Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'XENT | ' |
Entity Registrant Name | 'Intersect ENT, Inc. | ' |
Entity Central Index Key | '0001271214 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 23,365,756 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $2,745 | $12,294 | [1] |
Accounts receivable, net | 4,513 | 4,200 | [1] |
Inventory | 2,768 | 2,197 | [1] |
Restricted cash | ' | 62 | [1] |
Prepaid expenses and other current assets | 552 | 449 | [1] |
Total current assets | 10,578 | 19,202 | [1] |
Property and equipment, net | 1,677 | 1,707 | [1] |
Other non-current assets | 2,230 | 126 | [1] |
Total assets | 14,485 | 21,035 | [1] |
Current liabilities: | ' | ' | |
Accounts payable | 2,659 | 1,451 | [1] |
Accrued compensation | 3,296 | 2,955 | [1] |
Equipment loans - current portion | 715 | 696 | [1] |
Convertible preferred stock warrant liability | 429 | 237 | [1] |
Other current liabilities | 942 | 745 | [1] |
Total current liabilities | 8,041 | 6,084 | [1] |
Equipment loans - non-current portion | 393 | 756 | [1] |
Deferred rent | ' | 52 | [1] |
Total liabilities | 8,434 | 6,892 | [1] |
Commitments and contingencies (note 13) | ' | ' | [1] |
Convertible preferred stock issuable in series, $0.001 par value; Authorized shares: 15,907 at December 31, 2013 and June 30, 2014; Issued and outstanding shares: 15,701 and 15,704 at December 31, 2013 and June 30, 2014, respectively | 90,789 | 90,760 | [1] |
Preferred stock, $0.001 par value; Authorized shares: none and 10,000 at December 31, 2013 and June 30, 2014; Issued and outstanding shares: none | ' | ' | [1] |
Common stock, $0.001 par value; Authorized shares: 150,000 at December 31, 2013 and June 30, 2014; Issued and outstanding shares: 1,761 and 1,872 at December 31, 2013 and June 30, 2014 | 2 | 2 | [1] |
Additional paid-in capital | 2,310 | 1,859 | [1] |
Note receivable from related party | ' | -219 | [1] |
Accumulated deficit | -87,050 | -78,259 | [1] |
Total stockholders' deficit | -84,738 | -76,617 | [1] |
Total liabilities, convertible preferred stock and stockholders' deficit | $14,485 | $21,035 | [1] |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, except Per Share data, unless otherwise specified | |||
Statement Of Financial Position [Abstract] | ' | ' | |
Convertible Preferred stock par value | $0.00 | $0.00 | [1] |
Convertible Preferres stock Shares Authorized | 15,907 | 15,907 | [1] |
Convertible Preferres stock Shares Issued | 15,704 | 15,701 | [1] |
Convertible Preferres stock Shares Outstanding | 15,704 | 15,701 | [1] |
Preferred stock par value | $0.00 | $0.00 | [1] |
Preferres stock Shares Authorized | 10,000 | 0 | [1] |
Preferres stock Shares Issued | 0 | 0 | [1] |
Preferres stock Shares Outstanding | 0 | 0 | [1] |
Common stock, par value | $0.00 | $0.00 | [1] |
Common stock, shares authorized | 150,000 | 150,000 | [1] |
Common stock, shares issued | 1,872 | 1,761 | [1] |
Common stock, shares outstanding | 1,872 | 1,761 | [1] |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Condensed_Statements_of_Operat
Condensed Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $8,565 | $3,936 | $16,062 | $6,680 |
Cost of sales | 2,320 | 2,202 | 4,680 | 4,151 |
Gross profit | 6,245 | 1,734 | 11,382 | 2,529 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 8,291 | 4,087 | 14,949 | 7,437 |
Research and development | 2,377 | 2,421 | 4,954 | 4,677 |
Total operating expenses | 10,668 | 6,508 | 19,903 | 12,114 |
Loss from operations | -4,423 | -4,774 | -8,521 | -9,585 |
Interest and other income | 65 | 1 | 66 | 83 |
Interest and other expense | -24 | -112 | -336 | -136 |
Net loss and comprehensive loss | ($4,382) | ($4,885) | ($8,791) | ($9,638) |
Net loss per share, basic and diluted | ($2.36) | ($3.69) | ($4.84) | ($8.15) |
Weighted average common shares used to compute net loss per share, basic and diluted | 1,860 | 1,323 | 1,817 | 1,182 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating activities: | ' | ' | |
Net loss | ($8,791) | ($9,638) | |
Adjustments to reconcile net loss to cash used in operating activities: | ' | ' | |
Depreciation and amortization | 281 | 246 | |
Stock-based compensation expense | 569 | 130 | |
Change in fair value of convertible preferred stock warrants | 221 | ' | |
Change in fair value | ' | 86 | |
Forgiveness of notes receivable from related party | 100 | 100 | |
Changes in operating assets and liabilities: | ' | ' | |
Accounts receivable, net | -313 | -1,051 | |
Inventory | -571 | -188 | |
Prepaid expenses and other current assets | -141 | 26 | |
Other non-current assets | -797 | -2 | |
Accounts payable | -103 | -104 | |
Accrued compensation | 341 | -158 | |
Other current liabilities and deferred rent | 150 | 110 | |
Net cash used in operating activities | -9,054 | -10,443 | |
Investing activities: | ' | ' | |
Purchases of property and equipment | -246 | -196 | |
Net cash used in investing activities | -246 | -196 | |
Financing activities: | ' | ' | |
Proceeds from issuance of common stock | 94 | 46 | |
Proceeds from capital lease financing | ' | 106 | |
Repayments related to equipment loans | -328 | -317 | |
Repayments related to capital lease financing | -15 | -5 | |
Proceeds from the exercise of Series A convertible preferred warrants | ' | 82 | |
Proceeds from issuance of Series D convertible preferred stock, net of issuance costs | ' | 20,715 | |
Net cash (used in) provided by financing activities | -249 | 20,627 | |
Net (decrease) increase in cash and cash equivalents | -9,549 | 9,988 | |
Cash and cash equivalents: | ' | ' | |
Beginning of the period | 12,294 | [1] | 2,060 |
End of the period | $2,745 | $12,048 | |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Organization
Organization | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Organization | ' | |
1 | Organization | |
Description of Business | ||
Intersect ENT, Inc. (the “Company”) is incorporated in the state of Delaware and its facilities are located in Menlo Park, California. The Company is a commercial stage drug-device company committed to improving the quality of life for patients with ear, nose and throat conditions. The Company’s sole commercial products are the PROPEL and PROPEL mini drug-eluting implants for patients undergoing sinus surgery to treat chronic sinusitis. The Company received approval from the U.S. Food and Drug Administration (“FDA”) for PROPEL in August 2011 and for PROPEL mini in November 2012. In the first half of 2013, the Company began scaling its U.S. direct commercial presence and currently markets its products only in the United States. | ||
Liquidity and Business Risks | ||
As of June 30, 2014, the Company had cash and cash equivalents of $2.7 million, and an accumulated deficit of $87.1 million. In July 2014 the Company completed its initial public offering (“IPO”) by issuing 5,750,000 shares of common stock at an offering price of $11.00 per share, for net proceeds of approximately $55.8 million, after deducting underwriting discounts and commissions and offering expenses. The Company has financed its operations with a combination of debt and equity financing arrangements. The Company expects its cash and cash equivalents, revenue and available debt financing arrangements, together with the net proceeds from the IPO, will be sufficient to fund its operations through at least the next twelve months. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies | |
Basis of Preparation | ||
The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). | ||
The interim financial data as of June 30, 2014, is unaudited and is not necessarily indicative of the results for a full year or any interim period. In the opinion of the Company’s management, the interim data includes only normal and recurring adjustments necessary for a fair statement of the Company’s financial results for the three and six months ended June 30, 2014. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. | ||
The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s final prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, relating to the Company’s final prospectus (No. 333-196974) (“Final Prospectus”), filed with the SEC on July 24, 2014. | ||
Certain amounts in the financial statements have been reclassified to conform to the current year presentation. | ||
1-for-4 Reverse Stock Split | ||
On July 10, 2014, the Board of Directors and stockholders approved, and on July 11, 2014, the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4 reverse stock split of common stock and all convertible preferred stock. The par value of the common and convertible preferred stock was not adjusted as a result of the reverse stock split. All issued and outstanding common stock, convertible preferred stock, warrants for preferred stock, and per share amounts contained in the financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. | ||
Initial Public Offering | ||
In July 2014, the Company completed its IPO by issuing 5,750,000 shares of common stock at an offering price of $11.00 per share, for net proceeds of approximately $55.8 million, after deducting underwriting discounts and commissions and offering expenses. In connection with the IPO, the Company’s outstanding shares of convertible preferred stock were automatically converted into 15,703,875 shares of common stock and warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for 53,357 shares of common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability of $0.4 million to additional paid-in capital. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its common stock valuation and related stock-based compensation, the valuations of the convertible preferred stock warrant liability, convertible preferred stock financing option, clinical trial accruals, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | ||
Significant Accounting Policies | ||
There have been no significant changes to the accounting policies during the three and six months ended June 30, 2014, as compared to the significant accounting policies described in Note 2 of the “Notes to Financial Statements” in the Company’s audited financial statements included in the Final Prospectus other than those listed below. | ||
Short-term Investments | ||
Short-term investments, available-for-sale, represent highly liquid debt instruments with maturities greater than 90 days at date of purchase. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of comprehensive income (loss) in stockholders’ equity until realized. The Company reviews its investment portfolio periodically to assess for other-than-temporary impairment. Should the Company determine that any unrealized losses on the investments are other-than-temporary, the amount of that impairment to be recognized in earnings will depend on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current period credit loss. The specific identification method is used to determine the cost of securities disposed of, with realized gains and losses reflected in interest and other income (expense) in the statement of operations | ||
Deferred Offering Costs | ||
Deferred offering costs, primarily consisting of legal, accounting and other direct fees and costs relating to the IPO, are capitalized. The deferred offering costs were offset against the IPO proceeds upon the closing of the offering in July 2014. As of June 30, 2014, there was $2.1 million in deferred offering costs capitalized in other non-current assets on the condensed balance sheet. There were no deferred offering costs capitalized as of December 31, 2013. | ||
Comprehensive Loss | ||
Comprehensive loss comprises net loss and other comprehensive income (loss). The Company has no components of other comprehensive income (loss). Therefore net loss equals comprehensive loss for all periods presented. | ||
Recent Accounting Pronouncements | ||
In June 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting of share-based payment awards and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for all entities for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. An entity may apply the amendments in ASU 2014-12 either (i) prospectively to all awards granted or modified after the effective date or (ii) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s financial condition or results of operations. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for all entities for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. |
Composition_of_Certain_Financi
Composition of Certain Financial Statement Items | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Composition of Certain Financial Statement Items | ' | ||||||||||||||||
3 | Composition of Certain Financial Statement Items | ||||||||||||||||
Inventory (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials | $ | 853 | $ | 472 | |||||||||||||
Work-in-process | 166 | 241 | |||||||||||||||
Finished goods | 1,749 | 1,484 | |||||||||||||||
$ | 2,768 | $ | 2,197 | ||||||||||||||
Property and Equipment (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Computer equipment and software | $ | 534 | $ | 398 | |||||||||||||
Furniture and office equipment | 255 | 252 | |||||||||||||||
Laboratory equipment | 2,370 | 2,262 | |||||||||||||||
Leasehold improvements | 128 | 124 | |||||||||||||||
3,287 | 3,036 | ||||||||||||||||
Less: accumulated depreciation and amortization | (1,610 | ) | (1,329 | ) | |||||||||||||
$ | 1,677 | $ | 1,707 | ||||||||||||||
Depreciation and leasehold improvements and capital lease amortization expenses was $0.2 million and $0.3 million during the three and six months ended June 30, 2014, respectively, and $0.1 million and $0.2 million during the three and six months ended June 30, 2013, respectively. Amortization for the office equipment purchased on a capital lease entered into in April 2013 was $5,000 and $11,000 during the three and six months ended June 30, 2014, respectively, and $5,000 during both of the three and six months ended June 30, 2013. | |||||||||||||||||
Prepaid Expenses and Other Current and Non-current Assets (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Prepaid expenses | $ | 552 | $ | 349 | |||||||||||||
Note receivable from related party | — | 100 | |||||||||||||||
Other | — | — | |||||||||||||||
Prepaid expenses and other current assets | $ | 552 | $ | 449 | |||||||||||||
As of December 31, 2013, other non-current assets consisted of two-thirds of the security deposit on the Company’s operating lease for its headquarters in Menlo Park, California of $0.1 million. As of June 30, 2014, other non-current assets consisted of deferred offering costs of $2.1 million and two-thirds of the security deposit on the Company’s operating lease for its headquarters of $0.1 million. | |||||||||||||||||
Other Current Liabilities (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Manufacturing expenses | $ | 324 | $ | 213 | |||||||||||||
Sales and use tax | 229 | 104 | |||||||||||||||
Deferred rent | 114 | 115 | |||||||||||||||
Deferred gross margin | 104 | 54 | |||||||||||||||
Facilities expenses | 75 | 104 | |||||||||||||||
Other | 96 | 155 | |||||||||||||||
$ | 942 | $ | 745 | ||||||||||||||
Interest and Other Income (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest income | $ | — | $ | 1 | $ | 1 | $ | 4 | |||||||||
Decrease in fair value of convertible preferred stock warrant | 65 | — | 65 | — | |||||||||||||
Other | — | — | — | 79 | |||||||||||||
$ | 65 | $ | 1 | $ | 66 | $ | 83 | ||||||||||
Interest and Other Expense (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest expense | $ | 24 | $ | 26 | $ | 50 | $ | 50 | |||||||||
Increase in fair value of convertible preferred stock warrant | — | — | 286 | — | |||||||||||||
Increase in fair value of convertible preferred stock financing option | — | 86 | — | 86 | |||||||||||||
$ | 24 | $ | 112 | $ | 336 | $ | 136 | ||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
4 | Fair Value of Financial Instruments | ||||||||||||||||
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, the convertible preferred stock warrant liability and the convertible preferred stock financing option. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | |||||||||||||||||
Level 1– | Observable inputs such as quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||
Level 2– | Include other inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. | ||||||||||||||||
Level 3– | Unobservable inputs that are supported by little or no market activities, which would require the Company to develop its own assumptions. | ||||||||||||||||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||||||
As of December 31, 2013 and June 30, 2014, cash equivalents were all categorized as Level 1 and primarily consisted of money market funds, and convertible preferred stock warrant liabilities and convertible preferred stock financing option were categorized as Level 3. | |||||||||||||||||
There were no transfers in and out of Level 1 and Level 2 fair value measurements during the year ended December 31, 2013, and the three and six months ended June 30, 2014. | |||||||||||||||||
Convertible Preferred Stock Warrants | |||||||||||||||||
The following table sets forth a summary of the changes in the estimated fair value of the Company’s convertible preferred stock warrants, which represents financial instruments with valuations classified as Level 3. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable inputs, observable inputs (that is, components that are actively quoted and can be validated to external sources). Accordingly, the expense in the table below includes changes in fair value due in part to observable factors that are part of the Level 3 methodology (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning of the period | $ | 494 | $ | 93 | $ | 237 | $ | 93 | |||||||||
Issued | — | — | — | — | |||||||||||||
Exercised | — | — | (29 | ) | — | ||||||||||||
Expired | — | — | — | — | |||||||||||||
Change in fair value | (65 | ) | — | 221 | — | ||||||||||||
End of the period | $ | 429 | $ | 93 | $ | 429 | $ | 93 | |||||||||
The fair value of the convertible preferred stock warrants was determined using the option pricing method or the probability weighted expected return method using the following assumptions: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected life (years) | 2 | 3 | 2 | 3 | |||||||||||||
Expected volatility | 47 | % | 58 | % | 46 | % | 58 | % | |||||||||
Risk-free interest rate | 0.4 | % | 0.4 | % | 0.5 | % | 0.4 | % | |||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Series D Convertible Preferred Stock Financing Option | |||||||||||||||||
The Series D convertible preferred stock contained a provision that obligated the investors to purchase additional shares (“convertible preferred stock financing option”) at the same price as the initial closing upon notification by the Company that it had achieved an annualized revenue rate of at least $16.0 million over a trailing three month period. This convertible preferred stock financing option to purchase Series D convertible preferred stock in the future tranche was considered to be a freestanding financial instrument for accounting purposes. Therefore, in February 2013, the Company recorded a financing liability of $0.9 million representing the fair value of this convertible preferred stock financing option at the time of issuance. In October 2013, shortly after achieving the annualized revenue rate, the Company issued the additional 1,369,008 shares of Series D convertible preferred stock to the investors for net proceeds of $9.4 million. Since the convertible preferred stock financing option expired in October 2013 as a result of the issuance of Series D convertible preferred stock, the carrying and fair value of the convertible preferred stock financing option of $1.1 million in October 2013 was reclassified from liability to Series D convertible preferred stock. The Company recorded total charges related to the change in fair value during the year ended December 31, 2013 of $0.2 million related to this financing option liability. | |||||||||||||||||
The following table sets forth a summary of the changes in the estimated fair value of the Company’s convertible preferred stock financing option, which represents financial instruments with valuations classified as Level 3 (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning of the period | $ | — | $ | 885 | $ | — | $ | — | |||||||||
Issued | — | — | — | 885 | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Expired | — | — | — | — | |||||||||||||
Change in fair value | — | 86 | — | 86 | |||||||||||||
End of the period | $ | — | $ | 971 | $ | — | $ | 971 | |||||||||
The fair value of the convertible preferred stock financing liability was determined using the present value methodology with the following assumptions which are categorized as Level 3: | |||||||||||||||||
February | June | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Total consideration per share | $ | 1.72 | $ | 1.72 | |||||||||||||
Additional investment per share | 1.72 | 1.72 | |||||||||||||||
Discount rate | 20 | % | 20 | % | |||||||||||||
Probability of achievement | 95 | % | 95 | % | |||||||||||||
Years until milestone achieved | 0.5 | 0.6 | |||||||||||||||
Notes_Receivable_from_Related_
Notes Receivable from Related Parties | 6 Months Ended | |
Jun. 30, 2014 | ||
Receivables [Abstract] | ' | |
Notes Receivable from Related Parties | ' | |
5 | Notes Receivable from Related Parties | |
In April 2013, options held by the President and Chief Executive Officer, Ms. Earnhardt, a related party, were modified to permit exercise with promissory notes of up to $0.5 million. The promissory notes were issued in May 2013 for $0.5 million. Under the terms of the notes, one quarter of the principal and interest was to be forgiven on each anniversary date of the note as long as Ms. Earnhardt remained the Company’s Chief Executive Officer. In addition, the entire principal and interest of the notes was to be forgiven on the earlier of an initial public offering or the closing of a liquidation event (as defined in the certificate of incorporation) where total proceeds payable to the Company or its stockholders is greater than $200.0 million. The Company had the option to accelerate the maturity date if, at the Company’s reasonable discretion, such acceleration may be necessary due to any applicable law, rule or regulation, including, without limitation, the Sarbanes-Oxley Act of 2002. The entire principal amount and all accrued and unpaid interest of the loan was forgiven in full in June 2014.The full recourse promissory notes were secured by a pledge of the exercised shares. | ||
In January 2007, the Company loaned amounts to its Chief Operation Officer, Mr. Kaufman, a related party in connection with the commencement of Mr. Kaufman’s employment with the Company. The loan was evidenced by a promissory note for $0.3 million. The note bore interest at the applicable federal rate and interest was determined in accordance with Section 7872 of the Internal Revenue Code and had been reflected as income to the employee. Pursuant to the terms of the promissory note, provided Mr. Kaufman remained a continuous, full-time employee of the Company, repayment of the notes was to begin after the third year of employment when 50% of Mr. Kaufman’s annual bonus would have been applied to the loan balance until the loan was paid in full. The note matures and become immediately due and payable within 30 days following the date on which Mr. Kaufman ceases, voluntarily or involuntarily, to be employed by the Company. No payment was received in the year ended December 31, 2011, since the Company did not pay an annual bonus in that year. In February 2011, the Company agreed to forgive Mr. Kaufman’s loan over three years, provided Mr. Kaufman remained employed by the Company, with $0.1 million forgiven in January 2012, $0.1 million in January 2013 and $0.1 million in January 2014. The notes were secured by any stock and options Mr. Kaufman held in the Company. The note receivable balance outstanding at December 31, 2013 was $0.1 million. Mr. Kaufman’s note was fully forgiven in January 2014. |
Loan_and_Security_Agreement
Loan and Security Agreement | 6 Months Ended | |
Jun. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Loan and Security Agreement | ' | |
6 | Loan and Security Agreement | |
In August 2013, the Company entered into a loan and security agreement (“Loan Agreement”) with Silicon Valley Bank (“SVB”) for a total commitment of $12.0 million. The commitment consists of an $8.0 million growth capital facility and a $4.0 million revolving accounts receivable line of credit. | ||
The $8.0 million growth capital facility consists of two $4.0 million tranches. The first $4.0 million tranche was available immediately upon execution of the Loan Agreement and will continue to be available until October 31, 2014. The second $4.0 million tranche was contingent upon the Company achieving a trailing three-month revenue of at least $7.0 million. The Company achieved that condition as of January 31, 2014, and therefore the second tranche will be available until March 31, 2015. Payment under both tranches will be interest-only until March 31, 2015, at which time the outstanding balance will convert to a 30-month fully amortizing loan. The interest rate will be fixed at the time of advance and will be the greater of 3.65% or the three-year U.S. Treasury note plus 3%. At the end of the amortization period, the Company will make a final payment of 3.9% of the advanced amounts. There is a prepayment penalty of 2% of the prepaid principal during the first year, 1% during the second year and no prepayment penalty during the third year. | ||
In addition, the Company issued a warrant to SVB to purchase up to 20,313 shares of the Company’s Series D convertible preferred stock for an aggregate exercise price of 0.5% of the total growth capital facility commitment, or $40,000. As of June 30, 2014, this warrant was exercisable for 5,803 shares of the Company’s Series D convertible preferred stock at an exercise price of $6.89 per share as of December 31, 2013, and June 30, 2014. Following any draw-downs under the growth capital facility, the warrant will become exercisable for additional shares of Series D convertible preferred stock equal to 1.25% of the advanced amounts under tranche one and two divided by $6.89. The initial value of the warrants issued was $10,000 and has been recognized as convertible preferred stock warrant liability and interest expense. In connection with the IPO, the warrants to purchase convertible preferred stock were converted to warrants to purchase common stock and any additional warrants that become exercisable under the terms of the Loan Agreement will be exercisable for common stock. | ||
The $4.0 million revolving accounts receivable line of credit will expire in August 2016. Advances will be made for up to 80% of eligible accounts receivable. An annual loan fee of 0.75% will be paid at the beginning of each of the three years. The interest will be the greater of 4.25% or SVB Prime Rate plus 0.25%. | ||
As of June 30, 2014, the Company had not received any advances under the Loan Agreement. |
Equipment_Loans
Equipment Loans | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Equipment Loans | ' | ||||||||
7 | Equipment Loans | ||||||||
In September 2012, the Company entered into an equipment loan with an aggregate principal amount of $2.0 million, all of which was drawn down in December 2012. Payments were made in monthly installments over a 36-month period with an annual interest rate of 5.1%. A total of $14,000 and $30,000 was recorded as interest expense during the three and six months ended June 30, 2014, respectively, and $22,000 and $46,000 during the three and six months ended June 30, 2013, respectively. The amounts outstanding under this loan at December 31, 2013 and June 30, 2014, were $1.4 million and $1.0 million, respectively. In August 2014, the amount outstanding under this equipment loan was repaid. | |||||||||
In April 2013, the Company entered into a capital lease for a principal amount of $0.1 million. Payments will be made in monthly installments over a 38-month period with an interest rate of 14.88%. A total of $3,000 and $6,000 was recorded as interest expense during the three and six months ended June 30, 2014, respectively, and $4,000 during both of the three and six months ended June 30, 2013. The amounts outstanding under this loan at December 31, 2013 and June 30, 2014, were $87,000 and $72,000, respectively. | |||||||||
At December 31, 2013 and June 30, 2014, future minimum payments under these equipment loans are as follows (in thousands): | |||||||||
Year Ending December 31, | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
2014 (remaining) | $ | 380 | $ | 761 | |||||
2015 | 761 | 761 | |||||||
2016 | 21 | 21 | |||||||
Thereafter | — | — | |||||||
Total minimum payments | 1,162 | 1,543 | |||||||
Less: amount representing interest | (54 | ) | (91 | ) | |||||
Present value of future payments | 1,108 | 1,452 | |||||||
Less: current portion | (715 | ) | (696 | ) | |||||
Non-current portion | $ | 393 | $ | 756 |
Convertible_Preferred_Stock_Wa
Convertible Preferred Stock Warrant Liability | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Convertible Preferred Stock Warrant Liability | ' | ||||||||||||||||||||||||||||||||
8 | Convertible Preferred Stock Warrant Liability | ||||||||||||||||||||||||||||||||
As of December 31, 2013 and June 30, 2014, the following warrants to purchase shares of convertible preferred stock were outstanding and exercisable (in thousands, except share and per share data): | |||||||||||||||||||||||||||||||||
Exercise | Shares Outstanding at | Fair Value at | |||||||||||||||||||||||||||||||
Dates | Price | June 30, | December 31, | Initial | June 30, | December 31, | |||||||||||||||||||||||||||
Issuance | Expiration | In Connection With | Series | 2014 | 2013 | Value | 2014 | 2013 | |||||||||||||||||||||||||
Mar-07 | Mar 2014 | Equipment loan | A | $ | 3.68 | — | 4,076 | $ | 4 | $ | — | $ | 17 | ||||||||||||||||||||
Nov 2007 | Nov 2017 | Venture loan | A | $ | 3.68 | 47,554 | 47,554 | 63 | 394 | 200 | |||||||||||||||||||||||
Aug-13 | Aug-23 | Loan Agreement | D | $ | 6.89 | 5,803 | 5,803 | 10 | 35 | 20 | |||||||||||||||||||||||
53,357 | 57,433 | $ | 429 | $ | 237 | ||||||||||||||||||||||||||||
During the six months ended June 30, 2014, warrants to purchase 4,076 shares of Series A convertible preferred stock were exercised though a cashless exercise provision. Net shares of 2,431 were issued and the remaining 1,645 shares were withheld for the exercise price. During the six months ended June 30, 2013, warrants to purchase 22,418 shares of Series A convertible preferred stock were exercised at a price of $3.68 per share. | |||||||||||||||||||||||||||||||||
In connection with the execution of the Loan Agreement, warrants were issued to purchase the Company’s Series D convertible preferred stock. The warrants were initially exercisable for 5,803 shares of Series D convertible preferred stock at an exercise price of $6.89 per share. Alternatively, the bank has the option to exercise the warrants to purchase shares of the class of equity sold to investors in a future round of equity financing with proceeds of at least $5.0 million. The exercise price would be the price paid by the lead investor in the new financing and the number of shares exercisable would be based on an aggregate exercise price of $40,000, representing 0.5% of the total growth capital facility. This represented a warrant for 5,803 shares at an exercise price of $6.89 per share as of December 31, 2013, and June 30, 2014. The warrants expire in August 2023 or upon the occurrence of an acquisition of the Company in exchange for cash or marketable securities. Following any draw-downs under the growth capital facility, the warrant would become exercisable for additional shares of Series D convertible preferred stock equal to 1.25% of the advanced amounts under tranche one and two divided by $6.89. | |||||||||||||||||||||||||||||||||
In connection with the IPO, the warrants for convertible preferred stock were converted to warrants for common stock and any additional warrants that become exercisable under the terms of the Loan Agreement will be for common stock. |
Convertible_Preferred_Stock
Convertible Preferred Stock | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Convertible Preferred Stock | ' | ||||||||||||||||||||||||
9 | Convertible Preferred Stock | ||||||||||||||||||||||||
A summary of the Company’s convertible preferred stock is as follows: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Series | Shares | Shares | Carrying | Shares | Shares | Carrying | |||||||||||||||||||
Authorized | Issued and | Value (in | Authorized | Issued and | Value (in | ||||||||||||||||||||
Outstanding | thousands) | Outstanding | thousands) | ||||||||||||||||||||||
A | 2,796,259 | 2,747,050 | $ | 10,016 | 2,796,259 | 2,744,619 | $ | 9,987 | |||||||||||||||||
B | 3,249,662 | 3,249,657 | 19,894 | 3,249,662 | 3,249,657 | 19,894 | |||||||||||||||||||
C | 5,311,401 | 5,311,395 | 30,521 | 5,311,401 | 5,311,395 | 30,521 | |||||||||||||||||||
D | 4,550,000 | 4,395,773 | 30,358 | 4,550,000 | 4,395,773 | 30,358 | |||||||||||||||||||
15,907,322 | 15,703,875 | $ | 90,789 | 15,907,322 | 15,701,444 | $ | 90,760 | ||||||||||||||||||
Series | D Convertible Preferred Stock | ||||||||||||||||||||||||
In February 2013, the Company completed the initial closing of the Series D convertible preferred stock financings. The total net cash proceeds from this initial closing totaled $18.2 million and 2,656,636 shares of Series D convertible preferred stock were issued. In March 2013, the Company completed an additional closing of the Series D convertible preferred stock financings. The total net cash proceeds from this additional closing totaled $2.5 million and 370,129 shares of Series D convertible preferred stock were issued. The March 2013 closing included 72,548 shares purchased by certain employees of the Company for $0.5 million. | |||||||||||||||||||||||||
The Series D convertible preferred stock financing contained a provision that obligated the investors to purchase additional shares (“convertible preferred stock financing option”) at the same price as the initial closing upon notification by the Company that it had achieved an annualized revenue rate of at least $16.0 million over a trailing three-month period. This convertible preferred stock financing option to purchase Series D convertible preferred stock in the future tranche was considered to be a freestanding financial instrument for accounting purposes. Therefore, in February 2013, the Company recorded a financing liability of $0.9 million representing the fair value of this convertible preferred stock financing option at the time of issuance. In October 2013, shortly after achieving the annualized revenue rate, the Company issued the additional 1,369,008 shares of Series D convertible preferred stock to the investors for net proceeds of $9.4 million. Since the convertible preferred stock financing option expired in October 2013 as a result of the issuance of Series D convertible preferred stock, the carrying and fair value of the convertible preferred stock financing option of $1.1 million in October 2013 was reclassified from liability to Series D convertible preferred stock. The Company recorded total charges related to the change in fair value during the year ended December 31, 2013 of $0.2 million related to this financing option liability. |
Stockholders_Equity
Stockholder's Equity | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholder's Equity | ' | ||||||||
10 | Stockholder’s Equity | ||||||||
2013 Equity Incentive Plan | |||||||||
Under the 2013 Equity Incentive Plan (the “2013 Plan”) approved by the Company’s Board of Directors in September 2013, 574,817 shares of common stock have been reserved for the issuance of incentive stock options (“ISOs”), non-statutory stock options (“NSOs”), stock bonuses and rights to acquire restricted stock to employees, officers, directors and consultants of the Company as of June 30, 2014. In June 2014, the Company authorized an additional 149,088 shares. ISOs and NSOs may be granted with exercise prices at no less than 100% and 85%, respectively, of the fair value of the common stock on the date of grant. Options granted to a 10% stockholder shall be at no less than 110% of the fair value and ISO stock option grants to such 10% stockholders expire five years from the date of grant. ISOs granted under the 2013 Plan generally vest 25% after the completion of 12 months of service and the balance vests in equal monthly installments over the next 36 months of service and expire 10 years from the grant date, unless subject to provisions regarding 10% stockholders. NSOs vest per the specific agreement and expire 10 years from the date of grant. There were 10,000 options issued with 100% of the shares vested as of the date of grant during the three and six months ended June 30, 2014 and no options issued with 100% of the shares vested as of the date of grant during the three and six months ended June 30, 2013. New shares are issued upon exercise of options under the stock plan. | |||||||||
The 2013 Plan is the successor to the 2003 Equity Incentive Plan (“2003 Plan”) which expired in September 2013. Options available for grant under the 2003 Plan of 425,729 were incorporated into the 2013 Plan. Options outstanding under the 2003 Plan will be returned to the 2013 Plan upon forfeiture. | |||||||||
A summary of the Company’s stock option activity and related information is as follows (options in thousands): | |||||||||
Six Months Ended | |||||||||
June 30, | |||||||||
2014 | |||||||||
Options | Price | ||||||||
Outstanding, beginning of period | 1,928 | $ | 1.08 | ||||||
Granted | 466 | 10.03 | |||||||
Exercised | (111 | ) | 0.84 | ||||||
Forfeited | (59 | ) | 1.12 | ||||||
Expired | — | — | |||||||
Outstanding, end of period | 2,224 | 2.96 | |||||||
Vested and expected to vest | 2,023 | 2.93 | |||||||
Exercisable | 1,492 | 2.29 | |||||||
As of December 31, 2013 and June 30, 2014, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $4.2 million and $13.2 million, respectively, and options outstanding were $6.1 million and $18.2 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $0.9 million and $0.2 million during the six months ended June 30, 2014 and 2013, respectively. The aggregate pre-tax intrinsic value was calculated as the difference between the exercise prices of the underlying options and the fair market value of the common stock on the date of exercise. The total cash received upon the exercise of options was $0.1 million and $0.5 million during the six months ended June 30, 2014 and 2013, respectively. | |||||||||
Early Exercise of Stock Options | |||||||||
Stock options granted under the Plan may provide option holders the right to elect to exercise unvested options in exchange for restricted common stock. During the year ended December 31, 2013, employees exercised options with 69,037 unvested shares. As of December 31, 2013 and June 30, 2014, 53,796 and 41,145 shares, respectively, remained subject to a repurchase right held by the Company at the original issuance price in the event the optionees’ service is voluntarily or involuntarily terminated. As of December 31, 2013 and June 30, 2014, the related liability was $31,000 and $24,000, respectively. |
StockBased_Compensation_Expens
Stock-Based Compensation Expense | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||||
11 | Stock-Based Compensation Expense | ||||||||||||||||
Total stock-based compensation expense recognized, before taxes, during the three and six months ended June 30, 2014 and 2013, are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 13 | $ | 5 | $ | 22 | $ | 8 | |||||||||
Sales and marketing | 93 | 22 | 138 | 33 | |||||||||||||
General and administrative | 243 | 38 | 342 | 52 | |||||||||||||
Research and development | 38 | 27 | 67 | 37 | |||||||||||||
$ | 387 | $ | 92 | $ | 569 | $ | 130 | ||||||||||
The amount of unearned stock-based compensation currently estimated to be expensed from now through the year 2018 related to unvested employee stock-based payment awards as of December 31, 2013 and June 30, 2014 is $1.5 million and $3.0 million, respectively. The weighted average period over which the unearned stock-based compensation is expected to be recognized as of December 31, 2013 and June 30, 2014, is 3.2 years and 3.6 years, respectively. If there are any modifications or cancellations of the underlying unvested securities, the Company may be required to accelerate, increase or cancel any remaining unearned stock-based compensation expense. Future stock-based compensation expense and unearned stock-based compensation will increase to the extent that the Company grants additional share-based payments. | |||||||||||||||||
The Company estimates the fair value of stock-based compensation on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model determines the fair value of stock-based payment awards based on the fair market value of the Company’s common stock on the date of grant and is affected by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the fair value of the Company’s common stock, volatility over the expected term of the awards and actual and projected employee stock option exercise behaviors. The Company has opted to use the “simplified method” for estimating the expected term of options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company generally selected companies with comparable characteristics to it, including enterprise value, stages of clinical development, risk profiles, position within the industry and with historical share price information sufficient to meet the expected life of the stock-based awards. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the share-based payments. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. The risk-free rate assumption is based on the U.S. Treasury instruments with maturities similar to the expected term of the Company’s stock options. The expected dividend assumption is based on the Company’s history of not paying dividends and its expectation that it will not declare dividends for the foreseeable future. | |||||||||||||||||
As stock-based compensation expense recognized in the financial statements is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. Forfeitures are estimated based on estimated future employee turnover and historical experience. | |||||||||||||||||
The fair value of the options granted to employees or directors during the three and six months ended June 30, 2014 and 2013, was estimated as of the grant date using the Black-Scholes model assuming the weighted average assumptions listed in the following table: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected life (years) | 6 | 6 | 6 | 6 | |||||||||||||
Expected volatility | 58 | % | 67 | % | 59 | % | 67 | % | |||||||||
Risk-free interest rate | 2 | % | 1.5 | % | 2 | % | 1.5 | % | |||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Expected forfeitures | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||
Weighted average fair value | $ | 6.16 | $ | 0.73 | $ | 5.6 | $ | 0.73 | |||||||||
Option Modification | |||||||||||||||||
In April 2013, options held by the President and Chief Executive Officer, Ms. Earnhardt, a related party, were modified to permit exercise with promissory notes of up to $0.5 million. Under the terms of the notes, one quarter of the principal and interest was to be forgiven on each anniversary date of the note as long as Ms. Earnhardt remains the Company’s Chief Executive Officer. In addition, the entire principal and interest of the notes was to be forgiven on the earlier of an initial public offering or the closing of a liquidation event (as defined in the certificate of incorporation) in each case where total proceeds payable to the Company or its stockholders is greater than $200.0 million. The Company had the option to accelerate the maturity date if, at the Company’s reasonable discretion, such acceleration may be necessary due to any applicable law, rule or regulation, including, without limitation, the Sarbanes-Oxley Act of 2002. The economic effect of the modification was equivalent to converting options to purchase 0.6 million shares to a grant of restricted stock with four-year vesting and a contingent vesting acceleration provision. The incremental cost of the modification was $0.3 million, of which $19,000 and $31,000 was recognized during three and six months ended June 30, 2014, respectively, and $8,000 was recognized during both the three and six months ended June 30, 2013. | |||||||||||||||||
The entire principal amount and all accrued and unpaid interest of the loan was forgiven in full in June 2014. In connection with the forgiveness of the note, the unamortized modification cost relating to the vested options of $0.2 million was immediately recognized. The remaining unamortized modification cost of $0.1 million will be amortized over the remaining vesting period. | |||||||||||||||||
Performance-Based Options | |||||||||||||||||
Options issued in February 2011, included grants to certain employees totaling 289,253 shares that contained vesting conditions contingent on the achievement of certain milestones. Assuming continued service by the employee, the vesting would begin on the date both milestones were achieved and vest monthly thereafter over the following four years. The Company determined that it was probable that both milestones would be achieved and therefore began recording stock-based compensation expense related to these options in the year ended December 31, 2011. The milestones were achieved by the year ended December 31, 2013, and therefore began vesting accordingly. Stock-based compensation expense totaling $4,000 and $10,000 was recorded during the three and six months ended June 30, 2014, respectively, and $7,000 and $15,000 during the three and six months ended June 30, 2013, respectively. | |||||||||||||||||
Options issued in April 2013, included grants to certain employees totaling 363,000 shares that contained vesting conditions contingent on the achievement of certain milestones. Assuming continued service by the employee, the vesting would begin on the date both milestones were achieved and vest monthly over the following four years. The Company determined it was probable that both milestones would be achieved and therefore began recording stock-based compensation expense related to these options in the year ended December 31, 2013. The milestones were achieved by the year ended December 31, 2013, and therefore began vesting accordingly. Stock-based compensation expense totaling $22,000 and $50,000 were recorded during the three and six months ended June 30, 2014, respectively, and $22,000 during both the three and six months ended June 30, 2013, respectively. | |||||||||||||||||
Options Issued to Consultants | |||||||||||||||||
In September 2013, non-statutory options were issued to non-employees to purchase 5,000 shares of common stock for current and future services at weighted-average exercise prices of $1.20 per share, respectively. There were no options issued to non-employees during the three and six months ended June 30, 2014. The options were valued using the Black-Scholes model based on the following weighted average assumptions: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected life (years) | 9 | 9 | 9 | 9 | |||||||||||||
Expected volatility | 58 | % | 66 | % | 63 | % | 66 | % | |||||||||
Risk-free interest rate | 2.6 | % | 2.3 | % | 2.7 | % | 2.1 | % | |||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
The fair value of these options is expensed over the vesting period, which ranges from five months to three years. Stock-based compensation expense was $13,000 and $30,000 during the three and six months ended June 30, 2014, respectively, and $1,000 and $3,000 during the three and six months ended June 30, 2013, respectively, related to consultants was charged to expense in the statements of operations. | |||||||||||||||||
Net_Loss_per_Share
Net Loss per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Loss per Share | ' | ||||||||||||||||
12 | Net Loss per Share | ||||||||||||||||
Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods as all potentially dilutive shares consisting of convertible preferred stock, stock options and warrants were antidilutive in those periods. | |||||||||||||||||
The Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. The shares of the Company’s convertible preferred stock participate in any dividends declared by the Company and are therefore considered to be participating securities. | |||||||||||||||||
Net loss per share was determined as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss | $ | (4,382 | ) | $ | (4,885 | ) | $ | (8,791 | ) | $ | (9,638 | ) | |||||
Weighted average common stock outstanding | 1,860 | 1,323 | 1,817 | 1,182 | |||||||||||||
Net loss per share, basic and diluted | $ | (2.36 | ) | $ | (3.69 | ) | $ | (4.84 | ) | $ | (8.15 | ) | |||||
The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding because such securities have an antidilutive impact due to losses reported, in common stock equivalent shares (in thousands): | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Convertible preferred stock outstanding | 15,704 | 14,332 | |||||||||||||||
Convertible preferred stock warrants | 53 | 51 | |||||||||||||||
Common stock options | 2,224 | 1,862 | |||||||||||||||
17,981 | 16,245 | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
13 | Commitments and Contingencies | ||||||||
Contingencies | |||||||||
In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. | |||||||||
Indemnification | |||||||||
The Company’s amended and restated certificate of incorporation contains provisions limiting the liability of directors, and its amended and restated bylaws provide that the Company will indemnify each of its directors to the fullest extent permitted under Delaware law. The Company’s amended and restated certificate of incorporation and amended and restated bylaws also provide its board of directors with discretion to indemnify its officers and employees when determined appropriate by the board. In addition, the Company has entered and expects to continue to enter into agreements to indemnify its directors and executive officers. | |||||||||
Litigation | |||||||||
The Company is not currently a party to any material legal proceedings. The Company may at times be involved in litigation and other legal claims in the ordinary course of business. When appropriate in the Company’s estimation, it may record reserves in its financial statements for pending litigation and other claims. | |||||||||
Building Lease | |||||||||
As of December 31, 2013 and June 30, 2014, the Company has one leased facility under an operating lease agreement. Rental payments on operating leases are charged to expense on a straight-line basis over the period of the lease. The Company entered into this 36-month lease in March 2012, effective June 1, 2012, for a facility with larger production and office space. The lease agreement requires the Company to pay executory costs such as real estate taxes, insurance and repairs, and includes a renewal provision allowing the Company to extend this lease for an additional three years at 95% of the then-current fair market rental rate. | |||||||||
Future minimum annual operating lease payments are as follows (in thousands): | |||||||||
June 30, | December 31, | ||||||||
Year Ending December 31, | 2014 | 2013 | |||||||
2014(remaining) | $ | 468 | $ | 928 | |||||
2015 | 390 | 390 | |||||||
Thereafter | — | — | |||||||
858 | 1,318 | ||||||||
Rent expense was $0.3 million and $0.6 million during the three and six months ended June 30, 2014, respectively, and $0.5 million and $0.8 million during the three and six months ended June 30, 2013, respectively. | |||||||||
Purchase Commitments | |||||||||
The Company had commitments to suppliers for purchases totaling $0.5 million and $0.8 million as of December 31, 2013 and June 30, 2014, respectively. |
Related_Parties
Related Parties | 6 Months Ended | |
Jun. 30, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Parties | ' | |
14 | Related Parties | |
In April 2013, options held by the President and Chief Executive Officer, Ms. Earnhardt, a related party, were modified to permit exercise with promissory notes of up to $0.5 million. The promissory notes were issued in May 2013 for $0.5 million. Under the terms of the notes, one quarter of the principal and interest was to be forgiven on each anniversary date of the note as long as Ms. Earnhardt remains the Company’s Chief Executive Officer. In addition, the entire principal and interest of the notes was to be forgiven on the earlier of an initial public offering or the closing of a liquidation event (as defined in the certificate of incorporation) in each case where total proceeds payable to the Company or its stockholders is greater than $200.0 million. The Company had the option to accelerate the maturity date if, at the Company’s reasonable discretion, such acceleration may be necessary due to any applicable law, rule or regulation, including, without limitation, the Sarbanes-Oxley Act of 2002. The entire principal amount and all accrued and unpaid interest of the loan was forgiven in full in June 2014. The full recourse promissory notes were secured by a pledge of the exercised shares. | ||
In January 2007, the Company loaned amounts to its Chief Operation Officer, Mr. Kaufman, a related party in connection with the commencement of Mr. Kaufman’s employment with the Company. The loan was evidenced by a promissory note for $0.3 million. The note bore interest at the applicable federal rate and interest was determined in accordance with Section 7872 of the Internal Revenue Code and had been reflected as income to the employee. Pursuant to the terms of the promissory note, provided Mr. Kaufman remained a continuous, full-time employee of the Company, repayment of the notes was to begin after the third year of employment when 50% of Mr. Kaufman’s annual bonus would have been applied to the loan balance until the loan was paid in full. The note matures and becomes immediately due and payable within 30 days following the date on which Mr. Kaufman ceases, voluntarily or involuntarily, to be employed by the Company. No payment was received in the year ended December 31, 2011, since the Company did not pay an annual bonus in that year. In February 2011, the Company agreed to forgive Mr. Kaufman’s loan over three years, provided Mr. Kaufman remained employed by the Company, with $0.1 million forgiven in January 2012, $0.1 million in January 2013 and $0.1 million in January 2014. The notes are secured by any stock and options Mr. Kaufman holds in the Company. The note receivable balance outstanding at December 31, 2013 was $0.1 million. Mr. Kaufman’s note was fully forgiven in January 2014. | ||
In March 2009, the Company purchased three sinus irrigation tool patents from Medilyfe Inc., a Canadian corporation. A member of the Company’s Medical Advisory Board holds an executive-level position with Medilyfe Inc. The agreement called for a $40,000 payment upon execution of the agreement and an additional $35,000 upon the first anniversary of the agreement’s effective date in addition to the issuance of a warrant to purchase 47,350 shares of the Company’s common stock at $1.00 per share. | ||
The warrant vested fully upon grant and will expire April 7, 2019. The value of the warrant was $30,000 determined using the Black-Scholes model. The cost of the patents is included in research and development expense, since substantial research and development efforts were required at the time of the payment of these amounts and there was no alternative future use of the technology rights. A $35,000 cash payment was made in 2012, since one additional patent claim was allowed by the U.S. Patent Office. The Company recorded $35,000 in research and development expense related to this agreement for the year ended December 31, 2012. An additional $80,000 cash payment will be due upon the first achievement of net sales of products incorporating this technology exceeding $1.0 million in a given calendar year. Such additional payment was not owed as of December 31, 2013 or June 30, 2014, since this technology is unrelated to the Company’s current activities. |
Subsequent_Events
Subsequent Events | 6 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
15 | Subsequent Events | |
Initial Public Offering | ||
In July 2014, the Company completed its IPO by issuing 5,750,000 shares of common stock, including 750,000 pursuant to the full exercise by the underwriters of their option to purchase these shares, at an offering price of $11.00 per share, for net proceeds of approximately $55.8 million, after deducting underwriting discounts and commissions of approximately $4.5 million and offering expenses of approximately $3.0 million. In connection with the IPO, the Company’s outstanding shares of convertible preferred stock were automatically converted into 15,703,875 shares of common stock and warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for 53,357 shares of common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability of $0.4 million to additional paid-in capital. | ||
1-for-4 reverse stock split | ||
On July 11, 2014, the Board of Directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4 reverse stock split of common stock and all convertible preferred stock. The par value of the common and convertible preferred stock was not adjusted as a result of the reverse stock split. All issued and outstanding common stock, convertible preferred stock, warrants for preferred stock, and per share amounts contained in the financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. | ||
2014 Equity Incentive Plan | ||
In July 2014, the Company’s board of directors approved the 2014 Equity Incentive Plan (“2014 Plan”). The 2014 Plan became effective on the effective date of the IPO, at which time the Company ceased making awards under the 2013 Plan. Under the 2014 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and certain other awards to individuals who are employees, officers, directors or consultants of the Company. A total of 4,750,000 shares of common stock were initially reserved for issuance under the 2014 Plan. The number of shares of common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year, beginning on January 1, 2015, and continuing through and including January 1, 2024, by 3% of the total number of shares of our capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s board of directors. The maximum number of shares that may be issued upon the exercise of ISOs under the 2014 Plan is 10.0 million. | ||
2014 Employee Stock Purchase Plan | ||
In July 2014, the Company’s board of directors approved the 2014 Employee Stock Purchase Plan (“2014 ESPP”). The 2014 ESPP became effective on the effective date of the IPO. A total of 496,092 shares were initially reserved for issuance under the 2014 ESPP. Additionally, the number of shares of common stock reserved for issuance under the 2014 ESPP will increase automatically each year, beginning on January 1, 2015, and continuing through and including January 1, 2024, by the lesser of (1) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year; or (2) such lesser number as determined by the Company’s board of directors. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Preparation | ' | ||
Basis of Preparation | |||
The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). | |||
The interim financial data as of June 30, 2014, is unaudited and is not necessarily indicative of the results for a full year or any interim period. In the opinion of the Company’s management, the interim data includes only normal and recurring adjustments necessary for a fair statement of the Company’s financial results for the three and six months ended June 30, 2014. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. | |||
The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s final prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, relating to the Company’s final prospectus (No. 333-196974) (“Final Prospectus”), filed with the SEC on July 24, 2014. | |||
Financial Statements Reclassification | ' | ||
Certain amounts in the financial statements have been reclassified to conform to the current year presentation. | |||
1-for-4 Reverse Stock Split | |||
On July 10, 2014, the Board of Directors and stockholders approved, and on July 11, 2014, the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4 reverse stock split of common stock and all convertible preferred stock. The par value of the common and convertible preferred stock was not adjusted as a result of the reverse stock split. All issued and outstanding common stock, convertible preferred stock, warrants for preferred stock, and per share amounts contained in the financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its common stock valuation and related stock-based compensation, the valuations of the convertible preferred stock warrant liability, convertible preferred stock financing option, clinical trial accruals, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | |||
Significant Accounting Policies | ' | ||
Significant Accounting Policies | |||
There have been no significant changes to the accounting policies during the three and six months ended June 30, 2014, as compared to the significant accounting policies described in Note 2 of the “Notes to Financial Statements” in the Company’s audited financial statements included in the Final Prospectus other than those listed below. | |||
Short-term Investments | ' | ||
Short-term Investments | |||
Short-term investments, available-for-sale, represent highly liquid debt instruments with maturities greater than 90 days at date of purchase. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of comprehensive income (loss) in stockholders’ equity until realized. The Company reviews its investment portfolio periodically to assess for other-than-temporary impairment. Should the Company determine that any unrealized losses on the investments are other-than-temporary, the amount of that impairment to be recognized in earnings will depend on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current period credit loss. The specific identification method is used to determine the cost of securities disposed of, with realized gains and losses reflected in interest and other income (expense) in the statement of operations | |||
Deferred Offering Costs | ' | ||
Deferred Offering Costs | |||
Deferred offering costs, primarily consisting of legal, accounting and other direct fees and costs relating to the IPO, are capitalized. The deferred offering costs were offset against the IPO proceeds upon the closing of the offering in July 2014. As of June 30, 2014, there was $2.1 million in deferred offering costs capitalized in other non-current assets on the condensed balance sheet. There were no deferred offering costs capitalized as of December 31, 2013. | |||
Comprehensive Loss | ' | ||
Comprehensive Loss | |||
Comprehensive loss comprises net loss and other comprehensive income (loss). The Company has no components of other comprehensive income (loss). Therefore net loss equals comprehensive loss for all periods presented. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
In June 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting of share-based payment awards and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for all entities for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. An entity may apply the amendments in ASU 2014-12 either (i) prospectively to all awards granted or modified after the effective date or (ii) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s financial condition or results of operations. | |||
In May 2014, the FASB, issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for all entities for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, the convertible preferred stock warrant liability and the convertible preferred stock financing option. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | |||
Level 1– | Observable inputs such as quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||
Level 2– | Include other inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. | ||
Level 3– | Unobservable inputs that are supported by little or no market activities, which would require the Company to develop its own assumptions. | ||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||
As of December 31, 2013 and June 30, 2014, cash equivalents were all categorized as Level 1 and primarily consisted of money market funds, and convertible preferred stock warrant liabilities and convertible preferred stock financing option were categorized as Level 3. | |||
There were no transfers in and out of Level 1 and Level 2 fair value measurements during the year ended December 31, 2013, and the three and six months ended June 30, 2014. | |||
Convertible Preferred Stock Warrants | ' | ||
Convertible Preferred Stock Warrants | |||
The following table sets forth a summary of the changes in the estimated fair value of the Company’s convertible preferred stock warrants, which represents financial instruments with valuations classified as Level 3. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable inputs, observable inputs (that is, components that are actively quoted and can be validated to external sources). | |||
Series D Convertible Preferred Stock Financing Option | ' | ||
Series D Convertible Preferred Stock Financing Option | |||
The Series D convertible preferred stock contained a provision that obligated the investors to purchase additional shares (“convertible preferred stock financing option”) at the same price as the initial closing upon notification by the Company that it had achieved an annualized revenue rate of at least $16.0 million over a trailing three month period. This convertible preferred stock financing option to purchase Series D convertible preferred stock in the future tranche was considered to be a freestanding financial instrument for accounting purposes. Therefore, in February 2013, the Company recorded a financing liability of $0.9 million representing the fair value of this convertible preferred stock financing option at the time of issuance. In October 2013, shortly after achieving the annualized revenue rate, the Company issued the additional 1,369,008 shares of Series D convertible preferred stock to the investors for net proceeds of $9.4 million. Since the convertible preferred stock financing option expired in October 2013 as a result of the issuance of Series D convertible preferred stock, the carrying and fair value of the convertible preferred stock financing option of $1.1 million in October 2013 was reclassified from liability to Series D convertible preferred stock. The Company recorded total charges related to the change in fair value during the year ended December 31, 2013 of $0.2 million related to this financing option liability. |
Composition_of_Certain_Financi1
Composition of Certain Financial Statement Items (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Components of Inventory | ' | ||||||||||||||||
Inventory (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials | $ | 853 | $ | 472 | |||||||||||||
Work-in-process | 166 | 241 | |||||||||||||||
Finished goods | 1,749 | 1,484 | |||||||||||||||
$ | 2,768 | $ | 2,197 | ||||||||||||||
Property and Equipment | ' | ||||||||||||||||
Property and Equipment (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Computer equipment and software | $ | 534 | $ | 398 | |||||||||||||
Furniture and office equipment | 255 | 252 | |||||||||||||||
Laboratory equipment | 2,370 | 2,262 | |||||||||||||||
Leasehold improvements | 128 | 124 | |||||||||||||||
3,287 | 3,036 | ||||||||||||||||
Less: accumulated depreciation and amortization | (1,610 | ) | (1,329 | ) | |||||||||||||
$ | 1,677 | $ | 1,707 | ||||||||||||||
Prepaid Expenses and Other Current and Non-current Assets | ' | ||||||||||||||||
Prepaid Expenses and Other Current and Non-current Assets (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Prepaid expenses | $ | 552 | $ | 349 | |||||||||||||
Note receivable from related party | — | 100 | |||||||||||||||
Other | — | — | |||||||||||||||
Prepaid expenses and other current assets | $ | 552 | $ | 449 | |||||||||||||
Other Current Liabilities | ' | ||||||||||||||||
Other Current Liabilities (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Manufacturing expenses | $ | 324 | $ | 213 | |||||||||||||
Sales and use tax | 229 | 104 | |||||||||||||||
Deferred rent | 114 | 115 | |||||||||||||||
Deferred gross margin | 104 | 54 | |||||||||||||||
Facilities expenses | 75 | 104 | |||||||||||||||
Other | 96 | 155 | |||||||||||||||
$ | 942 | $ | 745 | ||||||||||||||
Interest and Other Income | ' | ||||||||||||||||
Interest and Other Income (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest income | $ | — | $ | 1 | $ | 1 | $ | 4 | |||||||||
Decrease in fair value of convertible preferred stock warrant | 65 | — | 65 | — | |||||||||||||
Other | — | — | — | 79 | |||||||||||||
$ | 65 | $ | 1 | $ | 66 | $ | 83 | ||||||||||
Interest and Other Expense | ' | ||||||||||||||||
Interest and Other Expense (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest expense | $ | 24 | $ | 26 | $ | 50 | $ | 50 | |||||||||
Increase in fair value of convertible preferred stock warrant | — | — | 286 | — | |||||||||||||
Increase in fair value of convertible preferred stock financing option | — | 86 | — | 86 | |||||||||||||
$ | 24 | $ | 112 | $ | 336 | $ | 136 | ||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Convertible Preferred Stock Warrants [Member] | ' | ||||||||||||||||
Schedule of Changes in Estimated Fair Value using Valuations Classified as Level 3 | ' | ||||||||||||||||
The following table sets forth a summary of the changes in the estimated fair value of the Company’s convertible preferred stock warrants, which represents financial instruments with valuations classified as Level 3. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable inputs, observable inputs (that is, components that are actively quoted and can be validated to external sources). Accordingly, the expense in the table below includes changes in fair value due in part to observable factors that are part of the Level 3 methodology (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning of the period | $ | 494 | $ | 93 | $ | 237 | $ | 93 | |||||||||
Issued | — | — | — | — | |||||||||||||
Exercised | — | — | (29 | ) | — | ||||||||||||
Expired | — | — | — | — | |||||||||||||
Change in fair value | (65 | ) | — | 221 | — | ||||||||||||
End of the period | $ | 429 | $ | 93 | $ | 429 | $ | 93 | |||||||||
Schedule of Fair Value Assumptions and Methodology | ' | ||||||||||||||||
The fair value of the convertible preferred stock warrants was determined using the option pricing method or the probability weighted expected return method using the following assumptions: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected life (years) | 2 | 3 | 2 | 3 | |||||||||||||
Expected volatility | 47 | % | 58 | % | 46 | % | 58 | % | |||||||||
Risk-free interest rate | 0.4 | % | 0.4 | % | 0.5 | % | 0.4 | % | |||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Series D Convertible Preferred Stock Financing Option [Member] | ' | ||||||||||||||||
Schedule of Changes in Estimated Fair Value using Valuations Classified as Level 3 | ' | ||||||||||||||||
The following table sets forth a summary of the changes in the estimated fair value of the Company’s convertible preferred stock financing option, which represents financial instruments with valuations classified as Level 3 (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning of the period | $ | — | $ | 885 | $ | — | $ | — | |||||||||
Issued | — | — | — | 885 | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Expired | — | — | — | — | |||||||||||||
Change in fair value | — | 86 | — | 86 | |||||||||||||
End of the period | $ | — | $ | 971 | $ | — | $ | 971 | |||||||||
Schedule of Fair Value Assumptions and Methodology | ' | ||||||||||||||||
The fair value of the convertible preferred stock financing liability was determined using the present value methodology with the following assumptions which are categorized as Level 3: | |||||||||||||||||
February | June | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Total consideration per share | $ | 1.72 | $ | 1.72 | |||||||||||||
Additional investment per share | 1.72 | 1.72 | |||||||||||||||
Discount rate | 20 | % | 20 | % | |||||||||||||
Probability of achievement | 95 | % | 95 | % | |||||||||||||
Years until milestone achieved | 0.5 | 0.6 |
Equipment_Loans_Tables
Equipment Loans (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Future Minimum Payments under Equipment Loans | ' | ||||||||
At December 31, 2013 and June 30, 2014, future minimum payments under these equipment loans are as follows (in thousands): | |||||||||
Year Ending December 31, | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
2014 (remaining) | $ | 380 | $ | 761 | |||||
2015 | 761 | 761 | |||||||
2016 | 21 | 21 | |||||||
Thereafter | — | — | |||||||
Total minimum payments | 1,162 | 1,543 | |||||||
Less: amount representing interest | (54 | ) | (91 | ) | |||||
Present value of future payments | 1,108 | 1,452 | |||||||
Less: current portion | (715 | ) | (696 | ) | |||||
Non-current portion | $ | 393 | $ | 756 | |||||
Convertible_Preferred_Stock_Wa1
Convertible Preferred Stock Warrant Liability (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Warrants to Purchase Shares of Convertible Preferred Stock Outstanding and Exercisable | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013 and June 30, 2014, the following warrants to purchase shares of convertible preferred stock were outstanding and exercisable (in thousands, except share and per share data): | |||||||||||||||||||||||||||||||||
Exercise | Shares Outstanding at | Fair Value at | |||||||||||||||||||||||||||||||
Dates | Price | June 30, | December 31, | Initial | June 30, | December 31, | |||||||||||||||||||||||||||
Issuance | Expiration | In Connection With | Series | 2014 | 2013 | Value | 2014 | 2013 | |||||||||||||||||||||||||
Mar-07 | Mar 2014 | Equipment loan | A | $ | 3.68 | — | 4,076 | $ | 4 | $ | — | $ | 17 | ||||||||||||||||||||
Nov 2007 | Nov 2017 | Venture loan | A | $ | 3.68 | 47,554 | 47,554 | 63 | 394 | 200 | |||||||||||||||||||||||
Aug-13 | Aug-23 | Loan Agreement | D | $ | 6.89 | 5,803 | 5,803 | 10 | 35 | 20 | |||||||||||||||||||||||
53,357 | 57,433 | $ | 429 | $ | 237 | ||||||||||||||||||||||||||||
Convertible_Preferred_Stock_Ta
Convertible Preferred Stock (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Convertible Preferred Stock | ' | ||||||||||||||||||||||||
A summary of the Company’s convertible preferred stock is as follows: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Series | Shares | Shares | Carrying | Shares | Shares | Carrying | |||||||||||||||||||
Authorized | Issued and | Value (in | Authorized | Issued and | Value (in | ||||||||||||||||||||
Outstanding | thousands) | Outstanding | thousands) | ||||||||||||||||||||||
A | 2,796,259 | 2,747,050 | $ | 10,016 | 2,796,259 | 2,744,619 | $ | 9,987 | |||||||||||||||||
B | 3,249,662 | 3,249,657 | 19,894 | 3,249,662 | 3,249,657 | 19,894 | |||||||||||||||||||
C | 5,311,401 | 5,311,395 | 30,521 | 5,311,401 | 5,311,395 | 30,521 | |||||||||||||||||||
D | 4,550,000 | 4,395,773 | 30,358 | 4,550,000 | 4,395,773 | 30,358 | |||||||||||||||||||
15,907,322 | 15,703,875 | $ | 90,789 | 15,907,322 | 15,701,444 | $ | 90,760 | ||||||||||||||||||
Stockholders_Equity_Tables
Stockholder's Equity (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Summary of Stock Option Activity | ' | ||||||||
A summary of the Company’s stock option activity and related information is as follows (options in thousands): | |||||||||
Six Months Ended | |||||||||
June 30, | |||||||||
2014 | |||||||||
Options | Price | ||||||||
Outstanding, beginning of period | 1,928 | $ | 1.08 | ||||||
Granted | 466 | 10.03 | |||||||
Exercised | (111 | ) | 0.84 | ||||||
Forfeited | (59 | ) | 1.12 | ||||||
Expired | — | — | |||||||
Outstanding, end of period | 2,224 | 2.96 | |||||||
Vested and expected to vest | 2,023 | 2.93 | |||||||
Exercisable | 1,492 | 2.29 | |||||||
StockBased_Compensation_Expens1
Stock-Based Compensation Expense (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Stock Based Comepnsation Recognized Before Taxes | ' | ||||||||||||||||
Total stock-based compensation expense recognized, before taxes, during the three and six months ended June 30, 2014 and 2013, are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of sales | $ | 13 | $ | 5 | $ | 22 | $ | 8 | |||||||||
Sales and marketing | 93 | 22 | 138 | 33 | |||||||||||||
General and administrative | 243 | 38 | 342 | 52 | |||||||||||||
Research and development | 38 | 27 | 67 | 37 | |||||||||||||
$ | 387 | $ | 92 | $ | 569 | $ | 130 | ||||||||||
Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model | ' | ||||||||||||||||
The fair value of the options granted to employees or directors during the three and six months ended June 30, 2014 and 2013, was estimated as of the grant date using the Black-Scholes model assuming the weighted average assumptions listed in the following table: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected life (years) | 6 | 6 | 6 | 6 | |||||||||||||
Expected volatility | 58 | % | 67 | % | 59 | % | 67 | % | |||||||||
Risk-free interest rate | 2 | % | 1.5 | % | 2 | % | 1.5 | % | |||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Expected forfeitures | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||
Weighted average fair value | $ | 6.16 | $ | 0.73 | $ | 5.6 | $ | 0.73 | |||||||||
Consultants [Member] | ' | ||||||||||||||||
Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model | ' | ||||||||||||||||
The options were valued using the Black-Scholes model based on the following weighted average assumptions: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected life (years) | 9 | 9 | 9 | 9 | |||||||||||||
Expected volatility | 58 | % | 66 | % | 63 | % | 66 | % | |||||||||
Risk-free interest rate | 2.6 | % | 2.3 | % | 2.7 | % | 2.1 | % | |||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % |
Net_Loss_per_Share_Tables
Net Loss per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Net loss Per Share | ' | ||||||||||||||||
Net loss per share was determined as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net loss | $ | (4,382 | ) | $ | (4,885 | ) | $ | (8,791 | ) | $ | (9,638 | ) | |||||
Weighted average common stock outstanding | 1,860 | 1,323 | 1,817 | 1,182 | |||||||||||||
Net loss per share, basic and diluted | $ | (2.36 | ) | $ | (3.69 | ) | $ | (4.84 | ) | $ | (8.15 | ) | |||||
Schedule of Potentially Dilutive Securities Outstanding Excluded from the Computations of Diluted Weighted Average Shares Outstanding | ' | ||||||||||||||||
The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding because such securities have an antidilutive impact due to losses reported, in common stock equivalent shares (in thousands): | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Convertible preferred stock outstanding | 15,704 | 14,332 | |||||||||||||||
Convertible preferred stock warrants | 53 | 51 | |||||||||||||||
Common stock options | 2,224 | 1,862 | |||||||||||||||
17,981 | 16,245 | ||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Summary of Future Minimum Annual Operating Lease Payments | ' | ||||||||
Future minimum annual operating lease payments are as follows (in thousands): | |||||||||
June 30, | December 31, | ||||||||
Year Ending December 31, | 2014 | 2013 | |||||||
2014(remaining) | $ | 468 | $ | 928 | |||||
2015 | 390 | 390 | |||||||
Thereafter | — | — | |||||||
858 | 1,318 | ||||||||
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | |
Cash and cash equivalents | $2,745 | $12,294 | [1] | $12,048 | $2,060 |
Accumulated deficit | $87,050 | $78,259 | [1] | ' | ' |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Organization_Additional_Inform1
Organization - Additional Information 1 (Detail) (Subsequent Event [Member], Common Stock [Member], Initial Public Offering [Member], USD $) | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 24, 2014 | Jul. 23, 2014 | Jul. 31, 2014 | Jul. 24, 2014 | Jul. 23, 2014 |
Subsequent Event [Member] | Common Stock [Member] | Initial Public Offering [Member] | ' | ' | ' | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock issued during period, shares | 5,750,000 | 5,750,000 | 5,750,000 | ' | ' | ' |
Common stock issued during period, price per share | ' | ' | ' | $11 | $11 | $11 |
Net proceeds from initial public offering | $55.80 | $55.80 | $55.80 | ' | ' | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information 1 (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 11, 2014 | Jun. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | Jul. 24, 2014 | Jul. 23, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | Jul. 24, 2014 | Jul. 23, 2014 |
In Millions, except Share data, unless otherwise specified | Subsequent Event [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split | ' | ' | ' | '1-for-4 reverse stock split | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split, ratio | ' | ' | 0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued during period, shares | ' | ' | ' | ' | ' | 5,750,000 | 5,750,000 | 5,750,000 | ' | ' | ' | ' |
Common stock issued during period, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11 | $11 | $11 |
Net proceeds from initial public offering | ' | ' | ' | ' | ' | $55.80 | $55.80 | $55.80 | ' | ' | ' | ' |
Convertible preferred stock converted into shares of common stock | ' | ' | ' | ' | 15,703,875 | ' | 15,703,875 | ' | ' | ' | ' | ' |
Warrants exercisable for common stock shares | 53,357 | 57,433 | ' | ' | ' | ' | ' | ' | 53,357 | ' | 53,357 | ' |
Warrant liability to additional paid-in capital | ' | ' | ' | ' | $0.40 | ' | $0.40 | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Deferred offering costs capitalized | $2.10 | $0 |
Recovered_Sheet1
Composition Of Certain Financial Statement Items - Components of Inventory (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | |
Raw materials | $853 | $472 | |
Work-in-process | 166 | 241 | |
Finished goods | 1,749 | 1,484 | |
Inventory, net | $2,768 | $2,197 | [1] |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Recovered_Sheet2
Composition Of Certain Financial Statement Items - Property and Equipment (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | |
Plant and equipment, gross | $3,287 | $3,036 | |
Less: accumulated depreciation and amortization | -1,610 | -1,329 | |
Plant and equipment, net | 1,677 | 1,707 | [1] |
Computer Equipment [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Plant and equipment, gross | 534 | 398 | |
Furniture and Fixtures [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Plant and equipment, gross | 255 | 252 | |
Equipment [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Plant and equipment, gross | 2,370 | 2,262 | |
Leasehold Improvements [Member] | ' | ' | |
Property, Plant and Equipment [Line Items] | ' | ' | |
Plant and equipment, gross | $128 | $124 | |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Composition_Of_Certain_Financi2
Composition Of Certain Financial Statement Items - Additional information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Statement Of Financial Position [Abstract] | ' | ' | ' | ' | ' |
Depreciation and leasehold improvements and capital lease amortization expenses | $246,000 | $100,000 | $281,000 | $246,000 | ' |
Amortization on capital lease | 5,000 | 5,000 | 11,000 | 5,000 | ' |
Operating lease | 100,000 | ' | 100,000 | ' | 100,000 |
Deferred offering cost | $2,100,000 | ' | $2,100,000 | ' | $0 |
Composition_Of_Certain_Financi3
Composition Of Certain Financial Statement Items - Prepaid Expenses and Other Current and Non- current Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | |
Prepaid expenses | $552 | $349 | |
Note receivable from related party | ' | 100 | |
Other | ' | ' | |
Prepaid expenses and other current assets | $552 | $449 | [1] |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Composition_Of_Certain_Financi4
Composition Of Certain Financial Statement Items - Other Current Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Other Liabilities Disclosure [Abstract] | ' | ' | |
Manufacturing expenses | $324 | $213 | |
Sales and use tax | 229 | 104 | |
Deferred rent | 114 | 115 | |
Deferred gross margin | 104 | 54 | |
Facilities expenses | 75 | 104 | |
Other | 96 | 155 | |
Other current liabilities | $942 | $745 | [1] |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Recovered_Sheet3
Composition of Certain Financial Statement Items - Interest and Other Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Interest income | ' | $1 | $1 | $4 |
Decrease in fair value of convertible preferred stock warrant | 65 | ' | 221 | ' |
Other | ' | ' | ' | 79 |
Interest and other Income | $65 | $1 | $66 | $83 |
Composition_Of_Certain_Financi5
Composition Of Certain Financial Statement Items - Interest and Other Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Interest expense | $24 | $26 | $50 | $50 |
Increase in fair value of convertible preferred stock warrant | ' | ' | 286 | ' |
Increase in fair value of convertible preferred stock financing option | ' | 86 | ' | 86 |
Interest and other expense | $24 | $112 | $336 | $136 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Jun. 30, 2014 |
Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | |||
Series D convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series D convertible preferred stock [Member] | |||
Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | |||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Transfer of assets from level 1 to level 2 | $0 | $0 | ' | ' | ' | ' |
Transfer of liabilities from level 1 to level 2 | 0 | 0 | ' | ' | ' | ' |
Transfer of assets from level 2 to level 1 | 0 | 0 | ' | ' | ' | ' |
Transfer of liabilities from level 2 to level 1 | 0 | 0 | ' | ' | ' | ' |
Annualized revenue rate over a trailing three month period | ' | ' | ' | ' | ' | 16,000,000 |
Financing Liability | 429,000 | 237,000 | 1,100,000 | ' | 900,000 | ' |
Additional convertible preferred stock shares issued | ' | ' | 1,369,008 | 370,129 | 2,656,636 | ' |
Net proceeds from issuance of convertible preferred stock | ' | ' | 9,400,000 | 2,500,000 | 18,200,000 | ' |
Convertible preferred stock issued | ' | ' | ' | ' | ' | '2013-10 |
Change in fair value charges | ' | ' | $200,000 | ' | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Schedule of Changes in Estimated Fair Value using Valuations Classified as Level 3 - Convertible Preferred Stock Warrants (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | |
Beginning of the period | $494 | $93 | $237 | [1] | $93 |
Issued | ' | ' | ' | ' | |
Exercised | ' | ' | -29 | ' | |
Expired | ' | ' | ' | ' | |
Change in fair value | 65 | ' | 221 | ' | |
End of the period | $429 | $93 | $429 | $93 | |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Schedule of Fair Value Assumptions and Methodology (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Series D Convertible Preferred Stock Financing Option [Member] | Series D Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Warrants [Member] | Convertible Preferred Stock Warrants [Member] | Convertible Preferred Stock Warrants [Member] | Convertible Preferred Stock Warrants [Member] | |
Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' |
Expected life (years) | ' | ' | '2 years | '3 years | '2 years | '3 years |
Expected volatility | ' | ' | 47.00% | 58.00% | 46.00% | 58.00% |
Risk-free interest rate | ' | ' | 0.40% | 0.40% | 0.50% | 0.40% |
Dividend yield | ' | ' | 0.00% | 0.00% | 0.00% | 0.00% |
Total consideration per share | $1.72 | $1.72 | ' | ' | ' | ' |
Additional investment per share | $1.72 | $1.72 | ' | ' | ' | ' |
Discount rate | 20.00% | 20.00% | ' | ' | ' | ' |
Probability of achievement | 95.00% | 95.00% | ' | ' | ' | ' |
Years until milestone achieved | '7 months 6 days | '6 months | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Schedule of Changes in Estimated Fair Value using Valuations Classified as Level 3 - Convertible Preferred Stock Financing Option (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Beginning of the period | ' | $885 | ' | ' |
Issued | ' | ' | ' | 885 |
Exercised | ' | ' | ' | ' |
Expired | ' | ' | ' | ' |
Change in fair value | ' | 86 | ' | 86 |
End of the period | ' | $971 | ' | $971 |
Recovered_Sheet4
Notes Receivable From Related Parties - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-13 | Apr. 30, 2013 | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2007 | |
President And Chief Executive Officer [Member] | President And Chief Executive Officer [Member] | President And Chief Executive Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | ||||
Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | ||||
Minimum [Member] | |||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note issued to related party | ' | ' | ' | $500,000 | $500,000 | ' | ' | ' | ' | ' | ' | ' | $300,000 |
Liquidation event threshold representing total proceeds payable to the Company | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Note receivable from related party | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Payment of note received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Debt forgiveness term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Debt forgiveness amount | $100,000 | $100,000 | ' | ' | ' | ' | $100,000 | $100,000 | $100,000 | ' | ' | ' | ' |
Loan_And_Security_Agreement_Ad
Loan And Security Agreement - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 31, 2013 | Jun. 30, 2014 | Aug. 31, 2013 | |
Year One [Member] | Year Two [Member] | Year Three [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | Minimum [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Tranche One [Member] | Tranche Two [Member] | Silicon Valley Bank [Member] | Silicon Valley Bank [Member] | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan and security agreement | ' | ' | ' | ' | ' | ' | $12,000,000 | ' | $4,000,000 | $4,000,000 | $8,000,000 | ' | $4,000,000 |
Loan agreement expiry date | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-14 | 31-Mar-15 | ' | ' | ' |
Loan and security agreement, terms | 'Second $4.0 million tranche was contingent upon the Company achieving a trailing three-month revenue of at least $7.0 million. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan and security agreement, interest rate description | 'The interest rate will be fixed at the time of advance and will be the greater of 3.65% or the three-year U.S. Treasury note plus 3%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest will be the greater of 4.25% or SVB Prime Rate plus 0.25%. | ' |
Trailing three-month revenue | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' |
Loan and security agreement, amortization period | '30 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan and security agreement, Final Payment, Percentage of advanced amount | 3.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty on prepaid principal | ' | ' | 2.00% | 1.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'August 2016 | ' |
Percentage of eligible accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' |
Percentage of annual loan fee | 5.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' |
Interest great percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4.25 | ' |
Percentage of prime rate plus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' |
Advances under loan and security agreement | $1,000,000 | $1,400,000 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Loan_And_Security_Agreement_Ad1
Loan And Security Agreement - Additional Information 2 (Detail) (USD $) | 1 Months Ended | 6 Months Ended | ||
Aug. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Warrant exercisable, percentage of advanced amounts | ' | 1.25% | ' | ' |
Loan Agreement Warrants [Member] | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Warrants exercisable for common stock shares | 20,313 | 5,803 | ' | ' |
Percentage of total growth capital facility | 0.50% | ' | ' | ' |
Aggregate exercise price of warrants | $40,000 | $5,000,000 | ' | ' |
Warrant exercise price per share | ' | $6.89 | $6.89 | $6.89 |
Warrant exercisable, percentage of advanced amounts | ' | 1.25% | ' | ' |
Initial fair value | $10,000 | ' | ' | ' |
Class of warrant or right exercise price of warrants or rights description | 'Aggregate exercise price of 0.5% of the total growth capital facility commitment, or $40,000. | ' | ' | ' |
Class of warrant or right contingent consideration arrangements description | ' | 'Following any draw-downs under the growth capital facility, the warrant will become exercisable for additional shares of Series D convertible preferred stock equal to 1.25% of the advanced amounts under tranche one and two divided by $6.89. | ' | ' |
Equipment_Loans_Additional_Inf
Equipment Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | |
Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | |||||||
Capital Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount under loan facility | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate | 5.10% | ' | 5.10% | ' | ' | ' | 14.88% | ' | 14.88% | ' | ' | ' |
Interest expense | 14,000 | 22,000 | 30,000 | 46,000 | ' | ' | 3,000 | 4,000 | 6,000 | 4,000 | ' | ' |
Amount outstanding | 1,000,000 | ' | 1,000,000 | ' | 1,400,000 | ' | 72,000 | ' | 72,000 | ' | 87,000 | ' |
Frequency of monthly payments | ' | ' | '36-month | ' | ' | ' | ' | ' | '38-month | ' | ' | ' |
Capital lease obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 |
Equipment_Loans_Schedule_of_Fu
Equipment Loans - Schedule of Future Minimum Payments under Equipment Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Leases [Abstract] | ' | ' |
2014 (remaining) | $380 | $761 |
2015 | 761 | 761 |
2016 | 21 | 21 |
Thereafter | ' | ' |
Total minimum payments | 1,162 | 1,543 |
Less: amount representing interest | -54 | -91 |
Present value of future payments | 1,108 | 1,452 |
Less: current portion | -715 | -696 |
Non-current portion | 393 | 756 |
Present value of future payments | $1,108 | $1,452 |
Convertible_Preferred_Stock_Wa2
Convertible Preferred Stock Warrant Liability - Schedule of Warrants to Purchase Shares of Convertible Preferred Stock Outstanding and Exercisable (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2007 | Jun. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2007 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | Equipment Loan Warrant [Member] | Equipment Loan Warrant [Member] | Equipment Loan Warrant [Member] | Equipment Loan Warrant [Member] | Venture Loan [Member] | Venture Loan [Member] | Venture Loan [Member] | Loan Origination Commitments [Member] | Loan Origination Commitments [Member] | Loan Origination Commitments [Member] | ||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Value | ' | ' | ' | ' | ' | $4 | ' | ' | $63 | ' | ' | $10 |
Dates, Issuance | ' | ' | '2007-03 | ' | ' | ' | '2007-11 | ' | ' | '2013-08 | ' | ' |
Dates, Expiration | ' | ' | '2014-03 | ' | ' | ' | '2017-11 | ' | ' | '2023-08 | ' | ' |
In Connection With | ' | ' | 'Equipment loan | ' | ' | ' | 'Venture loan | ' | ' | 'Loan Agreement | ' | ' |
Series | ' | ' | 'A | ' | ' | ' | 'A | ' | ' | 'D | ' | ' |
Exercise Price | ' | ' | $3.68 | $3.68 | $3.68 | ' | $3.68 | $3.68 | ' | $6.89 | $6.89 | ' |
Shares Outstanding | 53,357 | 57,433 | ' | 4,076 | ' | ' | 47,554 | 47,554 | ' | 5,803 | 5,803 | ' |
Fair Value at | $429 | $237 | ' | $17 | ' | ' | $394 | $200 | ' | $35 | $20 | ' |
Convertible_Preferred_Stock_Wa3
Convertible Preferred Stock Warrant Liability - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Equipment Loan Warrant [Member] | Equipment Loan Warrant [Member] | Equipment Loan Warrant [Member] | Loan Agreement Warrants [Member] | Loan Agreement Warrants [Member] | Loan Agreement Warrants [Member] | Loan Agreement Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of shares of Series A convertible preferred stock exercised though a cashless exercise of warrants | ' | ' | 4,076 | ' | ' | ' | ' | ' | ' | |
Net preferred stock shares issued | 0 | 0 | [1] | 2,431 | ' | ' | ' | ' | ' | ' |
Shares withheld due to exercise price | 0 | 0 | [1] | 1,645 | ' | ' | ' | ' | ' | ' |
Number of shares of Series A convertible preferred stock exercised though exercise of warrants | ' | ' | ' | 22,418 | ' | ' | ' | ' | ' | |
Warrants exercise price per share | ' | ' | $3.68 | $3.68 | $3.68 | ' | $6.89 | $6.89 | $6.89 | |
Shares Outstanding | 53,357 | 57,433 | ' | ' | 4,076 | ' | ' | 5,803 | 5,803 | |
Aggregate exercise price of warrants | ' | ' | ' | ' | ' | $40,000 | $5,000,000 | ' | ' | |
Percentage of total growth capital facility | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | |
Warrants expiry date | ' | ' | '2014-03 | ' | ' | ' | '2023-08 | ' | ' | |
Percentage of amounts advance under tranche | 1.25% | ' | ' | ' | ' | ' | 1.25% | ' | ' | |
Warrants expiration description | ' | ' | ' | ' | ' | ' | 'Or upon the occurrence of an acquisition of the Company in exchange for cash or marketable securities | ' | ' | |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Convertible_Preferred_Stock_Su
Convertible Preferred Stock - Summary of Convertible Preferred Stock (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, except Share data, unless otherwise specified | |||
Class of Stock [Line Items] | ' | ' | |
Convertible preferred stock, Shares Authorized | 15,907,000 | 15,907,000 | [1] |
Convertible preferred stock, Shares Issued | 15,704,000 | 15,701,000 | [1] |
Convertible preferred stock, Shares Outstanding | 15,704,000 | 15,701,000 | [1] |
Convertible preferred stock, Carrying Value | $90,789 | $90,760 | |
Series A convertible preferred stock [Member] | ' | ' | |
Class of Stock [Line Items] | ' | ' | |
Convertible preferred stock, Shares Authorized | 2,796,259 | 2,796,259 | |
Convertible preferred stock, Shares Issued | 2,747,050 | 2,744,619 | |
Convertible preferred stock, Shares Outstanding | 2,747,050 | 2,744,619 | |
Convertible preferred stock, Carrying Value | 10,016 | 9,987 | |
Series B convertible preferred stock [Member] | ' | ' | |
Class of Stock [Line Items] | ' | ' | |
Convertible preferred stock, Shares Authorized | 3,249,662 | 3,249,662 | |
Convertible preferred stock, Shares Issued | 3,249,657 | 3,249,657 | |
Convertible preferred stock, Shares Outstanding | 3,249,657 | 3,249,657 | |
Convertible preferred stock, Carrying Value | 19,894 | 19,894 | |
Series C convertible preferred stock [Member] | ' | ' | |
Class of Stock [Line Items] | ' | ' | |
Convertible preferred stock, Shares Authorized | 5,311,401 | 5,311,401 | |
Convertible preferred stock, Shares Issued | 5,311,395 | 5,311,395 | |
Convertible preferred stock, Shares Outstanding | 5,311,395 | 5,311,395 | |
Convertible preferred stock, Carrying Value | 30,521 | 30,521 | |
Series D convertible preferred stock [Member] | ' | ' | |
Class of Stock [Line Items] | ' | ' | |
Convertible preferred stock, Shares Authorized | 4,550,000 | 4,550,000 | |
Convertible preferred stock, Shares Issued | 4,395,773 | 4,395,773 | |
Convertible preferred stock, Shares Outstanding | 4,395,773 | 4,395,773 | |
Convertible preferred stock, Carrying Value | $30,358 | $30,358 | |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Convertible_Preferred_Stock_Ad
Convertible Preferred Stock - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Mar. 31, 2013 |
Series D convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series D convertible preferred stock [Member] | |||
Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Employee [Member] | |||
Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | Convertible Preferred Stock Financing Option [Member] | |||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total net cash proceeds from initial closing | ' | ' | $9,400,000 | $2,500,000 | $18,200,000 | ' | $500,000 |
Preferred stock, shares issued | ' | ' | 1,369,008 | 370,129 | 2,656,636 | ' | 72,548 |
Annualized revenue rate over a trailing three month period | ' | ' | 16,000,000 | ' | ' | ' | ' |
Financing Liability | 429,000 | 237,000 | 1,100,000 | ' | 900,000 | ' | ' |
Convertible preferred stock expired | ' | ' | ' | ' | ' | '2013-10 | ' |
Change in fair value charges | ' | ' | $200,000 | ' | ' | ' | ' |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ' | ' | ' |
Aggregate pre-tax intrinsic value of options outstanding and exercisable | $13,200,000 | ' | $4,200,000 |
Aggregate pre-tax intrinsic value of options outstanding | 18,200,000 | ' | 6,100,000 |
Aggregate pre-tax intrinsic value of options exercised | 900,000 | 200,000 | ' |
Cash received on exercise of options | 100,000 | 500,000 | ' |
Options exercised with unvested shares | ' | ' | 69,037 |
Repurchase rights held at original issuance price | 41,145 | ' | 53,796 |
Related liability | $24,000 | ' | $31,000 |
2003 Equity Incentive Plan [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Expiry of Incentive Plan | '2013-09 | ' | ' |
Option available for grant | 425,729 | ' | ' |
2013 Equity Incentive Plan [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares reserved for issuance | 574,817 | ' | ' |
Additional shares authorized | 149,088 | ' | ' |
Options granted description | 'Options granted to a 10% stockholder shall be at no less than 110% of the fair value and ISO stock option grants to such 10% stockholders expire five years from the date of grant. | ' | ' |
Expiry period of options granted | '5 years | ' | ' |
Options issued, vested | 10,000 | 0 | ' |
Incentive Stock Option [Member] | 2013 Equity Incentive Plan [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Price of options granted, percentage | 100.00% | ' | ' |
Expiry period of options granted | '10 years | ' | ' |
ISOs vested , description | 'ISOs granted under the 2013 Plan generally vest 25% after the completion of 12 months of service and the balance vests in equal monthly installments over the next 36 months of service and expire 10 years from the grant date, unless subject to provisions regarding 10% stockholders. NSOs vest per the specific agreement and expire 10 years from the date of grant. | ' | ' |
Non Statutory Stock Option [Member] | 2013 Equity Incentive Plan [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Price of options granted, percentage | 85.00% | ' | ' |
Stockholders_Equity_Summary_of
Stockholder's Equity - Summary of Stock Option Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Equity [Abstract] | ' |
Options price, outstanding, beginning of period | $1.08 |
Options price, granted | $10.03 |
Options price, exercised | $0.84 |
Options price, forfeited | $1.12 |
Options price, expired | ' |
Options price, outstanding, end of period | $2.96 |
Options price, vested and expected to vest | $2.93 |
Options price, exercisable | $2.29 |
Options outstanding, beginning of period | 1,928 |
Options granted | 466 |
Options exercised | -111 |
Options forfeited | -59 |
Options expired | ' |
Options outstanding, end of period | 2,224 |
Options vested and expected to vest | 2,023 |
Options exercisable | 1,492 |
StockBased_Compensation_Expens2
Stock-Based Compensation Expense - Summary of Stock Based Compensation Recognized Before Taxes (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $387 | $92 | $569 | $130 |
Cost of Sales [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 13 | 5 | 22 | 8 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 93 | 22 | 138 | 33 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 243 | 38 | 342 | 52 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $38 | $27 | $67 | $37 |
StockBased_Compensation_Expens3
Stock-Based Compensation Expense - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2013 | Jun. 30, 2014 | Feb. 28, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Promissory Notes [Member] | Consultants [Member] | Consultants [Member] | Consultants [Member] | Consultants [Member] | Consultants [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Performance-Based Options February 2011 [Member] | Performance-Based Options February 2011 [Member] | Performance-Based Options February 2011 [Member] | Performance-Based Options February 2011 [Member] | Performance-Based Options February 2011 [Member] | Performance-Based Options April 2013 [Member] | Performance-Based Options April 2013 [Member] | Performance-Based Options April 2013 [Member] | Performance-Based Options April 2013 [Member] | Performance-Based Options April 2013 [Member] | ||||||||
President And Chief Executive Officer [Member] | Promissory Notes [Member] | Consultants [Member] | Promissory Notes [Member] | Consultants [Member] | |||||||||||||||||||||||
President And Chief Executive Officer [Member] | President And Chief Executive Officer [Member] | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned stock-based compensation | ' | ' | $3,000,000 | ' | $3,000,000 | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for unearned stock-based compensation to be recognized | '3 years 7 months 6 days | '3 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options modified to permit exercise with promissory notes | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation event threshold representing total proceeds payable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of options to grant restricted stock | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 months | ' | '3 years | '4 years | ' | ' | ' | ' | '4 years | ' | ' | ' | ' |
Incremental cost of modification | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental cost recognized | ' | ' | 19,000 | 8,000 | 31,000 | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized modification cost related to vested options | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining unamortized cost yet to be amortized | ' | ' | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | ' | ' | ' | ' | 466,000 | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | 289,253 | ' | ' | ' | ' | 363,000 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | $387,000 | $92,000 | $569,000 | $130,000 | ' | ' | ' | $13,000 | $1,000 | $30,000 | $3,000 | ' | ' | ' | ' | ' | $4,000 | $7,000 | $10,000 | $15,000 | ' | $22,000 | $22,000 | $50,000 | $22,000 |
Shares purchased by non-employees | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price of options issued | ' | ' | ' | ' | ' | ' | ' | ' | $1.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Expens4
Stock-Based Compensation Expense - Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected life (years) | '6 years | '6 years | '6 years | '6 years |
Expected volatility | 58.00% | 67.00% | 59.00% | 67.00% |
Risk-free interest rate | 2.00% | 1.50% | 2.00% | 1.50% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected forfeitures | 5.00% | 5.00% | 5.00% | 5.00% |
Weighted average fair value | $6.16 | $0.73 | $5.60 | $0.73 |
Consultants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected life (years) | '9 years | '9 years | '9 years | '9 years |
Expected volatility | 58.00% | 66.00% | 63.00% | 66.00% |
Risk-free interest rate | 2.60% | 2.30% | 2.70% | 2.10% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Loss allocated to participating securities | $0 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Net loss Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net loss | ($4,382) | ($4,885) | ($8,791) | ($9,638) |
Weighted average common stock outstanding | 1,860 | 1,323 | 1,817 | 1,182 |
Net loss per share, basic and diluted | ($2.36) | ($3.69) | ($4.84) | ($8.15) |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share - Schedule of Potentially Dilutive Securities Outstanding Excluded from the Computations of Diluted Weighted Average Shares Outstanding (Detail) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of diluted weighted average shares outstanding | 17,981 | 16,245 |
Employee Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of diluted weighted average shares outstanding | 2,224 | 1,862 |
Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of diluted weighted average shares outstanding | 15,704 | 14,332 |
Convertible Preferred Stock Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of diluted weighted average shares outstanding | 53 | 51 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Facility | Facility | ||||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Number of leased facility | ' | ' | 1 | ' | 1 |
Operating lease period | ' | ' | '36 months | ' | ' |
Operating lease, Date | ' | ' | '2012-03 | ' | ' |
Operating lease, Effective date | ' | ' | 1-Jun-12 | ' | ' |
Operating lease extension period | ' | ' | '3 years | ' | ' |
Renewal provision allowing the Company to extend lease, percentage | 95.00% | ' | 95.00% | ' | ' |
Lease agreement description | ' | ' | 'Rental payments on operating leases are charged to expense on a straight-line basis over the period of the lease. The Company entered into this 36-month lease in March 2012, effective June 1, 2012, for a facility with larger production and office space. The lease agreement requires the Company to pay executory costs such as real estate taxes, insurance and repairs, and includes a renewal provision allowing the Company to extend this lease for an additional three years at 95% of the then-current fair market rental rate. | ' | ' |
Rent expense | $0.30 | $0.50 | $0.60 | $0.80 | ' |
Commitments to suppliers for purchases | $0.80 | ' | $0.80 | ' | $0.50 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Annual Operating Lease Payments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
2014 (remaining) | $468 | $928 |
2015 | 390 | 390 |
Thereafter | ' | ' |
Total | $858 | $1,318 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2009 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2009 | Apr. 30, 2013 | Jun. 30, 2014 | 31-May-13 | Apr. 30, 2013 | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2007 | Jun. 30, 2014 | Dec. 31, 2011 | Dec. 31, 2013 | ||
Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | Promissory Notes [Member] | ||||||||
Patents | Minimum [Member] | Warrant [Member] | Warrant [Member] | President And Chief Executive Officer [Member] | President And Chief Executive Officer [Member] | President And Chief Executive Officer [Member] | President And Chief Executive Officer [Member] | President And Chief Executive Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | Chief Operating Officer [Member] | ||||||||||
Maximum [Member] | Minimum [Member] | ||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Options modified to permit exercise with promissory notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Note issued to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 500,000 | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | |
Liquidation event threshold representing total proceeds payable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | |
Terms of related party transaction description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Under the terms of the notes, one quarter of the principal and interest was to be forgiven on each anniversary date of the note as long as Ms. Earnhardt remained the Companybs Chief Executive Officer. In addition, the entire principal and interest of the notes was to be forgiven on the earlier of an initial public offering or the closing of a liquidation event (as defined in the certificate of incorporation) where total proceeds payable to the Company or its stockholders is greater than $200.0 million. The Company had the option to accelerate the maturity date if, at the Companybs reasonable discretion, such acceleration may be necessary due to any applicable law, rule or regulation, including, without limitation, the Sarbanes-Oxley Act of 2002. The entire principal amount and all accrued and unpaid interest of the loan was forgiven in full in June 2014. The full recourse promissory notes were secured by a pledge of the exercised shares. | ' | ' | ' | ' | ' | ' | 'Pursuant to the terms of the promissory note, provided Mr. Kaufman remained a continuous, full-time employee of the Company, repayment of the notes was to begin after the third year of employment when 50% of Mr. Kaufmanbs annual bonus would have been applied to the loan balance until the loan was paid in full. The note matures and becomes immediately due and payable within 30 days following the date on which Mr. Kaufman ceases, voluntarily or involuntarily, to be employed by the Company. | ' | ' | ' | |
Payment of note received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |
Debt forgiveness amount | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | |
Debt forgiveness term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | |
Note receivable from related party | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | |
Milestone payments upon execution of agreement | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Additional milestone payments | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares Outstanding | 53,357 | ' | ' | 57,433 | ' | ' | ' | ' | ' | ' | ' | 47,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrant to purchase common stock per share value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of irrigation tool patents purchased | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrant vested upon grant, Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Apr-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Value of warrant at the date of grant | 429,000 | 93,000 | 494,000 | 237,000 | [1] | 93,000 | 93,000 | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional cash payments due upon achievement of net sales | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash payment | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Threshold of net sales of products incorporating technology, that triggers a cash payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Amounts have been derived from the December 31, 2013 audited financial statements included in the Company's registration statement on Form S-1 (No. 333-196974) filed with the Securities and Exchange Commission. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | Jul. 24, 2014 | Jul. 23, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | Jul. 24, 2014 | Jul. 23, 2014 | Aug. 31, 2014 |
In Millions, except Share data, unless otherwise specified | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Over-Allotment Option [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued during period, shares | ' | ' | ' | ' | 5,750,000 | 5,750,000 | 5,750,000 | ' | ' | ' | ' | 750,000 |
Common stock issued during period, price per share | ' | ' | ' | ' | ' | ' | ' | ' | $11 | $11 | $11 | ' |
Net proceeds from initial public offering | ' | ' | ' | ' | $55.80 | $55.80 | $55.80 | ' | ' | ' | ' | ' |
Underwriting discounts and commissions | ' | ' | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' |
Initial public offering, expenses | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock converted into shares of common stock | ' | ' | ' | 15,703,875 | ' | 15,703,875 | ' | ' | ' | ' | ' | ' |
Warrants exercisable for common stock shares | 53,357 | 57,433 | ' | ' | ' | ' | ' | 53,357 | ' | 53,357 | ' | ' |
Warrant liability to additional paid-in capital | ' | ' | ' | $0.40 | ' | $0.40 | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | ' | ' | '1-for-4 reverse stock split | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Additional_I1
Subsequent Events - Additional Information 1 (Detail) (Subsequent Event [Member]) | 0 Months Ended | |
Jul. 23, 2014 | Jul. 23, 2014 | |
2014 Equity Incentive Plan [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Shares reserved for issuance | ' | 4,750,000 |
Percentage of shares outstanding | 3.00% | ' |
Maximum number of shares to be issued | 10,000,000 | ' |
Employee Stock [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Shares reserved for issuance | ' | 496,092 |
Percentage of shares outstanding | 1.00% | ' |