Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | XENT | ||
Entity Registrant Name | Intersect ENT, Inc. | ||
Entity Central Index Key | 1271214 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 23,498,856 | ||
Entity Public Float | $0 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $13,403 | $12,294 |
Short-term investments, available-for-sale | 35,040 | |
Accounts receivable, net | 8,337 | 4,200 |
Inventory | 2,547 | 2,197 |
Prepaid expenses and other current assets | 951 | 511 |
Total current assets | 60,278 | 19,202 |
Property and equipment, net | 1,474 | 1,707 |
Other non-current assets | 1,201 | 126 |
Total assets | 62,953 | 21,035 |
Current liabilities: | ||
Accounts payable | 2,128 | 1,451 |
Accrued compensation | 5,085 | 2,955 |
Equipment loans - current portion | 696 | |
Convertible preferred stock warrant liability | 237 | |
Other current liabilities | 898 | 745 |
Total current liabilities | 8,111 | 6,084 |
Equipment loans - non-current portion | 756 | |
Deferred rent | 1,030 | 52 |
Total liabilities | 9,141 | 6,892 |
Commitments and contingencies (note 11) | ||
Convertible preferred stock issuable in series, $0.001 par value; Authorized shares: none at December 31, 2014 and 15,907 at December 31, 2013; Issued and outstanding shares: none at December 31, 2014 and 15,701 at December 31, 2013 | 90,760 | |
Preferred stock, $0.001 par value; Authorized shares: 10,000 at December 31, 2014 and none at December 31, 2013; Issued and outstanding shares: none | ||
Common stock, $0.001 par value; Authorized shares: 150,000 at December 31, 2014 and 2013; Issued and outstanding shares: 23,379 and 1,762 at December 31, 2014 and 2013, respectively | 23 | 2 |
Additional paid-in capital | 150,410 | 1,859 |
Note receivable from related party | -219 | |
Accumulated deficit | -96,621 | -78,259 |
Total stockholders' equity (deficit) | 53,812 | -76,617 |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $62,953 | $21,035 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 0 | 15,907,322 |
Convertible preferred stock, Shares Issued | 0 | 15,701,444 |
Convertible preferred stock, shares outstanding | 0 | 15,701,444 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 23,379,000 | 1,762,000 |
Common stock, shares outstanding | 23,379,000 | 1,762,000 |
Statements_of_Operations_and_C
Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue | $38,587 | $17,931 | $5,863 |
Cost of sales | 10,223 | 8,150 | 3,837 |
Gross profit | 28,364 | 9,781 | 2,026 |
Operating expenses: | |||
Selling, general and administrative | 36,111 | 18,229 | 9,251 |
Research and development | 10,331 | 9,518 | 9,260 |
Total operating expenses | 46,442 | 27,747 | 18,511 |
Loss from operations | -18,078 | -17,966 | -16,485 |
Interest and other income | 125 | 86 | 156 |
Interest and other expense | -409 | -489 | -36 |
Net loss | -18,362 | -18,369 | -16,365 |
Other comprehensive income: | |||
Unrealized gain on short-term investments | 7 | ||
Comprehensive loss | ($18,362) | ($18,369) | ($16,358) |
Net loss per share, basic and diluted | ($1.61) | ($12.57) | ($16.38) |
Weighted average common shares used to compute net loss per share, basic and diluted | 11,384 | 1,461 | 999 |
Statements_of_Convertible_Pref
Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (USD $) | Total | Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Note Receivable From Related Party [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Series A [Member] | Series D [Member] |
In Thousands, except Share data | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | |||||||
Beginning balance, Value at Dec. 31, 2011 | ($42,603) | $60,107 | $1 | $928 | ($7) | ($43,525) | |||
Beginning balance, Shares at Dec. 31, 2011 | 11,226,000 | 907,000 | |||||||
Issuance of convertible preferred stock upon exercise of warrants, Value | 213 | ||||||||
Issuance of convertible preferred stock upon exercise of warrants, Shares | 57,000 | ||||||||
Issuance common stock upon exercise of stock options, Value | 89 | 89 | |||||||
Issuance common stock upon exercise of stock options, Shares | 115,000 | 115,000 | |||||||
Stock-based compensation expense | 152 | 152 | |||||||
Unrealized gain on short-term investments | 7 | 7 | |||||||
Net loss | -16,365 | -16,365 | |||||||
Ending balance, Value at Dec. 31, 2012 | -58,720 | 60,320 | 1 | 1,169 | -59,890 | ||||
Ending balance, Shares at Dec. 31, 2012 | 11,283,000 | 1,022,000 | |||||||
Issuance of convertible preferred stock upon exercise of warrants, Value | 82 | ||||||||
Issuance of convertible preferred stock, net of issuance cost and preferred stock financing option, Value | 30,358 | ||||||||
Issuance of convertible preferred stock upon exercise of warrants, Shares | 22,000 | ||||||||
Issuance of convertible preferred stock, net of issuance cost and preferred stock financing option, Shares | 4,396,000 | ||||||||
Issuance common stock upon exercise of stock options, Value | 365 | 1 | 364 | ||||||
Issuance common stock upon exercise of stock options, Shares | 740,000 | 740,000 | |||||||
Note receivable from related party | -275 | -275 | |||||||
Stock-based compensation expense | 382 | 326 | 56 | ||||||
Net loss | -18,369 | -18,369 | |||||||
Ending balance, Value at Dec. 31, 2013 | -76,617 | 90,760 | 2 | 1,859 | -219 | -78,259 | |||
Ending balance, Shares at Dec. 31, 2013 | 15,701,000 | 1,762,000 | |||||||
Issuance of convertible preferred stock upon exercise of warrants, Value | 29 | ||||||||
Issuance of convertible preferred stock upon exercise of warrants, Shares | 3,000 | ||||||||
Conversion of convertible preferred stock to common stock, Value | 90,789 | -90,789 | 16 | 90,773 | |||||
Conversion of convertible preferred stock to common stock, Shares | -15,704,000 | 15,704,000 | |||||||
Conversion of convertible preferred stock warrants to common stock warrants | 406 | 406 | |||||||
Issuance common stock upon initial public offering, net of issuance costs, Value | 55,802 | 5 | 55,797 | ||||||
Issuance common stock upon initial public offering, net of issuance costs, Shares | 5,750,000 | ||||||||
Issuance common stock upon exercise of stock options, Value | 244 | 244 | |||||||
Issuance common stock upon exercise of stock options, Shares | 163,000 | 163,000 | |||||||
Stock-based compensation expense | 1,550 | 1,358 | 192 | ||||||
Reclass upon forgiveness of note receivable from related party | -27 | 27 | |||||||
Net loss | -18,362 | -18,362 | |||||||
Ending balance, Value at Dec. 31, 2014 | $53,812 | $23 | $150,410 | ($96,621) | |||||
Ending balance, Shares at Dec. 31, 2014 | 23,379,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net loss | ($18,362) | ($18,369) | ($16,365) |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Depreciation and amortization | 583 | 505 | 351 |
Stock-based compensation expense | 1,550 | 382 | 152 |
Amortization of net investment premium paid | 112 | 83 | |
Change in fair value of convertible preferred stock warrants | 198 | 134 | -128 |
Change in fair value of convertible preferred stock financing option | 212 | ||
Forgiveness of notes receivable from related party | 100 | 100 | 116 |
Loss on disposal of fixed assets | 52 | 26 | 33 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | -4,137 | -2,901 | -1,011 |
Inventory | -350 | -822 | -1,004 |
Prepaid expenses and other current assets | -541 | 3 | -241 |
Other non-current assets | -167 | -2 | -90 |
Accounts payable | 645 | 360 | 331 |
Accrued compensation | 2,130 | 1,051 | 1,271 |
Other current liabilities and deferred rent | 233 | 220 | 354 |
Net cash used in operating activities | -17,954 | -19,101 | -16,148 |
Investing activities: | |||
Purchases of short-term investments | -35,152 | -1,324 | |
Sales of short-term investments | 8,622 | ||
Purchases of property and equipment | -367 | -467 | -1,413 |
Other investing activities | 71 | ||
Net cash (used in) provided by investing activities | -35,519 | -467 | 5,956 |
Financing activities: | |||
Proceeds from issuance of common stock | 232 | 122 | 89 |
Proceeds from equipment loan | 2,000 | ||
Proceeds from capital lease financing | 106 | ||
Repayments related to equipment loans | -1,365 | -636 | |
Repayments related to capital lease financing | -87 | -18 | |
Proceeds from initial public offering, net of issuance costs | 55,802 | ||
Proceeds from the exercise of Series A convertible preferred warrants | 82 | 213 | |
Proceeds from issuance of Series D convertible preferred stock, net of issuance costs | 30,146 | ||
Net cash provided by financing activities | 54,582 | 29,802 | 2,302 |
Net increase (decrease) in cash and cash equivalents | 1,109 | 10,234 | -7,890 |
Cash and cash equivalents: | |||
Beginning of the period | 12,294 | 2,060 | 9,950 |
End of the period | 13,403 | 12,294 | 2,060 |
Non-cash investing activities: | |||
Lessor funded building improvements | 961 | ||
Property and equipment included in accounts payable | 33 | 17 | |
Notes issued to related party for the exercise of stock options | 500 | ||
Warrants issued for growth capital facility | 10 | ||
Supplemental cash flow information: | |||
Interest paid | $53 | $93 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 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 releasing 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 December 31, 2014, the Company had cash, cash equivalents and short-term investments of $48.4 million, and an accumulated deficit of $96.6 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 $55.8 million, after deducting underwriting discounts and commissions and offering expenses. The Company expects its cash, cash equivalents and short-term investments will be sufficient to fund its operations through at least the next twelve months. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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”). | |||||||||||||||||||||||||||||||||
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, stock options 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, including 750,000 shares pursuant to the full exercise by the underwriters of their option to purchase additional shares, at an offering price of $11.00 per share, for net proceeds of $55.8 million, after deducting underwriting discounts and commissions of $4.5 million and offering expenses of $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. | |||||||||||||||||||||||||||||||||
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, 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. | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
The Company considers all highly liquid securities, readily convertible to cash, that mature within 90 days or less from the date of purchase to be cash equivalents. | |||||||||||||||||||||||||||||||||
Short-term Investments, Available-for-Sale | |||||||||||||||||||||||||||||||||
Short-term investments, which are 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 or expense, as appropriate, in the statement of operations. | |||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, short-term investments, 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. | |||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Short-term Investments | |||||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and short-term investments, available-for-sale, by type of instrument measured at fair value on a recurring basis (in thousands): | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Cash | $ | 1,971 | $ | — | $ | — | $ | 1,971 | $ | 1,076 | $ | — | $ | — | $ | 1,076 | |||||||||||||||||
Money market funds | 11,432 | — | — | 11,432 | 11,218 | — | — | 11,218 | |||||||||||||||||||||||||
Corporate debt securities | — | 28,790 | — | 28,790 | — | — | — | — | |||||||||||||||||||||||||
Commercial paper | — | 6,250 | — | 6,250 | — | — | — | — | |||||||||||||||||||||||||
$ | 13,403 | $ | 35,040 | $ | — | $ | 48,443 | $ | 12,294 | $ | — | $ | — | $ | 12,294 | ||||||||||||||||||
Reported as: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,403 | $ | 12,294 | |||||||||||||||||||||||||||||
Short-term investments, available-for-sale | 35,040 | — | |||||||||||||||||||||||||||||||
$ | 48,443 | $ | 12,294 | ||||||||||||||||||||||||||||||
There were no transfers in and out of Level 1 and Level 2 fair value measurements during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Convertible Preferred Stock Warrant Liability | |||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning of the period | $ | 237 | $ | 93 | $ | 221 | |||||||||||||||||||||||||||
Issued | — | 10 | — | ||||||||||||||||||||||||||||||
Exercised | (29 | ) | — | — | |||||||||||||||||||||||||||||
Reclassified to equity (1) | (406 | ) | — | — | |||||||||||||||||||||||||||||
Change in fair value | 198 | 134 | (128 | ) | |||||||||||||||||||||||||||||
End of the period | $ | — | $ | 237 | $ | 93 | |||||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, warrants for convertible preferred stock were converted to warrants for common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability to additional paid-in capital. | ||||||||||||||||||||||||||||||||
The fair value of the convertible preferred stock warrants was determined using the option pricing method, the probability weighted expected return method or Black-Scholes option pricing model using the following assumptions: | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Expected life (years) | 2 | 2 | 3 | ||||||||||||||||||||||||||||||
Expected volatility | 46 | % | 45 | % | 58 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 0.5 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||||||||||
Dividend yield | 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): | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Issued | — | 885 | — | ||||||||||||||||||||||||||||||
Exercised | — | (1,097 | ) | — | |||||||||||||||||||||||||||||
Change in fair value | — | 212 | — | ||||||||||||||||||||||||||||||
End of the period | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
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 | October | ||||||||||||||||||||||||||||||||
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 | 0.7 | |||||||||||||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||||||||||||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash equivalents, short-term investments and accounts receivable. The Company believes that the credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on accounts receivable have historically been within management’s expectations. | |||||||||||||||||||||||||||||||||
The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies, and institutions with investment-grade credit ratings, as well as corporate debt or commercial paper issued by the highest quality financial and non-financial companies, and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded on the balance sheets. However, as of December 31, 2014 and 2013, the Company has limited its credit risk associated with cash, cash equivalents and short-term investments by placing its investments with banks it believes are highly creditworthy and with highly rated investments. | |||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||||||||||||||
The Company will provide for uncollectible accounts receivable by recording an allowance for doubtful accounts for accounts receivable deemed uncollectible. The Company evaluates the collectability of its accounts receivable based on known collection risks and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings, substantial downgrading of credit ratings), the Company records a specific allowance for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount it reasonably believes will be collected. | |||||||||||||||||||||||||||||||||
If circumstances change, such as higher-than-expected defaults or an unexpected material adverse change in a major customer’s ability to meet its financial obligations, the Company’s estimates of the recoverability of the amounts due could be reduced by a significant amount. Based on the high creditworthiness of the customers that the Company sells to, the Company has experienced no significant collection issues. Therefore, the Company does not have an allowance for doubtful accounts established as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Inventory | |||||||||||||||||||||||||||||||||
Inventory is valued at the lower of cost or market, computed on a first-in, first out basis, or net realizable value. The Company estimates the recoverability of its inventory by reference to internal estimates of future demands and product life cycles, including expiration of inventory prior to sale. | |||||||||||||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Amortization of assets under capital leases is included in depreciation and amortization expense. Maintenance and repairs are charged to operations as incurred. | |||||||||||||||||||||||||||||||||
Impairment of Long-lived Assets | |||||||||||||||||||||||||||||||||
Long-lived assets consists primarily of property and equipment and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company determines fair value using the income approach based on the present value of expected future cash flows or other appropriate measures of estimated fair value. The Company’s cash flow assumptions consider historical and forecasted revenue and operating costs and other relevant factors. Since inception, the Company has not recorded impairment charges on long-lived assets. | |||||||||||||||||||||||||||||||||
Convertible Preferred Stock Warrant Liability | |||||||||||||||||||||||||||||||||
For a warrant classified as a derivative liability, the fair value of that warrant was recorded on the balance sheet at the inception of such classification and adjusted to fair value at each financial reporting date. The changes in the fair value of the warrants were recorded in the statement of operations and comprehensive loss as a component of interest and other income or expense, as appropriate. The Company continued to adjust the carrying value of the convertible preferred stock warrant liability for changes in the fair value of the warrants until the earlier of: the exercise of the warrants, at which time the liability was reclassified to temporary equity; the conversion of the underlying convertible preferred stock into common stock, at which time the liability was reclassified to stockholders’ equity (deficit); or the expiration of the warrant, at which time the entire amount would have been reversed and reflected in the statement of operations and comprehensive loss. In connection with the Company’s IPO in July 2014, the warrants for convertible preferred stock were converted to warrants for common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability of $0.4 million to additional paid-in capital. | |||||||||||||||||||||||||||||||||
Convertible Preferred Stock Financing Option | |||||||||||||||||||||||||||||||||
For a freestanding option to purchase in a future round of financing, the fair value of that option was recorded on the balance sheet at the inception of such classification and adjusted to fair value at each financial reporting date. The change in the fair value of the convertible preferred stock financing option was recorded in the statement of operations and comprehensive loss as a component of interest and other income or expense, as appropriate. The Company adjusted the carrying value of the convertible preferred stock financing option liability for changes in the fair value of the option and continued to do so until the earlier of when the convertible preferred stock financing option was exercised or expired. | |||||||||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||||||||
Revenue is derived from the sale of PROPEL and PROPEL mini to hospitals and ambulatory surgery centers in the United States. The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred or there is no further obligation, pricing is fixed or determinable and collection is reasonably assured. The Company must make significant assumptions regarding the future collectability of amounts receivable from customers to determine whether revenue recognition criteria have been met. If collectability is not assured at the time of shipment, the Company defers revenue until such criteria have been met. In general, the Company’s standard terms and conditions of sale do not allow for product returns. The Company expenses shipping and handling costs as incurred and includes them in the cost of sales. In those cases where shipping and handling costs are billed to customers, the Company classifies the amounts billed as a component of revenue. | |||||||||||||||||||||||||||||||||
Cost of Sales | |||||||||||||||||||||||||||||||||
Cost of sales consists primarily of manufacturing overhead costs, material costs and direct labor. A significant portion of the Company’s cost of sales currently consists of manufacturing overhead costs. These overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management. Cost of sales also includes depreciation expense for production equipment and certain direct costs such as shipping costs. | |||||||||||||||||||||||||||||||||
Research and Development | |||||||||||||||||||||||||||||||||
Research and development expenses consist primarily of product development, clinical and regulatory affairs, consulting services and other costs associated with products and technologies in development. These expenses include employee compensation, stock-based compensation, supplies, quality assurance and related travel and facility costs. Clinical expenses include clinical trial design, clinical site reimbursement, data management and travel expenses, and the cost of manufacturing products for clinical trials. | |||||||||||||||||||||||||||||||||
Common Stock Valuation and Stock-based Compensation | |||||||||||||||||||||||||||||||||
The Company maintains a payment equity incentive plan to provide long-term incentives for employees, consultants and members of the board of directors. The plan allows for the issuance of non-statutory and incentive stock options to employees and non-statutory stock options to consultants and non-employee directors. | |||||||||||||||||||||||||||||||||
The Company is required to determine the fair value of equity incentive awards and recognize compensation expense for all equity incentive awards made to employees and directors, including employee stock options. Stock-based compensation expense is recognized over the requisite service period in the statements of operations and comprehensive loss and is based on awards ultimately expected to vest, therefore the amount of expense has been reduced for estimated forfeitures. The Company uses the straight-line method for expense attribution, except for awards issued with performance-based conditions which require an accelerated attribution method over the requisite performance and service periods. | |||||||||||||||||||||||||||||||||
Under the applicable accounting guidance for equity incentive awards issued to non-employees, the date at which the fair value of such awards is measured is equal to the earlier of: 1) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached; or 2) the date at which the counterparty’s performance is complete. The Company recognizes stock-based compensation expense for the fair value of the vested portion of the non-employee awards in the statements of operations and comprehensive loss. The fair value of options granted to non-employees is remeasured as the options vest. | |||||||||||||||||||||||||||||||||
The valuation model used for calculating the fair value of awards for stock-based compensation expense is the Black-Scholes option-pricing model (the “Black-Scholes model”). The Black-Scholes model requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted average period of time that the options granted are expected to be outstanding), the volatility of common stock and an assumed risk-free interest rate. The Company uses the “simplified method” to determine the expected term of the stock option. Volatility is based on an average of the historical volatilities of the common stock of publicly-traded companies with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. Since stock-based compensation expense is based on awards ultimately expected to vest, potential forfeitures are estimated based on the Company’s historical forfeiture experience and an analysis of similar companies. To the extent actual forfeitures differ from the estimates, the Company records the difference as a cumulative adjustment in the period that the estimates are revised. | |||||||||||||||||||||||||||||||||
Deferred Rent | |||||||||||||||||||||||||||||||||
Rent expense is recognized on a straight-line basis over the non-cancelable term of the Company’s operating lease and, accordingly, the Company records the difference between cash rent payments and the recognition of rent expense as a deferred rent liability. The Company also records lessor-funded lease incentives, such as leasehold improvements, as a deferred rent liability, which is amortized as a reduction of rent expense over the non-cancelable term of its operating lease. | |||||||||||||||||||||||||||||||||
Advertising Expenses | |||||||||||||||||||||||||||||||||
The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were $0.1 million, $46,000 and $23,000 during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||
The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances against deferred tax assets are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Currently, the Company has recorded a full valuation allowance against its deferred tax assets and there is no provision for income taxes, as the Company has incurred operating losses to date. The Company’s policy is to record interest and penalties expense related to uncertain tax positions as “other expense” in the statement of operations. | |||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net loss | $ | (18,362 | ) | $ | (18,369 | ) | $ | (16,365 | ) | ||||||||||||||||||||||||
Weighted average common stock outstanding (1) | 11,384 | 1,461 | 999 | ||||||||||||||||||||||||||||||
Net loss per share, basic and diluted | $ | (1.61 | ) | $ | (12.57 | ) | $ | (16.38 | ) | ||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into 15,703,875 shares of common stock on a one-for-one basis. | ||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Convertible preferred stock outstanding (1) | — | 15,701 | 11,283 | ||||||||||||||||||||||||||||||
Convertible preferred stock warrants (1) | — | 57 | 74 | ||||||||||||||||||||||||||||||
Common stock warrants | 66 | — | — | ||||||||||||||||||||||||||||||
Common stock options | 2,458 | 1,928 | 1,594 | ||||||||||||||||||||||||||||||
2,524 | 17,686 | 12,951 | |||||||||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into 15,703,875 shares of common stock and the convertible preferred stock warrants were converted into common stock warrants, both on a one-for-one basis. | ||||||||||||||||||||||||||||||||
Comprehensive Loss | |||||||||||||||||||||||||||||||||
Comprehensive loss consists of net loss and changes in unrealized gains and losses on short-term investments, available-for-sale. Accumulated other comprehensive income (loss) is presented in the accompanying balance sheets, when applicable. | |||||||||||||||||||||||||||||||||
Segment, Geographical and Customer Concentration | |||||||||||||||||||||||||||||||||
The Company operates in one segment. All of the Company’s assets and revenue are based in the U.S. No single customer accounted for more than 10% of its revenue during the years ended December 31, 2014, 2013 and 2012, and no single customer accounted for more than 10% of its accounts receivable at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||||||||||
In August 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires that, in connection with preparing financial statements for each annual and interim reporting period, the Company should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date the financial statements are issued or within one year after the date that the financial statements are available to be issued. If the Company identifies conditions or events that raise substantial doubt about its ability to continue as a going concern, the Company should disclose how it plans are intended to mitigate or alleviate those relevant conditions or events raising substantial doubt about its ability to continue as a going concern. ASU 2014-15 is effective for all entities with annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s financial condition or results of operations. | |||||||||||||||||||||||||||||||||
In June 2014, the FASB issued 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 | 12 Months Ended | ||||||||
Dec. 31, 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): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 761 | $ | 472 | |||||
Work-in-process | 141 | 241 | |||||||
Finished goods | 1,645 | 1,484 | |||||||
$ | 2,547 | $ | 2,197 | ||||||
Property and Equipment (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Computer equipment and software | $ | 546 | $ | 398 | |||||
Furniture and office equipment | 158 | 252 | |||||||
Laboratory equipment | 2,276 | 2,262 | |||||||
Leasehold improvements | 128 | 124 | |||||||
3,108 | 3,036 | ||||||||
Less: accumulated depreciation and amortization | (1,634 | ) | (1,329 | ) | |||||
$ | 1,474 | $ | 1,707 | ||||||
Depreciation and capital lease amortization expenses was $0.6 million and $0.5 million during the years ended December 31, 2014 and 2013, respectively. | |||||||||
Other Current Liabilities (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Manufacturing expenses | $ | 328 | $ | 213 | |||||
Deferred gross margin | 137 | 54 | |||||||
Other | 433 | 478 | |||||||
$ | 898 | $ | 745 | ||||||
Cash_Cash_Equivalents_and_Shor
Cash, Cash Equivalents and Short-term Investments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Short-term Investments | 4 | Cash, Cash Equivalents and Short-term Investments | |||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and short-term investments, available-for-sale, by type of instrument (in thousands): | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Estimated | Amortized | Gross | Estimated | ||||||||||||||||||||||||||||
Cost | Unrealized | Fair Value | Cost | Unrealized | Fair Value | ||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||
Cash | $ | 1,971 | $ | — | $ | — | $ | 1,971 | $ | 1,076 | $ | — | $ | — | $ | 1,076 | |||||||||||||||||
Money market funds | 11,432 | — | — | 11,432 | 11,218 | — | — | 11,218 | |||||||||||||||||||||||||
Corporate debt securities | 28,797 | 3 | (10 | ) | 28,790 | — | — | — | — | ||||||||||||||||||||||||
Commercial paper | 6,243 | 7 | — | 6,250 | — | — | — | — | |||||||||||||||||||||||||
$ | 48,443 | $ | 10 | $ | (10 | ) | $ | 48,443 | $ | 12,294 | $ | — | $ | — | $ | 12,294 | |||||||||||||||||
Reported as: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,403 | $ | 12,294 | |||||||||||||||||||||||||||||
Short-term investments, available-for-sale | 35,040 | — | |||||||||||||||||||||||||||||||
$ | 48,443 | $ | 12,294 | ||||||||||||||||||||||||||||||
Management has the intent and ability, if necessary, to liquidate any of the Company’s investments in order to meet the Company’s liquidity needs in the next 12 months. Accordingly, investments with contractual maturities greater than one year from the date of purchase, if any, are available-for-sale and classified as short-term on the accompanying balance sheets. As of December 31, 2014 and 2013, the Company had no investments with a maturity of greater than one year. | |||||||||||||||||||||||||||||||||
Based on an evaluation of securities that have been in a loss position, the Company did not recognize any other-than-temporary impairment charges during the years ended December 31, 2014, 2013 and 2012. The Company considered various factors which included a credit and liquidity assessment of the underlying securities and the Company’s intent and ability to hold the underlying securities until the estimated date of recovery of its amortized cost. |
Loan_and_Security_Agreement
Loan and Security Agreement | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
Loan and Security Agreement | 5 | 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 consisted of an $8.0 million growth capital facility and a $4.0 million revolving accounts receivable line of credit. In August 2014, the Company cancelled the Loan Agreement and had not received any advances under the Loan Agreement. | ||
The $8.0 million growth capital facility consisted of two $4.0 million tranches. The first $4.0 million tranche was available immediately upon execution of the Loan Agreement and was 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 was available until March 31, 2015. Payments under both tranches would have been interest-only until March 31, 2015, at which time the outstanding balance would have converted to a 30-month fully amortizing loan. The interest rate would have been fixed at the time of advance and would have been the greater of 3.65% or the three-year U.S. Treasury note plus 3%. At the end of the amortization period, the Company would have made a final payment of 3.9% of the advanced amounts. There was 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. Following any draw-downs under the growth capital facility, the warrant would have 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 would have become exercisable under the terms of the Loan Agreement would have been exercisable for common stock. As of December 31, 2014, this warrant was exercisable for 5,803 shares of the Company’s common stock at an exercise price of $6.89 per share. | ||
The $4.0 million revolving accounts receivable line of credit would have expired in August 2016. Advances would have been made for up to 80% of eligible accounts receivable. An annual loan fee of 0.75% would have been paid at the beginning of each of the three years. The interest would have been the greater of 4.25% or SVB Prime Rate plus 0.25%. |
Equipment_Loans
Equipment Loans | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
Equipment Loans | 6 | 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 to be made in monthly installments over a 36-month period with an annual interest rate of 5.1%. A total of $36,000, $0.1 million and $4,000 were recorded as interest expense during the years ended December 31, 2014, 2013 and 2012, respectively. The amount outstanding under this loan at December 31, 2013 was $1.4 million. In August 2014, the amount outstanding under this equipment loan of $0.9 million was fully repaid. | ||
In April 2013, the Company entered into a capital lease for a principal amount of $0.1 million. Payments were made in monthly installments over a 38-month period with an interest rate of 14.88%. In November 2014, the amount outstanding under this equipment loan of $59,000 was fully repaid. |
Convertible_Preferred_Stock_Wa
Convertible Preferred Stock Warrant Liability | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||
Convertible Preferred Stock Warrant Liability | 7 | Convertible Preferred Stock Warrant Liability | |||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the following warrants to purchase shares of convertible preferred stock were outstanding and exercisable (in thousands, except share and per share data): | |||||||||||||||||||||||||||||||||
Dates | In Connection With | Series | Exercise | Warrants Outstanding at | Initial | Fair Value at | |||||||||||||||||||||||||||
Price | December 31, | Value | December 31, | ||||||||||||||||||||||||||||||
Issuance | Expiration | 2014 | 2013 | 2014 (1) | 2013 | ||||||||||||||||||||||||||||
Mar 2007 | Mar 2014 | Equipment loan | A | $ | 3.68 | — | 4,076 | $ | 4 | $ | — | $ | 17 | ||||||||||||||||||||
Nov 2007 | Nov-17 | Venture loan | A | $ | 3.68 | 47,554 | 47,554 | 63 | — | 200 | |||||||||||||||||||||||
Aug-13 | Aug-23 | Loan Agreement | D | $ | 6.89 | 5,803 | 5,803 | 10 | — | 20 | |||||||||||||||||||||||
53,357 | 57,433 | $ | — | $ | 237 | ||||||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, all warrants for convertible preferred stock were converted to warrants for common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability of $0.4 million to additional paid-in capital. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, warrants to purchase 4,076 shares of Series A convertible preferred stock were exercised through 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 year ended December 31, 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 in August 2013, warrants were issued to purchase the Company’s Series D convertible preferred stock. The warrants were exercisable for 5,803 shares of Series D convertible preferred stock at an exercise price of $6.89 per share. In connection with the Company’s IPO in July 2014, these warrants for Series D convertible preferred stock were converted to warrants for common stock. The warrants expire in August 2023 or upon the occurrence of an acquisition of the Company in exchange for cash or marketable securities. |
Convertible_Preferred_Stock
Convertible Preferred Stock | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Convertible Preferred Stock | 8 | Convertible Preferred Stock | |||||||||||||||||||||||
In connection with the Company’s IPO in July 2014, the convertible preferred stock, issuable in series, was converted into 15,703,875 share of common stock on a one-for-one basis, resulting in the reclassification of the related redeemable convertible preferred stock of $90.8 million to common stock and additional paid-in capital. | |||||||||||||||||||||||||
A summary of the Company’s convertible preferred stock is as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Series | Shares | Shares | Carrying | Shares | Shares | Carrying | |||||||||||||||||||
Authorized | Issued and | Value | Authorized | Issued and | Value | ||||||||||||||||||||
Outstanding | (in thousands) | Outstanding | (in thousands) | ||||||||||||||||||||||
A | — | — | $ | — | 2,796,259 | 2,744,619 | $ | 9,987 | |||||||||||||||||
B | — | — | — | 3,249,662 | 3,249,657 | 19,894 | |||||||||||||||||||
C | — | — | — | 5,311,401 | 5,311,395 | 30,521 | |||||||||||||||||||
D | — | — | — | 4,550,000 | 4,395,773 | 30,358 | |||||||||||||||||||
— | — | $ | — | 15,907,322 | 15,701,444 | $ | 90,760 | ||||||||||||||||||
A summary of the Company’s convertible preferred stock terms is as follows: | |||||||||||||||||||||||||
Series | Liquidation | 8% | |||||||||||||||||||||||
Preference | Dividend | ||||||||||||||||||||||||
Per Share | Per Share | ||||||||||||||||||||||||
A | $ | 3.68 | $ | 0.2944 | |||||||||||||||||||||
B | 6.16 | 0.4928 | |||||||||||||||||||||||
C | 5.84 | 0.4672 | |||||||||||||||||||||||
D | 6.89 | 0.5514 | |||||||||||||||||||||||
The Company recorded its convertible preferred stock at fair value on the dates of issuance, net of issuance costs. A redemption event will only occur upon the liquidation or winding up of the Company, a greater than 50% change in control, or sale of substantially all of the assets of the Company. As the redemption event is outside the control of the Company, all shares of convertible preferred stock have been presented outside of permanent equity. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||
The holders of Series A, B, C and D convertible preferred stock are entitled to receive dividends (as determined on a per annum basis and on an as-converted basis), from any assets legally available, prior and in preference to any declaration or payment of any dividend to the common stockholders. No dividends other than those payable solely in common stock shall be paid on any common stock, Series A or Series B convertible preferred stock until they are paid on each outstanding share of Series C and D convertible preferred stock. Such dividends are payable when and if declared by the Board of Directors and are not cumulative. No dividends have been declared through the conversion date to common stock upon the effectiveness of the IPO in July 2014. | |||||||||||||||||||||||||
Liquidation | |||||||||||||||||||||||||
In the event of any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary (“Liquidation Event”), the holders of Series C and D convertible preferred stock are entitled to receive their liquidation preferences, prior to and in preference of any distribution of any assets of the Company to the holders of common stock, Series A or Series B convertible preferred stock, as adjusted for any stock splits, combinations, reorganizations, or similar transactions, plus any declared and unpaid dividends. If, upon the occurrence of such an event, the proceeds thus distributed among the holders of Series C and D convertible preferred stock shall be insufficient to permit the payment to such holders of the full preferential amounts, then the entire amount legally available for distribution shall be distributed among the holders of Series C and D convertible preferred stock in proportion to the full preferential amount that each such holder is otherwise entitled to receive had such proceeds been available. | |||||||||||||||||||||||||
After payment in full of the Series C and D convertible preferred stock liquidation preference, Series A and B convertible preferred stock liquidation preferences will be paid, as adjusted for any stock splits, combinations, reorganizations, or similar transactions. If, upon the occurrence of such an event, the proceeds thus distributed among the holders of Series A and B convertible preferred stock shall be insufficient to permit the payment to such holders of the full preferential amounts, then the entire amount legally available for distribution (after payment in full of the Series C and D convertible preferred stock liquidation preference) shall be distributed among the holders of Series A and B convertible preferred stock in proportion to the full preferential amount that each such holder is otherwise entitled to receive had such proceeds been available. | |||||||||||||||||||||||||
After liquidation preference payments have been made to the holders of the convertible preferred stock as described above, any remaining assets and funds of the Company are to be distributed ratably among the holders of common stock and Series A, B, C and D convertible preferred stock, assuming conversion of all shares of convertible preferred stock. | |||||||||||||||||||||||||
Prior to the Liquidation Event, the holders of all series of preferred stock may convert their preferred stock to common stock at the then-applicable conversion rate. Distribution of the Company’s assets to the new and existing common stockholders would then be made pro rata according to the number of shares held by each investor. | |||||||||||||||||||||||||
If convertible preferred stock is not converted to common stock prior to the Liquidation Event, the holders of Series C and D convertible preferred stock are entitled to receive their liquidation preferences, prior to and in preference of distribution of any assets of the Company to the holders of common stock, Series A and Series B convertible preferred stock, by reason of their ownership (as adjusted for any stock splits, combinations, reorganizations, or similar transactions), plus any declared but unpaid dividends on such shares. The holders of Series A and B convertible preferred stock are entitled to receive their liquidation preferences, prior to and in preference of distribution of any assets of the Company to the holders of common stock, by reason of their ownership (as adjusted for any stock splits, combinations, reorganizations, or similar transactions), plus any declared but unpaid dividends on such shares. | |||||||||||||||||||||||||
Voting | |||||||||||||||||||||||||
Except as otherwise required by law, the holders of common and convertible preferred stock vote together as a single class. The holders of the convertible preferred stock are entitled to the number of votes equal to the number of shares of common stock into which the convertible preferred stock could be converted on the record date for the vote, or upon the written consent of the stockholders. | |||||||||||||||||||||||||
Redemption | |||||||||||||||||||||||||
The convertible preferred shares are not redeemable. | |||||||||||||||||||||||||
Conversion | |||||||||||||||||||||||||
Each share of Series A, B, C and D convertible preferred stock, at the option of the holder and at any time after the date of issuance, is convertible into shares of common stock, subject to certain anti-dilution adjustments, in accordance with the conversion formula provided in the Company’s Articles of Incorporation (currently 1-for-1). In the event of a stock split, the conversion price in effect immediately prior to such split will be proportionately decreased. Conversion is automatic at the conversion rate: (1) immediately upon the closing of a firm commitment, underwritten initial public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, in which the public offering price reflects a pre-money valuation of at least $200.0 million and with net proceeds raised of at least $40.0 million or (2) at the election of the holders of at least 70% of the then outstanding shares of such series of preferred stock, the election of the holders of at least 65% of the Series C convertible preferred stock and the election of the holders of at least 52% of the Series D convertible preferred stock, voting as a separate class. The convertible preferred stock warrants become exercisable for common stock. |
Stockholders_Equity
Stockholder's Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Stockholder's Equity | 9 | Stockholders’ Equity | |||||||||||||||||||||||
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 Equity Incentive Plan (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 the Company’s 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. Incentive stock options (“ISOs”) and non-statutory stock options (“NSOs”) may be granted with exercise prices at no less than 100% 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 2014 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. New shares are issued upon exercise of options under the stock plan. | |||||||||||||||||||||||||
2013 Equity Incentive Plan | |||||||||||||||||||||||||
The Company ceased making awards under the 2013 Plan upon the effective date of the Company’s IPO. Under the 2013 Plan approved by the Company’s Board of Directors in September 2013, shares of common stock were reserved for the issuance of ISOs, NSOs, stock bonuses and rights to acquire restricted stock to employees, officers, directors and consultants of the Company. There were 10,000 options issued with 100% of the shares vested as of the date of grant during the year ended December 31, 2014 and no options issued with 100% of the shares vested as of the date of grant during the year ended December 31, 2013. Options outstanding under the 2013 Plan will expire upon forfeiture. As of December 31, 2014, 0.6 million options were outstanding under the 2013 Plan. | |||||||||||||||||||||||||
The 2013 Plan was the successor to the 2003 Equity Incentive Plan (“2003 Plan”) which expired in September 2013. Options outstanding under the 2003 Plan will expire upon forfeiture. | |||||||||||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows (in thousands, except price data): | |||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Options | Price | Options | Price | Options | Price | ||||||||||||||||||||
Outstanding, beginning of period | 1,928 | $ | 1.08 | 1,594 | $ | 0.88 | 1,425 | $ | 0.8 | ||||||||||||||||
Granted | 819 | 12.88 | 1,033 | 1.2 | 296 | 1.16 | |||||||||||||||||||
Granted - below fair market value | — | — | 94 | 1.32 | — | — | |||||||||||||||||||
Exercised | (163 | ) | 1.42 | (740 | ) | 0.84 | (115 | ) | 0.76 | ||||||||||||||||
Forfeited | (126 | ) | 3.86 | (53 | ) | 1.08 | (12 | ) | 0.88 | ||||||||||||||||
Outstanding, end of period | 2,458 | 4.84 | 1,928 | 1.08 | 1,594 | 0.88 | |||||||||||||||||||
Vested and expected to vest | 2,338 | 4.67 | 1,752 | 1.08 | 1,461 | 0.84 | |||||||||||||||||||
Exercisable | 1,612 | 2.66 | 1,314 | 1 | 1,206 | 0.8 | |||||||||||||||||||
As of December 31, 2014, the aggregate pre-tax intrinsic value of options outstanding were $33.7 million and options outstanding and exercisable were $25.6 million, and the weighted-average remaining contractual term of options outstanding were 8.0 years and options outstanding and exercisable were 7.5 years. The aggregate pre-tax intrinsic value of options exercised was $1.5 million, $0.3 million and $37,000 during the years ended December 31, 2014, 2013 and 2012, respectively. The aggregate pre-tax intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise. | |||||||||||||||||||||||||
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, 2014 and 2013, 29,017 and 53,796 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, 2014 and 2013 the related liability was $20,000 and $31,000, respectively. | |||||||||||||||||||||||||
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. As of December 31, 2014, the Company has not implemented the 2014 ESPP. | |||||||||||||||||||||||||
Reserved Shares | |||||||||||||||||||||||||
The Company is required to reserve and keep available out of its authorized but unissued shares of common stock a number of shares sufficient to effect the conversion of all outstanding shares of preferred stock, warrants, and options granted and available for grant under the equity incentive stock plans. | |||||||||||||||||||||||||
The number of such shares of common stock reserved for the exercise and issuance of the following warrants, options and shares available for grant under the equity incentive stock plans as of December 31, 2014, are as follows (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Warrants outstanding | 66 | ||||||||||||||||||||||||
Options outstanding | 2,458 | ||||||||||||||||||||||||
Available for future grant: | |||||||||||||||||||||||||
2014 Equity incentive plan | 4,434 | ||||||||||||||||||||||||
2014 Employee stock purchase plan | 496 | ||||||||||||||||||||||||
7,454 | |||||||||||||||||||||||||
StockBased_Compensation_Expens
Stock-Based Compensation Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Stock-Based Compensation Expense | 10 | Stock-Based Compensation Expense | |||||||||||
Total stock-based compensation recognized, before taxes, during the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||
Fiscal Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of sales | $ | 49 | $ | 21 | $ | 10 | |||||||
Selling, general and administrative | 1,361 | 273 | 103 | ||||||||||
Research and development | 140 | 88 | 39 | ||||||||||
$ | 1,550 | $ | 382 | $ | 152 | ||||||||
As of December 31, 2014, 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 is $4.6 million and the weighted average period over which the unearned stock-based compensation is expected to be recognized is 3.2 years. 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 market 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 is based on awards ultimately expected to vest, the amount of expense has been reduced for estimated forfeitures. Potential forfeitures are estimated based on the Company’s historical forfeiture experience and an analysis of similar companies. To the extent actual forfeitures differ from the estimates, the Company records the difference as a cumulative adjustment in the period that the estimates are revised. | |||||||||||||
The fair value of options granted to employees or directors during the years ended December 31, 2014, 2013 and 2012, was estimated as of the grant date using the Black-Scholes model assuming the weighted average assumptions listed in the following table: | |||||||||||||
Fiscal Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected life (years) | 6 | 6 | 6 | ||||||||||
Expected volatility | 56 | % | 67 | % | 66 | % | |||||||
Risk-free interest rate | 1.9 | % | 1.6 | % | 0.9 | % | |||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Weighted average fair value | $ | 6.8 | $ | 0.96 | $ | 0.68 | |||||||
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 $0.2 million and $50,000 was recognized during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||
In June 2014, the entire principal amount and all accrued and unpaid interest of the loan was forgiven in full. 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. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 11 | 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, 2014, the Company has one leased facility under an operating lease agreement entered into in March 2012. In December 2014, the operation lease agreement was amended for an additional 17,900 square feet for a total of 50,400 square feet and the expiration was extended to May 31, 2020. Rental payments on operating leases are charged to expense on a straight-line basis over the period of the lease. 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. Because of the terms of the amended lease agreement, the Company is the deemed owner, for accounting purposes only, of the building improvements. Accordingly, the Company recorded an asset of $1.0 million, representing the total costs of the building improvements payable by the lessor, the legal owner of the building, with a corresponding offset recorded as deferred rent. | |||||
Future minimum annual operating lease payments are as follows (in thousands): | |||||
Fiscal Years Ending December 31, | |||||
2015 | $ | 645 | |||
2016 | 1,494 | ||||
2017 | 1,536 | ||||
2018 | 1,580 | ||||
2019 | 1,625 | ||||
Thereafter | 685 | ||||
7,565 | |||||
Rent expense was $1.3 million, $1.4 million and $0.6 million during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
Purchase Commitments | |||||
As of December 31, 2014, the Company had commitments to suppliers for purchases totaling $0.8 million. |
Employee_Retirement_Plan
Employee Retirement Plan | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ||
Employee Retirement Plan | 12 | Employee Retirement Plan |
In January 2007, the Company established a qualified retirement plan under section 401(k) of the Internal Revenue Code (“IRC”) under which participants may contribute up to 100% of their eligible compensation, subject to maximum deferral limits specified by the IRC. The Company may make a discretionary profit sharing contribution to each eligible employee, subject to limits specified by the IRC, on an annual basis, provided the employee is employed with the Company on the last day of the plan year which is December 31. In addition, the Company may also make a matching contribution of up to 3% of an employee’s eligible compensation on a quarterly basis. The Company’s contributions will vest 25% per year over four years. As of December 31, 2014, the Company has not made any profit sharing or matching contributions. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 13 | Income Taxes | |||||||||||
The Company has a history of losses and therefore has made no provision for income taxes. All losses result from domestic operations. | |||||||||||||
The amount computed by applying the federal statutory rate to income before taxes reconciles to the provision for income taxes is as follows (in thousands): | |||||||||||||
Fiscal Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at federal statutory rate | $ | (6,243 | ) | $ | (6,245 | ) | $ | (5,564 | ) | ||||
State, net of federal benefit | (1,264 | ) | (826 | ) | (1,131 | ) | |||||||
Permanent items | 515 | 368 | 59 | ||||||||||
R&D tax credit | (315 | ) | (584 | ) | — | ||||||||
Other | 12 | (2 | ) | (3 | ) | ||||||||
Change in valuation allowance | 7,295 | 7,289 | 6,639 | ||||||||||
$ | — | $ | — | $ | — | ||||||||
Significant components of net deferred tax assets are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 33,912 | $ | 28,236 | |||||||||
R&D tax credit | 2,888 | 2,394 | |||||||||||
Accruals and other | 2,465 | 1,288 | |||||||||||
39,265 | 31,918 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (62 | ) | (9 | ) | |||||||||
(62 | ) | (9 | ) | ||||||||||
Net deferred tax asset: | 39,203 | 31,909 | |||||||||||
Valuation allowance | (39,203 | ) | (31,909 | ) | |||||||||
$ | — | $ | — | ||||||||||
Deferred income taxes reflect the tax effects of net operating loss and tax credit carryforwards and the net temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||||||||
Realization of the deferred tax assets is dependent upon the generation of future taxable income, if any, the amount and timing of which are uncertain. Based on available objective evidence, management believes it is more likely than not that the deferred tax assets are not recognizable and will not be recognizable until the Company has sufficient taxable income. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $7.3 million during each of the years ended December 31, 2014 and 2013. | |||||||||||||
As of December 31, 2014, the Company’s federal net operating loss carryforwards of $85.5 million will expire at various dates beginning in 2026, if not utilized, and federal research and development tax credits of $2.3 million will begin to expire in 2026. In addition, net operating loss carryforwards for state income tax purposes of $89.4 million will begin to expire in 2016 and state research and development tax credits of $2.1 million do not expire. | |||||||||||||
Utilization of the net operating loss carryforwards may be subject to an annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of the net operating loss before utilization. | |||||||||||||
The Company had unrecognized tax benefit of $0.9 million and $0.7 million as of and December 31, 2014 and 2013, respectively, all of which is offset by a full valuation allowance. These unrecognized tax benefits, if recognized, would not affect the effective tax rate. There was no interest or penalties accrued at the adoption date and at December 31, 2014. | |||||||||||||
A reconciliation of the change in the unrecognized tax benefit during the year is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning of year | $ | 715 | $ | 505 | $ | 442 | |||||||
Additions for tax positions related to: | |||||||||||||
Current year | 140 | 210 | 63 | ||||||||||
Prior years | 6 | — | — | ||||||||||
End of year | $ | 861 | $ | 715 | $ | 505 | |||||||
The Company does not expect a significant change to its unrecognized tax benefits over the next twelve months. The unrecognized tax benefits may increase or change during the next twelve months for items that arise in the ordinary course of business. | |||||||||||||
The Company files income tax returns in the U.S. federal and various state jurisdictions. Tax years beginning in 2003 through 2014, remain open to examination by the major taxing authorities to which the Company is subject to. The Company’s policy is to record interest related to uncertain tax positions as interest expense and any penalties as other expense in its statements of operations and comprehensive loss. As of the date of adoption of ASC Topic No. 740 and through December 31, 2014, the Company did not have any interest expense or penalties associated with unrecognized tax benefits. |
Related_Parties
Related Parties | 12 Months Ended | |
Dec. 31, 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. 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), 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 his employment with the Company. The loan was evidenced by a promissory note for $0.3 million. This note bore interest at the applicable federal rate and interest was determined in accordance with Section 7872 of the Internal Revenue Code and has been reflected as income to Mr. Kaufman. 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 his 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, at the rate of $0.1 million annually in January 2012, 2013 and 2014. The note was secured by any stock and options Mr. Kaufman holds in the Company. 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 43,750 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, 2014 and 2013, since this technology is unrelated to the Company’s current activities. |
Supplemental_Quarterly_Financi
Supplemental Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Supplemental Quarterly Financial Information | Supplemental Quarterly Financial Information (unaudited) | ||||||||||||||||||||||||||||||||
The following table sets forth unaudited statements of operations data for each of the Company’s last eight quarters. This quarterly information is unaudited and has been prepared on the same basis as the annual financial statements. In the Company’s opinion, this quarterly information reflects all adjustments necessary for a fair presentation of the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||||||||||
Revenue | $ | 7,497 | $ | 8,565 | $ | 9,100 | $ | 13,425 | $ | 2,744 | $ | 3,936 | $ | 4,279 | $ | 6,972 | |||||||||||||||||
Cost of sales (1) | 2,360 | 2,320 | 2,576 | 2,967 | 1,949 | 2,202 | 1,438 | 2,561 | |||||||||||||||||||||||||
Gross profit | 5,137 | 6,245 | 6,524 | 10,458 | 795 | 1,734 | 2,841 | 4,411 | |||||||||||||||||||||||||
Gross margin (1) | 69 | % | 73 | % | 72 | % | 78 | % | 29 | % | 44 | % | 66 | % | 63 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Sales, general and administrative | 6,658 | 8,291 | 9,667 | 11,495 | 3,350 | 4,087 | 4,700 | 6,092 | |||||||||||||||||||||||||
Research and development | 2,577 | 2,377 | 2,758 | 2,619 | 2,256 | 2,421 | 2,077 | 2,764 | |||||||||||||||||||||||||
Total operating expenses | 9,235 | 10,668 | 12,425 | 14,114 | 5,606 | 6,508 | 6,777 | 8,856 | |||||||||||||||||||||||||
Loss from operations | (4,098 | ) | (4,423 | ) | (5,901 | ) | (3,656 | ) | (4,811 | ) | (4,774 | ) | (3,936 | ) | (4,445 | ) | |||||||||||||||||
Interest and other (expense) income, net (2) | (311 | ) | 41 | 16 | (30 | ) | 58 | (111 | ) | (163 | ) | (187 | ) | ||||||||||||||||||||
Net loss | $ | (4,409 | ) | $ | (4,382 | ) | $ | (5,885 | ) | $ | (3,686 | ) | $ | (4,753 | ) | $ | (4,885 | ) | $ | (4,099 | ) | $ | (4,632 | ) | |||||||||
Basic and diluted net loss per share | $ | (2.49 | ) | $ | (2.36 | ) | $ | (0.32 | ) | $ | (0.16 | ) | $ | (4.57 | ) | $ | (3.69 | ) | $ | (2.39 | ) | $ | (2.64 | ) | |||||||||
Shares used to compute basic and diluted net loss per share | 1,773 | 1,860 | 18,217 | 23,375 | 1,039 | 1,323 | 1,718 | 1,755 | |||||||||||||||||||||||||
-1 | The first quarter of 2013 included $0.7 million for establishing and qualifying our new manufacturing facility. The second quarter of 2013 included a charge of $0.5 million related to a packaging issue and $0.1 million for establishing and qualifying our new manufacturing facility. | ||||||||||||||||||||||||||||||||
-2 | The second and third quarter of 2013 each included $0.1 million in fair value expense adjustments for the preferred stock financing option. The fourth quarter of 2013 and first quarter of 2014 included $0.1 million and $0.3 million, respectively, in fair value expense adjustments for the preferred stock warrants classified as liabilities. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2014 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
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”). | |||||||||||||||||||||||||||||||||
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, stock options 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 | Initial Public Offering | ||||||||||||||||||||||||||||||||
In July 2014, the Company completed its IPO by issuing 5,750,000 shares of common stock, including 750,000 shares pursuant to the full exercise by the underwriters of their option to purchase additional shares, at an offering price of $11.00 per share, for net proceeds of $55.8 million, after deducting underwriting discounts and commissions of $4.5 million and offering expenses of $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. | |||||||||||||||||||||||||||||||||
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, 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. | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||
The Company considers all highly liquid securities, readily convertible to cash, that mature within 90 days or less from the date of purchase to be cash equivalents. | |||||||||||||||||||||||||||||||||
Short-term Investments, Available-for-Sale and Cash, Cash Equivalents | Short-term Investments, Available-for-Sale | ||||||||||||||||||||||||||||||||
Short-term investments, which are 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 or expense, as appropriate, in the statement of operations. | |||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Short-term Investments | |||||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and short-term investments, available-for-sale, by type of instrument measured at fair value on a recurring basis (in thousands): | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Cash | $ | 1,971 | $ | — | $ | — | $ | 1,971 | $ | 1,076 | $ | — | $ | — | $ | 1,076 | |||||||||||||||||
Money market funds | 11,432 | — | — | 11,432 | 11,218 | — | — | 11,218 | |||||||||||||||||||||||||
Corporate debt securities | — | 28,790 | — | 28,790 | — | — | — | — | |||||||||||||||||||||||||
Commercial paper | — | 6,250 | — | 6,250 | — | — | — | — | |||||||||||||||||||||||||
$ | 13,403 | $ | 35,040 | $ | — | $ | 48,443 | $ | 12,294 | $ | — | $ | — | $ | 12,294 | ||||||||||||||||||
Reported as: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,403 | $ | 12,294 | |||||||||||||||||||||||||||||
Short-term investments, available-for-sale | 35,040 | — | |||||||||||||||||||||||||||||||
$ | 48,443 | $ | 12,294 | ||||||||||||||||||||||||||||||
There were no transfers in and out of Level 1 and Level 2 fair value measurements during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
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, short-term investments, 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. | |||||||||||||||||||||||||||||||||
Convertible Preferred Stock Warrant Liability | Convertible Preferred Stock Warrant Liability | ||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning of the period | $ | 237 | $ | 93 | $ | 221 | |||||||||||||||||||||||||||
Issued | — | 10 | — | ||||||||||||||||||||||||||||||
Exercised | (29 | ) | — | — | |||||||||||||||||||||||||||||
Reclassified to equity (1) | (406 | ) | — | — | |||||||||||||||||||||||||||||
Change in fair value | 198 | 134 | (128 | ) | |||||||||||||||||||||||||||||
End of the period | $ | — | $ | 237 | $ | 93 | |||||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, warrants for convertible preferred stock were converted to warrants for common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability to additional paid-in capital. | ||||||||||||||||||||||||||||||||
The fair value of the convertible preferred stock warrants was determined using the option pricing method, the probability weighted expected return method or Black-Scholes option pricing model using the following assumptions: | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Expected life (years) | 2 | 2 | 3 | ||||||||||||||||||||||||||||||
Expected volatility | 46 | % | 45 | % | 58 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 0.5 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||||||||||
For a warrant classified as a derivative liability, the fair value of that warrant was recorded on the balance sheet at the inception of such classification and adjusted to fair value at each financial reporting date. The changes in the fair value of the warrants were recorded in the statement of operations and comprehensive loss as a component of interest and other income or expense, as appropriate. The Company continued to adjust the carrying value of the convertible preferred stock warrant liability for changes in the fair value of the warrants until the earlier of: the exercise of the warrants, at which time the liability was reclassified to temporary equity; the conversion of the underlying convertible preferred stock into common stock, at which time the liability was reclassified to stockholders’ equity (deficit); or the expiration of the warrant, at which time the entire amount would have been reversed and reflected in the statement of operations and comprehensive loss. In connection with the Company’s IPO in July 2014, the warrants for convertible preferred stock were converted to warrants for common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability of $0.4 million to additional paid-in capital. | |||||||||||||||||||||||||||||||||
Convertible Preferred Stock Financing Option | Convertible Preferred Stock Financing Option | ||||||||||||||||||||||||||||||||
For a freestanding option to purchase in a future round of financing, the fair value of that option was recorded on the balance sheet at the inception of such classification and adjusted to fair value at each financial reporting date. The change in the fair value of the convertible preferred stock financing option was recorded in the statement of operations and comprehensive loss as a component of interest and other income or expense, as appropriate. The Company adjusted the carrying value of the convertible preferred stock financing option liability for changes in the fair value of the option and continued to do so until the earlier of when the convertible preferred stock financing option was exercised or expired. | |||||||||||||||||||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk | ||||||||||||||||||||||||||||||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash equivalents, short-term investments and accounts receivable. The Company believes that the credit risk in its accounts receivable is mitigated by its credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on accounts receivable have historically been within management’s expectations. | |||||||||||||||||||||||||||||||||
The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies, and institutions with investment-grade credit ratings, as well as corporate debt or commercial paper issued by the highest quality financial and non-financial companies, and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded on the balance sheets. However, as of December 31, 2014 and 2013, the Company has limited its credit risk associated with cash, cash equivalents and short-term investments by placing its investments with banks it believes are highly creditworthy and with highly rated investments. | |||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | ||||||||||||||||||||||||||||||||
The Company will provide for uncollectible accounts receivable by recording an allowance for doubtful accounts for accounts receivable deemed uncollectible. The Company evaluates the collectability of its accounts receivable based on known collection risks and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings, substantial downgrading of credit ratings), the Company records a specific allowance for bad debts against amounts due to reduce the carrying amount of accounts receivable to the amount it reasonably believes will be collected. | |||||||||||||||||||||||||||||||||
If circumstances change, such as higher-than-expected defaults or an unexpected material adverse change in a major customer’s ability to meet its financial obligations, the Company’s estimates of the recoverability of the amounts due could be reduced by a significant amount. Based on the high creditworthiness of the customers that the Company sells to, the Company has experienced no significant collection issues. Therefore, the Company does not have an allowance for doubtful accounts established as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Inventory | Inventory | ||||||||||||||||||||||||||||||||
Inventory is valued at the lower of cost or market, computed on a first-in, first out basis, or net realizable value. The Company estimates the recoverability of its inventory by reference to internal estimates of future demands and product life cycles, including expiration of inventory prior to sale. | |||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||||||||||||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. Amortization of assets under capital leases is included in depreciation and amortization expense. Maintenance and repairs are charged to operations as incurred. | |||||||||||||||||||||||||||||||||
Impairment of Long-lived Assets | Impairment of Long-lived Assets | ||||||||||||||||||||||||||||||||
Long-lived assets consists primarily of property and equipment and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. The Company determines fair value using the income approach based on the present value of expected future cash flows or other appropriate measures of estimated fair value. The Company’s cash flow assumptions consider historical and forecasted revenue and operating costs and other relevant factors. Since inception, the Company has not recorded impairment charges on long-lived assets. | |||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||||||||||||||||
Revenue is derived from the sale of PROPEL and PROPEL mini to hospitals and ambulatory surgery centers in the United States. The Company recognizes revenue when persuasive evidence of an arrangement exists, product delivery has occurred or there is no further obligation, pricing is fixed or determinable and collection is reasonably assured. The Company must make significant assumptions regarding the future collectability of amounts receivable from customers to determine whether revenue recognition criteria have been met. If collectability is not assured at the time of shipment, the Company defers revenue until such criteria have been met. In general, the Company’s standard terms and conditions of sale do not allow for product returns. The Company expenses shipping and handling costs as incurred and includes them in the cost of sales. In those cases where shipping and handling costs are billed to customers, the Company classifies the amounts billed as a component of revenue. | |||||||||||||||||||||||||||||||||
Cost of Sales | Cost of Sales | ||||||||||||||||||||||||||||||||
Cost of sales consists primarily of manufacturing overhead costs, material costs and direct labor. A significant portion of the Company’s cost of sales currently consists of manufacturing overhead costs. These overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management. Cost of sales also includes depreciation expense for production equipment and certain direct costs such as shipping costs. | |||||||||||||||||||||||||||||||||
Research and Development | Research and Development | ||||||||||||||||||||||||||||||||
Research and development expenses consist primarily of product development, clinical and regulatory affairs, consulting services and other costs associated with products and technologies in development. These expenses include employee compensation, stock-based compensation, supplies, quality assurance and related travel and facility costs. Clinical expenses include clinical trial design, clinical site reimbursement, data management and travel expenses, and the cost of manufacturing products for clinical trials. | |||||||||||||||||||||||||||||||||
Common Stock Valuation and Stock-based Compensation | Common Stock Valuation and Stock-based Compensation | ||||||||||||||||||||||||||||||||
The Company maintains a payment equity incentive plan to provide long-term incentives for employees, consultants and members of the board of directors. The plan allows for the issuance of non-statutory and incentive stock options to employees and non-statutory stock options to consultants and non-employee directors. | |||||||||||||||||||||||||||||||||
The Company is required to determine the fair value of equity incentive awards and recognize compensation expense for all equity incentive awards made to employees and directors, including employee stock options. Stock-based compensation expense is recognized over the requisite service period in the statements of operations and comprehensive loss and is based on awards ultimately expected to vest, therefore the amount of expense has been reduced for estimated forfeitures. The Company uses the straight-line method for expense attribution, except for awards issued with performance-based conditions which require an accelerated attribution method over the requisite performance and service periods. | |||||||||||||||||||||||||||||||||
Under the applicable accounting guidance for equity incentive awards issued to non-employees, the date at which the fair value of such awards is measured is equal to the earlier of: 1) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached; or 2) the date at which the counterparty’s performance is complete. The Company recognizes stock-based compensation expense for the fair value of the vested portion of the non-employee awards in the statements of operations and comprehensive loss. The fair value of options granted to non-employees is remeasured as the options vest. | |||||||||||||||||||||||||||||||||
The valuation model used for calculating the fair value of awards for stock-based compensation expense is the Black-Scholes option-pricing model (the “Black-Scholes model”). The Black-Scholes model requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted average period of time that the options granted are expected to be outstanding), the volatility of common stock and an assumed risk-free interest rate. The Company uses the “simplified method” to determine the expected term of the stock option. Volatility is based on an average of the historical volatilities of the common stock of publicly-traded companies with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. Since stock-based compensation expense is based on awards ultimately expected to vest, potential forfeitures are estimated based on the Company’s historical forfeiture experience and an analysis of similar companies. To the extent actual forfeitures differ from the estimates, the Company records the difference as a cumulative adjustment in the period that the estimates are revised. | |||||||||||||||||||||||||||||||||
Deferred Rent | Deferred Rent | ||||||||||||||||||||||||||||||||
Rent expense is recognized on a straight-line basis over the non-cancelable term of the Company’s operating lease and, accordingly, the Company records the difference between cash rent payments and the recognition of rent expense as a deferred rent liability. The Company also records lessor-funded lease incentives, such as leasehold improvements, as a deferred rent liability, which is amortized as a reduction of rent expense over the non-cancelable term of its operating lease. | |||||||||||||||||||||||||||||||||
Advertising Expenses | Advertising Expenses | ||||||||||||||||||||||||||||||||
The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were $0.1 million, $46,000 and $23,000 during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||||||||||||||
The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. Valuation allowances against deferred tax assets are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Currently, the Company has recorded a full valuation allowance against its deferred tax assets and there is no provision for income taxes, as the Company has incurred operating losses to date. The Company’s policy is to record interest and penalties expense related to uncertain tax positions as “other expense” in the statement of operations. | |||||||||||||||||||||||||||||||||
Net Loss per Share | 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): | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net loss | $ | (18,362 | ) | $ | (18,369 | ) | $ | (16,365 | ) | ||||||||||||||||||||||||
Weighted average common stock outstanding (1) | 11,384 | 1,461 | 999 | ||||||||||||||||||||||||||||||
Net loss per share, basic and diluted | $ | (1.61 | ) | $ | (12.57 | ) | $ | (16.38 | ) | ||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into 15,703,875 shares of common stock on a one-for-one basis. | ||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Convertible preferred stock outstanding (1) | — | 15,701 | 11,283 | ||||||||||||||||||||||||||||||
Convertible preferred stock warrants (1) | — | 57 | 74 | ||||||||||||||||||||||||||||||
Common stock warrants | 66 | — | — | ||||||||||||||||||||||||||||||
Common stock options | 2,458 | 1,928 | 1,594 | ||||||||||||||||||||||||||||||
2,524 | 17,686 | 12,951 | |||||||||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into 15,703,875 shares of common stock and the convertible preferred stock warrants were converted into common stock warrants, both on a one-for-one basis. | ||||||||||||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||||||||||
Comprehensive loss consists of net loss and changes in unrealized gains and losses on short-term investments, available-for-sale. Accumulated other comprehensive income (loss) is presented in the accompanying balance sheets, when applicable. | |||||||||||||||||||||||||||||||||
Segment, Geographical and Customer Concentration | Segment, Geographical and Customer Concentration | ||||||||||||||||||||||||||||||||
The Company operates in one segment. All of the Company’s assets and revenue are based in the U.S. No single customer accounted for more than 10% of its revenue during the years ended December 31, 2014, 2013 and 2012, and no single customer accounted for more than 10% of its accounts receivable at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||||||||||||||||||
In August 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 requires that, in connection with preparing financial statements for each annual and interim reporting period, the Company should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date the financial statements are issued or within one year after the date that the financial statements are available to be issued. If the Company identifies conditions or events that raise substantial doubt about its ability to continue as a going concern, the Company should disclose how it plans are intended to mitigate or alleviate those relevant conditions or events raising substantial doubt about its ability to continue as a going concern. ASU 2014-15 is effective for all entities with annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2014-15 is not expected to have a material impact on the Company’s financial condition or results of operations. | |||||||||||||||||||||||||||||||||
In June 2014, the FASB issued 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. | |||||||||||||||||||||||||||||||||
Series D convertible preferred stock [Member] | |||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Issued | — | 885 | — | ||||||||||||||||||||||||||||||
Exercised | — | (1,097 | ) | — | |||||||||||||||||||||||||||||
Change in fair value | — | 212 | — | ||||||||||||||||||||||||||||||
End of the period | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
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 | October | ||||||||||||||||||||||||||||||||
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 | 0.7 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Summary of Cash, Cash Equivalents and Available-for-Sale Investments Measured at Fair Value on Recurring Basis | The following is a summary of cash, cash equivalents and short-term investments, available-for-sale, by type of instrument measured at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Cash | $ | 1,971 | $ | — | $ | — | $ | 1,971 | $ | 1,076 | $ | — | $ | — | $ | 1,076 | |||||||||||||||||
Money market funds | 11,432 | — | — | 11,432 | 11,218 | — | — | 11,218 | |||||||||||||||||||||||||
Corporate debt securities | — | 28,790 | — | 28,790 | — | — | — | — | |||||||||||||||||||||||||
Commercial paper | — | 6,250 | — | 6,250 | — | — | — | — | |||||||||||||||||||||||||
$ | 13,403 | $ | 35,040 | $ | — | $ | 48,443 | $ | 12,294 | $ | — | $ | — | $ | 12,294 | ||||||||||||||||||
Reported as: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,403 | $ | 12,294 | |||||||||||||||||||||||||||||
Short-term investments, available-for-sale | 35,040 | — | |||||||||||||||||||||||||||||||
$ | 48,443 | $ | 12,294 | ||||||||||||||||||||||||||||||
Schedule of Net Loss Per Share | Net loss per share was determined as follows (in thousands, except per share amounts): | ||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Net loss | $ | (18,362 | ) | $ | (18,369 | ) | $ | (16,365 | ) | ||||||||||||||||||||||||
Weighted average common stock outstanding (1) | 11,384 | 1,461 | 999 | ||||||||||||||||||||||||||||||
Net loss per share, basic and diluted | $ | (1.61 | ) | $ | (12.57 | ) | $ | (16.38 | ) | ||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into 15,703,875 shares of common stock on a one-for-one basis. | ||||||||||||||||||||||||||||||||
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): | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Convertible preferred stock outstanding (1) | — | 15,701 | 11,283 | ||||||||||||||||||||||||||||||
Convertible preferred stock warrants (1) | — | 57 | 74 | ||||||||||||||||||||||||||||||
Common stock warrants | 66 | — | — | ||||||||||||||||||||||||||||||
Common stock options | 2,458 | 1,928 | 1,594 | ||||||||||||||||||||||||||||||
2,524 | 17,686 | 12,951 | |||||||||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into 15,703,875 shares of common stock and the convertible preferred stock warrants were converted into common stock warrants, both on a one-for-one basis. | ||||||||||||||||||||||||||||||||
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): | ||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning of the period | $ | 237 | $ | 93 | $ | 221 | |||||||||||||||||||||||||||
Issued | — | 10 | — | ||||||||||||||||||||||||||||||
Exercised | (29 | ) | — | — | |||||||||||||||||||||||||||||
Reclassified to equity (1) | (406 | ) | — | — | |||||||||||||||||||||||||||||
Change in fair value | 198 | 134 | (128 | ) | |||||||||||||||||||||||||||||
End of the period | $ | — | $ | 237 | $ | 93 | |||||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, warrants for convertible preferred stock were converted to warrants for common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability to additional paid-in capital. | ||||||||||||||||||||||||||||||||
Schedule of Fair Value Assumptions and Methodology | The fair value of the convertible preferred stock warrants was determined using the option pricing method, the probability weighted expected return method or Black-Scholes option pricing model using the following assumptions: | ||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Expected life (years) | 2 | 2 | 3 | ||||||||||||||||||||||||||||||
Expected volatility | 46 | % | 45 | % | 58 | % | |||||||||||||||||||||||||||
Risk-free interest rate | 0.5 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||||||||||
Dividend yield | 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): | ||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning of the period | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Issued | — | 885 | — | ||||||||||||||||||||||||||||||
Exercised | — | (1,097 | ) | — | |||||||||||||||||||||||||||||
Change in fair value | — | 212 | — | ||||||||||||||||||||||||||||||
End of the period | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
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 | October | ||||||||||||||||||||||||||||||||
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 | 0.7 |
Composition_of_Certain_Financi1
Composition of Certain Financial Statement Items (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Components of Inventory | Inventory (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 761 | $ | 472 | |||||
Work-in-process | 141 | 241 | |||||||
Finished goods | 1,645 | 1,484 | |||||||
$ | 2,547 | $ | 2,197 | ||||||
Property and Equipment | Property and Equipment (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Computer equipment and software | $ | 546 | $ | 398 | |||||
Furniture and office equipment | 158 | 252 | |||||||
Laboratory equipment | 2,276 | 2,262 | |||||||
Leasehold improvements | 128 | 124 | |||||||
3,108 | 3,036 | ||||||||
Less: accumulated depreciation and amortization | (1,634 | ) | (1,329 | ) | |||||
$ | 1,474 | $ | 1,707 | ||||||
Other Current Liabilities | Other Current Liabilities (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Manufacturing expenses | $ | 328 | $ | 213 | |||||
Deferred gross margin | 137 | 54 | |||||||
Other | 433 | 478 | |||||||
$ | 898 | $ | 745 | ||||||
Cash_Cash_Equivalents_and_Shor1
Cash, Cash Equivalents and Short-term Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Cash, Cash Equivalents and Available-for-Sale Investments by Type of Instrument | The following is a summary of cash, cash equivalents and short-term investments, available-for-sale, by type of instrument (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Estimated | Amortized | Gross | Estimated | ||||||||||||||||||||||||||||
Cost | Unrealized | Fair Value | Cost | Unrealized | Fair Value | ||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||
Cash | $ | 1,971 | $ | — | $ | — | $ | 1,971 | $ | 1,076 | $ | — | $ | — | $ | 1,076 | |||||||||||||||||
Money market funds | 11,432 | — | — | 11,432 | 11,218 | — | — | 11,218 | |||||||||||||||||||||||||
Corporate debt securities | 28,797 | 3 | (10 | ) | 28,790 | — | — | — | — | ||||||||||||||||||||||||
Commercial paper | 6,243 | 7 | — | 6,250 | — | — | — | — | |||||||||||||||||||||||||
$ | 48,443 | $ | 10 | $ | (10 | ) | $ | 48,443 | $ | 12,294 | $ | — | $ | — | $ | 12,294 | |||||||||||||||||
Reported as: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,403 | $ | 12,294 | |||||||||||||||||||||||||||||
Short-term investments, available-for-sale | 35,040 | — | |||||||||||||||||||||||||||||||
$ | 48,443 | $ | 12,294 | ||||||||||||||||||||||||||||||
Convertible_Preferred_Stock_Wa1
Convertible Preferred Stock Warrant Liability (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Warrants to Purchase Shares of Convertible Preferred Stock Outstanding and Exercisable | As of December 31, 2014 and 2013, the following warrants to purchase shares of convertible preferred stock were outstanding and exercisable (in thousands, except share and per share data): | ||||||||||||||||||||||||||||||||
Dates | In Connection With | Series | Exercise | Warrants Outstanding at | Initial | Fair Value at | |||||||||||||||||||||||||||
Price | December 31, | Value | December 31, | ||||||||||||||||||||||||||||||
Issuance | Expiration | 2014 | 2013 | 2014 (1) | 2013 | ||||||||||||||||||||||||||||
Mar 2007 | Mar 2014 | Equipment loan | A | $ | 3.68 | — | 4,076 | $ | 4 | $ | — | $ | 17 | ||||||||||||||||||||
Nov 2007 | Nov-17 | Venture loan | A | $ | 3.68 | 47,554 | 47,554 | 63 | — | 200 | |||||||||||||||||||||||
Aug-13 | Aug-23 | Loan Agreement | D | $ | 6.89 | 5,803 | 5,803 | 10 | — | 20 | |||||||||||||||||||||||
53,357 | 57,433 | $ | — | $ | 237 | ||||||||||||||||||||||||||||
-1 | In connection with the Company’s IPO in July 2014, all warrants for convertible preferred stock were converted to warrants for common stock, resulting in the reclassification of the related redeemable convertible preferred stock warrant liability of $0.4 million to additional paid-in capital. |
Convertible_Preferred_Stock_Ta
Convertible Preferred Stock (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Summary of Convertible Preferred Stock | A summary of the Company’s convertible preferred stock is as follows: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Series | Shares | Shares | Carrying | Shares | Shares | Carrying | |||||||||||||||||||
Authorized | Issued and | Value | Authorized | Issued and | Value | ||||||||||||||||||||
Outstanding | (in thousands) | Outstanding | (in thousands) | ||||||||||||||||||||||
A | — | — | $ | — | 2,796,259 | 2,744,619 | $ | 9,987 | |||||||||||||||||
B | — | — | — | 3,249,662 | 3,249,657 | 19,894 | |||||||||||||||||||
C | — | — | — | 5,311,401 | 5,311,395 | 30,521 | |||||||||||||||||||
D | — | — | — | 4,550,000 | 4,395,773 | 30,358 | |||||||||||||||||||
— | — | $ | — | 15,907,322 | 15,701,444 | $ | 90,760 | ||||||||||||||||||
Summary of Convertible Preferred Stock Terms | A summary of the Company’s convertible preferred stock terms is as follows: | ||||||||||||||||||||||||
Series | Liquidation | 8% | |||||||||||||||||||||||
Preference | Dividend | ||||||||||||||||||||||||
Per Share | Per Share | ||||||||||||||||||||||||
A | $ | 3.68 | $ | 0.2944 | |||||||||||||||||||||
B | 6.16 | 0.4928 | |||||||||||||||||||||||
C | 5.84 | 0.4672 | |||||||||||||||||||||||
D | 6.89 | 0.5514 |
Stockholders_Equity_Tables
Stockholder's Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information is as follows (in thousands, except price data): | ||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Options | Price | Options | Price | Options | Price | ||||||||||||||||||||
Outstanding, beginning of period | 1,928 | $ | 1.08 | 1,594 | $ | 0.88 | 1,425 | $ | 0.8 | ||||||||||||||||
Granted | 819 | 12.88 | 1,033 | 1.2 | 296 | 1.16 | |||||||||||||||||||
Granted - below fair market value | — | — | 94 | 1.32 | — | — | |||||||||||||||||||
Exercised | (163 | ) | 1.42 | (740 | ) | 0.84 | (115 | ) | 0.76 | ||||||||||||||||
Forfeited | (126 | ) | 3.86 | (53 | ) | 1.08 | (12 | ) | 0.88 | ||||||||||||||||
Outstanding, end of period | 2,458 | 4.84 | 1,928 | 1.08 | 1,594 | 0.88 | |||||||||||||||||||
Vested and expected to vest | 2,338 | 4.67 | 1,752 | 1.08 | 1,461 | 0.84 | |||||||||||||||||||
Exercisable | 1,612 | 2.66 | 1,314 | 1 | 1,206 | 0.8 | |||||||||||||||||||
Schedule of Common Stock Reserved for Exercise and Issuance of Warrants, Options and Shares Available for Grant under Equity Incentive Stock Plans | The number of such shares of common stock reserved for the exercise and issuance of the following warrants, options and shares available for grant under the equity incentive stock plans as of December 31, 2014, are as follows (in thousands): | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Warrants outstanding | 66 | ||||||||||||||||||||||||
Options outstanding | 2,458 | ||||||||||||||||||||||||
Available for future grant: | |||||||||||||||||||||||||
2014 Equity incentive plan | 4,434 | ||||||||||||||||||||||||
2014 Employee stock purchase plan | 496 | ||||||||||||||||||||||||
7,454 | |||||||||||||||||||||||||
StockBased_Compensation_Expens1
Stock-Based Compensation Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of Stock Based Compensation Recognized Before Taxes | Total stock-based compensation recognized, before taxes, during the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||||
Fiscal Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cost of sales | $ | 49 | $ | 21 | $ | 10 | |||||||
Selling, general and administrative | 1,361 | 273 | 103 | ||||||||||
Research and development | 140 | 88 | 39 | ||||||||||
$ | 1,550 | $ | 382 | $ | 152 | ||||||||
Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model | The fair value of options granted to employees or directors during the years ended December 31, 2014, 2013 and 2012, was estimated as of the grant date using the Black-Scholes model assuming the weighted average assumptions listed in the following table: | ||||||||||||
Fiscal Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected life (years) | 6 | 6 | 6 | ||||||||||
Expected volatility | 56 | % | 67 | % | 66 | % | |||||||
Risk-free interest rate | 1.9 | % | 1.6 | % | 0.9 | % | |||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Weighted average fair value | $ | 6.8 | $ | 0.96 | $ | 0.68 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 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): | ||||
Fiscal Years Ending December 31, | |||||
2015 | $ | 645 | |||
2016 | 1,494 | ||||
2017 | 1,536 | ||||
2018 | 1,580 | ||||
2019 | 1,625 | ||||
Thereafter | 685 | ||||
7,565 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Federal Statutory Rate to Income Taxes before Taxes Reconciles to Provision for Income Taxes | The amount computed by applying the federal statutory rate to income before taxes reconciles to the provision for income taxes is as follows (in thousands): | ||||||||||||
Fiscal Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax at federal statutory rate | $ | (6,243 | ) | $ | (6,245 | ) | $ | (5,564 | ) | ||||
State, net of federal benefit | (1,264 | ) | (826 | ) | (1,131 | ) | |||||||
Permanent items | 515 | 368 | 59 | ||||||||||
R&D tax credit | (315 | ) | (584 | ) | — | ||||||||
Other | 12 | (2 | ) | (3 | ) | ||||||||
Change in valuation allowance | 7,295 | 7,289 | 6,639 | ||||||||||
$ | — | $ | — | $ | — | ||||||||
Schedule of Significant Components of Net Deferred Tax Assets | Significant components of net deferred tax assets are as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 33,912 | $ | 28,236 | |||||||||
R&D tax credit | 2,888 | 2,394 | |||||||||||
Accruals and other | 2,465 | 1,288 | |||||||||||
39,265 | 31,918 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (62 | ) | (9 | ) | |||||||||
(62 | ) | (9 | ) | ||||||||||
Net deferred tax asset: | 39,203 | 31,909 | |||||||||||
Valuation allowance | (39,203 | ) | (31,909 | ) | |||||||||
$ | — | $ | — | ||||||||||
Schedule of Reconciliation of Change in Unrecognized Tax Benefit | A reconciliation of the change in the unrecognized tax benefit during the year is as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning of year | $ | 715 | $ | 505 | $ | 442 | |||||||
Additions for tax positions related to: | |||||||||||||
Current year | 140 | 210 | 63 | ||||||||||
Prior years | 6 | — | — | ||||||||||
End of year | $ | 861 | $ | 715 | $ | 505 | |||||||
Supplemental_Quarterly_Financi1
Supplemental Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Information of Statements of Operations | The following table sets forth unaudited statements of operations data for each of the Company’s last eight quarters. This quarterly information is unaudited and has been prepared on the same basis as the annual financial statements. In the Company’s opinion, this quarterly information reflects all adjustments necessary for a fair presentation of the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. | ||||||||||||||||||||||||||||||||
Fiscal Years Ended | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||||||||||
Revenue | $ | 7,497 | $ | 8,565 | $ | 9,100 | $ | 13,425 | $ | 2,744 | $ | 3,936 | $ | 4,279 | $ | 6,972 | |||||||||||||||||
Cost of sales (1) | 2,360 | 2,320 | 2,576 | 2,967 | 1,949 | 2,202 | 1,438 | 2,561 | |||||||||||||||||||||||||
Gross profit | 5,137 | 6,245 | 6,524 | 10,458 | 795 | 1,734 | 2,841 | 4,411 | |||||||||||||||||||||||||
Gross margin (1) | 69 | % | 73 | % | 72 | % | 78 | % | 29 | % | 44 | % | 66 | % | 63 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Sales, general and administrative | 6,658 | 8,291 | 9,667 | 11,495 | 3,350 | 4,087 | 4,700 | 6,092 | |||||||||||||||||||||||||
Research and development | 2,577 | 2,377 | 2,758 | 2,619 | 2,256 | 2,421 | 2,077 | 2,764 | |||||||||||||||||||||||||
Total operating expenses | 9,235 | 10,668 | 12,425 | 14,114 | 5,606 | 6,508 | 6,777 | 8,856 | |||||||||||||||||||||||||
Loss from operations | (4,098 | ) | (4,423 | ) | (5,901 | ) | (3,656 | ) | (4,811 | ) | (4,774 | ) | (3,936 | ) | (4,445 | ) | |||||||||||||||||
Interest and other (expense) income, net (2) | (311 | ) | 41 | 16 | (30 | ) | 58 | (111 | ) | (163 | ) | (187 | ) | ||||||||||||||||||||
Net loss | $ | (4,409 | ) | $ | (4,382 | ) | $ | (5,885 | ) | $ | (3,686 | ) | $ | (4,753 | ) | $ | (4,885 | ) | $ | (4,099 | ) | $ | (4,632 | ) | |||||||||
Basic and diluted net loss per share | $ | (2.49 | ) | $ | (2.36 | ) | $ | (0.32 | ) | $ | (0.16 | ) | $ | (4.57 | ) | $ | (3.69 | ) | $ | (2.39 | ) | $ | (2.64 | ) | |||||||||
Shares used to compute basic and diluted net loss per share | 1,773 | 1,860 | 18,217 | 23,375 | 1,039 | 1,323 | 1,718 | 1,755 | |||||||||||||||||||||||||
-1 | The first quarter of 2013 included $0.7 million for establishing and qualifying our new manufacturing facility. The second quarter of 2013 included a charge of $0.5 million related to a packaging issue and $0.1 million for establishing and qualifying our new manufacturing facility. | ||||||||||||||||||||||||||||||||
-2 | The second and third quarter of 2013 each included $0.1 million in fair value expense adjustments for the preferred stock financing option. The fourth quarter of 2013 and first quarter of 2014 included $0.1 million and $0.3 million, respectively, in fair value expense adjustments for the preferred stock warrants classified as liabilities. |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash, cash equivalents and short-term investments | $48,400,000 | |
Accumulated deficit | ($96,621,000) | ($78,259,000) |
Organization_Additional_Inform1
Organization - Additional Information 1 (Detail) (Common Stock [Member], Initial Public Offering [Member], USD $) | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Jul. 31, 2014 |
Common Stock [Member] | Initial Public Offering [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Common stock issued during period, shares | 5,750,000 |
Common stock issued during period, price per share | $11 |
Net proceeds from initial public offering | $55.80 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Jul. 11, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | |
Subsidiary, Sale of Stock [Line Items] | |||||||
Reverse stock split, ratio | 0.25 | ||||||
Warrants exercisable for common stock shares | 53,357 | 57,433 | |||||
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital | $406,000 | $406,000 | |||||
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 | |||||
Financing liability | 237,000 | ||||||
Net proceeds from convertible preferred stock financings | 30,146,000 | ||||||
Private Placement [Member] | Series D convertible preferred stock [Member] | Convertible Preferred Stock Financing Option [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of shares issued | 1,369,008 | 370,129 | 2,656,636 | ||||
Net proceeds from initial public offering | 9,400,000 | 2,500,000 | 18,200,000 | ||||
Annualized revenue rate over a trailing three month period | 16,000,000 | ||||||
Financing liability | 1,100,000 | 900,000 | |||||
Net proceeds from convertible preferred stock financings | 9,400,000 | ||||||
Change in fair value charges | 200,000 | ||||||
Common Stock [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Reverse stock split | 1-for-4 reverse stock split | ||||||
Convertible preferred stock converted into shares of common stock | 15,703,875 | 15,704,000 | |||||
Common Stock [Member] | Initial Public Offering [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of shares issued | 5,750,000 | ||||||
Common stock issued during period, price per share | $11 | ||||||
Net proceeds from initial public offering | 55,800,000 | ||||||
Underwriting discounts and commissions | 4,500,000 | ||||||
Initial public offering, expenses | 3,000,000 | ||||||
Convertible preferred stock converted into shares of common stock | 15,703,875 | ||||||
Warrants exercisable for common stock shares | 53,357 | ||||||
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital | $406,000 | ||||||
Common Stock [Member] | Over-Allotment Option [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of shares issued | 750,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Short-Term Investments, Available-for-Sale, by Type of Instrument (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Net Investment [Line Items] | ||
Short-term investments | $48,443 | $12,294 |
Cash and Cash Equivalents [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 13,403 | 12,294 |
Short-term investments, available-for-sale [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 35,040 | |
Cash [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 1,971 | 1,076 |
Money Market Funds [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 11,432 | 11,218 |
Corporate Debt Securities [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 28,790 | |
Commercial Paper [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 6,250 | |
Fair Value on Recurring Basis [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 48,443 | 12,294 |
Fair Value on Recurring Basis [Member] | Cash and Cash Equivalents [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 13,403 | 12,294 |
Fair Value on Recurring Basis [Member] | Short-term investments, available-for-sale [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 35,040 | |
Fair Value on Recurring Basis [Member] | Cash [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 1,971 | 1,076 |
Fair Value on Recurring Basis [Member] | Money Market Funds [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 11,432 | 11,218 |
Fair Value on Recurring Basis [Member] | Corporate Debt Securities [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 28,790 | |
Fair Value on Recurring Basis [Member] | Commercial Paper [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 6,250 | |
Level 1 [Member] | Fair Value on Recurring Basis [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 13,403 | 12,294 |
Level 1 [Member] | Fair Value on Recurring Basis [Member] | Cash [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 1,971 | 1,076 |
Level 1 [Member] | Fair Value on Recurring Basis [Member] | Money Market Funds [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 11,432 | 11,218 |
Level 2 [Member] | Fair Value on Recurring Basis [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 35,040 | |
Level 2 [Member] | Fair Value on Recurring Basis [Member] | Corporate Debt Securities [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | 28,790 | |
Level 2 [Member] | Fair Value on Recurring Basis [Member] | Commercial Paper [Member] | ||
Net Investment [Line Items] | ||
Short-term investments | $6,250 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Changes in Estimated Fair Value using Valuations Classified as Level 3 - Convertible Preferred Stock Warrant Liability (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Warrant or Right [Line Items] | ||||
Beginning of the period | $237,000 | |||
Reclassified to equity | -406,000 | -406,000 | ||
Change in fair value | 198,000 | 134,000 | -128,000 | |
End of the period | 237,000 | |||
Convertible Preferred Stock [Member] | Level 3 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Beginning of the period | 237,000 | 93,000 | 221,000 | |
Issued | 10,000 | |||
Exercised | -29,000 | |||
Reclassified to equity | -406,000 | |||
Change in fair value | 198,000 | 134,000 | -128,000 | |
End of the period | $237,000 | $93,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model (Detail) (Convertible Preferred Stock Warrants [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Convertible Preferred Stock Warrants [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Expected life (years) | 2 years | 2 years | 3 years |
Expected volatility | 46.00% | 45.00% | 58.00% |
Risk-free interest rate | 0.50% | 0.40% | 0.40% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Schedule of Changes in Estimated Fair Value using Valuations Classified as Level 3 - Convertible Preferred Stock Financing Option (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2011 |
Fair Value Disclosures [Abstract] | |||
Beginning of the period | $0 | $0 | $0 |
Issued | 885 | ||
Exercised | -1,097 | ||
Change in fair value of convertible preferred stock financing option | 212 | ||
End of the period | $0 | $0 | $0 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Schedule of Fair Value Assumptions and Methodology (Detail) (Series D Convertible Preferred Stock Financing Option [Member], USD $) | 1 Months Ended | |
Oct. 31, 2013 | Feb. 28, 2013 | |
Series D Convertible Preferred Stock Financing Option [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
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 | 8 months 12 days | 6 months |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Additional Information 1 (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Allowance for doubtful accounts | $0 | $0 | |
Advertising expenses | 100,000 | 46,000 | 23,000 |
Loss allocated to participating securities | 0 | ||
Contractual obligation | $0 | ||
Number of operating segment | 1 | ||
Revenue [Member] | Customer Concentration Risk [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of customer accounted for more than 10% | 0 | 0 | 0 |
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of customer accounted for more than 10% | 0 | 0 | |
Concentration risk, percentage | 10.00% | 10.00% | |
Leasehold Improvements [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated useful lives of lease | Straight-line basis over the shorter of their estimated useful lives or the term of the lease | ||
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated useful life of property and equipment | 3 years | ||
Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated useful life of property and equipment | 5 years |
Recovered_Sheet1
Summary of Significant Accounting Policies - Schedule of Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net loss | ($3,686) | ($5,885) | ($4,382) | ($4,409) | ($4,632) | ($4,099) | ($4,885) | ($4,753) | ($18,362) | ($18,369) | ($16,365) |
Weighted average common shares used to compute net loss per share, basic and diluted | 23,375 | 18,217 | 1,860 | 1,773 | 1,755 | 1,718 | 1,323 | 1,039 | 11,384 | 1,461 | 999 |
Net loss per share, basic and diluted | ($0.16) | ($0.32) | ($2.36) | ($2.49) | ($2.64) | ($2.39) | ($3.69) | ($4.57) | ($1.61) | ($12.57) | ($16.38) |
Recovered_Sheet2
Summary of Significant Accounting Policies - Schedule of Net Loss Per Share (Parenthetical) (Detail) (Common Stock [Member]) | 1 Months Ended | 12 Months Ended |
Jul. 31, 2014 | Dec. 31, 2014 | |
Common Stock [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Convertible preferred stock was converted to common stock | One-for-one | |
Convertible preferred stock was converted into common stock | 15,703,875 | 15,704,000 |
Recovered_Sheet3
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Outstanding Excluded from the Computations of Diluted Weighted Average Shares Outstanding (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted weighted average shares outstanding | 2,524 | 17,686 | 12,951 |
Common Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted weighted average shares outstanding | 2,458 | 1,928 | 1,594 |
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 | 15,701 | 11,283 | |
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 | 57 | 74 | |
Common 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 | 66 |
Recovered_Sheet4
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Outstanding Excluded from the Computations of Diluted Weighted Average Shares Outstanding (Parenthetical) (Detail) (Common Stock [Member]) | 1 Months Ended | 12 Months Ended |
Jul. 31, 2014 | Dec. 31, 2014 | |
Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Convertible preferred stock was converted to common stock | One-for-one | |
Convertible preferred stock was converted into common stock | 15,703,875 | 15,704,000 |
Composition_of_Certain_Financi2
Composition of Certain Financial Statement Items - Components of Inventory (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $761 | $472 |
Work-in-process | 141 | 241 |
Finished goods | 1,645 | 1,484 |
Inventory, net | $2,547 | $2,197 |
Composition_of_Certain_Financi3
Composition of Certain Financial Statement Items - Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, gross | $3,108 | $3,036 |
Less: accumulated depreciation and amortization | -1,634 | -1,329 |
Plant and equipment, net | 1,474 | 1,707 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, gross | 546 | 398 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, gross | 158 | 252 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, gross | 2,276 | 2,262 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Plant and equipment, gross | $128 | $124 |
Composition_of_Certain_Financi4
Composition of Certain Financial Statement Items - Additional information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | |||
Depreciation and capital lease amortization expenses | $583 | $505 | $351 |
Composition_of_Certain_Financi5
Composition of Certain Financial Statement Items - Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Manufacturing expenses | $328 | $213 |
Deferred gross margin | 137 | 54 |
Other | 433 | 478 |
Other current liabilities | $898 | $745 |
Cash_Cash_Equivalents_and_Shor2
Cash, Cash Equivalents and Short-term Investments - Summary of Cash, Cash Equivalents and Available-for-Sale Investments by Type of Instrument (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net Investment [Line Items] | ||
Cash, cash equivalents and available-for-sale investments, Amortized Cost | $48,443 | $12,294 |
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Gains | 10 | |
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Losses | -10 | |
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value | 48,443 | 12,294 |
Cash and Cash Equivalents [Member] | ||
Net Investment [Line Items] | ||
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value | 13,403 | 12,294 |
Short-term investments, available-for-sale [Member] | ||
Net Investment [Line Items] | ||
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value | 35,040 | |
Cash [Member] | ||
Net Investment [Line Items] | ||
Cash, cash equivalents and available-for-sale investments, Amortized Cost | 1,971 | 1,076 |
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value | 1,971 | 1,076 |
Money Market Funds [Member] | ||
Net Investment [Line Items] | ||
Cash, cash equivalents and available-for-sale investments, Amortized Cost | 11,432 | 11,218 |
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value | 11,432 | 11,218 |
Corporate Debt Securities [Member] | ||
Net Investment [Line Items] | ||
Cash, cash equivalents and available-for-sale investments, Amortized Cost | 28,797 | |
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Gains | 3 | |
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Losses | -10 | |
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value | 28,790 | |
Commercial Paper [Member] | ||
Net Investment [Line Items] | ||
Cash, cash equivalents and available-for-sale investments, Amortized Cost | 6,243 | |
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Gains | 7 | |
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value | $6,250 |
Cash_Cash_Equivalents_and_Shor3
Cash, Cash Equivalents and Short-term Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investments Schedule [Abstract] | |||
Investments with a maturity of greater than one year | $0 | $0 | |
Other-than-temporary impairment charges | $0 | $0 | $0 |
Loan_And_Security_Agreement_Ad
Loan And Security Agreement - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Aug. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | |
Line of Credit Facility [Line Items] | ||||
Advances under loan and security agreement | $900,000 | $1,400,000 | ||
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 would have been fixed at the time of advance and would have been the greater of 3.65% or the three-year U.S. Treasury note plus 3%. | |||
Loan and security agreement, amortization period | 30 months | |||
Loan and security agreement, Final Payment, Percentage of advanced amount | 3.90% | |||
Percentage of annual loan fee | 5.10% | |||
Silicon Valley Bank | ||||
Line of Credit Facility [Line Items] | ||||
Loan and security agreement | 12,000,000 | |||
Advances under loan and security agreement | 0 | |||
Tranche Two | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Trailing three-month revenue | 7,000,000 | |||
Year One [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Penalty on prepaid principal | 2.00% | |||
Year Two [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Penalty on prepaid principal | 1.00% | |||
Year Three [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Penalty on prepaid principal | 0.00% | |||
Growth Capital Facility | Silicon Valley Bank | ||||
Line of Credit Facility [Line Items] | ||||
Loan and security agreement | 8,000,000 | |||
Growth Capital Facility | Tranche One | ||||
Line of Credit Facility [Line Items] | ||||
Loan and security agreement | 4,000,000 | |||
Loan agreement expiry date | 31-Oct-14 | |||
Growth Capital Facility | Tranche Two | ||||
Line of Credit Facility [Line Items] | ||||
Loan and security agreement | 4,000,000 | |||
Loan agreement expiry date | 31-Mar-15 | |||
Revolving Accounts Receivable Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loan and security agreement, interest rate description | Interest would have been the greater of 4.25% or SVB Prime Rate plus 0.25%. | |||
Line of credit, expiration period | Aug-16 | |||
Percentage of eligible accounts receivable | 80.00% | |||
Percentage of annual loan fee | 0.75% | |||
Interest great percentage | 4.25 | |||
Percentage of prime rate plus | 0.25% | |||
Revolving Accounts Receivable Line of Credit [Member] | Silicon Valley Bank | ||||
Line of Credit Facility [Line Items] | ||||
Loan and security agreement | $4,000,000 |
Loan_And_Security_Agreement_Ad1
Loan And Security Agreement - Additional Information 2 (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | |||
Warrants exercisable for common stock shares | 53,357 | 57,433 | |
Warrants granted for common stock shares | 66,000 | ||
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 | 5,803 | 5,803 | |
Warrants granted for common stock shares | 20,313 | ||
Percentage of total growth capital facility | 0.50% | ||
Aggregate exercise price of warrants | $40,000 | ||
Warrant exercise price per share | 6.89 | $6.89 | |
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 would have 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 $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2014 | Apr. 30, 2013 | Sep. 30, 2012 | Nov. 30, 2014 | |
Capital Leased Assets [Line Items] | |||||||
Aggregate principal amount under loan facility | $2,000,000 | ||||||
Interest rate | 5.10% | ||||||
Interest expense | 36,000 | 100,000 | 4,000 | ||||
Amount outstanding | 1,400,000 | 900,000 | |||||
Frequency of monthly payments | 36-month | ||||||
Capital lease obligation | 100,000 | ||||||
Capital Lease Obligations [Member] | |||||||
Capital Leased Assets [Line Items] | |||||||
Interest rate | 14.88% | ||||||
Amount outstanding | $59,000 | ||||||
Frequency of monthly payments | 38-month |
Convertible_Preferred_Stock_Wa2
Convertible Preferred Stock Warrant Liability - Schedule of Warrants to Purchase Shares of Convertible Preferred Stock Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2007 | Nov. 30, 2007 | Aug. 31, 2013 |
Class of Warrant or Right [Line Items] | |||||
Shares Outstanding | 53,357 | 57,433 | |||
Fair Value | $237 | ||||
Equipment Loan Warrant [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Initial Value | $4 | ||||
Dates, Issuance | 2007-03 | ||||
Dates, Expiration | 2014-03 | ||||
In Connection With | Equipment loan | ||||
Series | A | ||||
Exercise Price | $3.68 | $3.68 | |||
Shares Outstanding | 4,076 | ||||
Fair Value | 17 | ||||
Venture Loan [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Initial Value | $63 | ||||
Dates, Issuance | 2007-11 | ||||
Dates, Expiration | 2017-11 | ||||
In Connection With | Venture loan | ||||
Series | A | ||||
Exercise Price | $3.68 | $3.68 | |||
Shares Outstanding | 47,554 | 47,554 | |||
Fair Value | 200 | ||||
Loan Origination Commitments [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Initial Value | $10 | ||||
Dates, Issuance | 2013-08 | ||||
Dates, Expiration | 2023-08 | ||||
In Connection With | Loan Agreement | ||||
Series | D | ||||
Exercise Price | $6.89 | $6.89 | |||
Shares Outstanding | 5,803 | 5,803 | |||
Fair Value | $20 |
Convertible_Preferred_Stock_Wa3
Convertible Preferred Stock Warrant Liability - Schedule of Warrants to Purchase Shares of Convertible Preferred Stock Outstanding and Exercisable (Parenthetical) (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Dec. 31, 2014 |
Equity [Abstract] | ||
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital | $406 | $406 |
Convertible_Preferred_Stock_Wa4
Convertible Preferred Stock Warrant Liability - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | |
Class of Warrant or Right [Line Items] | |||
Net preferred stock shares issued | 0 | 0 | |
Shares withheld due to exercise price | 0 | 0 | |
Shares Outstanding | 53,357 | 57,433 | |
Equipment Loan Warrant [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 | 2,431 | ||
Shares withheld due to exercise price | 1,645 | ||
Number of shares of Series A convertible preferred stock exercised though exercise of warrants | 22,418 | ||
Loan Agreement Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Shares Outstanding | 5,803 | 5,803 | |
Warrants exercise price per share | 6.89 | $6.89 | |
Warrants expiry date | 2023-08 | ||
Warrants expiration description | Or upon the occurrence of an acquisition of the Company in exchange for cash or marketable securities. |
Convertible_Preferred_Stock_Ad
Convertible Preferred Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Jul. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Redeemable convertible preferred stock reclassified to common stock and additional paid-in capital | $90,789,000 | |||||
Convertible preferred stock redemption description | A redemption event will only occur upon the liquidation or winding up of the Company, a greater than 50% change in control, or sale of substantially all of the assets of the Company. | |||||
Financing liability | 237,000 | |||||
Dividends declared | 0 | |||||
Terms of convertible preferred stock | (1) immediately upon the closing of a firm commitment, underwritten initial public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, in which the public offering price reflects a pre-money valuation of at least $200.0 million and with net proceeds raised of at least $40.0 million or (2) at the election of the holders of at least 70% of the then outstanding shares of such series of preferred stock, the election of the holders of at least 65% of the Series C convertible preferred stock and the election of the holders of at least 52% of the Series D convertible preferred stock, voting as a separate class. The convertible preferred stock warrants become exercisable for common stock. | |||||
Public offering, minimum pre-money valuation | 200,000,000 | |||||
Minimum voting percentage of conversion | 70.00% | |||||
Common Stock [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Convertible preferred stock was converted to common stock | One-for-one | |||||
Convertible preferred stock was converted into common stock | 15,703,875 | 15,704,000 | ||||
Redeemable convertible preferred stock reclassified to common stock and additional paid-in capital | 90,789,000 | 16,000 | ||||
Minimum [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Total net cash proceeds from initial closing | 40,000,000 | |||||
Series D convertible preferred stock [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Minimum voting percentage of conversion | 52.00% | |||||
Series D convertible preferred stock [Member] | Private Placement [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 | |||
Preferred stock, shares issued | 1,369,008 | 370,129 | 2,656,636 | |||
Annualized revenue rate over a trailing three-month period | 16,000,000 | |||||
Financing liability | 1,100,000 | 900,000 | ||||
Convertible preferred stock expired | 2013-10 | |||||
Change in fair value charges | 200,000 | |||||
Series D convertible preferred stock [Member] | Employee [Member] | Convertible Preferred Stock Financing Option [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Total net cash proceeds from initial closing | $500,000 | |||||
Preferred stock, shares issued | 72,548 | |||||
Series C convertible preferred stock [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Minimum voting percentage of conversion | 65.00% |
Convertible_Preferred_Stock_Su
Convertible Preferred Stock - Summary of Convertible Preferred Stock (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Class of Stock [Line Items] | ||
Convertible preferred stock, shares authorized | 0 | 15,907,322 |
Convertible preferred stock, Shares Issued | 0 | 15,701,444 |
Convertible preferred stock, shares outstanding | 0 | 15,701,444 |
Convertible preferred stock, Carrying Value | $90,760 | |
Series A convertible preferred stock [Member] | ||
Class of Stock [Line Items] | ||
Convertible preferred stock, shares authorized | 2,796,259 | |
Convertible preferred stock, Shares Issued | 2,744,619 | |
Convertible preferred stock, shares outstanding | 2,744,619 | |
Convertible preferred stock, Carrying Value | 9,987 | |
Series B convertible preferred stock [Member] | ||
Class of Stock [Line Items] | ||
Convertible preferred stock, shares authorized | 3,249,662 | |
Convertible preferred stock, Shares Issued | 3,249,657 | |
Convertible preferred stock, shares outstanding | 3,249,657 | |
Convertible preferred stock, Carrying Value | 19,894 | |
Series C convertible preferred stock [Member] | ||
Class of Stock [Line Items] | ||
Convertible preferred stock, shares authorized | 5,311,401 | |
Convertible preferred stock, Shares Issued | 5,311,395 | |
Convertible preferred stock, shares outstanding | 5,311,395 | |
Convertible preferred stock, Carrying Value | 30,521 | |
Series D convertible preferred stock [Member] | ||
Class of Stock [Line Items] | ||
Convertible preferred stock, shares authorized | 4,550,000 | |
Convertible preferred stock, Shares Issued | 4,395,773 | |
Convertible preferred stock, shares outstanding | 4,395,773 | |
Convertible preferred stock, Carrying Value | $30,358 |
Convertible_Preferred_Stock_Su1
Convertible Preferred Stock - Summary of Convertible Preferred Stock Terms (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Series A convertible preferred stock [Member] | |
Temporary Equity [Line Items] | |
Liquidation Preference Per Share | $3.68 |
8% Dividend Per Share | $0.29 |
Series B convertible preferred stock [Member] | |
Temporary Equity [Line Items] | |
Liquidation Preference Per Share | $6.16 |
8% Dividend Per Share | $0.49 |
Series C convertible preferred stock [Member] | |
Temporary Equity [Line Items] | |
Liquidation Preference Per Share | $5.84 |
8% Dividend Per Share | $0.47 |
Series D convertible preferred stock [Member] | |
Temporary Equity [Line Items] | |
Liquidation Preference Per Share | $6.89 |
8% Dividend Per Share | $0.55 |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 23, 2014 | Dec. 31, 2011 | |
Class of Stock [Line Items] | |||||
Shares reserved for issuance | 7,454,000 | ||||
Options outstanding | 2,458,000 | 1,928,000 | 1,594,000 | 1,425,000 | |
Aggregate pre-tax intrinsic value of options outstanding and exercisable | $25,600,000 | ||||
Aggregate pre-tax intrinsic value of options outstanding | 33,700,000 | ||||
Aggregate pre-tax intrinsic value of options exercised | 1,500,000 | 300,000 | 37,000 | ||
Weighted-average remaining contractual term of options outstanding | 8 years | ||||
Weighted-average remaining contractual term of options exercisable | 7 years 6 months | ||||
Options exercised with unvested shares | 69,037 | ||||
Repurchase rights held at original issuance price | 29,017 | 53,796 | |||
Related liability | $20,000 | $31,000 | |||
2014 Employee Stock Purchase Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Shares reserved for issuance | 496,092 | 496,092 | |||
Percentage of shares outstanding | 1.00% | ||||
2014 Equity Incentive Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Shares reserved for issuance | 4,434,000 | 4,750,000 | |||
Percentage of shares outstanding | 3.00% | ||||
Maximum number of shares to be issued | 10,000,000 | ||||
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 | ||||
2014 Equity Incentive Plan [Member] | Incentive Stock Option [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 2014 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. | ||||
2013 Equity Incentive Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Options issued, vested | 10,000 | 0 | |||
Options outstanding | 600,000 |
Stockholders_Equity_Summary_of
Stockholder's Equity - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Options price, outstanding, beginning of period | $1.08 | $0.88 | $0.80 |
Options price, granted | $12.88 | $1.20 | $1.16 |
Options price, granted - below fair market value | $1.32 | ||
Options price, exercised | $1.42 | $0.84 | $0.76 |
Options price, forfeited | $3.86 | $1.08 | $0.88 |
Options price, outstanding, end of period | $4.84 | $1.08 | $0.88 |
Options price, vested and expected to vest | $4.67 | $1.08 | $0.84 |
Options price, exercisable | $2.66 | $1 | $0.80 |
Options outstanding, beginning of period | 1,928 | 1,594 | 1,425 |
Options granted | 819 | 1,033 | 296 |
Options granted - below fair market value | 94 | ||
Options exercised | -163 | -740 | -115 |
Options forfeited | -126 | -53 | -12 |
Options outstanding, end of period | 2,458 | 1,928 | 1,594 |
Options vested and expected to vest | 2,338 | 1,752 | 1,461 |
Options exercisable | 1,612 | 1,314 | 1,206 |
Stockholders_Equity_Schedule_o
Stockholder's Equity - Schedule of Common Stock Reserved for Exercise and Issuance of Warrants, Options and Shares Available for Grant under Equity Incentive Stock Plans (Detail) | Dec. 31, 2014 | Jul. 23, 2014 |
Class of Stock [Line Items] | ||
Warrants outstanding | 66,000 | |
Options outstanding | 2,458,000 | |
Available for future grant: | ||
Total common stock reserved for exercise and issuance, shares | 7,454,000 | |
2014 Equity Incentive Plan [Member] | ||
Available for future grant: | ||
Total common stock reserved for exercise and issuance, shares | 4,434,000 | 4,750,000 |
2014 Employee Stock Purchase Plan [Member] | ||
Available for future grant: | ||
Total common stock reserved for exercise and issuance, shares | 496,092 | 496,092 |
StockBased_Compensation_Expens2
Stock-Based Compensation Expense - Summary of Stock Based Compensation Recognized Before Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $1,550 | $382 | $152 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 49 | 21 | 10 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,361 | 273 | 103 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $140 | $88 | $39 |
StockBased_Compensation_Expens3
Stock-Based Compensation Expense - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unearned stock-based compensation | $4,600,000 | $4,600,000 | |||
Weighted average period for unearned stock-based compensation to be recognized | 3 years 2 months 12 days | ||||
Options modified to permit exercise with promissory notes | 244,000 | 365,000 | 89,000 | ||
Conversion of options to grant restricted stock | 0.6 | ||||
Vesting period | 4 years | ||||
Incremental cost of modification | 300,000 | ||||
Incremental cost recognized | 200,000 | 50,000 | |||
Unamortized modification cost related to vested options | 200,000 | ||||
Remaining unamortized cost yet to be amortized | 100,000 | 100,000 | |||
Promissory Notes [Member] | President And Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options modified to permit exercise with promissory notes | 500,000 | ||||
Minimum [Member] | Promissory Notes [Member] | President And Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Liquidation event threshold representing total proceeds payable to the Company | $200,000,000 |
StockBased_Compensation_Expens4
Stock-Based Compensation Expense - Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected life (years) | 6 years | 6 years | 6 years |
Expected volatility | 56.00% | 67.00% | 66.00% |
Risk-free interest rate | 1.90% | 1.60% | 0.90% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value | $6.80 | $0.96 | $0.68 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
sqft | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease, Date | 2012-03 | ||
Renewal provision allowing the Company to extend lease, percentage | 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 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. | ||
Additional area under operating lease agreement | 17,900 | ||
Total area under operating lease agreement | 50,400 | ||
Operating lease , expiration date | 31-May-20 | ||
Building improvements payable by the lessor | $1 | ||
Rent expense | 1.3 | 1.4 | 0.6 |
Commitments to suppliers for purchases | $0.80 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Annual Operating Lease Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $645 |
2016 | 1,494 |
2017 | 1,536 |
2018 | 1,580 |
2019 | 1,625 |
Thereafter | 685 |
Total | $7,565 |
Employee_Retirement_Plan_Addit
Employee Retirement Plan - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2007 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Maximum annual contribution per employee, percent | 100.00% | |
Matching contribution percentage | 3.00% | |
Contributions, annual vesting percentage | 25.00% | |
Profit sharing or matching contribution by employer | $0 | |
Contributions, vesting period | 4 years | |
Matching contribution description | Company may also make a matching contribution of up to 3% of an employee's eligible compensation on a quarterly basis. |
Income_Taxes_Schedule_of_Feder
Income Taxes - Schedule of Federal Statutory Rate to Income Taxes before Taxes Reconciles to Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Tax at federal statutory rate | ($6,243) | ($6,245) | ($5,564) |
State, net of federal benefit | -1,264 | -826 | -1,131 |
Permanent items | 515 | 368 | 59 |
R&D tax credit | -315 | -584 | |
Other | 12 | -2 | -3 |
Change in valuation allowance | 7,295 | 7,289 | 6,639 |
Provision for income taxes | $0 | $0 | $0 |
Income_Taxes_Schedule_of_Signi
Income Taxes - Schedule of Significant Components of Net Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating losses | $33,912 | $28,236 |
R&D tax credit | 2,888 | 2,394 |
Accruals and other | 2,465 | 1,288 |
Gross deferred tax assets | 39,265 | 31,918 |
Deferred tax liabilities: | ||
Depreciation and amortization | -62 | -9 |
Deferred tax liabilities, gross | -62 | -9 |
Net deferred tax asset: | 39,203 | 31,909 |
Valuation allowance | -39,203 | -31,909 |
Net deferred tax assets | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ||||
Increase in valuation allowance | $7,300,000 | $7,300,000 | ||
Net operating loss carryforwards, federal | 85,500,000 | |||
Net operating loss carryforwards, state | 89,400,000 | |||
Research and development tax credits | 2,888,000 | 2,394,000 | ||
Unrecognized tax benefit | 861,000 | 715,000 | 505,000 | 442,000 |
Interest or penalties accrued on unrecognized tax benefits | 0 | |||
Significant change to unrecognized tax benefits | The Company does not expect a significant change to its unrecognized tax benefits over the next twelve months. The unrecognized tax benefits may increase or change during the next twelve months for items that arise in the ordinary course of business. | |||
Tax years beginning, description | Tax years beginning in 2003 through 2014, remain open to examination by the major taxing authorities to which the Company is subject to. | |||
Earliest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax examination year | 2003 | |||
Latest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax examination year | 2014 | |||
Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Research and development tax credits | 2,300,000 | |||
Operating loss carryforwards, expiration year | 2026 | |||
Research and development tax credits, expiration year | 2026 | |||
State [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Research and development tax credits | $2,100,000 | |||
Operating loss carryforwards, expiration year | 2016 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Change in Unrecognized Tax Benefit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Beginning of year | $715 | $505 | $442 |
Additions for tax positions related to: | |||
Current year | 140 | 210 | 63 |
Prior years | 6 | ||
End of year | $861 | $715 | $505 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2009 | Apr. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2007 | Dec. 31, 2011 | |
Patents | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Options modified to permit exercise with promissory notes | $244,000 | $365,000 | $89,000 | |||||||
Forgiveness of notes receivable from related party | 100,000 | 100,000 | 116,000 | |||||||
Shares Outstanding | 53,357 | 57,433 | ||||||||
Value of warrant at the date of grant | 237,000 | |||||||||
Affiliated Entity [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Milestone payments upon execution of agreement | 40,000 | |||||||||
Additional milestone payments | 35,000 | |||||||||
Number of irrigation tool patents purchased | 3 | |||||||||
Value of warrant at the date of grant | 30,000 | |||||||||
Additional cash payments due upon achievement of net sales | 80,000 | |||||||||
Cash payment | 35,000 | |||||||||
Affiliated Entity [Member] | Minimum [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Threshold of net sales of products incorporating technology, that triggers a cash payment | 1,000,000 | |||||||||
Affiliated Entity [Member] | Warrant [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Shares Outstanding | 43,750 | |||||||||
Warrant to purchase common stock per share value | $1 | |||||||||
Warrant vested upon grant, Expiration date | 7-Apr-19 | |||||||||
Promissory Notes [Member] | President And Chief Executive Officer [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Options modified to permit exercise with promissory notes | 500,000 | |||||||||
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. | |||||||||
Promissory Notes [Member] | President And Chief Executive Officer [Member] | Maximum [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Options modified to permit exercise with promissory notes | 500,000 | |||||||||
Promissory Notes [Member] | President And Chief Executive Officer [Member] | Minimum [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Liquidation event threshold representing total proceeds payable to the Company | 200,000,000 | |||||||||
Promissory Notes [Member] | Chief Operating Officer [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Note issued to related party | 300,000 | |||||||||
Terms of related party transaction description | 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 his 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 | |||||||||
Forgiveness of notes receivable from related party | $100,000 | $100,000 | $100,000 | |||||||
Debt forgiveness term | 3 years |
Supplemental_Quarterly_Financi2
Supplemental Quarterly Financial Information - Quarterly Financial Information of Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $13,425 | $9,100 | $8,565 | $7,497 | $6,972 | $4,279 | $3,936 | $2,744 | $38,587 | $17,931 | $5,863 |
Cost of sales | 2,967 | 2,576 | 2,320 | 2,360 | 2,561 | 1,438 | 2,202 | 1,949 | 10,223 | 8,150 | 3,837 |
Gross profit | 10,458 | 6,524 | 6,245 | 5,137 | 4,411 | 2,841 | 1,734 | 795 | 28,364 | 9,781 | 2,026 |
Gross margin | 78.00% | 72.00% | 73.00% | 69.00% | 63.00% | 66.00% | 44.00% | 29.00% | |||
Operating expenses: | |||||||||||
Sales, general and administrative | 11,495 | 9,667 | 8,291 | 6,658 | 6,092 | 4,700 | 4,087 | 3,350 | 36,111 | 18,229 | 9,251 |
Research and development | 2,619 | 2,758 | 2,377 | 2,577 | 2,764 | 2,077 | 2,421 | 2,256 | 10,331 | 9,518 | 9,260 |
Total operating expenses | 14,114 | 12,425 | 10,668 | 9,235 | 8,856 | 6,777 | 6,508 | 5,606 | 46,442 | 27,747 | 18,511 |
Loss from operations | -3,656 | -5,901 | -4,423 | -4,098 | -4,445 | -3,936 | -4,774 | -4,811 | -18,078 | -17,966 | -16,485 |
Interest and other (expense) income, net | -30 | 16 | 41 | -311 | -187 | -163 | -111 | 58 | |||
Net loss | ($3,686) | ($5,885) | ($4,382) | ($4,409) | ($4,632) | ($4,099) | ($4,885) | ($4,753) | ($18,362) | ($18,369) | ($16,365) |
Basic and diluted net loss per share | ($0.16) | ($0.32) | ($2.36) | ($2.49) | ($2.64) | ($2.39) | ($3.69) | ($4.57) | ($1.61) | ($12.57) | ($16.38) |
Shares used to compute basic and diluted net loss per share | 23,375 | 18,217 | 1,860 | 1,773 | 1,755 | 1,718 | 1,323 | 1,039 | 11,384 | 1,461 | 999 |
Supplemental_Quarterly_Financi3
Supplemental Quarterly Financial Information - Quarterly Financial Information of Statements of Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Cost of sales | $2,967,000 | $2,576,000 | $2,320,000 | $2,360,000 | $2,561,000 | $1,438,000 | $2,202,000 | $1,949,000 | $10,223,000 | $8,150,000 | $3,837,000 |
Packaging issue | 500,000 | ||||||||||
Fair value expense adjustments for preferred stock financing option | 212,000 | ||||||||||
Fair value expense adjustments for the preferred stock warrants | 198,000 | 134,000 | -128,000 | ||||||||
Convertible Preferred Stock [Member] | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Fair value expense adjustments for preferred stock financing option | 100,000 | 100,000 | |||||||||
Fair value expense adjustments for the preferred stock warrants | 300,000 | 100,000 | |||||||||
Establishing and Qualifying New Manufacturing Facility [Member] | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Cost of sales | $100,000 | $700,000 |