Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ASPN | |
Entity Registrant Name | ASPEN AEROGELS INC | |
Entity Central Index Key | 1145986 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,992,273 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $33,010 | $49,719 |
Marketable securities | 2,501 | |
Accounts receivable, net of allowance for doubtful accounts | 19,260 | 17,924 |
Inventories | 5,905 | 4,897 |
Prepaid expenses and other current assets | 1,195 | 836 |
Total current assets | 61,871 | 73,376 |
Property, plant and equipment, net | 79,520 | 71,492 |
Other assets | 130 | 175 |
Total assets | 141,521 | 145,043 |
Current liabilities: | ||
Capital leases, current portion | 77 | 76 |
Accounts payable | 13,390 | 14,202 |
Accrued expenses | 3,325 | 5,588 |
Deferred revenue | 1,362 | 292 |
Other current liabilities | 50 | 50 |
Total current liabilities | 18,204 | 20,208 |
Capital leases, excluding current portion | 69 | 89 |
Other long-term liabilities | 1,027 | 1,030 |
Total liabilities | 19,300 | 21,327 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014; | ||
Common stock, $0.00001 par value; 125,000,000 shares authorized, 22,992,273 shares issued and outstanding at March 31, 2015 and at December 31, 2014 | 0 | 0 |
Additional paid-in capital | 524,095 | 522,800 |
Accumulated deficit | -401,874 | -399,084 |
Total stockholders' equity | 122,221 | 123,716 |
Total liabilities and stockholders' equity | $141,521 | $145,043 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 22,992,273 | 22,992,273 |
Common stock, shares outstanding | 22,992,273 | 22,992,273 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Product | $23,211 | $21,493 |
Research services | 289 | 870 |
Total revenue | 23,500 | 22,363 |
Cost of revenue: | ||
Product | 18,845 | 18,541 |
Research services | 141 | 476 |
Gross profit | 4,514 | 3,346 |
Operating expenses: | ||
Research and development | 1,304 | 1,284 |
Sales and marketing | 2,332 | 2,238 |
General and administrative | 3,623 | 2,722 |
Total operating expenses | 7,259 | 6,244 |
Loss from operations | -2,745 | -2,898 |
Interest (expense) income | -45 | -16,151 |
Total interest (expense) income | -45 | -16,151 |
Net loss | -2,790 | -19,049 |
Net loss attributable to common stockholders | ($2,790) | ($19,049) |
Net loss attributable to common stockholders per share: | ||
Basic | ($0.12) | ($6,066.56) |
Diluted | ($0.12) | ($6,066.56) |
Weighted-average common shares outstanding: | ||
Basic and diluted | 22,992,273 | 3,140 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($2,790) | ($19,049) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 2,184 | 2,631 |
Loss on disposal of assets | 15 | |
Debt issuance costs | 17 | |
Accretion of debt to fair value | 16,071 | |
Stock compensation expense | 1,295 | 339 |
Other | -3 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | -1,336 | 2,509 |
Inventories | -1,008 | -767 |
Prepaid expenses and other assets | -339 | 65 |
Accounts payable | -471 | 415 |
Accrued expenses | -2,263 | -1,923 |
Deferred revenue | 1,070 | 459 |
Net cash (used in) provided by operating activities | -3,658 | 779 |
Cash flows from investing activities: | ||
Capital expenditures | -10,531 | -1,108 |
Purchases of marketable securities | -2,501 | |
Net cash used in investing activities | -13,032 | -1,108 |
Cash flows from financing activities: | ||
Borrowings under line of credit | 4,500 | |
Repayments under line of credit | -4,000 | |
Financing costs | -17 | |
Repayment of obligations under capital lease | -19 | -23 |
Proceeds from issuance of common stock | 2 | |
Deferred offering costs | -552 | |
Net cash used in financing activities | -19 | -90 |
Net decrease in cash and cash equivalents | -16,709 | -419 |
Cash and cash equivalents at beginning of period | 49,719 | 1,574 |
Cash and cash equivalents at end of period | 33,010 | 1,155 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 45 | 62 |
Income taxes paid | 0 | 0 |
Supplemental disclosures of non-cash activities: | ||
Changes in accrued capital expenditures | -341 | -260 |
Capitalized interest | 17 | |
Unpaid deferred initial public offering costs | $1,180 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation |
Nature of Business | |
Aspen Aerogels, Inc. (the Company) is an energy technology company that designs, develops and manufactures innovative, high-performance aerogel insulation. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts. | |
The Company maintains its corporate offices in Northborough, Massachusetts. The Company has two wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC and Aspen Aerogels Germany, GmbH. | |
On June 18, 2014, the Company completed an initial public offering (IPO) of 7,500,000 shares of its common stock at a public offering price of $11.00 per share. The Company received net proceeds of $74.7 million after deducting underwriting discounts and commissions of $4.3 million and offering expenses of approximately $3.5 million. Upon the closing of the offering, all of the Company’s then-outstanding (i) warrants to purchase Series C preferred stock (the “Series C warrants”) were subject to an automatic net cashless exercise, (ii) convertible preferred stock (including the shares of Series C preferred stock issued upon the automatic net cashless exercise of Series C warrants) automatically converted into 115,982 shares of common stock, and (iii) Convertible Notes and Senior Convertible Notes (see note 7) automatically converted into 15,319,034 shares of common stock. | |
Prior to the closing of the offering, the Company completed a 1-for-824.7412544 reverse stock split of its common stock. All common shares and related per share amounts in the financial statements and notes have been adjusted retroactively to reflect the reverse stock split. | |
Unaudited Interim Financial Information | |
The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2014 (the Annual Report), filed with the Securities and Exchange Commission on March 13, 2015. | |
In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of March 31, 2015 and the results of its operations and cash flows for the three months ended March 31, 2015 and 2014. The Company has evaluated events through the date of this filing. | |
The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or any other period. | |
There have been no changes to our significant accounting policies described in the Annual Report that have had a material impact on our consolidated financial statements and notes thereto. | |
Principles of Consolidation | |
The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Significant Accounting Policies | (2) Significant Accounting Policies | ||||||||
Use of Estimates | |||||||||
The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, inventory valuation, the carrying amount of property and equipment, fair value of debt and capital stock, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which it believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |||||||||
Cash and Cash Equivalents | |||||||||
Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. | |||||||||
Marketable Securities | |||||||||
Marketable securities consist primarily of marketable debt securities which are classified as available-for-sale and are carried at fair value at March 31, 2015. The Company held no marketable securities at December 31, 2014. The unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss). The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents, and investments with maturities of greater than 90 days at the time of purchase to be marketable securities. When a marketable security incurs a significant unrealized loss for a sustained period of time, the Company will review the instrument to determine if it is other-than-temporarily impaired. If it is determined that an instrument is other-than-temporarily impaired, the Company will record the unrealized loss in the consolidated statement of operations. | |||||||||
The following table classifies our marketable securities by contractual maturities as of March 31, 2015 (in thousands): | |||||||||
Description | Fair Value | ||||||||
Due in one year or less | $ | 2,501 | |||||||
Due in more than one year | — | ||||||||
Total marketable securities | $ | 2,501 | |||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
Accumulated other comprehensive income (loss) consists of changes in the fair market value of available-for-sale securities. As of March 31, 2015, amortized cost of available-for-sale securities approximated fair value. | |||||||||
Fair Value of Financial Instruments | |||||||||
Fair value is an exit price that represents the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company discloses the manner in which fair value is determined for assets and liabilities based on a three-tiered fair value hierarchy. The hierarchy ranks the quality and reliability of the information used to determine the fair values. The three levels of inputs described in the standard are: | |||||||||
Level 1: | Quoted prices in active markets for identical assets or liabilities. | ||||||||
Level 2: | Observable inputs, other than Level 1 prices, for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities. | ||||||||
Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||
Under the Fair Value Option Subsections of Financial Accounting Standards Board (FASB) ASC Subtopic 825-10, Financial Instruments — Overall, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in earnings each reporting period. As a result of electing this option, the Company recorded its previously outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes at fair value in order to measure these liabilities at amounts that more accurately reflect the economics of these instruments (see note 7). | |||||||||
During the three month period ended March 31, 2014, the Company valued its then outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes utilizing Level 3 inputs. | |||||||||
Upon the completion of the Company’s IPO discussed in note 1, the Company used a portion of the net proceeds to settle all obligations under the Subordinated Notes in full, and the Senior Convertible Notes and Convertible Notes automatically converted into 15,319,034 shares of common stock. | |||||||||
At March 31, 2015, the Company held marketable debt securities classified as available-for-sale securities totaling $2.5 million, which were valued utilizing Level 1 inputs. The Company held no marketable securities at December 31, 2014. | |||||||||
Stock-based Compensation | |||||||||
Stock-based compensation expense is measured at the grant date based on the fair value of the award. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards, which requires a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant. | |||||||||
In March 2015, the Company issued 219,944 restricted common stock units (RSUs) and non-qualified stock options (NSOs) to purchase 231,223 shares of common stock to employees under the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). The RSUs and NSOs will vest over a three year period. Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock available for issuance under the plan automatically increased to 3,698,257 shares effective January 1, 2015. | |||||||||
Earnings per Share | |||||||||
The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, restricted common stock units and warrants. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. | |||||||||
Segments | |||||||||
Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision maker when making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. | |||||||||
Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Revenue: | |||||||||
U.S. | $ | 10,684 | $ | 10,650 | |||||
International | 12,816 | 11,713 | |||||||
Total | $ | 23,500 | $ | 22,363 | |||||
Recently Issued Accounting Standards | |||||||||
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | (3) Fair Value Measurements | ||||||||||||||||
Fair Value Measurement at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
Description | March 31, 2015 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(In thousands) | |||||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. corporate bonds | $ | 1,003 | $ | 1,003 | $ | — | $ | — | |||||||||
Foreign corporate bonds | 1,498 | 1,498 | — | — | |||||||||||||
Total | $ | 2,501 | $ | 2,501 | $ | — | $ | — | |||||||||
As of March 31, 2015, amortized cost available-for-sale securities approximated fair value. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | (4) Inventories | ||||||||
Inventories consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 4,485 | $ | 4,052 | |||||
Finished goods | 1,420 | 845 | |||||||
Total | $ | 5,905 | $ | 4,897 | |||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment, Net | (5) Property, Plant and Equipment, Net | ||||||||||
Property, plant and equipment consist of the following: | |||||||||||
March 31, | December 31, | Useful | |||||||||
2015 | 2014 | life | |||||||||
(In thousands) | |||||||||||
Construction in progress | $ | 1,654 | $ | 24,124 | — | ||||||
Buildings | 23,253 | 16,303 | 30 years | ||||||||
Machinery and equipment | 102,939 | 78,378 | 3-10 years | ||||||||
Computer equipment and software | 6,681 | 5,556 | 3 years | ||||||||
Total | 134,527 | 124,361 | |||||||||
Accumulated depreciation | (55,007 | ) | (52,869 | ) | |||||||
Property, plant and equipment, net | $ | 79,520 | $ | 71,492 | |||||||
Depreciation expense was $2.2 million and $2.6 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||
Construction in progress totaled $1.7 million and $24.1 million at March 31, 2015 and December 31, 2014, respectively. In March 2015, the Company placed into service approximately $31.8 million of assets related to the Company’s completed third production line at its manufacturing facility in East Providence, RI. |
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | (6) Accrued Expenses | ||||||||
Accrued expenses consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Employee compensation | $ | 2,408 | $ | 4,851 | |||||
Professional fees | 165 | 76 | |||||||
Deferred rent | 168 | 155 | |||||||
Other accrued expenses | 584 | 506 | |||||||
Total | $ | 3,325 | $ | 5,588 | |||||
Interest_Expense
Interest Expense | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Banking and Thrift, Interest [Abstract] | |||||||||
Interest Expense | (7) Interest Expense | ||||||||
Interest expense consists of the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Changes in fair value: | |||||||||
Subordinated Notes | $ | — | $ | 796 | |||||
Senior Convertible Notes | — | 3,535 | |||||||
Convertible Notes, net of capitalization | — | 11,740 | |||||||
Debt closing costs | — | 17 | |||||||
Other interest | 45 | 63 | |||||||
Total | $ | 45 | $ | 16,151 | |||||
As of March 31, 2014, the Company had Subordinated Notes, Senior Convertible Notes and Convertible Notes outstanding that were measured at fair value utilizing level 3 inputs. | |||||||||
The change in fair value of the Subordinated Notes for the three months ended March 31, 2014 was determined by utilizing a probability weighted discounted cash flow analysis of the amount to be paid on the notes upon the occurrence of certain events in which the Subordinated Notes would be repaid to the noteholders in cash. This analysis utilized assumptions related to the probability of the occurrence of each of the various events and appropriate discount rates for each of the scenarios. | |||||||||
The change in the fair value of the Senior Convertible Notes and the Convertible Notes for the three months ended March 31, 2014 was determined by utilizing a probability weighted discounted cash flow analysis which took into consideration market and general economic events as well as the Company’s financial results and other data available as of that date. This analysis determined the amount to be paid on the notes in either cash or shares at the occurrence of certain events in which the Senior Convertible Notes and the Convertible Notes would be converted into shares of the Company’s common stock or would be repaid to the noteholders in cash. This analysis also utilized assumptions related to the probability of the occurrence of each of the various events and appropriate discount rates for each of the scenarios. |
Revolving_Line_of_Credit
Revolving Line of Credit | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | (8) Revolving Line of Credit |
The Company maintains a revolving credit facility with Silicon Valley Bank. On September 3, 2014, the Company amended and restated the loan and security agreement to extend the maturity date of the facility to August 31, 2016 and increase the maximum amount the Company is permitted to borrow, subject to continued covenant compliance and borrowing base requirements, from $10 million to $20 million. At the Company’s election, the interest rate applicable to borrowings under the revolving credit facility may be based on the prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 1.75% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. In addition, the Company is required to pay a monthly unused revolving line facility fee of 0.5% per annum of the average unused portion of the revolving credit facility. The revolving credit facility is secured by a first priority security interest in all assets of the Company, including those at the East Providence facility, except for certain exclusions. | |
At both March 31, 2015 and December 31, 2014, the Company had no amounts drawn on the revolving credit facility. The Company had outstanding letters of credit backed by the revolving credit facility of $1.4 million at March 31, 2015 and December 31, 2014, respectively, which reduce the funds otherwise available to the Company. Based on the available borrowing base, the effective amount available to the Company under the revolving credit facility at March 31, 2015 was $10.9 million after consideration of the $1.4 million of outstanding letters of credit (see note 9). Under the revolving credit facility, the Company is required to comply with financial covenants relating to, among other items, minimum Adjusted EBITDA, maximum unfinanced capital expenditures and other non-financial covenants. At March 31, 2015, the Company was in compliance with all such financial covenants. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (9) Commitments and Contingencies |
Letters of Credit | |
Pursuant to the terms of its Northborough, Massachusetts facility lease, the Company has been required to provide the lessor with letters of credit securing certain obligations. In addition, the Company has been required to provide certain customers with letters of credit securing obligations under commercial contracts. | |
The Company had letters of credit outstanding of $1.4 million at March 31, 2015 and December 31, 2014, respectively. These letters of credit are secured by the Company’s revolving credit facility (see note 8). | |
Litigation | |
The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. The Company is not presently a party to any litigation for which it believes a loss is probable requiring an amount to be accrued or a possible loss contingency requiring disclosure. |
Net_Income_Loss_Per_Share
Net Income Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Income Loss Per Share | (10) Net Loss Per Share | ||||||||
The computation of basic and diluted net loss attributable to common stockholders per share consists of basic and diluted weighted average shares outstanding of 22,992,273 and 3,140 at March 31, 2015 and 2014, respectively. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except | |||||||||
share and per share data) | |||||||||
Numerator: | |||||||||
Net loss attributable to common stockholders | $ | (2,790 | ) | $ | (19,049 | ) | |||
Denominator: | |||||||||
Weighted average shares outstanding, basic and diluted | 22,992,273 | 3,140 | |||||||
Net loss attributable to common stockholders per share, basic and diluted | $ | (0.12 | ) | $ | (6,066.56 | ) | |||
Potential dilutive common shares that were excluded from the computation of diluted net income (loss) attributable to common stockholders per share because they were anti-dilutive consist of the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Common stock options | 1,231,542 | 96,999 | |||||||
Restricted common stock units | 524,847 | — | |||||||
Common stock warrants | 131 | 131 | |||||||
Total | 1,756,520 | 97,130 | |||||||
As of March 31, 2015, there was no dilutive impact of the common stock options, restricted common stock units and common stock warrants. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (11) Income Taxes |
The Company incurred net operating losses and recorded a full valuation allowance against net deferred tax assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes. |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Nature of Business | Nature of Business | ||||||||
Aspen Aerogels, Inc. (the Company) is an energy technology company that designs, develops and manufactures innovative, high-performance aerogel insulation. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts. | |||||||||
The Company maintains its corporate offices in Northborough, Massachusetts. The Company has two wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC and Aspen Aerogels Germany, GmbH. | |||||||||
On June 18, 2014, the Company completed an initial public offering (IPO) of 7,500,000 shares of its common stock at a public offering price of $11.00 per share. The Company received net proceeds of $74.7 million after deducting underwriting discounts and commissions of $4.3 million and offering expenses of approximately $3.5 million. Upon the closing of the offering, all of the Company’s then-outstanding (i) warrants to purchase Series C preferred stock (the “Series C warrants”) were subject to an automatic net cashless exercise, (ii) convertible preferred stock (including the shares of Series C preferred stock issued upon the automatic net cashless exercise of Series C warrants) automatically converted into 115,982 shares of common stock, and (iii) Convertible Notes and Senior Convertible Notes (see note 7) automatically converted into 15,319,034 shares of common stock. | |||||||||
Prior to the closing of the offering, the Company completed a 1-for-824.7412544 reverse stock split of its common stock. All common shares and related per share amounts in the financial statements and notes have been adjusted retroactively to reflect the reverse stock split. | |||||||||
Unaudited Interim Financial Information | Unaudited Interim Financial Information | ||||||||
The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2014 (the Annual Report), filed with the Securities and Exchange Commission on March 13, 2015. | |||||||||
In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of March 31, 2015 and the results of its operations and cash flows for the three months ended March 31, 2015 and 2014. The Company has evaluated events through the date of this filing. | |||||||||
The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or any other period. | |||||||||
There have been no changes to our significant accounting policies described in the Annual Report that have had a material impact on our consolidated financial statements and notes thereto. | |||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||
The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||
Use of Estimates | Use of Estimates | ||||||||
The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, inventory valuation, the carrying amount of property and equipment, fair value of debt and capital stock, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which it believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||
Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. | |||||||||
Marketable Securities | Marketable Securities | ||||||||
Marketable securities consist primarily of marketable debt securities which are classified as available-for-sale and are carried at fair value at March 31, 2015. The Company held no marketable securities at December 31, 2014. The unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss). The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase to be cash equivalents, and investments with maturities of greater than 90 days at the time of purchase to be marketable securities. When a marketable security incurs a significant unrealized loss for a sustained period of time, the Company will review the instrument to determine if it is other-than-temporarily impaired. If it is determined that an instrument is other-than-temporarily impaired, the Company will record the unrealized loss in the consolidated statement of operations. | |||||||||
The following table classifies our marketable securities by contractual maturities as of March 31, 2015 (in millions): | |||||||||
Description | Fair Value | ||||||||
Due in one year or less | $ | 2,501 | |||||||
Due in more than one year | — | ||||||||
Total marketable securities | $ | 2,501 | |||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | ||||||||
Accumulated other comprehensive income (loss) consists of changes in the fair market value of available-for-sale securities. As of March 31, 2015, amortized cost of available-for-sale securities approximated fair value. | |||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||
Fair value is an exit price that represents the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company discloses the manner in which fair value is determined for assets and liabilities based on a three-tiered fair value hierarchy. The hierarchy ranks the quality and reliability of the information used to determine the fair values. The three levels of inputs described in the standard are: | |||||||||
Level 1: | Quoted prices in active markets for identical assets or liabilities. | ||||||||
Level 2: | Observable inputs, other than Level 1 prices, for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities. | ||||||||
Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||
Under the Fair Value Option Subsections of Financial Accounting Standards Board (FASB) ASC Subtopic 825-10, Financial Instruments — Overall, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in earnings each reporting period. As a result of electing this option, the Company recorded its previously outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes at fair value in order to measure these liabilities at amounts that more accurately reflect the economics of these instruments (see note 7). | |||||||||
During the three month period ended March 31, 2014, the Company valued its then outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes utilizing Level 3 inputs. | |||||||||
Upon the completion of the Company’s IPO discussed in note 1, the Company used a portion of the net proceeds to settle all obligations under the Subordinated Notes in full, and the Senior Convertible Notes and Convertible Notes automatically converted into 15,319,034 shares of common stock. | |||||||||
At March 31, 2015, the Company held marketable debt securities classified as available-for-sale securities totaling $2.5 million, which were valued utilizing Level 1 inputs. The Company held no marketable securities at December 31, 2014. | |||||||||
Stock-based Compensation | Stock-based Compensation | ||||||||
Stock-based compensation expense is measured at the grant date based on the fair value of the award. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards, which requires a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant. | |||||||||
In March 2015, the Company issued 219,944 restricted common stock units (RSUs) and non-qualified stock options (NSOs) to purchase 231,223 shares of common stock to employees under the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). The RSUs and NSOs will vest over a three year period. Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock available for issuance under the plan automatically increased to 3,698,257 shares effective January 1, 2015. | |||||||||
Earnings per Share | Earnings per Share | ||||||||
The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, restricted common stock units and warrants. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. | |||||||||
Segments | Segments | ||||||||
Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision maker when making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. | |||||||||
Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Revenue: | |||||||||
U.S. | $ | 10,684 | $ | 10,650 | |||||
International | 12,816 | 11,713 | |||||||
Total | $ | 23,500 | $ | 22,363 | |||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | ||||||||
From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. |
Significant_Accounting_Policie1
Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Marketable Securities by Contractual Maturities | The following table classifies our marketable securities by contractual maturities as of March 31, 2015 (in thousands): | ||||||||
Description | Fair Value | ||||||||
Due in one year or less | $ | 2,501 | |||||||
Due in more than one year | — | ||||||||
Total marketable securities | $ | 2,501 | |||||||
Schedule of Revenues, Based on Shipment Destination or Services Location | Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Revenue: | |||||||||
U.S. | $ | 10,684 | $ | 10,650 | |||||
International | 12,816 | 11,713 | |||||||
Total | $ | 23,500 | $ | 22,363 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary of Marketable Securities | |||||||||||||||||
Fair Value Measurement at | |||||||||||||||||
Reporting Date Using | |||||||||||||||||
Description | March 31, 2015 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(In thousands) | |||||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. corporate bonds | $ | 1,003 | $ | 1,003 | $ | — | $ | — | |||||||||
Foreign corporate bonds | 1,498 | 1,498 | — | — | |||||||||||||
Total | $ | 2,501 | $ | 2,501 | $ | — | $ | — | |||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | Inventories consist of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 4,485 | $ | 4,052 | |||||
Finished goods | 1,420 | 845 | |||||||
Total | $ | 5,905 | $ | 4,897 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: | ||||||||||
March 31, | December 31, | Useful | |||||||||
2015 | 2014 | life | |||||||||
(In thousands) | |||||||||||
Construction in progress | $ | 1,654 | $ | 24,124 | — | ||||||
Buildings | 23,253 | 16,303 | 30 years | ||||||||
Machinery and equipment | 102,939 | 78,378 | 3-10 years | ||||||||
Computer equipment and software | 6,681 | 5,556 | 3 years | ||||||||
Total | 134,527 | 124,361 | |||||||||
Accumulated depreciation | (55,007 | ) | (52,869 | ) | |||||||
Property, plant and equipment, net | $ | 79,520 | $ | 71,492 | |||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Expenses | Accrued expenses consist of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Employee compensation | $ | 2,408 | $ | 4,851 | |||||
Professional fees | 165 | 76 | |||||||
Deferred rent | 168 | 155 | |||||||
Other accrued expenses | 584 | 506 | |||||||
Total | $ | 3,325 | $ | 5,588 | |||||
Interest_Expense_Tables
Interest Expense (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Banking and Thrift, Interest [Abstract] | |||||||||
Summary of Interest Expense | Interest expense consists of the following: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Changes in fair value: | |||||||||
Subordinated Notes | $ | — | $ | 796 | |||||
Senior Convertible Notes | — | 3,535 | |||||||
Convertible Notes, net of capitalization | — | 11,740 | |||||||
Debt closing costs | — | 17 | |||||||
Other interest | 45 | 63 | |||||||
Total | $ | 45 | $ | 16,151 | |||||
Net_Income_Loss_Per_Share_Tabl
Net Income Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Net Loss Per Share | The computation of basic and diluted net loss attributable to common stockholders per share consists of basic and diluted weighted average shares outstanding of 22,992,273 and 3,140 at March 31, 2015 and 2014, respectively. | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except | |||||||||
share and per share data) | |||||||||
Numerator: | |||||||||
Net loss attributable to common stockholders | $ | (2,790 | ) | $ | (19,049 | ) | |||
Denominator: | |||||||||
Weighted average shares outstanding, basic and diluted | 22,992,273 | 3,140 | |||||||
Net loss attributable to common stockholders per share, basic and diluted | $ | (0.12 | ) | $ | (6,066.56 | ) | |||
Summary of Potential Dilutive Common Shares Excluded from Computation of Diluted Net Income (Loss) Attributable to Common Stockholders Per Common Share | Potential dilutive common shares that were excluded from the computation of diluted net income (loss) attributable to common stockholders per share because they were anti-dilutive consist of the following: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Common stock options | 1,231,542 | 96,999 | |||||||
Restricted common stock units | 524,847 | — | |||||||
Common stock warrants | 131 | 131 | |||||||
Total | 1,756,520 | 97,130 | |||||||
Description_of_Business_and_Ba2
Description of Business and Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 18, 2014 | Mar. 31, 2015 |
Subsidiary | ||
Basis Of Presentation [Line Items] | ||
Number of Subsidiaries | 2 | |
Reverse stock split of capital stock | Prior to the closing of the offering, the Company completed a 1-for-824.7412544 | |
Convertible Preferred Stock [Member] | ||
Basis Of Presentation [Line Items] | ||
Common shares issued upon conversion of securities | 115,982 | |
Convertible Debt Securities [Member] | ||
Basis Of Presentation [Line Items] | ||
Common shares issued upon conversion of securities | 15,319,034 | |
IPO [Member] | ||
Basis Of Presentation [Line Items] | ||
Initial public offering, common stock shares | 7,500,000 | |
Initial public offering, common stock price per share | 11 | |
Net proceeds | 74.7 | |
Underwriting discounts and commissions | 4.3 | |
Other offering expenses | 3.5 |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Jun. 18, 2014 | Dec. 31, 2014 | Jan. 01, 2015 |
Segment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Marketable Securities | $2,501 | $0 | ||
Number of segment | 1 | |||
Convertible Debt Securities [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Common shares issued upon conversion of securities | 15,319,034 | |||
Level 1 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Available for sale securities | $2,501 | |||
2014 Employee, Director and Consultant Equity Incentive Plan [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Increased number of shares available for grant | 3,698,257 | |||
2014 Employee, Director and Consultant Equity Incentive Plan [Member] | Restricted Common Stock Units [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Issue of stock-based awards | 219,944 | |||
Stock-based award vesting period | 3 years | |||
2014 Employee, Director and Consultant Equity Incentive Plan [Member] | Non-Qualified Stock Options [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Shares issued for 2014 Equity Plan | 231,223 | |||
Stock-based award vesting period | 3 years |
Significant_Accounting_Policie3
Significant Accounting Policies - Schedule of Marketable Securities by Contractual Maturities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Balance Sheet, Reported Amounts [Abstract] | ||
Total marketable securities | $2,501 | |
Total marketable securities | ||
Total marketable securities | $2,501 | $0 |
Significant_Accounting_Policie4
Significant Accounting Policies - Schedule of Revenues, Based on Shipment Destination or Services Location (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue | $23,500 | $22,363 |
U.S. [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 10,684 | 10,650 |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $12,816 | $11,713 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Marketable Securities (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Total marketable securities | $2,501 |
U.S. Corporate Bonds [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Total marketable securities | 1,003 |
Foreign Corporate Bonds [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Total marketable securities | 1,498 |
Level 1 [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Total marketable securities | 2,501 |
Level 1 [Member] | U.S. Corporate Bonds [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Total marketable securities | 1,003 |
Level 1 [Member] | Foreign Corporate Bonds [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Total marketable securities | $1,498 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $4,485 | $4,052 |
Finished goods | 1,420 | 845 |
Total | $5,905 | $4,897 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $134,527 | $124,361 |
Accumulated depreciation | -55,007 | -52,869 |
Property, plant and equipment, net | 79,520 | 71,492 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 23,253 | 16,303 |
Property, plant and equipment, Useful life | 30 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 102,939 | 78,378 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,681 | 5,556 |
Property, plant and equipment, Useful life | 3 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $1,654 | $24,124 |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful life | 3 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful life | 10 years |
Property_Plant_and_Equipment_N3
Property, Plant and Equipment, Net - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $2,200,000 | $2,600,000 | |
Property, plant and equipment, gross | 134,527,000 | 124,361,000 | |
East Providence, RI [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 31,800,000 | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $1,654,000 | $24,124,000 |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Employee compensation | $2,408 | $4,851 |
Professional fees | 165 | 76 |
Deferred rent | 168 | 155 |
Other accrued expenses | 584 | 506 |
Total | $3,325 | $5,588 |
Interest_Expense_Summary_of_In
Interest Expense - Summary of Interest Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Income (Expense) [Line Items] | ||
Debt closing costs | $17 | |
Other interest | 45 | 63 |
Total | 45 | 16,151 |
Subordinated Notes [Member] | ||
Interest Income (Expense) [Line Items] | ||
Changes in fair value | 796 | |
Senior Convertible Notes [Member] | ||
Interest Income (Expense) [Line Items] | ||
Changes in fair value | 3,535 | |
Convertible Notes, Net of Capitalization [Member] | ||
Interest Income (Expense) [Line Items] | ||
Changes in fair value | $11,740 |
Revolving_Line_of_Credit_Addit
Revolving Line of Credit - Additional Information (Detail) (USD $) | 0 Months Ended | ||
Sep. 03, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Line of credit facility amount withdrawn | $0 | $0 | |
Letters of credit outstanding | 1,400,000 | 1,400,000 | |
Line of credit facility borrowing capacity | 10,900,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit agreement, extended maturity date | 31-Aug-16 | ||
Interest rate description | The interest rate applicable to borrowings under the revolving credit facility may be based on the prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 1.75% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. | ||
Percentage of unused revolving line facility fee | 0.50% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing amount | 20,000,000 | ||
Revolving Credit Facility [Member] | Maximum [Member] | Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 1.75% | ||
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 4.25% | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing amount | 10,000,000 | ||
Revolving Credit Facility [Member] | Minimum [Member] | Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 0.75% | ||
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 3.75% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit outstanding | $1.40 | $1.40 |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding, basic and diluted | 22,992,273 | 3,140 |
Net_Loss_Per_Share_Computation
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss attributable to common stockholders | ($2,790) | ($19,049) |
Denominator: | ||
Weighted average shares outstanding, basic and diluted | 22,992,273 | 3,140 |
Net loss attributable to common stockholders per share, basic and diluted | ($0.12) | ($6,066.56) |
Net_Loss_Per_Share_Summary_of_
Net Loss Per Share - Summary of Potential Dilutive Common Shares Excluded from Computation of Diluted Net Income (Loss) Attributable to Common Stockholders Per Common Share (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities | 1,756,520 | 97,130 |
Common Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities | 1,231,542 | 96,999 |
Restricted Common Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities | 524,847 | |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities | 131 | 131 |