Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 10, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | SECOND SIGHT MEDICAL PRODUCTS INC | |
Entity Central Index Key | 1,266,806 | |
Document Type | 10-Q | |
Trading Symbol | EYES | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 66,632,474 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 5,014 | $ 7,839 |
Accounts receivable, net | 475 | 1,831 |
Inventories, net | 2,812 | 2,700 |
Prepaid expenses and other current assets | 809 | 795 |
Total current assets | 9,110 | 13,165 |
Property and equipment, net | 1,258 | 1,299 |
Deposits and other assets | 39 | 33 |
Total assets | 10,407 | 14,497 |
Current liabilities: | ||
Accounts payable | 1,611 | 752 |
Accrued expenses | 2,084 | 2,425 |
Accrued compensation expense | 2,078 | 2,611 |
Accrued clinical trial expenses | 941 | 779 |
Contract liabilities | 162 | 48 |
Total current liabilities | 6,876 | 6,615 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, no par value, 10,000 shares authorized; none outstanding | ||
Common stock, no par value; 200,000 shares authorized; shares issued and outstanding: 59,876 and 57,630 as of March 31, 2018 and December 31, 2017, respectively | 206,163 | 202,156 |
Common stock issuable | 218 | 153 |
Additional paid-in capital | 41,807 | 40,522 |
Accumulated other comprehensive loss | (527) | (572) |
Accumulated deficit | (244,130) | (234,377) |
Total stockholders' equity | 3,531 | 7,882 |
Total liabilities and stockholders' equity | $ 10,407 | $ 14,497 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value (in dollars per share) | ||
Preferred stock, authorized | 10,000 | 10,000 |
Preferred stock, outstanding | ||
Common stock, no par value (in dollars per share) | ||
Common stock, authorized | 200,000 | 200,000 |
Common stock, issued | 59,876 | 57,630 |
Common stock, outstanding | 59,876 | 57,630 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 976 | $ 1,009 |
Cost of sales | 668 | 1,127 |
Gross profit (loss) | 308 | (118) |
Operating expenses: | ||
Research and development, net of grants | 2,474 | 1,847 |
Clinical and regulatory | 1,348 | 614 |
Selling and marketing | 3,011 | 2,235 |
General and administrative | 3,244 | 2,741 |
Total operating expenses | 10,077 | 7,437 |
Loss from operations | (9,769) | (7,555) |
Interest income | 16 | 7 |
Net loss | $ (9,753) | $ (7,548) |
Net loss per common share - basic and diluted (in dollars per share) | $ (0.17) | $ (0.16) |
Weighted average common shares outstanding - basic and diluted (in shares) | 59,052 | 46,193 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (9,753) | $ (7,548) |
Other comprehensive income: | ||
Foreign currency translation adjustments | 45 | 30 |
Comprehensive loss | $ (9,708) | $ (7,518) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Notes Receivable for Stock Option Exercises [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
Balance beginning at Dec. 31, 2016 | $ 186,769 | $ 153 | $ 30,697 | $ (2) | $ (608) | $ (205,861) | $ 11,148 |
Balance beginning (in shares) at Dec. 31, 2016 | 42,701 | 77 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of shares of common stock and warrants, net of issuance costs | $ 13,647 | 6,021 | 19,668 | ||||
Issuance of shares of common stock and warrants, net of issuance costs (in shares) | 13,653 | ||||||
Stock options issuance for services | 20 | 20 | |||||
Common stock issued or issuable for services | $ 65 | 65 | |||||
Common stock issued or issuable for services (in shares) | 88 | ||||||
Issuance of RSUs (in shares) | 12 | ||||||
Stock-based compensation expense | 981 | 981 | |||||
Repayment of notes receivable for stock option exercises | 1 | 1 | |||||
Comprehensive loss: | |||||||
Net loss | (7,548) | (7,548) | |||||
Foreign currency translation adjustment | 30 | 30 | |||||
Balance ending at Mar. 31, 2017 | $ 200,416 | $ 218 | 37,719 | $ (1) | (578) | (213,409) | 24,365 |
Balance ending (in shares) at Mar. 31, 2017 | 56,366 | 165 | |||||
Balance beginning at Dec. 31, 2017 | $ 202,156 | $ 153 | 40,522 | (572) | (234,377) | $ 7,882 | |
Balance beginning (in shares) at Dec. 31, 2017 | 57,630 | 82 | 57,630 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of shares of common stock and warrants, net of issuance costs | $ 3,992 | $ 3,992 | |||||
Issuance of shares of common stock and warrants, net of issuance costs (in shares) | 2,224 | ||||||
Warrants exercise | $ 7 | 7 | |||||
Warrants exercise (in shares) | 5 | ||||||
Common stock issued or issuable for services | $ 65 | 65 | |||||
Common stock issued or issuable for services (in shares) | 34 | ||||||
Issuance of RSUs (in shares) | 12 | ||||||
Stock-based compensation expense | 1,285 | 1,285 | |||||
Exercise of stock options | $ 8 | $ 8 | |||||
Exercise of stock options (in shares) | 5 | 5,000 | |||||
Comprehensive loss: | |||||||
Net loss | (9,753) | $ (9,753) | |||||
Foreign currency translation adjustment | 45 | 45 | |||||
Balance ending at Mar. 31, 2018 | $ 206,163 | $ 218 | $ 41,807 | $ (527) | $ (244,130) | $ 3,531 | |
Balance ending (in shares) at Mar. 31, 2018 | 59,876 | 116 | 59,876 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (9,753) | $ (7,548) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 111 | 113 |
Stock-based compensation | 1,285 | 981 |
Bad debt expense | (52) | |
Inventory reserve | (109) | (713) |
Common stock issuance for services | 65 | 65 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,374 | (454) |
Inventories | 21 | 1,033 |
Prepaid expenses and other assets | (16) | (108) |
Accounts payable | 857 | (269) |
Accrued expenses | (354) | 155 |
Accrued compensation expenses | (534) | 8 |
Accrued clinical trial expenses | 161 | 12 |
Contract liabilities | 114 | 282 |
Deferred grant revenue | (104) | |
Net cash used in operating activities | (6,778) | (6,599) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (68) | (89) |
Net cash used in investing activities | (68) | (89) |
Cash flows from financing activities: | ||
Net proceeds from rights offering | 19,688 | |
Net proceeds from sale of common stock | 3,992 | |
Proceeds from repayment of note receivable | 1 | |
Proceeds from exercise of common stock options and warrants | 15 | |
Net cash provided by financing activities | 4,007 | 19,689 |
Effect of exchange rate changes on cash | 14 | 15 |
Cash: | ||
Net increase (decrease) | (2,825) | 13,016 |
Balance at beginning of period | 7,839 | 10,875 |
Balance at end of period | 5,014 | 23,891 |
Non-cash financing and investing activities: | ||
Fair value of stock options issued for services | $ 20 |
Organization and Business Opera
Organization and Business Operations | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | 1. Organization and Business Operations Second Sight Medical Products, Inc. (“Second Sight,” “we,” “us,” or “the Company”) was incorporated in the State of California in 2003. Second Sight develops, manufactures and markets implantable visual prosthetics to enable blind individuals to achieve greater independence. In 2007, Second Sight formed Second Sight (Switzerland) Sarl, initially to manage clinical trials for its products in Europe, and later to manage sales and marketing in Europe and the Middle East. As the laws of Switzerland require at least two corporate stockholders, Second Sight (Switzerland) Sarl is 99.5% owned directly by us and 0.5% owned by an executive of Second Sight as of March 31, 2018. Accordingly, Second Sight (Switzerland) Sarl is considered 100% owned for financial statement purposes and is consolidated with Second Sight for all periods presented. Our current product, the Argus II Retinal Prosthesis System (“Argus II”), entered clinical trials in 2006, received CE Mark approval for marketing and sales in the European Union (“EU”) in 2011, and approval by the United States Food and Drug Administration (“FDA”) for marketing and sales in the United States in 2013. We began selling the Argus II in Europe at the end of 2011, Saudi Arabia in 2012, the United States and Canada in 2014, Turkey in 2015, Iran, Taiwan, South Korea and Russia in 2017, and Singapore in 2018. Going Concern From inception, our operations have been funded primarily through the sales of our common stock and warrants, as well as from the issuance of convertible debt, research and clinical grants, and limited product revenue generated from the sale of our Argus II product. During 2016 and 2017 and the quarter ended March 31, 2018, we funded our business primarily through: ● Issuance of common stock and warrants in our rights offering in March 2017, which generated net cash proceeds of $19.7 million. ● Issuance of common stock in our rights offering in June 2016, which generated net cash proceeds of $19.5 million. ● Issuance of common stock through our At Market Issuance Sales Agreement during the fourth quarter of 2017 and first quarter of 2018, which has generated $5.1 million of net cash proceeds. ● Revenue of $1.0 million in the first quarter of 2018, and $8.0 million and $4.0 million, for the year ended December 31, 2017 and 2016, respectively, generated by sales of our Argus II product. Our financial statements have been presented on the basis that our business is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We are subject to the risks and uncertainties associated with a business with one product line and limited commercial product revenues, including limitations on our operating capital resources and uncertain demand for our products. We have incurred recurring operating losses and negative operating cash flows since inception, and we expect to continue to incur operating losses and negative operating cash flows for the foreseeable future. Management has concluded that there is substantial doubt about our ability to continue as a going concern, and our independent registered public accounting firm, in its report on our 2017 consolidated financial statements, has raised substantial doubt about our ability to continue as a going concern. We do not have sufficient funds to support our operations for the next 12 months from the date of issuance of these financial statements. See Note 10 for subsequent event related to additional financing. We anticipate that we will seek to fund our operations through public or private equity or debt financings, grants, collaborations, strategic partnerships or other sources. However, we may be unable to raise additional capital or enter into such other arrangements when needed on favorable terms or at all. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development programs or the commercialization of any product candidates, or we may be unable to expand our operations, maintain our current organization and employee base or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations. |
Basis of Presentation, Signific
Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements | 2. Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements Basis of Presentation These unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and following the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In our opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial position and our results of operations and cash flows for periods presented. Certain prior year amounts have been reclassified to conform to the current year presentation. These statements do not include all disclosures required by GAAP and should be read in conjunction with our financial statements and accompanying notes for the fiscal year ended December 31, 2017, contained in our Annual Report on Form 10-K filed with the SEC on March 20, 2018. The results of the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. Significant Accounting Policies Our significant accounting policies are set forth in Note 2 of the financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). Revenue from product sales and supplies is generally recorded when we ship the product and title has passed to the customer, provided that we have evidence of a customer arrangement and can conclude that collection is probable. The prices at which we sell our products are fixed and determinable at the time we accept a customer’s order and we generally have no ongoing obligations related to product sales, except for normal warranty. We recognize revenue from sales to stocking distributors when there is no right of return and generally have no ongoing obligations related to product sales. We recognize revenue when a material reversal is no longer probable. Conditions that preclude us from recognizing revenue generally involve new sites with no reimbursement or reimbursement history, and depends on third-party behavior beyond our control, uncertain payment cycles over an extended period of time, and our limited historical experience with these arrangements. We classify as selling and marketing expense the cost of no charge units and units provided in connection with market development activities whereby we invoice for units but revenue is not recognized due to the probability of material reversal. When revenue is recognized as material reversal is no longer probable, the cost associated with the units is reclassified from selling and marketing expense to the cost of sales. Management does not believe that any other recently issued, but not yet effective, accounting standards, if adopted, will have a material effect on the financial statements. |
Concentration of Risk
Concentration of Risk | 3 Months Ended |
Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 3. Concentration of Risk Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of cash, money market funds, and trade accounts receivable. We maintain cash and money market funds with financial institutions that management deems reputable. We extend differing levels of credit to our customers, and typically does not require collateral. Customer Concentration The following tables provide information about disaggregated revenue by service type, customer and geographical market. During the three months ended March 31, 2018 and 2017, the following table shows our revenues by service type: Three Months Ended March 31, 2018 2017 Direct Customers $ 659 $ 1,009 Distributors 317 — $ 976 $ 1,009 During the three months ended March 31, 2018 and 2017, the following customers each comprises greater than 10% of our total revenues : Three Months Ended March 31, 2018 March 31, 2017 Customer 1 22 % 13 % Customer 2 15 % 12 % Customer 3 14 % — % Customer 4 12 % — % Customer 5 11 % 9 % Customer 6 11 % — % Customer 7 — % 21 % Customer 8 — % 14 % Customer 9 — % 14 % As of March 31, 2018 and December 31, 2017, the following customers each comprises greater than 10% of our total accounts receivable: March 31, 2018 December 31, 2017 (unaudited) Customer 1 59 % 16 % Customer 2 22 % 8 % Customer 3 19 % 5 % Customer 4 — % 17 % Customer 5 — % 11 % Geographic Concentration During the three months ended March 31, 2018 and 2017, regional revenue based on customer locations which each comprises greater than 10% of our total revenues, consist of the following : Three Months Ended March 31, 2018 March 31, 2017 United States 53 % 58 % Italy 15 % 12 % Singapore 12 % — % Korea 11 % — % Canada — % 22 % Foreign Operations The accompanying condensed consolidated financial statements as of March 31, 2018 and December 31, 2017 each include assets amounting to $2.7 million relating to operations of our subsidiary based in Switzerland. It is possible that unanticipated events in foreign countries could disrupt our operations. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The authoritative guidance with respect to fair value establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that we have the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities and exchange-based derivatives. Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange based derivatives, mutual funds, and fair-value hedges. Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models. Cash equivalents which includes money market funds are the only financial instrument measured and recorded at fair value on our consolidated balance sheet, and they are valued using Level 1 inputs. Assets measured at fair value on a recurring basis are as follows (in thousands): Total Level 1 Level 2 Level 3 March 31, 2018 (unaudited): Money market funds $ 4,176 $ 4,176 $ — $ — December 31, 2017: Money market funds $ 7,235 $ 7,235 $ — $ — |
Selected Balance Sheet Detail
Selected Balance Sheet Detail | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Selected Balance Sheet Detail | 5. Selected Balance Sheet Detail Inventories, net Inventories consist of the following (in thousands): March 31, December 31, 2018 2017 (unaudited) Raw materials $ 406 $ 485 Work in process 2,004 2,620 Finished goods 2,357 1,660 4,767 4,765 Allowance for excess and obsolete inventory (1,955 ) (2,065 ) Inventories, net $ 2,812 $ 2,700 Property and equipment Property and equipment consist of the following (in thousands): March 31, December 31, 2018 2017 (unaudited) Laboratory equipment $ 2,470 $ 2,450 Computer hardware and software 1,380 1,329 Leasehold improvements 298 298 Furniture, fixtures and equipment 46 46 4,194 4,123 Accumulated depreciation and amortization (2,936 ) (2,824 ) Property and equipment, net $ 1,258 $ 1,299 |
Equity Securities
Equity Securities | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Equity Securities | 6. Equity Securities Common Stock Issuable Non-employee members of the Board of Directors are paid for their services in common stock on June 1 of each year based on the average closing prices for the immediately preceding twenty trading days. As of March 31, 2018, we accrued $0.2 million for these services, which equates to 116,000 shares. These shares have not yet been issued and are excluded from weighted average common shares outstanding in the calculation of net loss per share since their effect would have been anti-dilutive. Potentially Dilutive Common Stock Equivalents As of March 31, 2018 and 2017, we excluded the potentially dilutive securities summarized below, which entitle the holders thereof to potentially acquire shares of common stock, from our calculations of net loss per share and weighted average common shares outstanding, as their effect would have been anti-dilutive (in thousands). March 31, 2018 2017 Common stock warrants issued to underwriter of initial public offering 802 802 Common stock warrants issued in connection with convertible debt — 1,038 Common stock warrants issued in connection with March 2017 rights offering 13,647 13,652 Common stock options 7,921 5,608 Common stock issuable 116 165 Restricted stock units 71 119 Employee stock purchase plan 229 208 Total 22,786 21,592 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2018 | |
Warrants | |
Warrants | 7. Warrants A summary of warrants activity for the three months ended March 31, 2018 is presented below (in thousands, except per share and contractual life data). Weighted Average Weighted Remaining Number of Average Contractual Shares Exercise Price Life (in Years) Warrants outstanding as of December 31, 2017 15,130 $ 2.15 3.90 Issued — Exercised (5 ) 1.47 Forfeited or expired (676 ) 5.00 Warrants outstanding as of March 31, 2018 14,449 $ 2.01 3.85 Warrants exercisable as of March 31, 2018 14,449 $ 2.01 3.85 The intrinsic value of warrants outstanding as of March 31, 2018 was $6.1 million. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation A summary of stock option activity under our 2011 Equity Incentive Plan (“2011 Plan”) for the three months ended March 31, 2018 is presented below (in thousands, except per share and contractual life data). Weighted Average Weighted Remaining Number of Average Contractual Shares Exercise Price Life (in Years) Options outstanding as of December 31, 2017 5,675 $ 4.87 7.40 Granted 2,339 $ 2.00 Exercised (5 ) $ 1.73 Forfeited or expired (88 ) $ 4.31 Options outstanding as of March 31, 2018 7,921 $ 4.03 7.61 Options exercisable as of March 31, 2018 2,766 $ 6.25 5.42 The estimated aggregate intrinsic value of stock options exercisable as of March 31, 2018 was $33,000. As of March 31, 2018, there was $5.9 million of total unrecognized compensation cost related to outstanding stock options that will be recognized over a weighted average period of 3.0 years. During the three months ended March 31, 2018, we granted stock options to purchase 2,339,372 shares of common stock to certain employees and a contractor. The options are exercisable for a period of ten years from the date of grant at prices ranging from $1.80 to $2.06 per share, which was the fair value of our common stock on the respective grant dates. The options generally vest over a period of four years. The fair value of these options, calculated using the Black-Scholes option-pricing model, was determined to be $2.3 million ($0.85 to $1.00 per share) using the following assumptions: expected term of 5.5 to 6.1 years, volatility of 48.0%, risk-free interest rate of 2.32% to 2.74%, and expected dividend rate of 0%. During the three months ended March 31, 2018, we recorded $0.2 million of stock-based compensation expense related to modifications of 558,022 options for an employee who resigned and became a consultant. The following table summarizes restricted stock unit (“RSU”) activity for the three months ended March 31, 2018 (in thousands, except per share data): Number Weighted Outstanding as of December 31, 2017 83 $ 12.43 Awarded — — Vested (12 ) — Forfeited/canceled — — Outstanding as of March 31, 2018 71 $ 12.43 As of March 31, 2018, there was $0.8 million of total unrecognized compensation cost related to the outstanding RSUs that will be recognized over a weighted average period of 1.4 years. Stock-based compensation expense recognized for stock-based awards granted under the 2011 Plan and the ESPP in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 is as follows (in thousands): Three Months Ended March 31, 2018 March 31, 2017 Cost of sales $ 65 $ 82 Research and development 103 57 Clinical and regulatory 92 49 Selling and marketing 123 94 General and administrative 902 699 Total $ 1,285 $ 981 |
Litigation, Claims and Assessme
Litigation, Claims and Assessments | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Claims and Assessments | 9. Litigation, Claims and Assessments Twenty-two oppositions have been filed by third-parties in the European Patent Office each challenging the validity of a European patent owned or exclusively licensed by us. The outcome of the challenges is not certain, however, if successful, they may affect our ability to block competitors from utilizing some of its patented technology in Europe. We do not believe a successful challenge will have a material effect on our ability to manufacture and sell our products, or otherwise have a material effect on our operations. We are party to litigation arising in the ordinary course of business. It is our opinion that the outcome of such matters will not have a material effect on our results of operations. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | 10. Subsequent Event We entered into a stock purchase agreement on May 3, 2018 with entities beneficially owned by Gregg Williams for the purchase of 6,756,757 shares of common stock priced at $1.48 per share, the last reported sale price of the common stock on that date. Gregg Williams is Chairman of the Board of Directors of Second Sight. This placement of common stock yielded gross proceeds of approximately $10 million. No warrants or discounts were provided and no placement agent or investment banking fees were incurred in connection with this transaction. The shares issuable to the purchasers under the Securities Purchase Agreement will be issued pursuant to an exemption from registration under Rule 506 of Regulation D, which is promulgated under the Securities Act of 1933. We relied on this exemption from registration based in part on representations made by the purchasers. On April 25, 2018, we entered into a Confidential Separation Agreement and General Release (the “Separation Agreement”) with Dr. Robert J. Greenberg, a former executive and director of the Company. Pursuant to the terms of the Separation Agreement, the Company agreed to pay Dr. Greenberg as severance a gross amount of $0.4 million and with respect to options previously granted to Dr. Greenberg which were vested and outstanding as of April 3, 2018, the date on which Dr. Greenberg resigned his positions with us, to extend the exercise period until, the earlier of (i) ten years from the applicable option grant date or (ii) October 3, 2019. |
Basis of Presentation, Signif18
Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and following the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In our opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial position and our results of operations and cash flows for periods presented. Certain prior year amounts have been reclassified to conform to the current year presentation. These statements do not include all disclosures required by GAAP and should be read in conjunction with our financial statements and accompanying notes for the fiscal year ended December 31, 2017, contained in our Annual Report on Form 10-K filed with the SEC on March 20, 2018. The results of the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. |
Significant Accounting Policies | Significant Accounting Policies Our significant accounting policies are set forth in Note 2 of the financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). Revenue from product sales and supplies is generally recorded when we ship the product and title has passed to the customer, provided that we have evidence of a customer arrangement and can conclude that collection is probable. The prices at which we sell our products are fixed and determinable at the time we accept a customer’s order and we generally have no ongoing obligations related to product sales, except for normal warranty. We recognize revenue from sales to stocking distributors when there is no right of return and generally have no ongoing obligations related to product sales. We recognize revenue when a material reversal is no longer probable. Conditions that preclude us from recognizing revenue generally involve new sites with no reimbursement or reimbursement history, and depends on third-party behavior beyond our control, uncertain payment cycles over an extended period of time, and our limited historical experience with these arrangements. We classify as selling and marketing expense the cost of no charge units and units provided in connection with market development activities whereby we invoice for units but revenue is not recognized due to the probability of material reversal. When revenue is recognized as material reversal is no longer probable, the cost associated with the units is reclassified from selling and marketing expense to the cost of sales. Management does not believe that any other recently issued, but not yet effective, accounting standards, if adopted, will have a material effect on the financial statements. |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Schedule of revenues, accounts receivable & geographic concentration | During the three months ended March 31, 2018 and 2017, the following table shows our revenues by service type: Three Months Ended March 31, 2018 2017 Direct Customers $ 659 $ 1,009 Distributors 317 — $ 976 $ 1,009 During the three months ended March 31, 2018 and 2017, the following customers each comprises greater than 10% of our total revenues : Three Months Ended March 31, 2018 March 31, 2017 Customer 1 22 % 13 % Customer 2 15 % 12 % Customer 3 14 % — % Customer 4 12 % — % Customer 5 11 % 9 % Customer 6 11 % — % Customer 7 — % 21 % Customer 8 — % 14 % Customer 9 — % 14 % As of March 31, 2018 and December 31, 2017, the following customers each comprises greater than 10% of our total accounts receivable: March 31, 2018 December 31, 2017 (unaudited) Customer 1 59 % 16 % Customer 2 22 % 8 % Customer 3 19 % 5 % Customer 4 — % 17 % Customer 5 — % 11 % Geographic Concentration During the three months ended March 31, 2018 and 2017, regional revenue based on customer locations which each comprises greater than 10% of our total revenues, consist of the following : Three Months Ended March 31, 2018 March 31, 2017 United States 53 % 58 % Italy 15 % 12 % Singapore 12 % — % Korea 11 % — % Canada — % 22 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of fair value measurements | Assets measured at fair value on a recurring basis are as follows (in thousands): Total Level 1 Level 2 Level 3 March 31, 2018 (unaudited): Money market funds $ 4,176 $ 4,176 $ — $ — December 31, 2017: Money market funds $ 7,235 $ 7,235 $ — $ — |
Selected Balance Sheet Detail (
Selected Balance Sheet Detail (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventories | Inventories consist of the following (in thousands): March 31, December 31, 2018 2017 (unaudited) Raw materials $ 406 $ 485 Work in process 2,004 2,620 Finished goods 2,357 1,660 4,767 4,765 Allowance for excess and obsolete inventory (1,955 ) (2,065 ) Inventories, net $ 2,812 $ 2,700 |
Schedule of property and equipment | Property and equipment consist of the following (in thousands): March 31, December 31, 2018 2017 (unaudited) Laboratory equipment $ 2,470 $ 2,450 Computer hardware and software 1,380 1,329 Leasehold improvements 298 298 Furniture, fixtures and equipment 46 46 4,194 4,123 Accumulated depreciation and amortization (2,936 ) (2,824 ) Property and equipment, net $ 1,258 $ 1,299 |
Equity Securities (Tables)
Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of anti-dilutive securities | As of March 31, 2018 and 2017, we excluded the potentially dilutive securities summarized below, which entitle the holders thereof to potentially acquire shares of common stock, from our calculations of net loss per share and weighted average common shares outstanding, as their effect would have been anti-dilutive (in thousands). March 31, 2018 2017 Common stock warrants issued to underwriter of initial public offering 802 802 Common stock warrants issued in connection with convertible debt — 1,038 Common stock warrants issued in connection with March 2017 rights offering 13,647 13,652 Common stock options 7,921 5,608 Common stock issuable 116 165 Restricted stock units 71 119 Employee stock purchase plan 229 208 Total 22,786 21,592 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Warrants | |
Schedule of warrant activity | A summary of warrants activity for the three months ended March 31, 2018 is presented below (in thousands, except per share and contractual life data). Weighted Average Weighted Remaining Number of Average Contractual Shares Exercise Price Life (in Years) Warrants outstanding as of December 31, 2017 15,130 $ 2.15 3.90 Issued — Exercised (5 ) 1.47 Forfeited or expired (676 ) 5.00 Warrants outstanding as of March 31, 2018 14,449 $ 2.01 3.85 Warrants exercisable as of March 31, 2018 14,449 $ 2.01 3.85 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | A summary of stock option activity under our 2011 Equity Incentive Plan (“2011 Plan”) for the three months ended March 31, 2018 is presented below (in thousands, except per share and contractual life data). Weighted Average Weighted Remaining Number of Average Contractual Shares Exercise Price Life (in Years) Options outstanding as of December 31, 2017 5,675 $ 4.87 7.40 Granted 2,339 $ 2.00 Exercised (5 ) $ 1.73 Forfeited or expired (88 ) $ 4.31 Options outstanding as of March 31, 2018 7,921 $ 4.03 7.61 Options exercisable as of March 31, 2018 2,766 $ 6.25 5.42 |
Schedule of restricted stock unit (RSU) activity | The following table summarizes restricted stock unit (“RSU”) activity for the three months ended March 31, 2018 (in thousands, except per share data): Number Weighted Outstanding as of December 31, 2017 83 $ 12.43 Awarded — — Vested (12 ) — Forfeited/canceled — — Outstanding as of March 31, 2018 71 $ 12.43 |
Schedule of stock-based compensation | Stock-based compensation expense recognized for stock-based awards granted under the 2011 Plan and the ESPP in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 is as follows (in thousands): Three Months Ended March 31, 2018 March 31, 2017 Cost of sales $ 65 $ 82 Research and development 103 57 Clinical and regulatory 92 49 Selling and marketing 123 94 General and administrative 902 699 Total $ 1,285 $ 981 |
Organization and Business Ope25
Organization and Business Operations (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2007 | |
Subsidiary, Sale of Stock [Line Items] | |||||||||
Net sales | $ 976 | $ 1,009 | |||||||
Argus II Product [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Net sales | $ 1,000 | $ 8,000 | $ 4,000 | ||||||
Right Offering [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Proceeds from issuance of common stock | $ 19,700 | $ 19,500 | |||||||
Second Sight (Switzerland) Sarl [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Ownership percentage by parent | 100.00% | 99.50% | |||||||
Second Sight (Switzerland) Sarl [Member] | Executive Officer [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Ownership percentage by noncontrolling interest | 0.50% | ||||||||
At Market Issuance Sales Agreement [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Proceeds from issuance of common stock | $ 5,100 |
Concentration of Risk (Details)
Concentration of Risk (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Customer Concentration | 97600.00% | 100900.00% |
Direct Customers [Member] | ||
Customer Concentration | 65900.00% | 31700.00% |
Distributors [Member] | ||
Customer Concentration | 100900.00% |
Concentration of Risk (Details
Concentration of Risk (Details 1) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Customer Concentration | 97600.00% | 100900.00% |
Sales Revenue, Net [Member] | Customer 1 [Member] | ||
Customer Concentration | 22.00% | 13.00% |
Sales Revenue, Net [Member] | Customer 2 [Member] | ||
Customer Concentration | 15.00% | 12.00% |
Sales Revenue, Net [Member] | Customer 3 [Member] | ||
Customer Concentration | 14.00% | |
Sales Revenue, Net [Member] | Customer 4 [Member] | ||
Customer Concentration | 12.00% | |
Sales Revenue, Net [Member] | Customer 5 [Member] | ||
Customer Concentration | 11.00% | 9.00% |
Sales Revenue, Net [Member] | Customer 6 [Member] | ||
Customer Concentration | 11.00% | |
Sales Revenue, Net [Member] | Customer 7 [Member] | ||
Customer Concentration | 21.00% | |
Sales Revenue, Net [Member] | Customer 8 [Member] | ||
Customer Concentration | 14.00% | |
Sales Revenue, Net [Member] | Customer 9 [Member] | ||
Customer Concentration | 14.00% |
Concentration of Risk (Detail28
Concentration of Risk (Details 2) | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Customer Concentration | 97600.00% | 100900.00% | |
Accounts Receivable [Member] | Customer 1 [Member] | |||
Customer Concentration | 59.00% | 16.00% | |
Accounts Receivable [Member] | Customer 2 [Member] | |||
Customer Concentration | 22.00% | 8.00% | |
Accounts Receivable [Member] | Customer 3 [Member] | |||
Customer Concentration | 19.00% | 5.00% | |
Accounts Receivable [Member] | Customer 4 [Member] | |||
Customer Concentration | 17.00% | ||
Accounts Receivable [Member] | Customer 5 [Member] | |||
Customer Concentration | 11.00% |
Concentration of Risk (Detail29
Concentration of Risk (Details 3) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Customer Concentration | 97600.00% | 100900.00% |
UNITED STATES | ||
Customer Concentration | 53.00% | 58.00% |
ITALY | ||
Customer Concentration | 15.00% | 12.00% |
SINGAPORE | ||
Customer Concentration | 12.00% | |
KOREA | ||
Customer Concentration | 11.00% | |
CANADA | ||
Customer Concentration | 22.00% |
Concentration of Risk (Detail30
Concentration of Risk (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | $ 10,407 | $ 14,497 |
Second Sight (Switzerland) Sarl [Member] | ||
Assets | $ 2,700 | $ 2,700 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Money Market Funds [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Money market funds | $ 4,176 | $ 7,235 |
Level 1 [Member] | ||
Money market funds | 4,176 | 7,235 |
Level 2 [Member] | ||
Money market funds | ||
Level 3 [Member] | ||
Money market funds |
Selected Balance Sheet Detail32
Selected Balance Sheet Detail (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 406 | $ 485 |
Work in process | 2,004 | 2,620 |
Finished goods | 2,357 | 1,660 |
Inventories, gross | 4,767 | 4,765 |
Allowance for excess and obsolete inventory | (1,955) | (2,065) |
Inventories, net | $ 2,812 | $ 2,700 |
Selected Balance Sheet Detail33
Selected Balance Sheet Detail (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,194 | $ 4,123 |
Accumulated depreciation and amortization | (2,936) | (2,824) |
Property and equipment, net | 1,258 | 1,299 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,470 | 2,450 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,380 | 1,329 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 298 | 298 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 46 | $ 46 |
Equity Securities (Details)
Equity Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Total anti-dilutive securities | 22,786 | 21,592 |
Underwriter's With Initial Public Offering [Member] | ||
Total anti-dilutive securities | 802 | 802 |
Warrants Associated With Convertible Debt [Member] | ||
Total anti-dilutive securities | 1,038 | |
Warrants Associated With Rights Offering [Member] | ||
Total anti-dilutive securities | 13,647 | 13,652 |
Common Stock Options [Member] | ||
Total anti-dilutive securities | 7,921 | 5,608 |
Common Stock Issuable [Member] | ||
Total anti-dilutive securities | 116 | 165 |
Restricted Stock Units [Member] | ||
Total anti-dilutive securities | 71 | 119 |
Employee Stock Purchase Plan [Member] | ||
Total anti-dilutive securities | 229 | 208 |
Equity Securities (Details Narr
Equity Securities (Details Narrative) - Non-Employee [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)shares | |
Accrued services | $ | $ 200 |
Number of shares issued for services | shares | 116,000 |
Warrants (Details)
Warrants (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Class Of Warrant Or Right Number Of Shares [Roll Forward] | |
Warrants outstanding at beginning | shares | 15,130 |
Issued | shares | |
Exercised | shares | (5) |
Forfeited or expired | shares | (676) |
Warrants outstanding at end | shares | 14,449 |
Warrants exercisable at end | shares | 14,449 |
Class Of Warrant Or Right Weighted Average Exercise Price [Roll Forward] | |
Warrants outstanding at beginning | $ / shares | $ 2.15 |
Issued | $ / shares | |
Exercised | $ / shares | 1.47 |
Forfeited or expired | $ / shares | 5 |
Warrants outstanding at end | $ / shares | 2.01 |
Warrants exercisable at end | $ / shares | $ 2.01 |
Class Of Warrant Or Right Weighted Average Remaining Contractual Life [Roll Forward] | |
Warrants outstanding at beginning | 3 years 10 months 24 days |
Warrants outstanding at end | 3 years 10 months 6 days |
Warrants exercisable at end | 3 years 10 months 6 days |
Warrants (Details Narrative)
Warrants (Details Narrative) $ in Thousands | Mar. 31, 2018USD ($) |
Warrant [Member] | |
Intrinsic value of warrants outstanding | $ 6,100 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding at beginning | shares | 5,675,000 |
Granted | shares | 2,339,000 |
Exercised | shares | (5,000) |
Forfeited or expired | shares | (88,000) |
Options outstanding at ending | shares | 7,921,000 |
Options exercisable at ending | shares | 2,766,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options outstanding at beginning | $ / shares | $ 4.87 |
Granted | $ / shares | 2 |
Exercised | $ / shares | 1.73 |
Forfeited or expired | $ / shares | 4.31 |
Options outstanding at ending | $ / shares | 4.03 |
Options exercisable at ending | $ / shares | $ 6.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Life [Roll Forward] | |
Options outstanding at beginning | 7 years 4 months 24 days |
Options outstanding at ending | 7 years 7 months 10 days |
Options exercisable at ending | 5 years 5 months 1 day |
Stock-Based Compensation (Det39
Stock-Based Compensation (Details 1) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at beginning | shares | 83,000 |
Awarded | shares | |
Vested | shares | (12,000) |
Forfeited/canceled | shares | |
Outstanding at ending | shares | 71,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding at beginning | $ / shares | $ 12.43 |
Awarded | $ / shares | |
Vested | $ / shares | |
Forfeited/canceled | $ / shares | |
Outstanding at ending | $ / shares | $ 12.43 |
Stock-Based Compensation (Det40
Stock-Based Compensation (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Total | $ 1,285 | $ 981 |
Cost of Sales [Member] | ||
Total | 65 | 82 |
Research and Development [Member] | ||
Total | 103 | 57 |
Clinical And Regulatory [Member] | ||
Total | 92 | 49 |
Selling and Marketing [Member] | ||
Total | 123 | 94 |
General and Administrative [Member] | ||
Total | $ 902 | $ 699 |
Stock-Based Compensation (Det41
Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Exercise price (in dollars per share) | $ 1.73 | |
Number of options granted | 2,339,000 | |
Stock-based compensation | $ 1,285 | $ 981 |
Restricted Stock Units [Member] | ||
Period of recognized compensation cost | 1 year 4 months 24 days | |
Total non vested unrecognized compensation cost | $ 800 | |
2011 Equity Incentive Plan [Member] | ||
Aggregate exercisable intrinsic value | 33,000 | |
Total unrecognized compensation cost of options | $ 5,900 | |
Period of recognized compensation cost | 3 years | |
Consultant [Member] | ||
Number of options granted | 558,022 | |
Stock-based compensation | $ 200 | |
Certain Employees [Member] | ||
Number of options granted | 2,339,372 | |
Exercisable term | 10 years | |
Vesting period | 4 years | |
Fair value of options | $ 2,300 | |
Volatility rate | 48.00% | |
Expected dividend rate | 0.00% | |
Certain Employees [Member] | Minimum [Member] | ||
Exercise price (in dollars per share) | $ 1.80 | |
Share price (in dollars per share) | $ 0.85 | |
Expected terms | 5 years 6 months | |
Risk-free interest rate | 2.32% | |
Certain Employees [Member] | Maximum [Member] | ||
Exercise price (in dollars per share) | $ 2.06 | |
Share price (in dollars per share) | $ 1 | |
Expected terms | 6 years 1 month 6 days | |
Risk-free interest rate | 2.74% |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | May 03, 2018 | Apr. 25, 2018 |
Stock Purchase Agreement [Member] | Mr. Gregg Williams (Entities Beneficially Owned)[Member] | ||
Subsequent Event [Line Items] | ||
Number of shares issued | 6,756,757 | |
Share price (in dollars per share) | $ 1.48 | |
Number of shares issued,value | $ 10,000 | |
Confidential Separation Agreement and General Release [Member] | Dr. Robert J. Greenberg [Member] | ||
Subsequent Event [Line Items] | ||
Severance costs | $ 400 |