an incentive to exchange their Original Warrants for New Warrants and exercise the New Warrants to purchase shares of the Company’s common stock at a reduced exercise price as compared to the Original Warrants. The Company received all of the proceeds from the immediate exercise of the New Warrants, which will be used by the Company for business growth, including as working capital and for other general corporate purposes. As a result of reducing the exercise price of certain warrants in connection with the February 2018 Tender Offer, a warrant repricing expense of $ 899,400 99,400

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 6. Stock-Based Compensation Warrant Activity We typically issue warrants to purchase shares of our common stock to investors as part of a financing transaction or in connection with services rendered by placement agents and consultants. Our outstanding warrants expire on varying dates through November 2021. Number of Weighted- Weighted- Aggregate Outstanding — December 31, 2017 5,141,112 $ 4.09 Issued — — Exercised (1,866,967) 3.23 Expired (6,752) 101.35 Outstanding — March 31, 2018 3,267,393 $ 4.11 1.9 $ 15,030,000 Vested (exercisable) — March 31, 2018 3,267,393 $ 4.11 1.9 $ 15,030,000 (1) Aggregate intrinsic value represents the difference between the exercise price of the warrant and the closing market price of our common stock on March 31, 2018, which was $ 8.60 The total intrinsic value of warrants exercised during the three months ended March 31, 2018 was $ 10.1 Stock Options We have four stock incentive plans: the 2002 Stock Incentive Plan (the “2002 Plan”), the 2009 Stock Incentive Plan (the “2009 Plan”), the 2011 Stock Incentive Plan (the “2011 Plan”) and the 2015 Omnibus Equity Incentive Plan (the “2015 Plan”), (collectively, the “Plans”). The 2002 Plan, the 2009 Plan, and the 2011 Plan (the “Prior Plans”) have been superseded by the 2015 Plan. In October 2015, the stockholders approved the 2015 Plan for 5,000,000 628,196 During the three months ended March 31, 2018, we granted stock options at exercise prices equal to or greater than the quoted market price of our common stock on the grant date. Expected life (years) 5.9 – 7.0 Risk-free interest rate 2.6% – 2.7% Volatility 107% – 110% Dividend yield 0% The expected option life assumption is estimated based on the simplified method. Accordingly, the Company has utilized the average of the contractual term of the options and the weighted average vesting period for all options to calculate the expected option term. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of our employee stock options. The expected volatility is based on the historical volatility of our stock commensurate with the expected life of the stock-based award. We do not anticipate paying dividends on the common stock in the foreseeable future. We recognize stock-based compensation expense over the vesting period using the straight-line single option method. Stock-based compensation expense is recognized only for those awards that vest. We account for the forfeitures of unvested awards as they occur. Three Months Three Months 2018 2017 Cost of revenues $ 35,457 $ 6,824 General and administrative 727,723 602,919 Sales and marketing 229,565 157,802 Engineering and development 56,765 2,897 $ 1,049,510 $ 770,442 Number of Weighted- Weighted- Aggregate Outstanding — December 31, 2017 5,322,858 $ 4.16 Granted (weighted-average fair value of $7.24 per share) 700,900 8.66 Exercised (132,937) 2.90 Forfeited (21,437) 7.72 Outstanding — March 31, 2018 5,869,384 $ 4.71 7.8 $ 22,992,400 Vested (exercisable) — March 31, 2018 3,054,050 $ 4.23 6.9 $ 13,388,300 Expected to vest after March 31, 2018 (unexercisable) 2,815,334 $ 5.24 8.6 $ 9,470,000 (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on March 29, 2018, which was $ 8.60 As of March 31, 2018, there was unrecognized compensation expense of $ 11.3 3.0 The total intrinsic value of options exercised during the three months ended March 31, 2018 was $ 902,000

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Note 7. Revenue Recognition In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which modifies how all entities recognize revenue. Topic 606 outlines a comprehensive five-step revenue recognition model based on the principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers at an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. We adopted Topic 606 on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 did not have a material effect on our financial statements or results of operations, and no cumulative catch-up adjustment to the opening balance of retained earnings was required. We used the related practical expedients that allow us to not disclose the transaction price allocated to remaining unsatisfied obligations and an explanation of when we expect to recognize the related revenue. Revenues are recognized when control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. Nature of Goods and Services The Company provides Shippers to its customers and charges a fee in exchange for the use of the Shipper under long-term agreements with customers. The Company’s arrangements convey to the customers the right to use the Shippers over a period of time. The Company retains title to the Shippers and provides its customers the use of the Shipper for a specified shipping cycle. At the culmination of the customer’s shipping cycle, the Shipper is returned to the Company. The vast majority of our revenues are covered under long-term agreements. We have determined that individual Statements of Work (“SOW”), whose terms and conditions taken with a Master Services Agreement (“MSA”), create the Topic 606 contracts which are generally short-term in nature (e.g., 15-day shipping cycle). Our agreements (including SOWs) generally do not have multiple performance obligations and, therefore, do not require an allocation of a single price amongst multiple goods or services. Prices under these agreements are generally fixed. The Company recognizes revenue for the use of the shipper at the time of the delivery of the shipper to the end user of the enclosed materials, and at the time that collectability is probable. The Company also provides logistics support and management to some customers, which may include onsite logistics personnel. Revenue is recognized for these services as services are rendered over time and at the time that collectability is probable. Revenue Disaggregation The Company operates in one reportable segment and evaluates financial performance on a Company-wide basis. We consider sales disaggregated by end-market to depict how the nature, amount, timing and uncertainty of revenues and cash flows are impacted by changes in economic factors. Three Months Ended March 31, 2018 2017 ($ in 000’s) Biopharmaceutical $ 3,282 $ 2,022 Reproductive medicine 502 418 Animal health 239 272 Total revenues $ 4,023 $ 2,712 Performance Obligations At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue is recognized when our performance obligation has been met, which is when the Shipper has been delivered. The Company considers control to have transferred upon delivery because the Company has a present right to payment at that time, the Company has transferred physical possession of the asset, and the customer is able to direct the use of, and obtain substantially all of the remaining benefits from the asset. For arrangements under which the Company provides logistics support and management to the customer, the Company satisfies its performance obligations as those services are performed whereby the customer simultaneously receives and consumes the benefits of such services under the agreement. We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products pursuant to the accounting policy election allowed under Topic 606. Accordingly, the Company records amounts billed for shipping and handling as a component of revenue. Shipping and handling fees and costs are included in cost of revenues in the accompanying condensed consolidated statements of operations. Significant Payment Terms Pursuant to the Company’s contracts with its customers, amounts billed for services or products delivered by the Company are typically due and payable in full within 15 days from the date of the invoice (except for any amounts disputed by the customer in good faith). Accordingly, the Company determined that its contracts with customers do not include extended payment terms or a significant financing component. Variable Consideration In some cases, the nature of the Company’s contracts may give rise to variable consideration, including discounts and allowances or other similar items that generally decrease the transaction price. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. Revenues are recorded net of variable consideration, such as discounts and allowances. Warranties The Company’s products and services are provided on an “as is” basis and no warranties are included in the contracts with customers. Also, the Company does not offer separately priced extended warranty or product maintenance contracts. Contract Assets Typically, we invoice the customer and recognize revenue once we have satisfied our performance obligation. Accordingly, our contract assets comprise accounts receivable. Generally, we do not have material amounts of other contract assets since revenue is recognized as control of goods is transferred or as services are performed. Contract Liabilities (Deferred Revenue) Contract liabilities are recorded when cash payments are received in advance of the Company’s performance. Deferred revenue was $ 23,100 26,700 Practical Expedients and Exemptions We have elected the following practical expedients allowed under Topic 606: ⋅ Payment terms with our customers, which are one year or less, are not considered a significant financing component. ⋅ Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of sales and are not considered a performance obligation to our customers. ⋅ Our performance obligations on our orders are generally satisfied within one year from a given reporting date and, therefore, we omit disclosure of the transaction price allocated to remaining performance obligations on open orders.

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Cryoport, Inc. and its wholly owned subsidiaries, Cryoport Systems, Inc. and Cryoport Europe Limited (collectively, the “Company”). All intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from estimated amounts. The Company’s significant estimates include the allowance for doubtful accounts, recoverability of long-lived assets, allowance for inventory obsolescence, deferred taxes and their accompanying valuations, and valuation of equity instruments.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. The carrying value for all such instruments approximates fair value at March 31, 2018 and December 31, 2017 due to their short-term nature.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers highly liquid investments with original maturities of 90
Concentrations of Credit Risk	Concentrations of Credit Risk The Company maintains its cash accounts in financial institutions. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) with basic deposit insurance coverage limits up to $ 250,000 18.7
Customers	Customers The Company grants credit to customers within the U.S. and to a limited number of international customers and does not require collateral. Revenues from international customers are generally secured by advance payments except for established foreign customers. The Company generally requires advance or credit card payments for initial revenues from new customers. The Company’s ability to collect receivables can be affected by economic fluctuations in the geographic areas and industries served by the Company. Reserves for uncollectible amounts are provided based on past experience and a specific analysis of the accounts, which management believes is sufficient. Accounts receivable at March 31, 2018 and December 31, 2017 are net of reserves for doubtful accounts of $ 70,000 The Company’s customers are in the biotechnology, pharmaceutical and life science industries. Consequently, there is a concentration of accounts receivable within these industries, which is subject to normal credit risk. There was no single customer that owed us more than 10 The Company has revenue from foreign customers primarily in Europe, Japan, Canada, India and Australia. During the three months ended March 31, 2018 and 2017, the Company had revenues from foreign customers of approximately $ 528,200 282,200 13.1 10.4 10
Inventories	Inventories The Company’s inventories consist of packaging materials and accessories that are sold to customers. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the standard cost method which approximates the first-in, first-to-expire method. Inventories are reviewed periodically for slow-moving or obsolete status. The Company writes down the carrying value of its inventories to reflect situations in which the cost of inventories is not expected to be recovered. Once established, write-downs of inventories are considered permanent adjustments to the cost basis of the obsolete or excess inventories. Raw materials and finished goods include material costs less reserves for obsolete or excess inventories. The Company evaluates the current level of inventories considering historical trends and other factors, such as selling prices and costs of completion, disposal and transportation, and based on the evaluation, records adjustments to reflect inventories at net realizable value. These adjustments are estimates, which could vary significantly from actual results if future economic conditions, customer demand, competition or other relevant factors differ from expectations. These estimates require us to make assessments about future demand for the Company’s products in order to categorize the status of such inventories items as slow-moving, obsolete or in excess-of-need. These estimates are subject to the ongoing accuracy of the Company’s forecasts of market conditions, industry trends, competition and other factors.
Property and Equipment	Property and Equipment The Company provides shipping containers (“Shippers”) to its customers and charges a fee in exchange for the use of the Shipper. The Company’s arrangements are similar to the accounting standard for leases since they convey the right to use the Shipper over a period of time. The Company retains the title to the Shippers and provides its customers the use of the Shipper for a specific shipping cycle. At the culmination of the customer’s shipping cycle, the Shipper is returned to the Company. As a result, the Company classifies the Shippers as property and equipment for the per-use Shipper program. Property and equipment are recorded at cost. Shippers and data loggers, which comprise 42 47 Betterments, renewals and extraordinary repairs that extend the lives of the assets are capitalized; other repairs and maintenance charges are expensed as incurred. The cost and related accumulated depreciation and amortization applicable to assets retired are removed from the accounts, and the gain or loss on disposition is recognized in the condensed consolidated statements of operations.
Intangible Assets	Intangible Assets Intangible assets are comprised of patents and trademarks and software development costs. The Company capitalizes costs of obtaining patents and trademarks, which are amortized, using the straight-line method over their estimated useful life of five years once the patent or trademark has been issued. The Company capitalizes certain costs related to software developed for internal use. Software development costs incurred during the preliminary or maintenance project stages are expensed as incurred, while costs incurred during the application development stage are capitalized and amortized using the straight-line method over the estimated useful life of the software, which is five years. Capitalized costs include purchased materials and costs of services.
Long-lived Assets	Long-lived Assets If indicators of impairment exist, we assess the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If impairment is indicated, we measure the amount of such impairment by comparing the fair value to the carrying value. We believe the future cash flows to be received from the long-lived assets will exceed the assets’ carrying value, and accordingly, we have not recognized any impairment losses through March 31, 2018.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs represent costs incurred in connection with the issuance of the debt instruments and equity financings. Deferred financing costs related to the issuance of debt are netted against the debt balance and are amortized over the term of the financing instrument using the effective interest method while offering costs from equity financings are netted against the gross proceeds received from the equity financings.
Income Taxes	Income Taxes The Company accounts for income taxes under the provision of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. Based on the weight of available evidence, the Company’s management has determined that it is more likely than not that the net deferred tax assets will not be realized. Therefore, the Company has recorded a full valuation allowance against the net deferred tax assets. The Company’s income tax provision consists of state minimum taxes. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on its condensed consolidated balance sheets at March 31, 2018 and December 31, 2017 and has not recognized interest and/or penalties in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017. The Company is subject to taxation in the U.S. and various state jurisdictions. As of March 31, 2018, the Company is no longer subject to U.S. federal examinations for years before 2014 and for California franchise and income tax examinations for years before 2013. However, to the extent allowed by law, the taxing authorities may have the right to examine prior periods where net operating losses were generated and carried forward, and make adjustments up to the amount of the net operating loss carry forward amount. The Company is not currently under examination by U.S. federal or state jurisdictions.
Revenue Recognition	Revenue Recognition See Note 7.
Accounting for Shipping and Handling Revenue, Fees and Costs	Accounting for Shipping and Handling Revenue, Fees and Costs The Company classifies amounts billed for shipping and handling as revenue. Shipping and handling fees and costs are included in cost of revenues in the accompanying condensed consolidated statements of operations.
Engineering and Development Expenses	Engineering and Development Expenses Expenditures relating to engineering and development are expensed in the period incurred.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based payments to employees and directors in accordance with stock-based payment accounting guidance which requires all stock-based payments to employees and directors, including grants of employee stock options and warrants, to be recognized based upon their fair values. The fair value of stock-based awards is estimated at the grant date using the Black-Scholes Option Pricing Model (“Black-Scholes”) and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period. The determination of fair value using Black-Scholes is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables, including expected stock price volatility, risk-free interest rate, expected dividends and projected employee stock option exercise behaviors. The Company accounts for forfeitures of unvested awards as they occur. The Company’s stock-based compensation plans are discussed further in Note 6.
Equity Instruments Issued to Non-Employees for Acquiring Goods or Services	Equity Instruments Issued to Non-Employees for Acquiring Goods or Services Issuances of the Company’s common stock for acquiring goods or services are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for the fair value of the equity instruments issued to consultants or vendors is determined at the earlier of (i) the date at which a commitment for performance to earn the equity instruments is reached (a “performance commitment” which would include a penalty considered to be of a magnitude that is a sufficiently large disincentive for nonperformance) or (ii) the date at which performance is complete. When it is appropriate for the Company to recognize the cost of a transaction during financial reporting periods prior to the measurement date, for purposes of recognition of costs during those periods, the equity instrument is measured at the then-current fair values at each of those interim financial reporting dates.
Basic and Diluted Net Income (Loss) Per Share	Basic and Diluted Net Loss Per Share We calculate basic and diluted net loss per share attributable to common stockholders using the weighted average number of common shares outstanding during the periods presented, and adjust the amount of net loss used in this calculation for deemed dividends and cumulative preferred stock dividends (if any), whether they are earned or not during the period. In periods of a net loss position, basic and diluted weighted average common shares are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include dilutive stock options, warrants and shares associated with the conversion of convertible debt and convertible preferred stock outstanding during the periods. Three Months Ended March 31, 2018 2017 Net loss $ (2,682,760) $ (1,789,211) Weighted average common shares issued and outstanding - basic and diluted 26,774,179 17,604,283 Basic and diluted net loss per share attributable to common stockholders $ (0.10) $ (0.10) Three Months Ended March 31, 2018 2017 Stock options 2,753,544 429,036 Warrants 3,261,763 246,643 6,015,307 675,679
Segment Reporting	Segment Reporting We currently operate in one reportable segment and our Chief Executive Officer is the chief operating decision maker.
Fair Value Measurements	Fair Value Measurements We measure fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: Level 1: Level 2: Level 3: In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in the assessment of fair value. We have no assets or liabilities that are required to be measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017.
Foreign Currency Transactions	Foreign Currency Transactions We record foreign currency transactions at the exchange rate prevailing at the date of the transaction with resultant gains and losses being included in results of operations. Foreign currency transaction gains and losses have not been significant for any of the periods presented.
Balance Sheet Arrangements	Balance Sheet Arrangements We do not currently have any off balance sheet arrangements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes nearly all existing revenue recognition guidance, including industry-specific guidance. Subsequent to the issuance of ASU No. 2014-09, the FASB clarified the guidance through several Accounting Standards Updates; hereinafter the collection of revenue guidance is referred to as “Topic 606.” Topic 606 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Topic 606 also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. The Company adopted Topic 606 on January 1, 2018 using the modified retrospective transition method; accordingly, Topic 606 has been applied to the fiscal 2018 financial statements and disclosures going forward, but the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of Topic 606 to be immaterial to our operating results on an ongoing basis. See Note 7, “Revenue Recognition,” for additional details on this implementation and the required disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases”, which provides for a comprehensive change to lease accounting. The new standard requires that a lessee recognize a lease obligation liability and a right-to-use asset for virtually all leases of property, plant and equipment, subsequently amortized over the lease term. The new standard is effective for fiscal years beginning after December 15, 2018, with a modified retrospective transition. Management is currently evaluating the impact this standard will have on our consolidated financial statements.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Schedule of Earnings Per Share	Three Months Ended March 31, 2018 2017 Net loss $ (2,682,760) $ (1,789,211) Weighted average common shares issued and outstanding - basic and diluted 26,774,179 17,604,283 Basic and diluted net loss per share attributable to common stockholders $ (0.10) $ (0.10)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: Three Months Ended March 31, 2018 2017 Stock options 2,753,544 429,036 Warrants 3,261,763 246,643 6,015,307 675,679

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	9.1 Exercise of stock options 5,869,384 Exercise of warrants 3,267,393 Total shares of common stock reserved for future issuances 9,136,777

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Stock-Based Compensation [Abstract]
Schedule of Warrant Activity	A summary of warrant activity is as follows: Number of Weighted- Weighted- Aggregate Outstanding — December 31, 2017 5,141,112 $ 4.09 Issued — — Exercised (1,866,967) 3.23 Expired (6,752) 101.35 Outstanding — March 31, 2018 3,267,393 $ 4.11 1.9 $ 15,030,000 Vested (exercisable) — March 31, 2018 3,267,393 $ 4.11 1.9 $ 15,030,000 (1) Aggregate intrinsic value represents the difference between the exercise price of the warrant and the closing market price of our common stock on March 31, 2018, which was $ 8.60
Schedule of Fair Value Assumptions of Stock Options	The fair value of each option grant was estimated on the date of grant using Black-Scholes with the following weighted average assumptions: Expected life (years) 5.9 – 7.0 Risk-free interest rate 2.6% – 2.7% Volatility 107% – 110% Dividend yield 0%
Schedule of Share-based Payment Awards	Total stock-based compensation expense related to all of our share-based payment awards is comprised of the following: Three Months Three Months 2018 2017 Cost of revenues $ 35,457 $ 6,824 General and administrative 727,723 602,919 Sales and marketing 229,565 157,802 Engineering and development 56,765 2,897 $ 1,049,510 $ 770,442
Schedule of Stock Option Activity	A summary of stock option activity is as follows: Number of Weighted- Weighted- Aggregate Outstanding — December 31, 2017 5,322,858 $ 4.16 Granted (weighted-average fair value of $7.24 per share) 700,900 8.66 Exercised (132,937) 2.90 Forfeited (21,437) 7.72 Outstanding — March 31, 2018 5,869,384 $ 4.71 7.8 $ 22,992,400 Vested (exercisable) — March 31, 2018 3,054,050 $ 4.23 6.9 $ 13,388,300 Expected to vest after March 31, 2018 (unexercisable) 2,815,334 $ 5.24 8.6 $ 9,470,000 (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on March 29, 2018, which was $ 8.60

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenues by major source for the three months ended March 31, 2018 and 2017: Three Months Ended March 31, 2018 2017 ($ in 000’s) Biopharmaceutical $ 3,282 $ 2,022 Reproductive medicine 502 418 Animal health 239 272 Total revenues $ 4,023 $ 2,712

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Schedule of Earnings Per Share) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net loss	$ (2,682,760)	$ (1,789,211)
Weighted average common shares issued and outstanding - basic and diluted	26,774,179	17,604,283
Basic and diluted net loss per share attributable to common stockholders	$ (0.1)	$ (0.1)

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Schedule of Antidilutive Shares) (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,015,307	675,679
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,753,544	429,036
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,261,763	246,643

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Significant Accounting Policies Additional Information [Line Items]
Allowance for doubtful accounts receivable	$ 70,000		$ 70,000
Maturity Period Of Highly Liquid Investments	90 days
Cash, FDIC Insured Amount	$ 250,000
Cash	$ 18,700,000
Cryogenic Shippers [Member]
Significant Accounting Policies Additional Information [Line Items]
Property Plant Equipment Ownership Percentage	42.00%
Data loggers [Member]
Significant Accounting Policies Additional Information [Line Items]
Property Plant Equipment Ownership Percentage			47.00%
Foreign Customers [Member]
Significant Accounting Policies Additional Information [Line Items]
Revenues	$ 528,200	$ 282,200
Accounts Receivable [Member]
Significant Accounting Policies Additional Information [Line Items]
Concentration risk, percentage	10.00%
Sales Revenue, Net [Member]
Significant Accounting Policies Additional Information [Line Items]
Concentration risk, percentage	10.00%	10.00%
Sales Revenue, Net [Member] | Customer One [Member]
Significant Accounting Policies Additional Information [Line Items]
Concentration risk, percentage		10.40%
Sales Revenue, Net [Member] | Foreign Customers [Member]
Significant Accounting Policies Additional Information [Line Items]
Concentration risk, percentage	13.10%

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018USD ($)ft²
Irvine, California Facility [Member]
Property Subject to or Available for Operating Lease [Line Items]
Estimated Base Rent Under Lease | $	$ 24,700
Lease Expiration Date	Feb. 28, 2023
Land Subject to Ground Leases | ft²	27,600
Livingston [Member]
Property Subject to or Available for Operating Lease [Line Items]
Estimated Base Rent Under Lease | $	$ 7,600
Land Subject to Ground Leases | ft²	8,100

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)	Feb. 08, 2018	Mar. 31, 2018	Mar. 31, 2017	Jan. 02, 2018	Dec. 31, 2017	Apr. 30, 2015	Feb. 28, 2015	May 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized		50,000,000			50,000,000
Common stock, par value		$ 0.001			$ 0.001
Preferred stock, par value		$ 0.001			$ 0.001
Preferred stock, shares authorized		2,500,000			2,500,000
Common Stock, Capital Shares Reserved For Future Issuance		9,136,777
Deferred Finance Costs, Net	$ 99,400
Class Of Warrant Or Right Number Of Warrants Exercised	1,580,388
Proceeds from Warrant Exercises		$ 658,544	$ 0
Class of Warrant or Right, Exercisable Terms	The terms of the New Warrants included (i) an exercise price of $3.00 per share and (ii) an exercise period that expired concurrently with the expiration of the Offer at 5:00 p.m. (Eastern Time) on February 2, 2018 (the Expiration Date). In addition, the shares issuable upon exercise of the New Warrants (the New Warrant Shares) are subject to a 60-day lock-up period.
Director [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Issued for Services		1,938
Stock Issued During Period, Value, Issued for Services		$ 17,500
Original Warrants [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 3.57
Class of Warrant or Right, Outstanding				3,836,793
Stock Issued During Period, Shares, Conversion of Convertible Securities	4,977,038
Number Of Warrants Issued	2,090,750
New Warrants [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 3
Tender Offer [Member]
Class of Stock [Line Items]
Induced Conversion of Convertible Debt Expense		$ 899,400
Tender Offer [Member] | Amended [Member]
Class of Stock [Line Items]
Class Of Warrant Or Right, Number Of Securities Called By Warrants Or Rights	1,580,388
Proceeds from Warrant Exercises	$ 4,700,000
Class A convertible preferred stock [Member]
Class of Stock [Line Items]
Preferred stock, par value		$ 0.001			$ 0.001
Preferred stock, shares authorized		800,000			800,000			800,000
Class B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized							400,000
Class B Convertible Preferred Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized						585,000
Class B Convertible Preferred Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized						400,000

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Common Stock Reserved for Future Issuance) (Details)	Mar. 31, 2018shares
Class of Stock [Line Items]
Common Stock Reserved for Future Issuance	9,136,777
Exercise Of Stock Options [Member]
Class of Stock [Line Items]
Common Stock Reserved for Future Issuance	5,869,384
Exercise Of Warrants [Member]
Class of Stock [Line Items]
Common Stock Reserved for Future Issuance	3,267,393

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 29, 2018	Oct. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Exercised Intrinsic Value	$ 10,100,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested stock options	$ 11,300,000
Weighted average recognition period	3 years
Intrinsic value per share	$ 8.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 902,000
Fair Value Assumptions, Exercise Price	$ 7.24
Plan 2015 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares available for future grant		628,196	5,000,000

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Warrant Activity) (Details) - Warrants [Member]	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Number of Shares
Outstanding | shares	5,141,112
Issued | shares	0
Exercised | shares	(1,866,967)
Expired | shares	(6,752)
Outstanding | shares	3,267,393
Vested (exercisable) | shares	3,267,393
Weighted-Average Exercise Price/Share
Outstanding | $ / shares	$ 4.09
Issued | $ / shares	0
Exercised | $ / shares	3.23
Expired | $ / shares	101.35
Outstanding | $ / shares	4.11
Vested (exercisable) | $ / shares	$ 4.11
Weighted-Average Remaining Contractual Term (Years)
Outstanding	1 year 10 months 24 days
Vested (exercisable)	1 year 10 months 24 days
Aggregated Intrinsic Value
Outstanding | $	$ 15,030,000	[1]
Vested (exercisable) | $	$ 15,030,000	[1]
[1]	Aggregate intrinsic value represents the difference between the exercise price of the warrant and the closing market price of our common stock on March 31, 2018, which was $8.60 per share.

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule of Assumptions Used to Estimate Fair Value of Stock Options) (Details) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	2.60%
Risk-free interest rate, maximum	2.70%
Volatility, minimum	107.00%
Volatility, maximum	110.00%
Dividend yield	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	5 years 10 months 24 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	7 years

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation	$ 1,049,510	$ 770,442
Cost of Revenues [Member]
Share-based Compensation	35,457	6,824
General and Administrative Expense [Member]
Share-based Compensation	727,723	602,919
Selling and Marketing Expense [Member]
Share-based Compensation	229,565	157,802
Engineering And Development [Member]
Share-based Compensation	$ 56,765	$ 2,897

Stock-Based Compensation (Sum28

Stock-Based Compensation (Summary of Stock Option Activity) (Details) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Number of Shares
Outstanding | shares	5,322,858
Granted | shares	700,900
Exercised | shares	(132,937)
Forfeited | shares	(21,437)
Outstanding | shares	5,869,384
Vested (exercisable) | shares	3,054,050
Expected to vest after (unexercisable) | shares	2,815,334
Weighted-Average Exercise Price/Share
Outstanding | $ / shares	$ 4.16
Granted | $ / shares	8.66
Exercised | $ / shares	2.90
Forfeited | $ / shares	7.72
Outstanding | $ / shares	4.71
Vested (exercisable) | $ / shares	4.23
Expected to vest after (unexercisable) | $ / shares	$ 5.24
Weighted-Average Remaining Contractual Term (Years)
Outstanding	7 years 9 months 18 days
Vested (exercisable)	6 years 10 months 24 days
Expected to vest after (unexercisable)	8 years 7 months 6 days
Aggregated Intrinsic Value
Outstanding | $	$ 22,992,400	[1]
Vested (exercisable) | $	13,388,300	[1]
Expected to vest after (unexercisable) | $	$ 9,470,000	[1]
[1]	Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on March 29, 2018, which was $8.60 per share.

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Deferred Revenue, Current	$ 23,073	$ 26,654

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregates Our Revenues by Major Source) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Total revenues	$ 4,023,189	$ 2,712,234
Biopharmaceutical [Member]
Total revenues	3,282,000	2,022,000
Reproductive Medicine [Member]
Total revenues	502,000	418,000
Animal Health [Member]
Total revenues	$ 239,000	$ 272,000