Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ASPN | ||
Entity Registrant Name | ASPEN AEROGELS INC | ||
Entity Central Index Key | 1,145,986 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 23,184,852 | ||
Entity Public Float | $ 132.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 32,804 | $ 49,719 |
Accounts receivable, net of allowances of $89 and $120 | 20,624 | 17,924 |
Inventories | 6,532 | 4,897 |
Prepaid expenses and other current assets | 1,687 | 836 |
Total current assets | 61,647 | 73,376 |
Property, plant and equipment, net | 78,322 | 71,492 |
Other long-term assets | 105 | 175 |
Total assets | 140,074 | 145,043 |
Current liabilities: | ||
Capital leases, current portion | 67 | 76 |
Accounts payable | 10,684 | 14,202 |
Accrued expenses | 5,568 | 5,588 |
Deferred revenue | 681 | 292 |
Other current liabilities | 409 | 50 |
Total current liabilities | 17,409 | 20,208 |
Capital leases, excluding current portion | 40 | 89 |
Other long-term liabilities | 151 | 1,030 |
Total liabilities | $ 17,600 | $ 21,327 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred Stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued or outstanding at December 31, 2015 or December 31, 2014 | ||
Common stock, $0.00001 par value; 125,000,000 shares authorized, 23,184,852 shares issued and outstanding at December 31, 2015; 22,992,273 shares issued and outstanding at December 31, 2014 | $ 0 | $ 0 |
Additional paid-in capital | 527,975 | 522,800 |
Accumulated deficit | (405,501) | (399,084) |
Total stockholders' equity | 122,474 | 123,716 |
Total liabilities, convertible preferred stock and stockholders' equity | $ 140,074 | $ 145,043 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 89 | $ 120 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
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 | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 23,184,852 | 22,992,273 |
Common stock, shares outstanding | 23,184,852 | 22,992,273 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | |||
Product | $ 120,532 | $ 99,259 | $ 82,057 |
Research services | 1,986 | 3,140 | 4,037 |
Total revenue | 122,518 | 102,399 | 86,094 |
Cost of revenue: | |||
Product | 96,865 | 83,677 | 73,399 |
Research services | 1,005 | 1,642 | 1,964 |
Gross profit | 24,648 | 17,080 | 10,731 |
Operating expenses: | |||
Research and development | 5,253 | 5,980 | 5,159 |
Sales and marketing | 10,562 | 10,290 | 9,271 |
General and administrative | 15,068 | 16,853 | 12,833 |
Write-off of construction in progress | 3,440 | ||
Total operating expenses | 30,883 | 33,123 | 30,703 |
Income (loss) from operations | (6,235) | (16,043) | (19,972) |
Other income (expense): | |||
Interest expense | (182) | (50,281) | (30,599) |
Gain on extinguishment of convertible notes | 8,898 | ||
Loss on exchange of convertible notes | (5,697) | ||
Costs associated with postponed public offering | (241) | ||
Total other income (expense), net | (182) | (50,281) | (27,639) |
Net income (loss) | (6,417) | (66,324) | (47,611) |
Net income (loss) attributable to common stockholders | $ (6,417) | $ (66,324) | $ 1,338 |
Net income (loss) attributable to common stockholders per common share: | |||
Basic | $ (0.28) | $ (5.37) | $ 426.52 |
Diluted | $ (0.28) | $ (5.37) | $ 410.56 |
Weighted-average common shares outstanding: | |||
Basic | 22,986,931 | 12,349,456 | 3,137 |
Diluted | 22,986,931 | 12,349,456 | 3,259 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Preferred Stock 0.00001 Par Value [Member] | Common Stock 0.00001 Par Value [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | IPO [Member] | IPO [Member]Common Stock 0.00001 Par Value [Member] | IPO [Member]Additional Paid-in Capital [Member] | Series C Convertible Preferred Stock 0.00001 Par Value [Member] | Series B Convertible Preferred Stock 0.00001 Par Value [Member] | Series A Convertible Preferred Stock 0.00001 Par Value [Member] |
Beginning balance at Dec. 31, 2012 | $ (120,795) | $ 164,354 | $ (285,149) | ||||||||
Beginning balance, shares at Dec. 31, 2012 | 3,137 | ||||||||||
Net income (loss) | (47,611) | (47,611) | |||||||||
Stock compensation expense | 4,426 | 4,426 | |||||||||
Dividends on redeemable convertible preferred stock | (996) | (996) | |||||||||
Changes in redemption value of redeemable convertible preferred stock at extinguishment | 86,161 | 86,161 | |||||||||
Reclassification of redeemable convertible preferred stock from temporary to permanent equity | 1,085 | 1,085 | |||||||||
Reclassification of redeemable convertible preferred stock from temporary to permanent equity, shares | 1,601,053 | 5,284,347 | |||||||||
Issuance of stock, shares | 20,000 | ||||||||||
Issuance of stock | 15,764 | 15,764 | |||||||||
Ending balance at Dec. 31, 2013 | (61,966) | 270,794 | (332,760) | ||||||||
Ending balance, shares at Dec. 31, 2013 | 3,137 | 20,000 | 1,601,053 | 5,284,347 | |||||||
Net income (loss) | (66,324) | (66,324) | |||||||||
Stock compensation expense | 8,781 | 8,781 | |||||||||
Issuance of stock, shares | 31 | 7,500,000 | |||||||||
Issuance of stock | 3 | 3 | $ 74,712 | $ 74,712 | |||||||
Net cashless exercise of Series C warrants | 0 | $ 0 | $ 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | |||
Net cashless exercise of Series C warrants, shares | 86,997,362 | ||||||||||
Conversion of convertible preferred stock to common stock | 0 | 0 | $ 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | |||
Conversion of convertible preferred stock to common stock, shares | 115,982 | (87,017,362) | (1,601,053) | (5,284,347) | |||||||
Conversion of convertible debt to common stock | 168,510 | 168,510 | |||||||||
Conversion of convertible debt to common stock, shares | 15,319,034 | ||||||||||
Issuance of restricted stock | 0 | 0 | $ 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | |||
Issuance of Restricted Stock, shares | 61,816 | ||||||||||
Forfeiture of restricted stock | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||
Forfeiture of Restricted Stock, shares | (7,727) | ||||||||||
Ending balance at Dec. 31, 2014 | 123,716 | 522,800 | (399,084) | ||||||||
Ending balance, shares at Dec. 31, 2014 | 22,992,273 | ||||||||||
Net income (loss) | (6,417) | (6,417) | |||||||||
Stock compensation expense | 5,413 | 5,413 | |||||||||
Issuance of restricted stock | 0 | $ 0 | $ 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | |||
Issuance of Restricted Stock, shares | 132,130 | ||||||||||
Vesting of restricted stock units | (238) | (238) | |||||||||
Vesting of restricted stock units, shares | 60,449 | ||||||||||
Ending balance at Dec. 31, 2015 | $ 122,474 | $ 527,975 | $ (405,501) | ||||||||
Ending balance, shares at Dec. 31, 2015 | 23,184,852 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (6,417) | $ (66,324) | $ (47,611) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 9,887 | 10,183 | 10,061 |
Write-off of construction in progress | 3,440 | ||
Loss on disposal of assets | 119 | 230 | |
Debt issuance costs and noncash interest expenses | 47 | 998 | |
Write-off of costs associated with postponed public offering | 241 | ||
Accretion of debt to fair value | 50,011 | 18,696 | |
Gain on extinguishment of convertible notes | (8,898) | ||
Loss on exchange of convertible notes | 5,697 | ||
Issuance of Series C preferred stock warrants in connection with senior convertible notes | 10,677 | ||
Stock compensation expense | 5,413 | 8,781 | 4,426 |
Other | (139) | (31) | (25) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2,644) | 838 | (4,809) |
Inventories | (1,635) | 1,995 | (547) |
Prepaid expenses and other assets | (881) | (129) | (287) |
Accounts payable | 1,517 | 687 | (1,686) |
Accrued expenses | (227) | 774 | 2,297 |
Deferred revenue | 333 | (303) | (588) |
Other liabilities | 152 | (6,000) | |
Net cash provided by (used in) operating activities | 5,359 | 6,648 | (13,688) |
Cash flows from investing activities: | |||
Capital expenditures | (21,956) | (13,241) | (3,329) |
Purchase of marketable securities | (2,500) | ||
Maturity and sale of marketable securities | 2,500 | ||
Net cash used in investing activities | (21,956) | (13,241) | (3,329) |
Cash flows from financing activities: | |||
Borrowings under line of credit | 4,500 | 19,929 | |
Repayments under line of credit | (5,500) | (20,267) | |
Proceeds from issuance of long-term debt | 18,500 | ||
Repayment of borrowings under long-term debt | (18,849) | ||
Financing costs | (47) | (872) | |
Proceeds from initial public offering | 74,712 | ||
Repayment of obligations under capital lease | (80) | (80) | (42) |
Payments made for employee restricted stock minimum tax withholdings | (238) | ||
Proceeds from issuance of common stock | 2 | ||
Net cash (used in) provided by financing activities | (318) | 54,738 | 17,248 |
Net (decrease) increase in cash | (16,915) | 48,145 | 231 |
Cash and cash equivalents at beginning of period | 49,719 | 1,574 | 1,343 |
Cash and cash equivalents at end of period | 32,804 | 49,719 | 1,574 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 198 | 223 | 228 |
Income taxes paid | 0 | 0 | 0 |
Supplemental disclosures of non-cash activities: | |||
Conversion of convertible and senior convertible notes to common stock | 168,510 | ||
Accrued dividends on preferred stock | 996 | ||
Changes in redemption value of redeemable convertible preferred stock | (86,161) | ||
Reclassification of redeemable convertible preferred stock from temporary to permanent equity | (1,085) | ||
Changes in accrued capital expenditures | (5,332) | 6,401 | (523) |
Capitalized interest | 34 | 70 | |
Capital lease | $ 21 | $ 5 | $ 160 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business | (1) Description 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 (see note 8) 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. |
Summary of Basis of Presentatio
Summary of Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Basis of Presentation and Significant Accounting Policies | (2) Summary of Basis of Presentation and Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (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 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 are believed 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 & 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 consisted primarily of marketable debt securities which are classified as available-for-sale and are carried at fair value. The Company held no marketable securities as of December 31, 2015 or 2014. During the year ended December 31, 2015, the Company purchased $2.5 million of marketable securities which matured during the same period. 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. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consisted of changes in the fair market value of available-for-sale securities. As of December 31, 2015 and 2014, the Company held no marketable securities. 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 At December 31, 2015 and 2014, no financial assets or liabilities were measured at fair value. During the years ended December 31, 2014 (prior to the completion of the Company’s IPO on June 18, 2014) and 2013, the Company valued its then outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes utilizing Level 3 inputs. During the year ended December 31, 2015, the Company purchased $2.5 million of marketable securities which matured during the same period. During this period, the instruments were valued utilizing Level 1 inputs. As of December 31, 2015 and December 31, 2014, the Company held no marketable securities. Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers consist primarily of insulation distributors, insulation contractors and select end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. The Company has not experienced any meaningful non-payment or write-offs of accounts receivable. Accordingly, the allowance for doubtful accounts was zero at December 31, 2015 and 2014. The Company does not have any off-balance-sheet credit exposure related to its customers. For the year ended December 31, 2015, two customers represented 14% and 12% of total revenue. For the year ended December 31, 2014, two customers represented 13% and 12% of total revenue, respectively. For the year ended December 31, 2013, two customers represented 15% and 11% of total revenue, respectively. At December 31, 2015, the Company had three customers that accounted for 17%, 14% and 13% of accounts receivable, respectively. At December 31, 2014, the Company had three customers that accounted for 17%, 17% and 11% of accounts receivable, respectively. Inventories Inventory consists of finished products and raw materials. Inventories are carried at lower of cost, determined using the first-in, first-out (FIFO) method, or market. Cost includes materials, labor and manufacturing overhead. Manufacturing overhead is allocated to the costs of conversion based on normal capacity of the Company’s production facility. Abnormal freight, handling costs and material waste is expensed in the period it occurs. The Company periodically reviews its inventories and makes provisions as necessary for estimated excess, obsolete or damaged goods to ensure values approximate the lower of cost or market. The amount of any such provision is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand, selling prices and market conditions. Property, Plant and Equipment, Net Property, plant and equipment are stated at cost. Assets held under capital leases are stated at the lesser of the present value of future minimum payments, using the Company’s incremental borrowing rate, or the fair value of the property at the inception of the lease. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property, plant and equipment. Interest expense capitalization commences at the time a capital project begins construction and concludes when the project is completed. The Company has capitalized interest costs as part of the historical cost of constructing its manufacturing facilities. The Company capitalized $0.0 million, $0.1 million and $0.1 million in interest costs related to the build-out of the East Providence facility during the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Assets related to capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Assets utilized in the Company’s operations that are taken out of service with no future use are charged to cost of sales or operating expenses, depending on the department in which the asset was utilized. Write-offs of construction in progress are charged to operating expenses upon the determination of no future use. Other Assets Other assets primarily include long-term deposits and patent costs. Patent costs are amortized over the life of the patent. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Asset Retirement Obligations The Company records asset retirement obligations associated with its lease obligations and the retirement of tangible long-lived assets. The Company reviews legal obligations associated with the retirement of long-lived assets that result from contractual obligations or the acquisition, construction, development and/or normal use of the assets. If it is determined that a legal obligation exists, regardless of whether the obligation is conditional on a future event, the fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. An amount equal to the fair value of the liability is also recorded as a long-term asset that is depreciated over the estimated life of the asset. The difference between the gross expected future cash outflow and its present value is accreted over the life of the related lease as an operating expense. Deferred Revenue The Company records deferred revenue for product sales when (i) the Company has delivered products but other revenue recognition criteria have not been satisfied, (ii) payments have been received in advance of products being delivered or (iii) amounts are billed in accordance with contractual terms in advance of products being delivered. Revenue Recognition The Company recognizes revenue from the sale of products and delivery of research and development services. Revenue is recognized when all of the following criteria are met: persuasive evidence of an arrangement exists, the price to the buyer is fixed or determinable, delivery has occurred or services have been provided, and collectability is reasonably assured. Product Revenue Product revenue is generally recognized upon transfer of title and risk of loss, which is generally upon shipment or delivery. The Company’s customary shipping terms are free on board (FOB) shipping point; however, some products are shipped using FOB destination shipping terms. Revenue associated with products shipped FOB destination is recognized when the products reach their specified destination. Products are typically delivered without significant post-sale obligations to customers. Sales returns are recorded based on historical sales and return information. Products that exhibit unusual sales return patterns due to quality or other manufacturing matters are specifically investigated and analyzed as part of the sales return accrual. The sales return accrual represents a reserve for products that may be returned due to quality concerns or authorized for destruction in the field. Sales return reserves are recorded at full original sales value. The Company rarely exchanges products from inventory for returned products. Sales return reserves were $0.1 million at December 31, 2015 and 2014. Warranty The Company provides warranties for its products and records the estimated cost within cost of sales in the period that the related revenue is recorded. The Company’s standard warranty period extends one to two years from the date of sale, depending on the type of product purchased. The warranties provide that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. For the years ended December 31, 2015, 2014 and 2013, warranty claims and charges have been insignificant. Research Services Revenue The Company performs research services under contracts with various government agencies and other institutions. The Company records revenue earned on research services contracts using the percentage-of-completion method in two ways: (1) for firm-fixed-price contracts, the Company accrues that portion of the total contract price that is allocable, on the basis of the Company’s estimates of costs incurred to date to total contract costs; (2) for cost-plus-fixed-fee contracts, the Company records revenue that is equal to total payroll cost incurred times a stated factor plus reimbursable expenses, to a stated upper limit. The primary cost is the labor effort expended in completing research and the only deliverable other than the labor hours expended is reporting of research results to the customer. Because the input measure of labor hours expended is also reflective of the output measure, it is a reliable means to measure the extent of progress towards completion. Revisions in cost estimates and fees during the course of the contract are reflected in the accounting period in which the facts that require the revisions become known. Provision is made for the entire amount of future estimated losses on contracts when the current contract estimate is a loss while claims for additional contract compensation are not reflected in the accounts until the year in which such claims are identifiable and receipt is probable. Contract costs and rates used to allocate overhead to contracts are subject to audit by the respective contracting government agency. Adjustments to revenue as a result of audit are recorded in the period they become known. Adjustments to revenue as a result of audit have been insignificant. Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of revenue. Customer payments of shipping and handling costs are recorded as product revenue. Stock-based Compensation The Company grants share-based awards to its employees and non-employee directors. All share-based awards granted, including grants of stock options, restricted stock and restricted stock units, are recognized in the statement of operations based on their fair value as of the date of grant. 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 units is determined using the closing price of the Company’s common stock on the date of grant. All shares underlying awards of restricted stock are restricted in that they are not transferable until they vest. Restricted stock is typically issued to non-employee directors and typically vests over a one-year period from the date of issuance. Restricted stock units are issued to employees and typically vest over a three to four year period from the date of issuance. The fair value of restricted stock and restricted stock units upon which vesting is solely service-based is expensed ratably over the vesting period. If the service condition underlying shares of restricted stock is not met for any reason, the shares of unvested restricted stock will be forfeited and returned to the Company. For stock options that contain a market condition, the Company uses the Monte-Carlo simulation option-pricing model to determine the fair value of market based awards. The Monte-Carlo simulation option-pricing model takes into account the same input assumptions as the Black-Scholes model; however, it also further incorporates into the fair-value determination, the possibility that the market condition may not be satisfied. Compensation costs related to awards with a market condition are recognized regardless of whether the market condition is satisfied, provided that the requisite service has been provided. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period for each such award. Pursuant to the evergreen provisions of the 2014 Employee, Director and Consultant Equity Incentive 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. Research and Development Costs incurred in the research and development of the Company’s products are expensed as incurred and include compensation and related costs, services provided by third-party contractors, materials and supplies and are classified as research and development expenses. Research and development costs directly associated with research services revenue are classified as research services in cost of revenue. Earnings per Share The Company calculates net income (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 income (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, restricted stock units and warrants. Common equivalent shares are excluded from the computation of diluted net income (loss) per share if their effect is antidilutive. Prior to the IPO and for the year ended December 31, 2013, net income (loss) per common share was calculated using the two-class method, which is an earnings allocation formula that determines net income (loss) per share for the holders of the Company’s common shares and participating securities. Prior to their conversion to common stock at the time of the Company’s IPO, the Company’s Series A preferred stock, Series B preferred stock, Series C preferred stock and Series C preferred stock warrants contained participation rights in any dividend to be paid by the Company to holders of its common shares and were deemed to be participating securities. Net income (loss) available to common shareholders and participating securities was allocated to each share on an as-if-converted basis as if all of the earnings for the period had been distributed. The participating securities did not include a contractual obligation to share in losses of the Company and were not included in the calculation of net loss per share in the periods that have a net loss. Diluted net income (loss) per share is computed using the more dilutive of (a) the two-class method, or (b) the if-converted method. The Company allocates net income (loss) first to preferred stockholders and holders of warrants to purchase preferred stock based on dividend rights and then to common stockholders, preferred stockholders and preferred warrant holders based on ownership interests. The weighted-average number of common shares included in the computation of diluted net income (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and warrants. Common equivalent shares are excluded from the computation of diluted net income (loss) per share if their effect is antidilutive. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. 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. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The Company accounts for uncertain tax positions using a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to income taxes payable or receivable, or adjustments to deferred taxes, or both. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes penalties and interest related to uncertain tax positions, if any, as a component of income tax expense. Segments Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in 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 research services location, is presented in the following table: Year Ended December 31 2015 2014 2013 (In thousands) Revenue: U.S. $ 44,553 $ 39,809 $ 30,164 International 77,965 62,590 55,930 Total $ 122,518 $ 102,399 $ 86,094 Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) years beginning after December 15, 2018. Early application is permitted. The Company has not yet selected a transition method and is evaluating the effect the updated standard will have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In August 2015, the FASB issued a deferral of ASU 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, which, for entities that do not measure inventory using the last-in, first-out (LIFO) or retail inventory method, changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The ASU also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. Public entities are required to apply the new standard for annual reporting periods beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017. This ASU is to be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual period. The Company has not yet selected a transition method and is evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. 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. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | (3) Inventories Inventories consist of the following: December 31 2015 2014 (In thousands) Raw material $ 4,432 $ 4,052 Finished goods 2,100 845 Total $ 6,532 $ 4,897 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | (4) Property, Plant and Equipment, Net Property, plant and equipment consist of the following: December 31 2015 2014 Useful life (In thousands) Construction in progress $ 5,138 $ 24,124 — Buildings 23,884 16,303 30 years Machinery and equipment 104,658 78,378 3 — 10 years Computer equipment and software 6,888 5,556 3 years Total 140,568 124,361 Accumulated depreciation and amortization (62,246 ) (52,869 ) Property, plant and equipment, net $ 78,322 $ 71,492 Plant and equipment under capital leases included in the table above consist of the following: December 31 2015 2014 (In thousands) Office equipment, at cost $ 139 $ 118 Vehicles, at cost 288 288 Total assets under capital leases 427 406 Accumulated amortization (353 ) (265 ) Assets under capital leases, net $ 74 $ 141 Depreciation expense was $9.8 million, $10.1 million and $10.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. Amortization associated with assets under capital leases was less than $0.1 million, for each of the years ended December 31, 2015, 2014 and 2013. Construction in progress totaled $5.1 million and $24.1 million, at December 31, 2015 and 2014, respectively. Construction in process at December 31, 2015 related to engineering designs and other pre-construction costs for our planned manufacturing facility in Statesboro, Georgia of $2.3 million and other capital improvement projects at the East Providence facility. Construction in process at December 31, 2014 related to costs associated with the construction of a third production line of $19.6 million and certain other capital projects at the East Providence facility. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | (5) Accrued Expenses Accrued expenses consist of the following: December 31 2015 2014 (In thousands) Employee compensation $ 4,184 $ 4,851 Other accrued expenses 1,384 737 $ 5,568 $ 5,588 |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 2015 | |
Brokers and Dealers [Abstract] | |
Subordinated Notes | (6) Subordinated Notes On December 29, 2010, the Company issued 12% Secured Subordinated Promissory Notes (the Subordinated Notes) for aggregate proceeds of $10.0 million with an original maturity date of December 29, 2015. The Company executed several amendments to the Subordinated Notes prior to September 26, 2012, in which the maturity date of the Subordinated Notes was extended to March 2, 2014 and the interest rate was increased to 12.75% and then to 15% per annum. On September 26, 2012, the terms of the Subordinated Notes were amended (i) to increase the interest rate to 20% per annum and (ii) to add a premium which provided each note holder with additional interest equal to the amount of interest that would have accrued to the date of the amendment if the notes had provided interest at a rate of 20% per annum on the original principal amount and from the initial date of issuance. The applicable premium of $1.4 million of additional interest was due upon maturity. In conjunction with the Company’s March 2013 financing (see note 7), the Company further amended the terms of the Subordinated Notes to extend the maturity date to September 30, 2014. Subsequent to the amendment dated September 26, 2012, the Company elected the fair value option for the Subordinated Notes and recorded the instrument at fair value. The fair value of the Subordinated Notes was determined by analysis of the amount to be paid on the notes at the occurrence of certain events in which the Subordinated Notes would be repaid to the noteholders in cash. The probability weighted discounted cash flow 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. At December 31, 2013 the valuations were calculated at an implied discount of approximately 20% and were weighted as follows: repayment prior to maturity on June 30, 2014, 20%; and repayment at maturity on September 30, 2014, 80%. There would not be a material difference if the weightings were increased or decreased by 10%. At December 31, 2013, the aggregate fair value of the Subordinated Notes was determined to be $17.3 million, with an aggregate unpaid principal balance totaling $15.9 million. Upon the completion of the Company’s IPO discussed in note 1, the Company used a portion of the net proceeds to repay $18.8 million of the original principal balance and accrued interest on the Subordinated Notes. As of June 20, 2014, all obligations under the Subordinated Notes had been paid in full. The following table presents a roll-forward of the fair value of Level 3 (significant unobservable inputs) Subordinated Notes for the years ended December 31, 2014, and 2013: Subordinated (In thousands) Balance at December 31, 2012 $ 13,535 Change in fair value included in interest expense 3,771 Balance at December 31, 2013 17,306 Change in fair value included in interest expense 1,543 Repayment (18,849 ) Balance at December 31, 2014 $ — Interest expense, inclusive of changes in fair value related to the Subordinated Notes for the years ended December 31, 2014 and 2013 was $1.5 million and $3.8 million, respectively. |
Senior Convertible Notes
Senior Convertible Notes | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Senior Convertible Notes | (7) Senior Convertible Notes Effective March 28, 2013, the Company entered into a Note and Warrant Purchase Agreement (March 2013 NPA) authorizing the issuance of $22.5 million of Senior Subordinated Convertible Notes (the Senior Convertible Notes). At each closing under the March 2013 NPA, the Company issued warrants to purchase shares of a newly created Series C Preferred Stock (the Series C) based on the principal balance of Senior Convertible Notes issued to each purchaser. The Company determined that the Series C warrants, which were subject to net share settlement, were equity classified. Collectively, the warrants issued pursuant to the March 2013 NPA were exercisable for Series C shares equal to 85.7% of the then outstanding capital stock of the Company on a fully diluted basis. The warrants had an exercise price of $0.0001 per share, were immediately exercisable and had an expiration date of March 28, 2023. Pursuant to side letter agreements, in March and May 2013, holders of $7.5 million of Convertible Notes (see note 8) issued in November 2012 and January 2013 (the Initial Notes) exchanged their original principal balance for an equivalent principal amount of Senior Convertible Notes (the Exchanged Notes) and a pro-rata share of Series C warrants issued under the March 2013 NPA. The Company accounted for the warrant as a debt issuance cost and recorded an immediate charge for the fair value of the Series C warrants totaling $5.4 million in interest expense. Given that the terms of the Exchanged Notes were substantially different than the terms of the Initial Notes, the exchange was accounted for as an extinguishment of debt resulting in a loss on exchange totaling $5.7 million. The Company elected to account for all of the issuances of its Senior Convertible Notes and various embedded derivatives in accordance with ASC Topic 825-10, Fair Value Option for Financial Liabilities In March and May 2013, the Company issued an additional $15.0 million of Senior Convertible Notes. The noteholders received a pro-rata share of Series C warrants for their participation in the financing. The Company accounted for the warrant issuances as a debt issuance cost and recorded an immediate charge for the fair value of the Series C warrants totaling $10.7 million in interest expense (see note 10). In conjunction with the March 2013 NPA, the Company incurred $0.9 million of debt issuance costs, which was allocated between the debt and equity instruments related to the transaction. $0.6 million was allocated to the notes and recorded through interest expense, while the remaining $0.3 million was allocated to the warrants with an offset for additional paid-in capital. Upon the completion of the Company’s IPO discussed in note 1, the outstanding principal and accrued interest on the Senior Convertible Notes were marked to an aggregate fair value of $39.5 million and automatically converted into 3,591,604 shares of common stock. In addition, all outstanding Series C warrants were automatically net exercised, which, together with the then outstanding shares of Series C preferred stock, converted into 104,734 shares of common stock upon the closing of the Company’s IPO. Fair Value Measurements The changes in the fair value of the Senior Convertible Notes during the year ended December 31, 2014 and 2013 was determined by utilizing probability weighted discounted cash flow analyses, which took into consideration market and general economic events, as well as the Company’s financial results and other data available. These analyses determined the amount to be paid on the Senior Convertible Notes in either cash or shares at the occurrence of certain events in which the Senior Convertible Notes would be converted into shares of the Company’s common stock or would be repaid in cash. The probability weighted discounted cash flow analyses utilized assumptions related to the probability of the occurrence of each of the various events and a weighted average implied discount rate of 41.7% for each of the scenarios as of December 31, 2013 are as follows: Potential exit scenario event Estimated Estimated IPO scenario 1 06/30/14 45 % IPO scenario 2 03/31/15 5 % Sale scenario 1 06/30/14 15 % Sale scenario 2 03/31/15 15 % Dissolution 09/30/14 5 % Private company At maturity 15 % The following table presents a roll-forward of the fair value of Level 3 (significant unobservable inputs) Senior Convertible Notes for the years ended December 31, 2014 and 2013: Senior Convertible (In thousands) Beginning balance as of December 31, 2012 $ — Issuances of senior convertible notes 14,971 Fair value of notes exchanged for senior convertible notes 7,576 Conversion of the Senior Convertible Notes 5,588 Balance at December 31, 2013 28,135 Change in fair value included in interest expense 11,373 Conversion of Convertible Notes (39,508 ) Balance at December 31, 2014 $ — Changes in fair value of the Company’s Senior Convertible Notes for the years ended December 31, 2014 and 2013 was $11.4 million and $5.6 million, respectively. The final conversion amount of the Senior Convertible Notes upon the closing of the Company’s IPO was determined to be $39.5 million. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Convertible Notes | (8) Convertible Notes Commencing in June 2011 and concluding in January 2013, the Company issued a total of $73.4 million of Convertible Notes. Net proceeds from the Convertible Notes were used to fund the completion of the Company’s second production line at the East Providence facility, to begin the construction of a third production line at the East Providence facility, and to fund the Company’s operating cash requirements. In conjunction with the execution of the March 2013 NPA (see note 7) on March 28, 2013, the holders of all but approximately $0.3 million of original principal amount of the Convertible Notes agreed to extend the original maturity date of their notes by two years. Given that the term of the Convertible Notes, as amended, differed substantially from the original term, the amendment was accounted for as an extinguishment of debt. On March 28, 2013, the Company recognized a gain on extinguishment totaling $8.9 million. The Company elected to record the Convertible Notes at fair value upon issuance. The aggregate fair value of the notes was $91.9 million at December 31, 2013. Upon the closing of the Company’s IPO discussed in note 1, the outstanding principal and accrued interest on the Convertible Notes were marked to an aggregate fair value of $129.0 million and automatically converted into 11,727,430 shares of common stock. Fair Value Measurements The change in the fair values of the Convertible Notes during the year ended December 31, 2013 was determined by utilizing probability weighted discounted cash flow analyses, which took into consideration market and general economic events, as well as the Company’s financial results and other data available. These analyses determined the amount to be paid on the Convertible Notes in either cash or shares at the occurrence of certain events in which the Convertible Notes would be converted into shares of the Company’s common stock or would be repaid in cash. The probability weighted discounted cash flow analyses utilized assumptions related to the probability of the occurrence of each of the various events and a weighted average implied discount rate of 40% for each of the scenarios. These assumptions as of December 31, 2013 were as follows: December 31, 2013 Potential exit scenario event Estimated Estimated IPO scenario 1 06/30/14 45 % IPO scenario 2 03/31/15 5 % Sale scenario 1 06/30/14 15 % Sale scenario 2 03/31/15 15 % Dissolution 09/30/14 5 % Private company At maturity 15 % Given that the valuation of the Convertible Notes utilized several unobservable inputs, the Company determined that the valuation of the Convertible Notes was a Level 3 valuation. The following table presents a roll-forward of the fair value of Level 3 (significant unobservable inputs) Convertible Notes for the years ended December 31, 2014 and 2013: Total (In thousands) Balance at December 31, 2012 $ 95,088 Issuances of convertible notes 3,530 Fair value of notes exchanged for senior convertible notes (7,253 ) Gain on extinguishment of convertible notes (8,898 ) Change in fair value included in interest expense 9,407 Balance at December 31, 2013 91,874 Change in fair value included in interest expense 37,128 Conversion of Convertible Notes (129,002 ) Balance at December 31, 2014 $ — The charge recognized as a result of the change in the fair value of the Company’s Convertible Notes was $37.1 million and $9.4 million for the years ended December 31, 2014 and 2013, respectively (see note 10). The final payment amount of the Convertible Notes upon the closing of the Company’s IPO was determined to be $129.0 million. |
Revolving Line of Credit
Revolving Line of Credit | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | (9) 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 December 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 $2.7 million at December 31, 2015 and $1.4 million at December 31, 2014, respectively, which reduce the funds otherwise available to the Company under the facility. Based on the available borrowing base, the effective amount available to the Company under the revolving credit facility at December 31, 2015 was $12.6 million after consideration of the $2.7 million of outstanding letters of credit (see note 12). 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 December 31, 2015, the Company was in compliance with all such financial covenants. |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift, Interest [Abstract] | |
Interest Expense | (10) Interest Expense Interest expense consists of the following: Year ended December 31 2015 2014 2013 (In thousands) Changes in fair value: Subordinated notes $ — $ 1,543 $ 3,771 Senior convertible notes — 11,373 5,588 Convertible notes, net of capitalization (1) — 37,095 9,337 Issuance of Series C preferred stock warrants in connection with senior convertible notes — — 10,677 Debt closing costs — 47 585 Imputed interest on Cabot obligation — — 391 Other interest 182 223 250 $ 182 $ 50,281 $ 30,599 (1) The charge recognized as a result of the change in the fair value of the Company’s Convertible Notes is presented net of capitalized interest expense of $0.1 million for the years ended December 31, 2014 and 2013. Debt closing costs and commitment fees, consisting primarily of legal and related fees, associated with the issuance or modification of the Company’s Subordinated Notes, Senior Convertible Notes, Convertible Notes, and revolving credit facility are amortized over the term of the debt instrument and recorded in interest expense. Capitalized interest relates primarily to costs associated with the Company’s third production line and significant improvements for the second production line at the East Providence facility. |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-term Liabilities | (11) Other Long-term Liabilities Other long-term liabilities consist of the following: December 31 2015 2014 (In thousands) Asset retirement obligations (ARO) $ 397 $ 1,018 Other 163 62 560 1,080 Current maturities of other long-term liabilities (409 ) (50 ) Other long-term liabilities, less current maturities $ 151 $ 1,030 The Company has asset retirement obligations (ARO) arising from requirements to perform certain asset retirement activities upon the termination of its Northborough, Massachusetts facility lease and upon disposal of certain machinery and equipment. The liability was initially measured at fair value and subsequently adjusted for accretion expense and changes in the amount or timing of the estimated cash flows. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. A summary of ARO activity consists of the following: Year Ended December 31 2015 2014 (In thousands) Balance at beginning of period $ 1,018 $ 1,009 Accretion of discount expense 21 40 Settlement costs (642 ) (31 ) Balance at end of period $ 397 $ 1,018 In August 2013, the Company extended its Northborough, Massachusetts facility lease to December 31, 2016. As a result, the Company classified the ARO as long term at December 31, 2014. In September 2015, the Company elected to begin the restoration of 31,577 square feet of space formerly utilized for manufacturing operations in the Northborough facility. At that time, the Company engaged contractors to perform certain restoration services including the decommissioning of the former plant, the demolition and removal of remaining assets and the performance of other services to return the premises to broom-clean condition by December 31, 2015. For the years ended December 31, 2015 and 2014, the Company incurred $0.6 million and less than $0.1 million, respectively, in settlement costs in support of this effort. The remaining ARO reserve totaling $0.4 million includes $0.2 million of remaining restoration costs to exit the former manufacturing operations completed in January 2016 and $0.2 million for the maximum restoration fee for the remaining facility. The restoration fee would require settlement at the termination of the lease. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (12) Commitments and Contingencies Capital Leases The Company has entered into certain capital leases for computer equipment and vehicles. The leases are payable in monthly installments and expire at various dates through 2018. The recorded balance of capital lease obligations as of December 31, 2015 and 2014 was $0.1 million and $0.2 million, respectively. Future minimum payments under capital leases at December 31, 2015 are as follows: Year Capital Lease (In thousands) 2016 $ 74 2017 38 2018 5 Total 117 Less portion representing interest (10 ) Present value of future minimum payments 107 Current maturities of capital lease payments (67 ) Capital leases, excluding current portion $ 40 Operating Leases The Company leases facilities and office equipment under operating leases expiring at various dates through 2021. Under these agreements, the Company is obligated to pay annual rentals, as noted below, plus real estate taxes, and certain operating expenses. Some operating leases contain rent escalation clauses whereby the rent payments increase over the term of the lease. In such cases, rent expense is recognized on a straight-line basis over the lease term. Future minimum lease payments under operating leases at December 31, 2015 are as follows: Year Operating (In thousands) 2016 $ 1,194 2017 625 2018 626 2019 184 2020 28 Thereafter 7 Total minimum lease payments $ 2,664 The Company incurred rent expense under all operating leases of approximately $1.6 million, $1.2 million and $1.2 million in the years ended December 31, 2015, 2014 and 2013, respectively. 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 for $2.7 million and $1.4 million at December 31, 2015 and 2014, respectively. These letters of credit are secured by the Company’s revolving credit facility (see note 9). 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. |
Conversion of Redeemable Conver
Conversion of Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Conversion of Redeemable Convertible Preferred Stock | (13) Conversion of Redeemable Convertible Preferred Stock Upon the closing of the Company’s IPO discussed in note 1, the outstanding shares of Series A, Series B and Series C converted into 115,982 shares of common stock. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | (14) Stockholders’ Equity On June 18, 2014, the Company completed an 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 other offering expenses of approximately $3.5 million. Upon the closing of the offering, all of the Company’s then-outstanding (i) Series C warrants to purchase Series C preferred stock, 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 (see note 8) and Senior Convertible Notes (see note 7) automatically converted into 15,319,034 shares of common stock. At December 31, 2015 and 2014, the Company was authorized to issue 130,000,000 shares of stock, of which 125,000,000 shares were designated as common stock and 5,000,000 shares were designated as preferred stock. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | (15) Employee Benefit Plan The Company sponsors the Aspen Aerogels, Inc. 401(k) Plan. Under the terms of the plan, the Company’s employees may contribute a percentage of their pretax earnings. During the year ended December 31, 2015, the Company provided matching contributions of $0.1 million. In prior years, the Company had not provided matching contributions nor had it made any contributions to the plan. |
Employee Stock Ownership Plans
Employee Stock Ownership Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plans | (16) Employee Stock Ownership Plans Effective June 12, 2014, upon the pricing of the IPO, the Company adopted the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). Under the 2014 Equity Plan, the Company may grant incentive stock options, non-qualified stock options, restricted stock, restricted stock units and other stock-based awards. Stock options under the plan are to be granted with an exercise price not less than the fair market value of the Company’s common stock at the date of grant. Equity awards granted to employees generally vest over a service period of three to four years. Restricted stock granted to nonemployee directors vests over a one year service period. During 2015, the Company issued 54,005 shares of restricted common stock and 71,596 non-qualified stock options (NSOs) with a fair value of $0.4 million and $0.2 million, respectively, vesting over a period of one year to its non-employee directors under the 2014 Equity Plan. During 2015, the Company issued 232,830 restricted stock units (RSUs) and NSOs to purchase 255,832 shares of common stock to employees under the 2014 Equity Plan. The RSUs and NSOs granted during 2015 will vest over a three year period. Additionally, on December 11, 2015, the Company issued certain equity grants to its chief executive officer which included 78,125 shares of restricted stock, NSOs to purchase 84,745 shares of common stock vesting solely over three years and NSOs to purchase 370,181 shares of common stock vesting subject to certain common stock price target achievements, as defined, over a three to five year period (the CEO Options). Collectively, these equity grants had an aggregate fair value of $2.0 million at the time of grant. The restricted stock award will vest based on achievement of a Company financial performance target for fiscal year 2020. Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Year Ended 2015 2014 2013 (In thousands) Cost of product revenue $ 824 $ 1,121 $ 496 Research and development expenses 666 1,046 267 Sales and marketing expenses 1,012 1,390 727 General and administrative expenses 2,911 5,224 2,936 Total stock-based compensation $ 5,413 $ 8,781 $ 4,426 At December 31, 2015, 2,115,335 shares of common stock were reserved for stock-based awards granted under the 2014 Equity Plan. In addition, 93,500 shares of common stock are reserved for stock-based awards granted under the Company’s 2001 Equity Plan, which was replaced by the 2014 Equity Plan. Any cancellations or forfeitures of these awards will become available for grant under the 2014 Equity Plan. At December 31, 2015, there were 2,750,605 shares available for grant under the 2014 Equity Plan. Stock Options Valuation and Amortization Method Prior to the IPO, the Board of Directors had historically determined the fair value of the Company’s common stock based on the market approach and the income approach to estimate the enterprise value of the business under various liquidity event scenarios, including an IPO by the Company and the sale of the Company. To support the valuations, the Company utilized a probability-weighted expected return under those various liquidity scenarios, public guideline companies, management cash flow projections and other assumptions to derive the enterprise value of the business. The Company then derived the estimated fair value of each class of stock, taking into consideration the rights and preferences of each instrument based on a probability-weighted expected return. The fair value of each stock option is estimated as of the date of grant using the Black-Scholes option pricing model. Key inputs into this formula included expected term, expected volatility, expected dividend yield and the risk-free rate. Each assumption is set forth and discussed below. For the performance-based stock options issued during the year ended December 31, 2013, the Company used a Monte Carlo simulation model to estimate the number of options expected to remain outstanding and eligible for vesting upon completion of the Company’s IPO. The simulation model was based on a number of complex assumptions including the terms of the performance condition, the value of our common stock at the time of the Company’s IPO, the expected time from the date of grant to the Company’s IPO and expected volatility. The number of options expected to remain outstanding and eligible for vesting upon completion of the Company’s IPO was estimated to be 96.8% and 97.4% of the options granted at August 7, 2013 and December 20, 2013, respectively. The fair value of each performance-based stock option was determined by multiplying the Black-Scholes estimate of grant date fair value by the percentage of options expected to remain outstanding and eligible for vesting upon completion of the Company’s IPO. The CEO Options issued in December 2015 to purchase 370,181 shares of common stock are subject to the achievement of certain common stock price targets and may become exercisable on the third, fourth and fifth anniversary of the grant date. The Company used a Monte Carlo Simulation model to estimate the grant date fair value of awards expected to vest. The simulation model was based on a number of complex assumptions including (i) if the vesting condition is satisfied within the time-vesting periods, and (ii) the date the common stock price target is met per the terms of the agreement. For stock options with a service condition, the fair value is amortized on a straight-line basis over the requisite service period of the options, which is generally a three- to four-year vesting period from the date of grant. For the performance-based stock options issued during the year ended December 31, 2013, a portion of the fair value was recognized as expense when the IPO performance condition was achieved and the remainder over the requisite service period, which is generally a three- to four-year vesting period from the date of grant. Expected Term The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company uses the simplified method as prescribed by FASB ASC 718 to calculate the expected term for options granted, as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Expected Volatility Due to the Company’s limited historical data, the estimated volatility reflects the incorporation of the historical volatility of comparable companies with publicly available share prices. In 2015, 2014 and 2013, the expected volatility is based on the weighted average volatility of up to nineteen companies within various industries that the Company believes are similar to its own. Expected Dividend The Company uses an expected dividend yield of zero. The Company does not intend to pay cash dividends on its common stock in the foreseeable future, nor has it paid dividends on its common stock in the past. Risk-free Interest Rate The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. Estimated Forfeitures Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates. Forfeitures are estimated based on voluntary termination behavior as well as analysis of actual option forfeitures. Accordingly, share-based compensation expense has been reduced by an estimated annual forfeiture rate for the years ended December 31, 2015, 2014 and 2013. Assumptions Utilized The following information relates to the fair value of the option awards estimated by use of the Black-Scholes option pricing model: Year Ended December 31, 2015 2014 2013 (In thousands) Weighted average assumptions: Expected term (in years) 6.02 6.17 5.47 Expected volatility 57.95 % 50.09 % 48.99 % Risk free rate 1.79 % 1.94 % 1.69 % Expected dividend yield 0.00 % 0.00 % 0.00 % Weighted average fair value: Grant-date fair value of options granted $ 3.82 $ 5.37 $ 0.12 Grant-date fair value of options vested $ 11.89 $ 97.33 $ 0.18 Aggregate intrinsic value of options exercised $ — $ 4,816.50 $ — Modifications On August 7, 2013, the Company canceled substantially all options held by Company employees and granted two sets of new options to these employees. Each recipient received a grant of options containing service-based vesting conditions and a second grant of options containing both service and performance-based vesting conditions. The performance-based vesting was met upon the successful completion of the IPO of the Company’s common stock. On December 20, 2013, the Company canceled all options held by members of the Company’s board of directors and granted two sets of new options to these directors. Each recipient received a grant of options containing service-based vesting conditions and a second grant of options containing both service and performance-based vesting conditions. The performance-based vesting was met upon the successful completion of the IPO of the Company’s common stock. As a result of the cancellation and concurrent grant of options, the Company accounted for these transactions as modifications in determining the stock-based compensation expense to be recognized over the remaining service period. The total incremental compensation expense resulting from the modification was $7.8 million and $1.0 million for the two grant dates, respectively. The incremental compensation expense associated with the service based awards of $2.0 million will be recognized over the remaining service period of the new options. The Company recorded $0.7 million and $6.4 million associated with the service and performance-based awards, respectively, during the year ended December 31, 2015 and 2014 principally as a result of the IPO in June 2014. Outstanding Options The following table summarizes information about stock options outstanding: Number of Weighted Weighted Weighted Aggregate ($ in thousands, except share and per share data) Options outstanding at December 31, 2014 1,026,510 $ 14.01 $ 18.44 9.63 Granted 782,354 $ 3.55 $ 6.74 Forfeited (106,527 ) $ 7.56 $ 11.91 Exercised — $ — $ — $ — Options outstanding at December 31, 2015 1,702,337 $ 9.60 $ 13.47 9.08 $ 6,152 Exercisable at December 31, 2015 330,135 $ 27.97 $ 28.73 8.42 $ — Expected to vest at December 31, 2015 1,207,528 $ 5.16 $ 9.08 9.28 $ 5,330 As of December 31, 2015, total unrecognized compensation cost related to nonvested options granted under the Plan was $5.2 million. The unrecognized compensation cost consisted of $5.1 million relating to service-based awards and $0.1 million to performance-based awards. The unrecognized compensation cost for the service-based options and performance-based awards is expected to be recognized over a weighted average period of 2.55 and 0.6 years, respectively. Restricted Stock Awards and Restricted Stock Units The Company values restricted stock awards and restricted stock units (RSUs) based on the closing trading value of our shares on the date of grant. RSUs have time-based vesting conditions and typically vest pro rata over three or four years. Restricted stock awards issued to nonemployee directors generally vest in full one year from the date of grant. Information related to grants of RSUs during 2015 is as follows: Restricted Weighted Average Grant Date Fair Value Balance at December 31, 2014 314,640 $ 10.78 Granted 232,830 7.44 Vested (89,372 ) 10.78 Forfeited (40,972 ) 9.84 Balance at December 31, 2015 417,126 $ 9.01 Restricted stock awards granted during 2015 are considered issued and outstanding common stock and are excluded from the table above. As of December 31, 2015 there were 132,130 shares of restricted stock outstanding. The total intrinsic values of restricted stock and restricted stock units that vested in 2015 was $0.5 million. No restricted stock or restricted stock units vested in 2014 or 2013. As of December 31, 2015, of the total shares of restricted stock and restricted stock units outstanding, 471,131 will vest upon the fulfillment of service conditions. In addition, 78,125 shares of restricted stock will vest only if certain performance conditions are achieved. As of December 31, 2015, the Company has determined that the performance-based condition was not probable, and no compensation has been recorded to date in conjunction with the award. As of December 31, 2015, total unrecognized compensation cost related to restricted stock awards and RSUs granted under the 2014 Equity Plan was $0.7 million and $2.5 million and is expected to be recognized over a weighted average period of 0.46 and 3.56 years, respectively. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | (17) Net Income (Loss) Per Share The computation of basic and diluted net income (loss) per share attributable to common stockholders consists of the following: Year ended December 31 2015 2014 2013 (In thousands, except share and per share data) Numerator: Net income (loss) $ (6,417 ) $ (66,324 ) $ (47,611 ) Deemed dividends on participating preferred stock (inclusive of issuance costs and changes in redemption value, including extinguishment): Series B — — 29,622 Series A — — 55,543 Total preferred stock deemed dividends — — 85,165 Earnings attributable to participating convertible preferred stock shareholders and Series C preferred stock warrant holders — — (36,216 ) Net income (loss) attributable to common stockholders $ (6,417 ) $ (66,324 ) $ 1,338 Denominator: Weighted average shares outstanding, basic 22,986,931 12,349,456 3,137 Effect of warrants to purchase common stock — — 122 Weighted average shares outstanding, diluted 22,986,931 12,349,456 3,259 Net income (loss) attributable to common stockholders per common share, basic $ (0.28 ) $ (5.37 ) $ 426.52 Effect of warrants to purchase common stock — — (15.96 ) Net income (loss) attributable to common stockholders per common share, diluted $ (0.28 ) $ (5.37 ) $ 410.56 In conjunction with the execution of the March 2013 NPA, the redemption and dividend rights of the Company’s issued and outstanding Series B and Series A were eliminated and the liquidation preference of the Series B and Series A was reduced to an aggregate of $4.0 million. During March 2013, the Company recorded decreases in the redemption value of the Company’s Series B and Series A shares of $30.0 million and $56.1 million, respectively, reflecting the changes in the fair market value of the Series B and Series A shares at the time of the March 2013 Financing. Given that the release of the redemption rights substantially impacted the fair value of the Series B and Series A, the elimination of the rights was accounted for as an extinguishment of the securities. As a result, the Company recorded a gain on extinguishment of Series B and Series A of approximately $86.2 million recorded in additional paid-in capital available to common stockholders. Additionally, the remaining value of the Series B and Series A of $1.1 million subsequent to extinguishment was recorded in additional paid-in capital upon reclassification from temporary to permanent equity. Potential dilutive common shares that were excluded from the computation of diluted net income (loss) attributable to common stockholders per common share because they were anti-dilutive consist of the following: Year ended December 31 2015 2014 2013 Common stock options 1,702,337 1,026,510 21,846 Restricted common stock units 417,126 314,640 — Common stock warrants 131 131 — Restricted common stock awards 132,130 — — Total 2,251,724 1,341,281 21,846 As of December 31, 2015 and 2014, there was no dilutive impact of the common stock options, restricted common stock units, common stock warrants and restricted stock awards. All other potentially dilutive instruments were converted into shares of common stock upon the closing of the Company’s IPO on June 18, 2014. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (18) Income Taxes The Company incurred net operating losses and recorded a full valuation allowance against net deferred assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes. The reconciliation between the U.S. statutory income tax rate and the Company’s effective rate consists of the following: Year Ended December 31 2015 2014 2013 U.S. federal income tax statutory rate 35 % 35 % 35 % Permanent differences (11 )% — % — % State tax, net of federal benefit (6 )% — % — % Changes in valuation allowance for deferred tax assets (11 )% 1 % 6 % Stock-based compensation (8 )% — % — % Debt and warrant fair value adjustments — % (26 )% (16 )% Write down of losses not previously benefitted — % (11 )% (22 )% Other 1 % 1 % (3 )% Effective tax rate — — — The tax effects of temporary differences between financial statement and tax accounting that gave rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 are presented below: December 31 2015 2014 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 62,671 $ 61,457 Stock-based compensation 4,938 4,479 Tax credit carryforwards 323 379 Reserves and accruals 140 282 Intangible assets and amortization 150 384 Other — 5 Total gross deferred tax assets 68,222 66,986 Deferred tax liabilities: Depreciation (3,841 ) (3,311 ) Total deferred tax liabilities (3,841 ) (3,311 ) Total deferred tax assets and liabilities 64,381 63,675 Valuation allowance (64,381 ) (63,675 ) Net deferred tax asset $ — $ — The net change in the valuation allowance for the year ended December 31, 2015, was an increase of $0.7 million. The Company has recorded a full valuation allowance against its deferred tax assets due to the uncertainty associated with the utilization of the net operating loss carryforwards and other future deductible items. In assessing the realizability of deferred tax assets, the Company considers all available evidence, historical and prospective, with greater weight given to historical evidence, in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the Company’s deferred tax assets generally is dependent upon generation of future taxable income. At December 31, 2015, the Company has $165.7 million of net operating losses available to offset future federal income, if any, and which expire on various dates through December 31, 2035. For the year ended December 31, 2014, the Company performed an analysis pursuant to Internal Revenue Code Section 382, as well as similar state provisions, in order to determine whether any limitations might exist on the utilization of net operating losses and other tax attributes. Based on this analysis, the Company has determined that an ownership change occurred as a result of the June 2014 IPO, resulting in an annual limitation on the use of its net operating losses and other tax attributes as of such date. Net operating losses of $113.2 million were determined to be available. The Company also determined that built-in gains of $42.0 million existed at the date of the ownership change. Built-in gains increase the limitation under the Internal Revenue Code to the extent triggered during the five-year period subsequent to the date of change. Absent the disposition of certain built-in gain assets within the five-year period subsequent to the change in ownership, the entire $42.0 million of net operating losses will expire in June 2019. At December 31, 2015, the Company has $99.5 million of apportioned net operating losses available to offset future state taxable income, if any, and which begin to expire at various dates between 2016 and 2035. For each of the years ended December 31, 2015, 2014 and 2013, the Company did not have any material unrecognized tax benefits and thus no interest and penalties related to unrecognized tax benefits were recorded. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. The Company files a federal income tax return in the United States and income tax returns in various state and foreign jurisdictions. All tax years are open for examination by the taxing authorities for both federal and state purposes. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (19) Subsequent Events The Company has evaluated subsequent events through March 4, 2016, the date of issuance of the consolidated financial statements for the year ended December 31, 2015. On February 15, 2016, the Company entered into an Inducement Agreement with the Development Authority of Bulloch County, the City of Statesboro, Georgia and Bulloch County, Georgia (collectively, the Entities). Pursuant to the Inducement Agreement, the Entities will provide various incentives to induce the Company to invest at least $70 million in constructing and equipping the Company’s planned second manufacturing facility in Statesboro, Georgia. The Company will also receive statutory incentives for economic development provided by the State of Georgia. Incentives afforded by the Entities to the Company include, but are not limited to, property tax reductions and utility and site infrastructure improvements. The Development Authority will lease to the Company a 43 acre property for a term of five years, with an option to renew, in consideration for the payment of nominal rent, and grant the Company an option to purchase the property upon the earlier of the expiration or termination of the lease at a nominal price. In addition, the Company entered into a (i) Pilot Agreement with the Entities that sets forth the rights and obligations of the Company with respect to the incentives received pursuant to the Inducement Agreement and (ii) a Performance and Accountability Agreement with other state authorities which provides for a grant of $250,000 to the Company. Pursuant to these agreements, in the event that the Company fails to meet at least 80% of the investment and job creation goals within 36 months following the earlier to occur of (i) the completion and issuance of the certificate of occupancy with respect to the planned second manufacturing facility or (ii) June 30, 2018, the Company may be required to repay portions of property tax savings and other incentives. In addition, the Company must maintain its achievement of 80% of the investment and job creation goals for a period of 84 months. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | QUARTERLY RESULTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, June 30, Sept 30, Dec 31, 2015 Total revenue $ 23,500 $ 30,096 $ 31,539 $ 37,384 Gross profit 4,514 5,109 5,172 9,852 Income (loss) from operations (2,745 ) (2,689 ) (2,476 ) 1,684 Net income (loss) (2,790 ) (2,743 ) (2,522 ) 1,638 Net income (loss) attributable to common stockholders (2,790 ) (2,743 ) (2,522 ) 1,638 Net income (loss) attributable to common stockholders per common share - basic $ (0.12 ) $ (0.12 ) $ (0.11 ) $ 0.07 Net income (loss) attributable to common stockholders per common share - diluted $ (0.12 ) $ (0.12 ) $ (0.11 ) $ 0.07 2014 Total revenue $ 22,363 $ 26,615 $ 25,437 $ 27,984 Gross profit 3,346 3,425 5,072 5,236 Income (loss) from operations (2,898 ) (8,121 ) (2,365 ) (2,658 ) Net income (loss) (19,049 ) (42,148 ) (2,412 ) (2,714 ) Net income (loss) attributable to common stockholders (19,049 ) (42,148 ) (2,412 ) (2,714 ) Net income (loss) attributable to common stockholders per common share - basic $ (6,065.89 ) $ (13.88 ) $ (0.10 ) $ (0.12 ) Net income (loss) attributable to common stockholders per common share - diluted $ (6,065.89 ) $ (13.88 ) $ (0.10 ) $ (0.12 ) The reported results for 2014 included interest expense comprised of changes in fair value of the subordinated notes, senior convertible notes, convertible notes and debt closing costs and other interest expense of: $16.2 million in the first quarter, $34.0 million in the second quarter, less than $0.1 million in the third quarter and $0.1 million in the fourth quarter. The changes in fair value of the respective notes were calculated based on the expected conversion amounts of the notes into equity at the closing of our initial public offering. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II VALUATION AND QUALIFYING ACCOUNTS (in millions) Description Balance Charges Deductions to Charges to Balance Year Ended December 31, 2015: Allowances for uncollectible accounts and sales returns and allowances $ 120 — — (31 ) $ 89 Year Ended December 31, 2014: Allowances for uncollectible accounts and sales returns and allowances $ 209 — — (89 ) $ 120 Year Ended December 31, 2013: Allowances for uncollectible accounts and sales returns and allowances $ 421 — — (212 ) $ 209 (a) Represents allowances for uncollectible accounts established through selling, general and administrative expenses. (b) Represents actual write-offs of uncollectible accounts. (c) Represents net change in allowances for sales returns, recorded as contra-revenue. |
Description of Business (Polici
Description of Business (Policies) | 12 Months Ended |
Dec. 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 (see note 8) 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. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (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 are believed 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 & Cash Equivalents | Cash & 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 consisted primarily of marketable debt securities which are classified as available-for-sale and are carried at fair value. The Company held no marketable securities as of December 31, 2015 or 2014. During the year ended December 31, 2015, the Company purchased $2.5 million of marketable securities which matured during the same period. 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. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consisted of changes in the fair market value of available-for-sale securities. As of December 31, 2015 and 2014, the Company held no marketable securities. |
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 At December 31, 2015 and 2014, no financial assets or liabilities were measured at fair value. During the years ended December 31, 2014 (prior to the completion of the Company’s IPO on June 18, 2014) and 2013, the Company valued its then outstanding Subordinated Notes, Senior Convertible Notes and Convertible Notes utilizing Level 3 inputs. During the year ended December 31, 2015, the Company purchased $2.5 million of marketable securities which matured during the same period. During this period, the instruments were valued utilizing Level 1 inputs. As of December 31, 2015 and December 31, 2014, the Company held no marketable securities. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers consist primarily of insulation distributors, insulation contractors and select end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. The Company has not experienced any meaningful non-payment or write-offs of accounts receivable. Accordingly, the allowance for doubtful accounts was zero at December 31, 2015 and 2014. The Company does not have any off-balance-sheet credit exposure related to its customers. For the year ended December 31, 2015, two customers represented 14% and 12% of total revenue. For the year ended December 31, 2014, two customers represented 13% and 12% of total revenue, respectively. For the year ended December 31, 2013, two customers represented 15% and 11% of total revenue, respectively. At December 31, 2015, the Company had three customers that accounted for 17%, 14% and 13% of accounts receivable, respectively. At December 31, 2014, the Company had three customers that accounted for 17%, 17% and 11% of accounts receivable, respectively. |
Inventories | Inventories Inventory consists of finished products and raw materials. Inventories are carried at lower of cost, determined using the first-in, first-out (FIFO) method, or market. Cost includes materials, labor and manufacturing overhead. Manufacturing overhead is allocated to the costs of conversion based on normal capacity of the Company’s production facility. Abnormal freight, handling costs and material waste is expensed in the period it occurs. The Company periodically reviews its inventories and makes provisions as necessary for estimated excess, obsolete or damaged goods to ensure values approximate the lower of cost or market. The amount of any such provision is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand, selling prices and market conditions. |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment are stated at cost. Assets held under capital leases are stated at the lesser of the present value of future minimum payments, using the Company’s incremental borrowing rate, or the fair value of the property at the inception of the lease. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property, plant and equipment. Interest expense capitalization commences at the time a capital project begins construction and concludes when the project is completed. The Company has capitalized interest costs as part of the historical cost of constructing its manufacturing facilities. The Company capitalized $0.0 million, $0.1 million and $0.1 million in interest costs related to the build-out of the East Providence facility during the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Assets related to capital leases are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Assets utilized in the Company’s operations that are taken out of service with no future use are charged to cost of sales or operating expenses, depending on the department in which the asset was utilized. Write-offs of construction in progress are charged to operating expenses upon the determination of no future use. |
Other Assets | Other Assets Other assets primarily include long-term deposits and patent costs. Patent costs are amortized over the life of the patent. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Asset Retirement Obligations | Asset Retirement Obligations The Company records asset retirement obligations associated with its lease obligations and the retirement of tangible long-lived assets. The Company reviews legal obligations associated with the retirement of long-lived assets that result from contractual obligations or the acquisition, construction, development and/or normal use of the assets. If it is determined that a legal obligation exists, regardless of whether the obligation is conditional on a future event, the fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. An amount equal to the fair value of the liability is also recorded as a long-term asset that is depreciated over the estimated life of the asset. The difference between the gross expected future cash outflow and its present value is accreted over the life of the related lease as an operating expense. |
Deferred Revenue | Deferred Revenue The Company records deferred revenue for product sales when (i) the Company has delivered products but other revenue recognition criteria have not been satisfied, (ii) payments have been received in advance of products being delivered or (iii) amounts are billed in accordance with contractual terms in advance of products being delivered. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from the sale of products and delivery of research and development services. Revenue is recognized when all of the following criteria are met: persuasive evidence of an arrangement exists, the price to the buyer is fixed or determinable, delivery has occurred or services have been provided, and collectability is reasonably assured. |
Product Revenue | Product Revenue Product revenue is generally recognized upon transfer of title and risk of loss, which is generally upon shipment or delivery. The Company’s customary shipping terms are free on board (FOB) shipping point; however, some products are shipped using FOB destination shipping terms. Revenue associated with products shipped FOB destination is recognized when the products reach their specified destination. Products are typically delivered without significant post-sale obligations to customers. Sales returns are recorded based on historical sales and return information. Products that exhibit unusual sales return patterns due to quality or other manufacturing matters are specifically investigated and analyzed as part of the sales return accrual. The sales return accrual represents a reserve for products that may be returned due to quality concerns or authorized for destruction in the field. Sales return reserves are recorded at full original sales value. The Company rarely exchanges products from inventory for returned products. Sales return reserves were $0.1 million at December 31, 2015 and 2014. |
Warranty | Warranty The Company provides warranties for its products and records the estimated cost within cost of sales in the period that the related revenue is recorded. The Company’s standard warranty period extends one to two years from the date of sale, depending on the type of product purchased. The warranties provide that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. For the years ended December 31, 2015, 2014 and 2013, warranty claims and charges have been insignificant. |
Research Services Revenue | Research Services Revenue The Company performs research services under contracts with various government agencies and other institutions. The Company records revenue earned on research services contracts using the percentage-of-completion method in two ways: (1) for firm-fixed-price Provision is made for the entire amount of future estimated losses on contracts when the current contract estimate is a loss while claims for additional contract compensation are not reflected in the accounts until the year in which such claims are identifiable and receipt is probable. Contract costs and rates used to allocate overhead to contracts are subject to audit by the respective contracting government agency. Adjustments to revenue as a result of audit are recorded in the period they become known. Adjustments to revenue as a result of audit have been insignificant. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of revenue. Customer payments of shipping and handling costs are recorded as product revenue. |
Stock-based Compensation | Stock-based Compensation The Company grants share-based awards to its employees and non-employee directors. All share-based awards granted, including grants of stock options, restricted stock and restricted stock units, are recognized in the statement of operations based on their fair value as of the date of grant. 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 units is determined using the closing price of the Company’s common stock on the date of grant. All shares underlying awards of restricted stock are restricted in that they are not transferable until they vest. Restricted stock is typically issued to non-employee directors and typically vests over a one-year period from the date of issuance. Restricted stock units are issued to employees and typically vest over a three to four year period from the date of issuance. The fair value of restricted stock and restricted stock units upon which vesting is solely service-based is expensed ratably over the vesting period. If the service condition underlying shares of restricted stock is not met for any reason, the shares of unvested restricted stock will be forfeited and returned to the Company. For stock options that contain a market condition, the Company uses the Monte-Carlo simulation option-pricing model to determine the fair value of market based awards. The Monte-Carlo simulation option-pricing model takes into account the same input assumptions as the Black-Scholes model; however, it also further incorporates into the fair-value determination, the possibility that the market condition may not be satisfied. Compensation costs related to awards with a market condition are recognized regardless of whether the market condition is satisfied, provided that the requisite service has been provided. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period for each such award. Pursuant to the evergreen provisions of the 2014 Employee, Director and Consultant Equity Incentive 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. |
Research and Development | Research and Development Costs incurred in the research and development of the Company’s products are expensed as incurred and include compensation and related costs, services provided by third-party contractors, materials and supplies and are classified as research and development expenses. Research and development costs directly associated with research services revenue are classified as research services in cost of revenue. |
Earnings per Share | Earnings per Share The Company calculates net income (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 income (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, restricted stock units and warrants. Common equivalent shares are excluded from the computation of diluted net income (loss) per share if their effect is antidilutive. Prior to the IPO and for the year ended December 31, 2013, net income (loss) per common share was calculated using the two-class method, which is an earnings allocation formula that determines net income (loss) per share for the holders of the Company’s common shares and participating securities. Prior to their conversion to common stock at the time of the Company’s IPO, the Company’s Series A preferred stock, Series B preferred stock, Series C preferred stock and Series C preferred stock warrants contained participation rights in any dividend to be paid by the Company to holders of its common shares and were deemed to be participating securities. Net income (loss) available to common shareholders and participating securities was allocated to each share on an as-if-converted basis as if all of the earnings for the period had been distributed. The participating securities did not include a contractual obligation to share in losses of the Company and were not included in the calculation of net loss per share in the periods that have a net loss. Diluted net income (loss) per share is computed using the more dilutive of (a) the two-class method, or (b) the if-converted method. The Company allocates net income (loss) first to preferred stockholders and holders of warrants to purchase preferred stock based on dividend rights and then to common stockholders, preferred stockholders and preferred warrant holders based on ownership interests. The weighted-average number of common shares included in the computation of diluted net income (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and warrants. Common equivalent shares are excluded from the computation of diluted net income (loss) per share if their effect is antidilutive. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. 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. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The Company accounts for uncertain tax positions using a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to income taxes payable or receivable, or adjustments to deferred taxes, or both. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes penalties and interest related to uncertain tax positions, if any, as a component of income tax expense. |
Segments | Segments Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in 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 research services location, is presented in the following table: Year Ended December 31 2015 2014 2013 (In thousands) Revenue: U.S. $ 44,553 $ 39,809 $ 30,164 International 77,965 62,590 55,930 Total $ 122,518 $ 102,399 $ 86,094 |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) years beginning after December 15, 2018. Early application is permitted. The Company has not yet selected a transition method and is evaluating the effect the updated standard will have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In August 2015, the FASB issued a deferral of ASU 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, which, for entities that do not measure inventory using the last-in, first-out (LIFO) or retail inventory method, changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The ASU also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. Public entities are required to apply the new standard for annual reporting periods beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017. This ASU is to be applied prospectively. Early adoption is permitted as of the beginning of an interim or annual period. The Company has not yet selected a transition method and is evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. 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. |
Summary of Basis of Presentat29
Summary of Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Revenues, Based on Shipment Destination or Research Services Location | Information about the Company’s revenues, based on shipment destination or research services location, is presented in the following table: Year Ended December 31 2015 2014 2013 (In thousands) Revenue: U.S. $ 44,553 $ 39,809 $ 30,164 International 77,965 62,590 55,930 Total $ 122,518 $ 102,399 $ 86,094 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: December 31 2015 2014 (In thousands) Raw material $ 4,432 $ 4,052 Finished goods 2,100 845 Total $ 6,532 $ 4,897 |
Property, Plant and Equipment31
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: December 31 2015 2014 Useful life (In thousands) Construction in progress $ 5,138 $ 24,124 — Buildings 23,884 16,303 30 years Machinery and equipment 104,658 78,378 3 — 10 years Computer equipment and software 6,888 5,556 3 years Total 140,568 124,361 Accumulated depreciation and amortization (62,246 ) (52,869 ) Property, plant and equipment, net $ 78,322 $ 71,492 |
Schedule of Plant and Equipment Under Capital Leases | Plant and equipment under capital leases included in the table above consist of the following: December 31 2015 2014 (In thousands) Office equipment, at cost $ 139 $ 118 Vehicles, at cost 288 288 Total assets under capital leases 427 406 Accumulated amortization (353 ) (265 ) Assets under capital leases, net $ 74 $ 141 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: December 31 2015 2014 (In thousands) Employee compensation $ 4,184 $ 4,851 Other accrued expenses 1,384 737 $ 5,568 $ 5,588 |
Subordinated Notes (Tables)
Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Roll-forward of Fair Value of Level 3 (Significant Unobservable Inputs) Convertible Notes | The following table presents a roll-forward of the fair value of Level 3 (significant unobservable inputs) Convertible Notes for the years ended December 31, 2014 and 2013: Total (In thousands) Balance at December 31, 2012 $ 95,088 Issuances of convertible notes 3,530 Fair value of notes exchanged for senior convertible notes (7,253 ) Gain on extinguishment of convertible notes (8,898 ) Change in fair value included in interest expense 9,407 Balance at December 31, 2013 91,874 Change in fair value included in interest expense 37,128 Conversion of Convertible Notes (129,002 ) Balance at December 31, 2014 $ — |
Senior Convertible Notes [Member] | |
Schedule of Roll-forward of Fair Value of Level 3 (Significant Unobservable Inputs) Convertible Notes | The following table presents a roll-forward of the fair value of Level 3 (significant unobservable inputs) Senior Convertible Notes for the years ended December 31, 2014 and 2013: Senior Convertible (In thousands) Beginning balance as of December 31, 2012 $ — Issuances of senior convertible notes 14,971 Fair value of notes exchanged for senior convertible notes 7,576 Conversion of the Senior Convertible Notes 5,588 Balance at December 31, 2013 28,135 Change in fair value included in interest expense 11,373 Conversion of Convertible Notes (39,508 ) Balance at December 31, 2014 $ — |
Subordinated Notes [Member] | |
Schedule of Roll-forward of Fair Value of Level 3 (Significant Unobservable Inputs) Convertible Notes | The following table presents a roll-forward of the fair value of Level 3 (significant unobservable inputs) Subordinated Notes for the years ended December 31, 2014, and 2013: Subordinated (In thousands) Balance at December 31, 2012 $ 13,535 Change in fair value included in interest expense 3,771 Balance at December 31, 2013 17,306 Change in fair value included in interest expense 1,543 Repayment (18,849 ) Balance at December 31, 2014 $ — |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Probability Weighted Discounted Cash Flow Analyses Utilized Assumptions Related to Probability of Occurrence of Each of Various Events and Appropriate Discount Rates for Each of Scenarios | The probability weighted discounted cash flow analyses utilized assumptions related to the probability of the occurrence of each of the various events and a weighted average implied discount rate of 40% for each of the scenarios. These assumptions as of December 31, 2013 were as follows: December 31, 2013 Potential exit scenario event Estimated Estimated IPO scenario 1 06/30/14 45 % IPO scenario 2 03/31/15 5 % Sale scenario 1 06/30/14 15 % Sale scenario 2 03/31/15 15 % Dissolution 09/30/14 5 % Private company At maturity 15 % |
Senior Convertible Notes [Member] | |
Summary of Probability Weighted Discounted Cash Flow Analyses Utilized Assumptions Related to Probability of Occurrence of Each of Various Events and Appropriate Discount Rates for Each of Scenarios | The probability weighted discounted cash flow analyses utilized assumptions related to the probability of the occurrence of each of the various events and a weighted average implied discount rate of 41.7% for each of the scenarios as of December 31, 2013 are as follows: Potential exit scenario event Estimated Estimated IPO scenario 1 06/30/14 45 % IPO scenario 2 03/31/15 5 % Sale scenario 1 06/30/14 15 % Sale scenario 2 03/31/15 15 % Dissolution 09/30/14 5 % Private company At maturity 15 % |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift, Interest [Abstract] | |
Summary of Interest Expense | Interest expense consists of the following: Year ended December 31 2015 2014 2013 (In thousands) Changes in fair value: Subordinated notes $ — $ 1,543 $ 3,771 Senior convertible notes — 11,373 5,588 Convertible notes, net of capitalization (1) — 37,095 9,337 Issuance of Series C preferred stock warrants in connection with senior convertible notes — — 10,677 Debt closing costs — 47 585 Imputed interest on Cabot obligation — — 391 Other interest 182 223 250 $ 182 $ 50,281 $ 30,599 (1) The charge recognized as a result of the change in the fair value of the Company’s Convertible Notes is presented net of capitalized interest expense of $0.1 million for the years ended December 31, 2014 and 2013. |
Other Long-term Liabilities (Ta
Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Long-term Liabilities | Other long-term liabilities consist of the following: December 31 2015 2014 (In thousands) Asset retirement obligations (ARO) $ 397 $ 1,018 Other 163 62 560 1,080 Current maturities of other long-term liabilities (409 ) (50 ) Other long-term liabilities, less current maturities $ 151 $ 1,030 |
Summary of ARO Activity | A summary of ARO activity consists of the following: Year Ended December 31 2015 2014 (In thousands) Balance at beginning of period $ 1,018 $ 1,009 Accretion of discount expense 21 40 Settlement costs (642 ) (31 ) Balance at end of period $ 397 $ 1,018 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Payments Under Capital Leases | Future minimum payments under capital leases at December 31, 2015 are as follows: Year Capital Lease (In thousands) 2016 $ 74 2017 38 2018 5 Total 117 Less portion representing interest (10 ) Present value of future minimum payments 107 Current maturities of capital lease payments (67 ) Capital leases, excluding current portion $ 40 |
Summary of Future Minimum Lease Payments Under Operating Leases | Future minimum lease payments under operating leases at December 31, 2015 are as follows: Year Operating (In thousands) 2016 $ 1,194 2017 625 2018 626 2019 184 2020 28 Thereafter 7 Total minimum lease payments $ 2,664 |
Employee Stock Ownership Plans
Employee Stock Ownership Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Based Compensation Included in Cost of Sales or Operating Expenses | Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Year Ended 2015 2014 2013 (In thousands) Cost of product revenue $ 824 $ 1,121 $ 496 Research and development expenses 666 1,046 267 Sales and marketing expenses 1,012 1,390 727 General and administrative expenses 2,911 5,224 2,936 Total stock-based compensation $ 5,413 $ 8,781 $ 4,426 |
Summary of Fair Value of Option Awards Estimated by Use of Black-Scholes Option Pricing Model | The following information relates to the fair value of the option awards estimated by use of the Black-Scholes option pricing model: Year Ended December 31, 2015 2014 2013 (In thousands) Weighted average assumptions: Expected term (in years) 6.02 6.17 5.47 Expected volatility 57.95 % 50.09 % 48.99 % Risk free rate 1.79 % 1.94 % 1.69 % Expected dividend yield 0.00 % 0.00 % 0.00 % Weighted average fair value: Grant-date fair value of options granted $ 3.82 $ 5.37 $ 0.12 Grant-date fair value of options vested $ 11.89 $ 97.33 $ 0.18 Aggregate intrinsic value of options exercised $ — $ 4,816.50 $ — |
Summary of Stock Option Outstanding | The following table summarizes information about stock options outstanding: Number of Weighted Weighted Weighted Aggregate ($ in thousands, except share and per share data) Options outstanding at December 31, 2014 1,026,510 $ 14.01 $ 18.44 9.63 Granted 782,354 $ 3.55 $ 6.74 Forfeited (106,527 ) $ 7.56 $ 11.91 Exercised — $ — $ — $ — Options outstanding at December 31, 2015 1,702,337 $ 9.60 $ 13.47 9.08 $ 6,152 Exercisable at December 31, 2015 330,135 $ 27.97 $ 28.73 8.42 $ — Expected to vest at December 31, 2015 1,207,528 $ 5.16 $ 9.08 9.28 $ 5,330 |
Summary of Grants of RSUs | Information related to grants of RSUs during 2015 is as follows: Restricted Weighted Average Grant Date Fair Value Balance at December 31, 2014 314,640 $ 10.78 Granted 232,830 7.44 Vested (89,372 ) 10.78 Forfeited (40,972 ) 9.84 Balance at December 31, 2015 417,126 $ 9.01 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Share | The computation of basic and diluted net income (loss) per share attributable to common stockholders consists of the following: Year ended December 31 2015 2014 2013 (In thousands, except share and per share data) Numerator: Net income (loss) $ (6,417 ) $ (66,324 ) $ (47,611 ) Deemed dividends on participating preferred stock (inclusive of issuance costs and changes in redemption value, including extinguishment): Series B — — 29,622 Series A — — 55,543 Total preferred stock deemed dividends — — 85,165 Earnings attributable to participating convertible preferred stock shareholders and Series C preferred stock warrant holders — — (36,216 ) Net income (loss) attributable to common stockholders $ (6,417 ) $ (66,324 ) $ 1,338 Denominator: Weighted average shares outstanding, basic 22,986,931 12,349,456 3,137 Effect of warrants to purchase common stock — — 122 Weighted average shares outstanding, diluted 22,986,931 12,349,456 3,259 Net income (loss) attributable to common stockholders per common share, basic $ (0.28 ) $ (5.37 ) $ 426.52 Effect of warrants to purchase common stock — — (15.96 ) Net income (loss) attributable to common stockholders per common share, diluted $ (0.28 ) $ (5.37 ) $ 410.56 |
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 common share because they were anti-dilutive consist of the following: Year ended December 31 2015 2014 2013 Common stock options 1,702,337 1,026,510 21,846 Restricted common stock units 417,126 314,640 — Common stock warrants 131 131 — Restricted common stock awards 132,130 — — Total 2,251,724 1,341,281 21,846 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation Between U.S. Statutory Income Tax Rate and Company's Effective Rate | The reconciliation between the U.S. statutory income tax rate and the Company’s effective rate consists of the following: Year Ended December 31 2015 2014 2013 U.S. federal income tax statutory rate 35 % 35 % 35 % Permanent differences (11 )% — % — % State tax, net of federal benefit (6 )% — % — % Changes in valuation allowance for deferred tax assets (11 )% 1 % 6 % Stock-based compensation (8 )% — % — % Debt and warrant fair value adjustments — % (26 )% (16 )% Write down of losses not previously benefitted — % (11 )% (22 )% Other 1 % 1 % (3 )% Effective tax rate — — — |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences between financial statement and tax accounting that gave rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2015 and 2014 are presented below: December 31 2015 2014 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 62,671 $ 61,457 Stock-based compensation 4,938 4,479 Tax credit carryforwards 323 379 Reserves and accruals 140 282 Intangible assets and amortization 150 384 Other — 5 Total gross deferred tax assets 68,222 66,986 Deferred tax liabilities: Depreciation (3,841 ) (3,311 ) Total deferred tax liabilities (3,841 ) (3,311 ) Total deferred tax assets and liabilities 64,381 63,675 Valuation allowance (64,381 ) (63,675 ) Net deferred tax asset $ — $ — |
Quarterly Results of Operatio41
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | QUARTERLY RESULTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, June 30, Sept 30, Dec 31, 2015 Total revenue $ 23,500 $ 30,096 $ 31,539 $ 37,384 Gross profit 4,514 5,109 5,172 9,852 Income (loss) from operations (2,745 ) (2,689 ) (2,476 ) 1,684 Net income (loss) (2,790 ) (2,743 ) (2,522 ) 1,638 Net income (loss) attributable to common stockholders (2,790 ) (2,743 ) (2,522 ) 1,638 Net income (loss) attributable to common stockholders per common share - basic $ (0.12 ) $ (0.12 ) $ (0.11 ) $ 0.07 Net income (loss) attributable to common stockholders per common share - diluted $ (0.12 ) $ (0.12 ) $ (0.11 ) $ 0.07 2014 Total revenue $ 22,363 $ 26,615 $ 25,437 $ 27,984 Gross profit 3,346 3,425 5,072 5,236 Income (loss) from operations (2,898 ) (8,121 ) (2,365 ) (2,658 ) Net income (loss) (19,049 ) (42,148 ) (2,412 ) (2,714 ) Net income (loss) attributable to common stockholders (19,049 ) (42,148 ) (2,412 ) (2,714 ) Net income (loss) attributable to common stockholders per common share - basic $ (6,065.89 ) $ (13.88 ) $ (0.10 ) $ (0.12 ) Net income (loss) attributable to common stockholders per common share - diluted $ (6,065.89 ) $ (13.88 ) $ (0.10 ) $ (0.12 ) |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 18, 2014USD ($)$ / sharesshares | Dec. 31, 2015Subsidiary | Dec. 31, 2014USD ($) |
Basis Of Presentation [Line Items] | |||
Number of Subsidiaries | Subsidiary | 2 | ||
Proceeds from initial public offering | $ 74,712 | ||
Reverse stock split of capital stock | Prior to the closing of the offering, the Company completed a 1-for-824.7412544 | ||
Reverse stock split for each common stock | 824.7412544 | ||
Convertible Preferred Stock [Member] | |||
Basis Of Presentation [Line Items] | |||
Common shares issued upon conversion of securities | shares | 115,982 | ||
Convertible Debt Securities [Member] | |||
Basis Of Presentation [Line Items] | |||
Common shares issued upon conversion of securities | shares | 15,319,034 | ||
IPO [Member] | |||
Basis Of Presentation [Line Items] | |||
Initial public offering, common stock shares | shares | 7,500,000 | ||
Initial public offering, common stock price per share | $ / shares | $ 11 | ||
Proceeds from initial public offering | $ 74,700 | ||
Underwriting discounts and commissions | 4,300 | ||
Other offering expenses | $ 3,500 |
Summary of Basis of Presentat43
Summary of Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)CustomerSegment | Dec. 31, 2014USD ($)Customer | Dec. 31, 2013USD ($)Customer | Jan. 01, 2015shares | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Marketable Securities | $ 0 | $ 0 | $ 0 | ||
Description of impaired investment securities | 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. | ||||
Purchase of marketable securities | $ 2,500,000 | ||||
Available-for-sale securities | 0 | 0 | 0 | ||
Allowance for doubtful accounts | $ 89,000 | 89,000 | 120,000 | ||
Capitalized interest expense | $ 0 | $ 100,000 | $ 100,000 | ||
Number of segment | Segment | 1 | ||||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Restricted Common Stock Units [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Restricted Common Stock Units [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Restricted Common Stock Units [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 4 years | ||||
Total Revenue [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of customers | Customer | 2 | 2 | 2 | ||
Accounts Receivable [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of customers | Customer | 3 | 3 | |||
Sales Returns Reserve [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Sales return reserves | $ 100,000 | $ 100,000 | $ 100,000 | ||
Customer One [Member] | Total Revenue [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 14.00% | 13.00% | 15.00% | ||
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 17.00% | 17.00% | |||
Customer Two [Member] | Total Revenue [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 12.00% | 12.00% | 11.00% | ||
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 14.00% | 17.00% | |||
Customers Three [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 13.00% | 11.00% | |||
2014 Employee Director and Consultant Equity Incentive Plan [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Increased number of shares available for grant | shares | 3,698,257 | ||||
2014 Employee Director and Consultant Equity Incentive Plan [Member] | Restricted Common Stock Units [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
2014 Employee Director and Consultant Equity Incentive Plan [Member] | Restricted Common Stock Units [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 4 years | ||||
2014 Employee Director and Consultant Equity Incentive Plan [Member] | Restricted Common Stock [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 1 year |
Summary of Basis of Presentat44
Summary of Basis of Presentation and Significant Accounting Policies - Schedule of Revenues, Based on Shipment Destination or Research Services Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 37,384 | $ 31,539 | $ 30,096 | $ 23,500 | $ 27,984 | $ 25,437 | $ 26,615 | $ 22,363 | $ 122,518 | $ 102,399 | $ 86,094 |
U.S. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 44,553 | 39,809 | 30,164 | ||||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 77,965 | $ 62,590 | $ 55,930 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 4,432 | $ 4,052 |
Finished goods | 2,100 | 845 |
Total | $ 6,532 | $ 4,897 |
Property, Plant and Equipment46
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 140,568 | $ 124,361 |
Accumulated depreciation and amortization | (62,246) | (52,869) |
Property, plant and equipment, net | 78,322 | 71,492 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 23,884 | 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 | $ 104,658 | 78,378 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,888 | 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 | $ 5,138 | $ 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 Equipment47
Property, Plant and Equipment, Net - Summary of Plant and Equipment under Capital Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total assets under capital leases | $ 427 | $ 406 |
Accumulated amortization | (353) | (265) |
Assets under capital leases, net | 74 | 141 |
Office Equipment, at Cost [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total assets under capital leases | 139 | 118 |
Vehicles, at Cost [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total assets under capital leases | $ 288 | $ 288 |
Property, Plant and Equipment48
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 9,800,000 | $ 10,100,000 | $ 10,000,000 |
Amortization under capital leases | 353,000 | 265,000 | |
Property, plant and equipment, gross | 140,568,000 | 124,361,000 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,138,000 | 24,124,000 | |
Statesboro, Georgia [Member] | Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,300,000 | 19,600,000 | |
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Amortization under capital leases | $ 100,000 | $ 100,000 | $ 100,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||
Employee compensation | $ 4,184 | $ 4,851 |
Other accrued expenses | 1,384 | 737 |
Total | $ 5,568 | $ 5,588 |
Subordinated Notes - Additional
Subordinated Notes - Additional Information (Detail) - USD ($) $ in Millions | Dec. 29, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subordinated Borrowing [Line Items] | ||||
Interest rate of subordinated notes issued | 20.00% | |||
Fair value of Subordinated Notes | $ 17.3 | |||
Minimum [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Interest rate of subordinated notes issued | 12.75% | |||
Maximum [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Interest rate of subordinated notes issued | 15.00% | |||
Convertible Notes [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Convertible notes, maturity date | Sep. 30, 2014 | |||
Additional interest amount | $ 1.4 | |||
Subordinated Notes [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Interest rate of subordinated notes issued | 12.00% | |||
Aggregate proceeds amount | $ 10 | |||
Maturity date of subordinated notes | Dec. 29, 2015 | |||
Convertible notes, maturity date | Mar. 2, 2014 | |||
Subordinated Notes, discount rate | 20.00% | |||
No material difference if weightings were increased or decreased, percentage | 10.00% | |||
Subordinated Notes, unpaid principal balance | $ 15.9 | |||
Repayment of principal balance and accrued interest | $ 18.8 | |||
Interest expense, inclusive of changes in fair value and amortization of deferred financing costs | $ 1.5 | $ 3.8 | ||
Subordinated Notes [Member] | Repayment Prior to Maturity on June 30, 2014 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Weighing to arrive at discount rate | 20.00% | |||
Subordinated Notes [Member] | Repayment at Maturity on September 30, 2014 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Weighing to arrive at discount rate | 80.00% |
Subordinated Notes - Schedule o
Subordinated Notes - Schedule of Roll-forward of Fair Value of Level 3 (Significant Unobservable Inputs) Convertible Notes (Detail) - Subordinated Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 17,306 | $ 13,535 |
Change in fair value included in interest expense | 1,543 | 3,771 |
Repayment | $ (18,849) | |
Ending balance | $ 17,306 |
Senior Convertible Notes - Addi
Senior Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 18, 2014 | Mar. 28, 2013 | May. 31, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||||||||
Exercise price of warrants | $ 0.0001 | ||||||||
Warrants, expiry date | Mar. 28, 2023 | ||||||||
Interest expense related to the exchange | $ 5,400 | ||||||||
Gain (loss) recognition for initial exchange | $ 8,900 | 8,898 | |||||||
Interest expense | $ 10,700 | ||||||||
Debt issuance costs | 900 | $ 47 | 585 | ||||||
Convertible senior notes conversion, common stock | 11,727,430 | ||||||||
Series C Warrants [Member] | Additional Paid-in Capital [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs | $ 300 | ||||||||
Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Additional Senior Convertible Notes issued | $ 7,500 | $ 7,500 | |||||||
Gain (loss) recognition for initial exchange | (8,898) | ||||||||
Aggregate fair value of the convertible notes | 129,000 | 91,900 | |||||||
Senior Subordinated Notes [Member] | Interest Expense [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs | $ 600 | ||||||||
Senior Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Additional Senior Convertible Notes issued | $ 22,500 | $ 15,000 | $ 15,000 | ||||||
Aggregate fair value of the convertible notes | $ 39,500 | ||||||||
Convertible senior notes conversion, common stock | 3,591,604 | ||||||||
Changes in fair value of notes | $ 11,400 | 5,600 | |||||||
Exchanged Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gain (loss) recognition for initial exchange | $ (5,700) | ||||||||
Series C [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Warrants exercisable percentage | 85.70% | ||||||||
Conversion of preferred stock into common stock | 104,734 |
Senior Convertible Notes - Summ
Senior Convertible Notes - Summary of Probability Weighted Discounted Cash Flow Analyses Utilized Assumptions Related to Probability of Occurrence of Each of Various Events and Appropriate Discount Rates for Each of Scenarios (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
IPO Scenario 1 [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Jun. 30, 2014 |
Estimated probability of future event | 45.00% |
IPO Scenario 2 [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Mar. 31, 2015 |
Estimated probability of future event | 5.00% |
Sale Scenario 1 [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Jun. 30, 2014 |
Estimated probability of future event | 15.00% |
Sale Scenario 2 [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Mar. 31, 2015 |
Estimated probability of future event | 15.00% |
Dissolution [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Sep. 30, 2014 |
Estimated probability of future event | 5.00% |
Private Company [Member] | |
Debt Instrument [Line Items] | |
Estimated probability of future event | 15.00% |
Senior Convertible Notes - Sche
Senior Convertible Notes - Schedule of Roll-forward of Fair Value of Level 3 (Significant Unobservable Inputs) Senior Convertible Notes (Detail) - Senior Convertible Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 28,135 | |
Change in fair value included in interest expense | 11,373 | $ 5,588 |
Issuances of senior convertible notes | 14,971 | |
Conversion of Convertible Notes | $ (39,508) | |
Fair value of notes exchanged for senior convertible notes | 7,576 | |
Conversion of the Senior Convertible Notes | 5,588 | |
Ending balance | $ 28,135 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 28, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 18, 2014 |
Debt Instrument [Line Items] | |||||
Subordinated convertible notes, issued | $ 73,400 | ||||
Gain on extinguishment of convertible notes | $ 8,900 | $ 8,898 | |||
Convertible senior notes conversion, common stock | 11,727,430 | ||||
Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Convertible notes agreed to extend original principal amount | $ 300 | ||||
Gain on extinguishment of convertible notes | (8,898) | ||||
Convertible Notes agreed to extend the original maturity date | 2 years | ||||
Aggregate fair value of the convertible notes | $ 129,000 | 91,900 | |||
Change in fair value of Convertible Notes | $ 37,128 | $ 9,407 | |||
Aggregate final payment amount of the convertible notes | $ 129,000 |
Convertible Notes - Summary of
Convertible Notes - Summary of Probability Weighted Discounted Cash Flow Analyses Utilized Assumptions Related to Probability of Occurrence of Each of Various Events and Weighted Average Implied Discount Rates for Each of Scenarios (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
IPO Scenario 1 [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Jun. 30, 2014 |
Estimated probability of future event | 45.00% |
IPO Scenario 2 [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Mar. 31, 2015 |
Estimated probability of future event | 5.00% |
Sale Scenario 1 [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Jun. 30, 2014 |
Estimated probability of future event | 15.00% |
Sale Scenario 2 [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Mar. 31, 2015 |
Estimated probability of future event | 15.00% |
Dissolution [Member] | |
Debt Instrument [Line Items] | |
Estimated exit date of future event | Sep. 30, 2014 |
Estimated probability of future event | 5.00% |
Private Company [Member] | |
Debt Instrument [Line Items] | |
Estimated probability of future event | 15.00% |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Roll-forward of Fair Value of Level 3 (Significant Unobservable Inputs) Convertible Notes (Detail) - USD ($) $ in Thousands | Mar. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Gain on extinguishment of convertible notes | $ 8,900 | $ 8,898 | |
Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Beginning balance | $ 91,874 | 95,088 | |
Issuances of convertible notes | 3,530 | ||
Fair value of notes exchanged for senior convertible notes | (7,253) | ||
Gain on extinguishment of convertible notes | (8,898) | ||
Change in fair value included in interest expense | 37,128 | 9,407 | |
Conversion of Convertible Notes | $ (129,002) | ||
Ending balance | $ 91,874 |
Revolving Line of Credit - Addi
Revolving Line of Credit - Additional Information (Detail) - USD ($) | Sep. 03, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding | $ 2,700,000 | $ 1,400,000 | |
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit agreement, extended maturity date | Aug. 31, 2016 | ||
Maximum increased borrowing amount | $ 20,000,000 | ||
Percentage of unused revolving line facility fee | 0.50% | ||
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. | ||
Line of credit facility amount withdrawn | $ 0 | 0 | |
Letters of credit outstanding | 2,700,000 | $ 1,400,000 | |
Line of credit facility borrowing capacity | $ 12,600,000 | ||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 0.75% | ||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 3.75% | ||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 1.75% | ||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 4.25% |
Interest Expense - Summary of I
Interest Expense - Summary of Interest Expense (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income (Expense) [Line Items] | ||||||||
Issuance of Series C preferred stock warrants in connection with senior convertible notes | $ 10,677 | |||||||
Debt closing costs | $ 900 | $ 47 | 585 | |||||
Imputed interest on Cabot obligation | 391 | |||||||
Other interest | $ 182 | 223 | 250 | |||||
Total interest expense | $ 100 | $ 100 | $ 34,000 | $ 16,200 | $ 182 | 50,281 | 30,599 | |
Subordinated Notes [Member] | ||||||||
Interest Income (Expense) [Line Items] | ||||||||
Changes in fair value | 1,543 | 3,771 | ||||||
Issuance of Series C preferred stock warrants in connection with senior convertible notes | 10,677 | |||||||
Senior Convertible Notes [Member] | ||||||||
Interest Income (Expense) [Line Items] | ||||||||
Changes in fair value | 11,373 | 5,588 | ||||||
Convertible Notes, Net of Capitalization [Member] | ||||||||
Interest Income (Expense) [Line Items] | ||||||||
Changes in fair value | $ 37,095 | $ 9,337 |
Interest Expense - Summary of60
Interest Expense - Summary of Interest Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income (Expense) [Line Items] | |||
Capitalized interest expense | $ 0 | $ 0.1 | $ 0.1 |
Convertible Notes, Net of Capitalization [Member] | |||
Interest Income (Expense) [Line Items] | |||
Capitalized interest expense | $ 0.1 | $ 0.1 |
Other Long-term Liabilities - S
Other Long-term Liabilities - Summary of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Other Long Term Liabilities [Abstract] | |||
Asset retirement obligations (ARO) | $ 397 | $ 1,018 | $ 1,009 |
Other | 163 | 62 | |
Other liabilities, total | 560 | 1,080 | |
Current maturities of other long-term liabilities | (409) | (50) | |
Other long-term liabilities, less current maturities | $ 151 | $ 1,030 |
Other Long-term Liabilities -62
Other Long-term Liabilities - Summary of ARO Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation [Abstract] | ||
Balance at beginning of period | $ 1,018 | $ 1,009 |
Accretion of discount expense | 21 | 40 |
Settlement costs | (642) | (31) |
Balance at end of period | $ 397 | $ 1,018 |
Other Long-term Liabilities - A
Other Long-term Liabilities - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015ft² | |
Other Liabilities Disclosure [Abstract] | |||
Lease expiration | Dec. 31, 2016 | ||
Number of square feet for lease | ft² | 31,577 | ||
Settlement costs related to decommissioning of old plant | $ 0.6 | $ 0.1 | |
ARO reserve | 0.4 | ||
ARO relating to former manufacturing operations | 0.2 | ||
ARO relating to remaining manufacturing operations | $ 0.2 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Line Items] | |||
Rent expense incurred under operating leases | $ 1.6 | $ 1.2 | $ 1.2 |
Letters of credit outstanding | 2.7 | 1.4 | |
Computer Equipment and Vehicles [Member] | |||
Commitments And Contingencies [Line Items] | |||
Recorded balance of capital lease obligations | $ 0.1 | $ 0.2 |
Commitments and Contingencies65
Commitments and Contingencies - Summary of Future Minimum Payments Under Capital Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
2,016 | $ 74 | |
2,017 | 38 | |
2,018 | 5 | |
Total | 117 | |
Less portion representing interest | (10) | |
Present value of future minimum payments | 107 | |
Present value of future minimum payments | 107 | |
Current maturities of capital lease payments | (67) | $ (76) |
Capital leases, excluding current portion | $ 40 | $ 89 |
Commitments and Contingencies66
Commitments and Contingencies - Summary of Future Minimum Payments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 1,194 |
2,017 | 625 |
2,018 | 626 |
2,019 | 184 |
2,020 | 28 |
Thereafter | 7 |
Total minimum lease payments | $ 2,664 |
Conversion of Redeemable Conv67
Conversion of Redeemable Convertible Preferred Stock - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015shares | |
Reclassification of Redeemable Convertible Preferred Stock from Temporary to Permanent Equity [Member] | |
Schedule Of Redeemable Convertible Preferred Stock [Line Items] | |
Common shares issued upon conversion of securities | 115,982 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 18, 2014 | Dec. 31, 2014 | Dec. 31, 2015 |
Stockholder Equity [Line Items] | |||
Proceeds from initial public offering | $ 74,712 | ||
Total number of shares authorized | 130,000,000 | 130,000,000 | |
Common stock, shares authorized | 125,000,000 | 125,000,000 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Convertible Preferred Stock [Member] | |||
Stockholder Equity [Line Items] | |||
Common shares issued upon conversion of securities | 115,982 | ||
Convertible Debt Securities [Member] | |||
Stockholder Equity [Line Items] | |||
Common shares issued upon conversion of securities | 15,319,034 | ||
IPO [Member] | |||
Stockholder Equity [Line Items] | |||
Initial public offering, common stock shares | 7,500,000 | ||
Initial public offering, common stock price per share | $ 11 | ||
Proceeds from initial public offering | $ 74,700 | ||
Underwriting discounts and commissions | 4,300 | ||
Other offering expenses | $ 3,500 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | |
Matching contribution during the period | $ 0.1 |
Employee Stock Ownership Plan70
Employee Stock Ownership Plans - Additional Information (Detail) - USD ($) | Dec. 20, 2013 | Aug. 07, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued for 2014 Equity Plan | 782,354 | ||||||
Common stock, shares issued | 23,184,852 | 23,184,852 | 22,992,273 | ||||
Aggregate value of restricted stock issuance | $ 2,000,000 | $ 0 | $ 0 | ||||
Number of comparable companies for expected volatility | The estimated volatility reflects the incorporation of the historical volatility of comparable companies with publicly available share prices. In 2015, 2014 and 2013, the expected volatility is based on the weighted average volatility of up to nineteen companies within various industries that the Company believes are similar to its own. | ||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||
Incremental compensation expense resulting from modification | $ 1,000,000 | $ 7,800,000 | |||||
Unrecognized compensation cost related to nonvested options grants | $ 5,200,000 | $ 5,200,000 | |||||
Non-Employee Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate value of restricted stock issuance | $ 200,000 | ||||||
2014 Equity Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares reserved for stock-based awards granted | 2,115,335 | 2,115,335 | |||||
Additional shares reserved for stock-based awards granted under the plan | 93,500 | ||||||
Shares available for grant during period | 2,750,605 | 2,750,605 | |||||
Expected volatility | 97.40% | 96.80% | |||||
2014 Employee Director and Consultant Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for grant during period | 3,698,257 | ||||||
Non-Qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 3 years | ||||||
Shares issued for 2014 Equity Plan | 84,745 | 255,832 | |||||
Non-Qualified Stock Options [Member] | Common Stock Price Target Achievements Conditions [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued for 2014 Equity Plan | 370,181 | ||||||
Non-Qualified Stock Options [Member] | Non-Employee Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate value of non-qualified stock options, stock issuance | $ 400,000 | ||||||
Common stock, shares issued | 71,596 | 71,596 | |||||
Restricted Common Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 3 years | ||||||
Issue of stock-based awards | 232,830 | ||||||
Restricted stock, shares outstanding | 417,126 | 417,126 | 314,640 | ||||
Total shares vested | 89,372 | ||||||
Restricted Common Stock Units [Member] | Non-Employee Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 1 year | ||||||
Common stock, shares issued | 54,005 | 54,005 | |||||
Stock-based award vesting period | 1 year | ||||||
Restricted Common Stock Units [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Issue of stock-based awards | 78,125 | ||||||
Restricted Common Stock Units [Member] | 2014 Equity Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost related to nonvested options grants | $ 2,500,000 | $ 2,500,000 | |||||
Unrecognized compensation cost period for recognition | 3 years 6 months 22 days | ||||||
Service Based Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incremental compensation expense resulting from modification | $ 2,000,000 | $ 700,000 | |||||
Unrecognized compensation cost related to nonvested options grants | 5,100,000 | $ 5,100,000 | |||||
Unrecognized compensation cost period for recognition | 7 months 6 days | ||||||
Performance-Based Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incremental compensation expense resulting from modification | $ 6,400,000 | ||||||
Unrecognized compensation cost related to nonvested options grants | 100,000 | $ 100,000 | |||||
Unrecognized compensation cost period for recognition | 2 years 6 months 18 days | ||||||
Restricted Stock Awards [Member] | 2014 Equity Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost related to nonvested options grants | $ 700,000 | $ 700,000 | |||||
Unrecognized compensation cost period for recognition | 5 months 16 days | ||||||
Restricted Common Stock [Member] | 2014 Employee Director and Consultant Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 1 year | ||||||
Restricted Stock and Restricted Stock Units RSU [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock, shares outstanding | 132,130 | 132,130 | |||||
Total intrinsic values | $ 500,000 | $ 0 | $ 0 | ||||
Total shares outstanding | $ 471,131 | $ 471,131 | |||||
Total shares vested | 78,125 | 0 | 0 | ||||
Share based compensation recorded in conjunction with award | $ 0 | $ 0 | |||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 3 years | ||||||
Minimum [Member] | Non-Qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 3 years | ||||||
Minimum [Member] | Restricted Common Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 3 years | ||||||
Minimum [Member] | Restricted Common Stock Units [Member] | 2014 Employee Director and Consultant Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 3 years | ||||||
Maximum [Member] | Non-Qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 5 years | ||||||
Maximum [Member] | Restricted Common Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 4 years | ||||||
Maximum [Member] | Restricted Common Stock Units [Member] | 2014 Employee Director and Consultant Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based award vesting period | 4 years |
Employee Stock Ownership Plan71
Employee Stock Ownership Plans - Summary of Stock Based Compensation Included in Cost of Sales or Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components Of Other Operating Cost And Expense Line Items | |||
Total stock-based compensation | $ 5,413 | $ 8,781 | $ 4,426 |
Cost of Product Revenue [Member] | |||
Components Of Other Operating Cost And Expense Line Items | |||
Total stock-based compensation | 824 | 1,121 | 496 |
Research and Development Expenses [Member] | |||
Components Of Other Operating Cost And Expense Line Items | |||
Total stock-based compensation | 666 | 1,046 | 267 |
Sales and Marketing Expenses [Member] | |||
Components Of Other Operating Cost And Expense Line Items | |||
Total stock-based compensation | 1,012 | 1,390 | 727 |
General and Administrative Expenses [Member] | |||
Components Of Other Operating Cost And Expense Line Items | |||
Total stock-based compensation | $ 2,911 | $ 5,224 | $ 2,936 |
Employee Stock Ownership Plan72
Employee Stock Ownership Plans - Summary of Fair Value of Option Awards Estimated by Use of Black-Scholes Option Pricing Model (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted average assumptions: | |||
Expected term (in years) | 6 years 7 days | 6 years 2 months 1 day | 5 years 5 months 19 days |
Expected volatility | 57.95% | 50.09% | 48.99% |
Risk free rate | 1.79% | 1.94% | 1.69% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value: | |||
Grant-date fair value of options granted | $ 3.55 | $ 5.37 | $ 0.12 |
Grant-date fair value of options vested | $ 11.89 | $ 97.33 | $ 0.18 |
Aggregate intrinsic value of options exercised | $ 0 | $ 4,816,500 |
Employee Stock Ownership Plan73
Employee Stock Ownership Plans - Summary of Stock Option Outstanding (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of shares, Beginning Balance | 1,026,510 | ||
Number of shares, Granted | 782,354 | ||
Number of shares, Forfeited | (106,527) | ||
Number of shares, Exercised | 0 | ||
Number of shares, Ending Balance | 1,702,337 | 1,026,510 | |
Number of shares, Exercisable at December 31, 2015 | 330,135 | ||
Number of shares, Expected to vest at December 31, 2015 | 1,207,528 | ||
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 14.01 | ||
Weighted Average Grant Date Fair Value Per Share, Granted | 3.55 | $ 5.37 | $ 0.12 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | 7.56 | ||
Weighted Average Grant Date Fair Value Per Share, Exercised | 0 | ||
Weighted Average Grant Date Fair Value Per Share, Ending Balance | 9.60 | 14.01 | |
Weighted Average Grant Date Fair Value Per Share, Exercisable at December 31, 2015 | 27.97 | ||
Weighted Average Grant Date Fair Value Per Share, Expected to vest at December 31, 2015 | 5.16 | ||
Weighted Average Exercise Price Per Share, Beginning Balance | 18.44 | ||
Weighted Average Exercise Price Per Share, Granted | 6.74 | ||
Weighted Average Exercise Price Per Share, Forfeited | 11.91 | ||
Weighted Average Exercise Price Per Share, Exercised | 0 | ||
Weighted Average Exercise Price Per Share, Ending Balance | 13.47 | $ 18.44 | |
Weighted Average Exercise Price Per Share, Exercisable at December 31, 2015 | 28.73 | ||
Weighted Average Exercise Price Per Share, Expected to vest at December 31, 2015 | $ 9.08 | ||
Weighted Average Remaining Contractual Term, Beginning Balance | 9 years 29 days | 9 years 7 months 17 days | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2015 | 8 years 5 months 1 day | ||
Weighted Average Remaining Contractual Term, Expected to vest at December 31, 2015 | 9 years 3 months 11 days | ||
Aggregate intrinsic Value, Granted | $ 0 | ||
Aggregate intrinsic Value, Forfeited | $ 0 | ||
Aggregate intrinsic Value, Exercised | 0 | $ 4,816,500 | |
Aggregate intrinsic Value, Ending Balance | 6,152,000 | ||
Aggregate intrinsic Value, Exercisable at December 31, 2015 | 0 | ||
Aggregate intrinsic Value, Expected to vest at December 31, 2015 | $ 5,330,000 |
Employee Stock Ownership Plan74
Employee Stock Ownership Plans - Summary of Grants of RSUs (Detail) - Restricted Common Stock Units [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Awards and Restricted Stock Units, Beginning Balance | shares | 314,640 |
Restricted Stock Awards and Restricted Stock Units, Granted | shares | 232,830 |
Restricted Stock Awards and Restricted Stock Units, Vested | shares | (89,372) |
Restricted Stock Awards and Restricted Stock Units, Forfeited | shares | (40,972) |
Restricted Stock Awards and Restricted Stock Units, Ending Balance | shares | 417,126 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 10.78 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.44 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 10.78 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 9.84 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 9.01 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income (loss) | $ 1,638 | $ (2,522) | $ (2,743) | $ (2,790) | $ (2,714) | $ (2,412) | $ (42,148) | $ (19,049) | $ (6,417) | $ (66,324) | $ (47,611) |
Total preferred stock deemed dividends | 85,165 | ||||||||||
Net income (loss) attributable to common stockholders | $ 1,638 | $ (2,522) | $ (2,743) | $ (2,790) | $ (2,714) | $ (2,412) | $ (42,148) | $ (19,049) | $ (6,417) | $ (66,324) | $ 1,338 |
Denominator: | |||||||||||
Weighted average shares outstanding, basic | 22,986,931 | 12,349,456 | 3,137 | ||||||||
Effect of warrants to purchase common stock | 122 | ||||||||||
Weighted average shares outstanding, diluted | 22,986,931 | 12,349,456 | 3,259 | ||||||||
Net income (loss) attributable to common stockholders per common share, basic | $ 0.07 | $ (0.11) | $ (0.12) | $ (0.12) | $ (0.12) | $ (0.10) | $ (13.88) | $ (6,065.89) | $ (0.28) | $ (5.37) | $ 426.52 |
Effect of warrants to purchase common stock | (15.96) | ||||||||||
Net income (loss) attributable to common stockholders per common share, diluted | $ 0.07 | $ (0.11) | $ (0.12) | $ (0.12) | $ (0.12) | $ (0.10) | $ (13.88) | $ (6,065.89) | $ (0.28) | $ (5.37) | $ 410.56 |
Series B [Member] | |||||||||||
Numerator: | |||||||||||
Total preferred stock deemed dividends | $ 29,622 | ||||||||||
Series A [Member] | |||||||||||
Numerator: | |||||||||||
Total preferred stock deemed dividends | 55,543 | ||||||||||
Series C [Member] | |||||||||||
Numerator: | |||||||||||
Earnings attributable to participating convertible preferred stock shareholders and Series C preferred stock warrant holders | $ (36,216) |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Earnings Per Share [Line Items] | |||
Remaining value of the Series B and Series A subsequent to extinguishment | $ 1,085 | ||
Series A Convertible Preferred Stock 0.00001 Par Value [Member] | |||
Earnings Per Share [Line Items] | |||
Decreases in the redemption value of the Company's Series B and Series A shares | $ 56,100 | ||
Series B Convertible Preferred Stock 0.00001 Par Value [Member] | |||
Earnings Per Share [Line Items] | |||
Decreases in the redemption value of the Company's Series B and Series A shares | 30,000 | ||
Series A and Series B Redeemable Convertible Preferred Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Convertible preferred stock, liquidation preference value | $ 4,000 | $ 4,000 | |
Series A and B Convertible Preferred Stock [Member] | |||
Earnings Per Share [Line Items] | |||
Gain on extinguishment of Series B and Series A | 86,200 | ||
Remaining value of the Series B and Series A subsequent to extinguishment | $ 1,100 |
Net Income (Loss) Per Share - S
Net Income (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) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 2,251,724 | 1,341,281 | 21,846 |
Common Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 1,702,337 | 1,026,510 | 21,846 |
Restricted Common Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 417,126 | 314,640 | |
Common Stock Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 131 | 131 | |
Restricted Common Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 132,130 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between U.S. Statutory Income Tax Rate and Company's Effective Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal income tax statutory rate | 35.00% | 35.00% | 35.00% |
Permanent differences | (11.00%) | ||
State tax, net of federal benefit | (6.00%) | ||
Changes in valuation allowance for deferred tax assets | (11.00%) | 1.00% | 6.00% |
Stock-based compensation | (8.00%) | ||
Debt and warrant fair value adjustments | (26.00%) | (16.00%) | |
Write down of losses not previously benefitted | (11.00%) | (22.00%) | |
Other | 1.00% | 1.00% | (3.00%) |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 62,671 | $ 61,457 |
Stock-based compensation | 4,938 | 4,479 |
Tax credit carryforwards | 323 | 379 |
Reserves and accruals | 140 | 282 |
Intangible assets and amortization | 150 | 384 |
Other | 5 | |
Total gross deferred tax assets | 68,222 | 66,986 |
Deferred tax liabilities: | ||
Depreciation | (3,841) | (3,311) |
Total deferred tax liabilities | (3,841) | (3,311) |
Total deferred tax assets and liabilities | 64,381 | 63,675 |
Valuation allowance | (64,381) | (63,675) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Net change in valuation allowance | $ 700,000 | ||
Net operating loss carryforwards | $ 113,200,000 | ||
Net operating loss carryforwards expiration date | Jun. 30, 2019 | ||
Built-in gain tax existed at the date of the ownership change | $ 42,000,000 | ||
Net operating losses available to offset future state taxable income expiration description | Between 2016 and 2035 | ||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Interest and penalties related to unrecognized tax benefits | 0 | 0 | 0 |
Expected amount of unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Built-in gains triggered period | 5 years | ||
Built-in gains change in ownership period | 5 years | ||
Net operating losses | $ 42,000,000 | ||
Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 165,700,000 | ||
Net operating loss carryforwards expiration date | Dec. 31, 2035 | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 99,500,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Statesboro, Georgia [Member] | 12 Months Ended | |
Dec. 31, 2015a | Feb. 15, 2016USD ($) | |
Subsequent Event [Line Items] | ||
Area of property leased by development authority under inducement agreement | a | 43 | |
Property leased by development authority under inducement agreement, period for lease | 5 years | |
Additional agreements with development authority, description | In addition, the Company entered into a (i) Pilot Agreement with the Entities that sets forth the rights and obligations of the Company with respect to the incentives received pursuant to the Inducement Agreement and (ii) a Performance and Accountability Agreement with other state authorities which provides for a grant of $250,000 to the Company. Pursuant to these agreements, in the event that the Company fails to meet at least 80% of the investment and job creation goals within 36 months following the earlier to occur of (i) the completion and issuance of the certificate of occupancy with respect to the planned second manufacturing facility or (ii) June 30, 2018, the Company may be required to repay portions of property tax savings and other incentives. In addition, the Company must maintain its achievement of 80% of the investment and job creation goals for a period of 84 months. | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Expected future investment under inducement agreement | $ | $ 70 |
Quarterly Results of Operatio82
Quarterly Results of Operations - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 37,384 | $ 31,539 | $ 30,096 | $ 23,500 | $ 27,984 | $ 25,437 | $ 26,615 | $ 22,363 | $ 122,518 | $ 102,399 | $ 86,094 |
Gross profit | 9,852 | 5,172 | 5,109 | 4,514 | 5,236 | 5,072 | 3,425 | 3,346 | 24,648 | 17,080 | 10,731 |
Income (loss) from operations | 1,684 | (2,476) | (2,689) | (2,745) | (2,658) | (2,365) | (8,121) | (2,898) | (6,235) | (16,043) | (19,972) |
Net income (loss) | 1,638 | (2,522) | (2,743) | (2,790) | (2,714) | (2,412) | (42,148) | (19,049) | (6,417) | (66,324) | (47,611) |
Net income (loss) attributable to common stockholders | $ 1,638 | $ (2,522) | $ (2,743) | $ (2,790) | $ (2,714) | $ (2,412) | $ (42,148) | $ (19,049) | $ (6,417) | $ (66,324) | $ 1,338 |
Net income (loss) attributable to common stockholders per common share - basic | $ 0.07 | $ (0.11) | $ (0.12) | $ (0.12) | $ (0.12) | $ (0.10) | $ (13.88) | $ (6,065.89) | $ (0.28) | $ (5.37) | $ 426.52 |
Net income (loss) attributable to common stockholders per common share - diluted | $ 0.07 | $ (0.11) | $ (0.12) | $ (0.12) | $ (0.12) | $ (0.10) | $ (13.88) | $ (6,065.89) | $ (0.28) | $ (5.37) | $ 410.56 |
Quarterly Results of Operatio83
Quarterly Results of Operations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||
Interest expenses | $ 100 | $ 100 | $ 34,000 | $ 16,200 | $ 182 | $ 50,281 | $ 30,599 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - Allowances for Uncollectible Accounts and Sales Returns and Allowances [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 120 | $ 209 | $ 421 |
Charges to Costs and Expenses | 0 | 0 | 0 |
Deductions to Allowances for Uncollectible Accounts | 0 | 0 | 0 |
Charges to (Deductions from) Other Accounts | (31) | (89) | (212) |
Balance at End of Year | $ 89 | $ 120 | $ 209 |