Intersect ENT (XENT) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	XENT
Entity Registrant Name	Intersect ENT, Inc.
Entity Central Index Key	1,271,214
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		27,990,043

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	[1]
Current assets:
Cash and cash equivalents	$ 30,276	$ 13,403
Short-term investments, available-for-sale	106,219	35,040
Accounts receivable, net	8,779	8,337
Inventory	3,200	2,547
Prepaid expenses and other current assets	1,314	951
Total current assets	149,788	60,278
Property and equipment, net	3,183	1,474
Other non-current assets	240	1,201
Total assets	153,211	62,953
Current liabilities:
Accounts payable	2,512	2,128
Accrued compensation	6,580	5,085
Other current liabilities	1,111	898
Total current liabilities	10,203	8,111
Deferred rent	1,283	1,030
Total liabilities	$ 11,486	$ 9,141
Commitments and contingencies (note 10)
Preferred stock, $0.001 par value; Authorized shares: 10,000 at June 30, 2015 and December 31, 2014; Issued and outstanding shares: none
Common stock, $0.001 par value; Authorized shares: 150,000 at June 30, 2015 and December 31, 2014; Issued and outstanding shares: 27,896 at June 30, 2015 and 23,379 at December 31, 2014	$ 28	$ 23
Additional paid-in capital	249,483	150,410
Accumulated other comprehensive loss	(14)
Accumulated deficit	(107,772)	(96,621)
Total stockholders' equity	141,725	53,812
Total liabilities and stockholders' equity	$ 153,211	$ 62,953
[1]	Amounts have been derived from the December 31, 2014 audited financial statements included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014	[1]
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	27,896,000	23,379,000
Common stock, shares outstanding	27,896,000	23,379,000
[1]	Amounts have been derived from the December 31, 2014 audited financial statements included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenue		$ 15,198	$ 8,565	$ 28,570	$ 16,062
Cost of sales		2,904	2,320	5,696	4,680
Gross profit		12,294	6,245	22,874	11,382
Operating expenses:
Selling, general and administrative		14,117	8,291	26,737	14,949
Research and development		4,038	2,377	7,364	4,954
Total operating expenses		18,155	10,668	34,101	19,903
Loss from operations		(5,861)	(4,423)	(11,227)	(8,521)
Interest and other income		48	65	77	66
Interest and other expense			(24)	(1)	(336)
Net loss		(5,813)	(4,382)	(11,151)	(8,791)
Other comprehensive loss:
Unrealized loss on short-term investments		(14)		(14)
Comprehensive loss		$ (5,827)	$ (4,382)	$ (11,165)	$ (8,791)
Net loss per share, basic and diluted	[1]	$ (0.23)	$ (2.36)	$ (0.46)	$ (4.84)
Weighted average common shares used to compute net loss per share, basic and diluted	[1]	25,015	1,860	24,256	1,817
[1]	In connection with the Company's IPO in July 2014, the convertible preferred stock outstanding was converted into common stock on a one-for-one basis.

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014
Operating activities:
Net loss	$ (11,151)		$ (8,791)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	303		281
Stock-based compensation expense	2,020		569
Amortization of net investment premium paid	220
Change in fair value of convertible preferred stock warrants			221
Forgiveness of notes receivable from related party			100
Other adjustments to operating activities	48
Changes in operating assets and liabilities:
Accounts receivable, net	(488)		(313)
Inventory	(652)		(571)
Prepaid expenses and other current assets	(364)		(141)
Other non-current assets			(797)
Accounts payable	300		(103)
Accrued compensation	1,496		341
Other current liabilities and deferred rent	412		150
Net cash used in operating activities	(7,856)		(9,054)
Investing activities:
Purchases of short-term investments	(98,841)
Sales of short-term investments	2,508
Maturities of short-term investments	24,921
Purchases of property and equipment	(910)		(246)
Net cash used in investing activities	(72,322)		(246)
Financing activities:
Proceeds from issuance of common stock	652		94
Repayments related to equipment loans			(328)
Repayments related to capital lease financing			(15)
Proceeds from public offering, net of issuance costs	96,399
Net cash provided by (used in) financing activities	97,051		(249)
Net increase (decrease) in cash and cash equivalents	16,873		(9,549)
Cash and cash equivalents:
Beginning of the period	13,403	[1]	12,294
End of the period	$ 30,276		$ 2,745
[1]	Amounts have been derived from the December 31, 2014 audited financial statements included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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 June 30, 2015, the Company had cash, cash equivalents and short-term investments of $136.5 million, and an accumulated deficit of $107.8 million. 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 Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Preparation The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The interim financial data as of June 30, 2015, is unaudited and is not necessarily indicative of the results for the full year. In the opinion of the Company’s management, the interim data includes only normal and recurring adjustments necessary for a fair statement of the Company’s financial results for the three and six months ended June 30, 2015 and 2014. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2014 filed with the SEC on March 11, 2015. Certain amounts in the financial statements have been reclassified to conform to the current year presentation. 1-for-4 Reverse Stock Split In July 2014, the board of directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4 reverse stock split of common stock and all convertible preferred stock. The par value of the common and convertible preferred stock was not adjusted as a result of the reverse stock split. All issued and outstanding common stock, convertible preferred stock, warrants for preferred stock, 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. Follow-on Public Offering In June 2015, the Company completed its follow-on public offering by issuing 4,119,300 shares of common stock, including 537,300 shares pursuant to the full exercise by the underwriters of their option to purchase additional shares, at an offering price of $25.00 per share, for net proceeds of approximately $96.4 million, after deducting underwriting discounts and commissions of $6.2 million and offering expenses of $0.4 million. 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. Significant Accounting Policies There have been no significant changes to the accounting policies during the six months ended June 30, 2015, as compared to the significant accounting policies described in Note 2 of the “Notes to Financial Statements” in the Company’s audited financial statements included in its Annual Report. Recent Accounting Pronouncements There have been no significant changes to the recent accounting pronouncements during the six months ended June 30, 2015, as compared to the recent accounting pronouncements described in Note 2 of the “Notes to Financial Statements” in the Company’s audited financial statements included in its Annual Report.

Composition of Certain Financia

Composition of Certain Financial Statement Items	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Composition of Certain Financial Statement Items	3. Composition of Certain Financial Statement Items Inventory (in thousands): June 30, December 31, 2015 2014 Raw materials $ 688 $ 761 Work-in-process 137 141 Finished goods 2,375 1,645 $ 3,200 $ 2,547 Property and Equipment (in thousands): June 30, December 31, 2015 2014 Computer equipment and software $ 611 $ 546 Furniture and office equipment 320 158 Laboratory equipment 2,928 2,276 Leasehold improvements 1,257 128 5,116 3,108 Less: accumulated depreciation and amortization (1,933 ) (1,634 ) $ 3,183 $ 1,474 Depreciation and leasehold improvements and capital lease amortization expenses were $0.2 million and $0.3 million during the three and six months ended June 30, 2015, respectively, and $0.2 million and $0.3 million during the three and six months ended June 30, 2014, respectively.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-term Investments	6 Months Ended
	Jun. 30, 2015
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): June 30, 2015 December 31, 2014 Amortized Cost Gross Unrealized Estimated Fair Value Amortized Cost Gross Unrealized Estimated Fair Value Gains Losses Gains Losses Cash $ 3,720 $ — $ — $ 3,720 $ 1,971 $ — $ — $ 1,971 Money market funds 11,273 — — 11,273 11,432 — — 11,432 Corporate debt securities 109,289 3 (39 ) 109,253 28,797 3 (10 ) 28,790 Commercial paper 12,227 22 — 12,249 6,243 7 — 6,250 $ 136,509 $ 25 $ (39 ) $ 136,495 $ 48,443 $ 10 $ (10 ) $ 48,443 Reported as: Cash and cash equivalents $ 30,276 $ 13,403 Short-term investments, available-for-sale 106,219 35,040 $ 136,495 $ 48,443 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 June 30, 2015 and December 31, 2014, 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 three and six months ended June 30, 2015 and year ended December 31, 2014. 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	5. 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): June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 3,720 $ — $ — $ 3,720 $ 1,971 $ — $ — $ 1,971 Money market funds 11,273 — — 11,273 11,432 — — 11,432 Corporate debt securities — 109,253 — 109,253 — 28,790 — 28,790 Commercial paper — 12,249 — 12,249 — 6,250 — 6,250 $ 14,993 $ 121,502 $ — $ 136,495 $ 13,403 $ 35,040 $ — $ 48,443 Reported as: Cash and cash equivalents $ 30,276 $ 13,403 Short-term investments, available-for-sale 106,219 35,040 $ 136,495 $ 48,443 There were no transfers in and out of Level 1 and Level 2 fair value measurements during the three and six months ended June 30, 2015 and year ended December 31, 2014. 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): Three Months Ended Six Months Ended June 30, June 30, 2015 (1) 2014 2015 (1) 2014 Beginning of the period $ — $ 494 $ — $ 237 Exercised — — — (29 ) Change in fair value — (65 ) — 221 End of the period $ — $ 429 $ — $ 429 (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: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected life (years) — 2.0 — 2.0 Expected volatility — 47 % — 46 % Risk-free interest rate — 0.4 % — 0.5 % Dividend yield — 0.0 % — 0.0 %

Equipment Loans

Equipment Loans	6 Months Ended
	Jun. 30, 2015
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 being made in monthly installments over a 36-month period with an annual interest rate of 5.1%. 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 War

Convertible Preferred Stock Warrants	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Convertible Preferred Stock Warrants	7. Convertible Preferred Stock Warrants 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. In January 2015, warrants issued in connection with a venture loan to purchase 47,554 shares of Series A convertible preferred stock were exercised for common stock through a cashless exercise provision. Net shares of 39,961 were issued and the remaining 7,593 shares were withheld for the exercise price. In connection with the execution of the loan and security agreement (“Loan Agreement”) with Silicon Valley Bank (“SVB”) in August 2013, warrants were issued to purchase the Company’s Series D convertible preferred stock. The Company cancelled the Loan Agreement in August 2014 and had not received any advances under the Loan Agreement. The warrants were exercisable for 5,803 shares of Series D convertible preferred stock at an exercise price of $6.89 per share. In February 2015, this warrant was exercised through a cashless exercise provision. Net shares of common stock of 4,024 were issued and the remaining 1,779 shares were withheld for the exercise price. In March 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. The outstanding convertible preferred stock was subsequently converted to common stock in connection with the Company’s IPO in July 2014.

Stock-based Compensation Expens

Stock-based Compensation Expense	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation Expense	8. Stock-based Compensation Expense 2014 Equity Incentive Plan Under the Company’s 2014 Equity Incentive Plan (the “2014 Plan”), the number of shares of common stock reserved for issuance 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. On January 1, 2015, the total number of shares of common stock reserved for issuance increased by 701,328 shares to 5,451,328 shares. A summary of the Company’s stock option activity and related information is as follows (options in thousands): Six Months Ended June 30, 2015 Options Price Outstanding, beginning of period 2,458 $ 4.84 Granted 1,066 22.65 Exercised (350 ) 1.72 Forfeited (33 ) 18.64 Expired (40 ) 5.67 Outstanding, end of period 3,101 11.16 Vested and expected to vest 2,963 10.70 Exercisable 1,420 3.31 As of June 30, 2015, the aggregate pre-tax intrinsic value of options outstanding was $54.2 million and options outstanding and exercisable was $35.9 million, and the weighted-average remaining contractual term of options outstanding was 8.4 years and options outstanding and exercisable was 7.3 years. The aggregate pre-tax intrinsic value of options exercised was $7.9 million and $0.9 million during the six months ended June 30, 2015 and 2014, 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. Total stock-based compensation expense recognized, before taxes, is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Cost of sales $ 78 $ 13 $ 117 $ 22 Selling, general and administrative 969 336 1,607 480 Research and development 195 38 296 67 $ 1,242 $ 387 $ 2,020 $ 569 As of June 30, 2015, the amount of unearned stock-based compensation currently estimated to be expensed from now through the year 2019 related to unvested employee stock-based payment awards was $12.9 million and the weighted average period over which the unearned stock-based compensation is expected to be recognized was 3.3 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 periods presented below were estimated as of the grant date using the Black-Scholes model assuming the weighted average assumptions listed in the following table: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected term (years) 6.0 6.0 6.0 6.0 Expected volatility 44 % 58 % 48 % 59 % Risk-free interest rate 1.6 % 2.0 % 1.6 % 2.0 % Dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Weighted average fair value $ 11.18 $ 6.16 $ 10.62 $ 5.60 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 $4,000 and $11,000 was recognized during three and six months ended June 30, 2015, respectively, and $0.2 million was recognized during both the three and six months ended June 30, 2014. 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. 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 are reserved for issuance under the 2014 ESPP. In March 2015, the Company approved the implementation of the 2014 ESPP to begin in May 2015. The fair value of options granted under the 2014 ESPP to employees were estimated as of the grant date using the Black-Scholes model assuming the weighted average assumptions listed in the following table: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected term (years) 1.3 — 1.3 — Expected volatility 35 % — 35 % — Risk-free interest rate 0.3 % — 0.3 % — Dividend yield 0.0 % — 0.0 % — Weighted average fair value $ 7.60 $ — $ 7.60 $ —

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss per Share	9. 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 the participating securities have no contractual obligation to share in the losses of the Company. The shares of the Company’s convertible preferred stock participate in any dividends declared by the Company and are therefore considered to be participating securities. Net loss per share was determined as follows (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net loss $ (5,813 ) $ (4,382 ) $ (11,151 ) $ (8,791 ) Weighted average common stock outstanding (1) 25,015 1,860 24,256 1,817 Net loss per share, basic and diluted (1) $ (0.23 ) $ (2.36 ) $ (0.46 ) $ (4.84 ) (1) In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into 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): June 30, 2015 2014 Convertible preferred stock outstanding (1) — 15,704 Convertible preferred stock warrants (1) — 53 Common stock options 3,101 2,224 ESPP 47 — 3,148 17,981 (1) In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into common stock and the convertible preferred stock warrants were converted into common stock warrants, both on a one-for-one basis.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. 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.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Parties	11. 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. 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 note 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. 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 fully vested warrant to purchase 43,750 shares of the Company’s common stock at $1.00 per share. The warrant was fully exercised in May 2015 and would have expired in April 2019. The cost of the patents were 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 due as of June 30, 2015 and December 31, 2014, since this technology is unrelated to the Company’s current activities.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The interim financial data as of June 30, 2015, is unaudited and is not necessarily indicative of the results for the full year. In the opinion of the Company’s management, the interim data includes only normal and recurring adjustments necessary for a fair statement of the Company’s financial results for the three and six months ended June 30, 2015 and 2014. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The accompanying condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2014 filed with the SEC on March 11, 2015. Certain amounts in the financial statements have been reclassified to conform to the current year presentation.
Financial Statements Reclassification	1-for-4 Reverse Stock Split In July 2014, the board of directors and stockholders approved, and the Company filed, an amended and restated certificate of incorporation effecting a 1-for-4 reverse stock split of common stock and all convertible preferred stock. The par value of the common and convertible preferred stock was not adjusted as a result of the reverse stock split. All issued and outstanding common stock, convertible preferred stock, warrants for preferred stock, 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.
Follow-on Public Offering	Follow-on Public Offering In June 2015, the Company completed its follow-on public offering by issuing 4,119,300 shares of common stock, including 537,300 shares pursuant to the full exercise by the underwriters of their option to purchase additional shares, at an offering price of $25.00 per share, for net proceeds of approximately $96.4 million, after deducting underwriting discounts and commissions of $6.2 million and offering expenses of $0.4 million.
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.
Significant Accounting Policies	Significant Accounting Policies There have been no significant changes to the accounting policies during the six months ended June 30, 2015, as compared to the significant accounting policies described in Note 2 of the “Notes to Financial Statements” in the Company’s audited financial statements included in its Annual Report.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There have been no significant changes to the recent accounting pronouncements during the six months ended June 30, 2015, as compared to the recent accounting pronouncements described in Note 2 of the “Notes to Financial Statements” in the Company’s audited financial statements included in its Annual Report.

Composition of Certain Financ18

Composition of Certain Financial Statement Items (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Inventory	Inventory (in thousands): June 30, December 31, 2015 2014 Raw materials $ 688 $ 761 Work-in-process 137 141 Finished goods 2,375 1,645 $ 3,200 $ 2,547
Property and Equipment	Property and Equipment (in thousands): June 30, December 31, 2015 2014 Computer equipment and software $ 611 $ 546 Furniture and office equipment 320 158 Laboratory equipment 2,928 2,276 Leasehold improvements 1,257 128 5,116 3,108 Less: accumulated depreciation and amortization (1,933 ) (1,634 ) $ 3,183 $ 1,474

Cash, Cash Equivalents and Sh19

Cash, Cash Equivalents and Short-term Investments (Tables)	6 Months Ended
	Jun. 30, 2015
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): June 30, 2015 December 31, 2014 Amortized Cost Gross Unrealized Estimated Fair Value Amortized Cost Gross Unrealized Estimated Fair Value Gains Losses Gains Losses Cash $ 3,720 $ — $ — $ 3,720 $ 1,971 $ — $ — $ 1,971 Money market funds 11,273 — — 11,273 11,432 — — 11,432 Corporate debt securities 109,289 3 (39 ) 109,253 28,797 3 (10 ) 28,790 Commercial paper 12,227 22 — 12,249 6,243 7 — 6,250 $ 136,509 $ 25 $ (39 ) $ 136,495 $ 48,443 $ 10 $ (10 ) $ 48,443 Reported as: Cash and cash equivalents $ 30,276 $ 13,403 Short-term investments, available-for-sale 106,219 35,040 $ 136,495 $ 48,443

Fair Value of Financial Instr20

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
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): June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash $ 3,720 $ — $ — $ 3,720 $ 1,971 $ — $ — $ 1,971 Money market funds 11,273 — — 11,273 11,432 — — 11,432 Corporate debt securities — 109,253 — 109,253 — 28,790 — 28,790 Commercial paper — 12,249 — 12,249 — 6,250 — 6,250 $ 14,993 $ 121,502 $ — $ 136,495 $ 13,403 $ 35,040 $ — $ 48,443 Reported as: Cash and cash equivalents $ 30,276 $ 13,403 Short-term investments, available-for-sale 106,219 35,040 $ 136,495 $ 48,443
Convertible Preferred Stock Warrants [Member]
Schedule of Changes in Estimated Fair Value using Valuations Classified as Level 3	The following table sets forth a summary of the changes in the estimated fair value of the Company’s convertible preferred stock warrants, which represents financial instruments with valuations classified as Level 3. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable inputs, observable inputs (that is, components that are actively quoted and can be validated to external sources). Accordingly, the expense in the table below includes changes in fair value due in part to observable factors that are part of the Level 3 methodology (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 (1) 2014 2015 (1) 2014 Beginning of the period $ — $ 494 $ — $ 237 Exercised — — — (29 ) Change in fair value — (65 ) — 221 End of the period $ — $ 429 $ — $ 429 (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: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected life (years) — 2.0 — 2.0 Expected volatility — 47 % — 46 % Risk-free interest rate — 0.4 % — 0.5 % Dividend yield — 0.0 % — 0.0 %

Stock-based Compensation Expe21

Stock-based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2015
2014 Equity Incentive Plan [Member]
Summary of Stock Option Activity	A summary of the Company’s stock option activity and related information is as follows (options in thousands): Six Months Ended June 30, 2015 Options Price Outstanding, beginning of period 2,458 $ 4.84 Granted 1,066 22.65 Exercised (350 ) 1.72 Forfeited (33 ) 18.64 Expired (40 ) 5.67 Outstanding, end of period 3,101 11.16 Vested and expected to vest 2,963 10.70 Exercisable 1,420 3.31
Summary of Stock Based Compensation Recognized Before Taxes	Total stock-based compensation expense recognized, before taxes, is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Cost of sales $ 78 $ 13 $ 117 $ 22 Selling, general and administrative 969 336 1,607 480 Research and development 195 38 296 67 $ 1,242 $ 387 $ 2,020 $ 569
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 periods presented below were estimated as of the grant date using the Black-Scholes model assuming the weighted average assumptions listed in the following table: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected term (years) 6.0 6.0 6.0 6.0 Expected volatility 44 % 58 % 48 % 59 % Risk-free interest rate 1.6 % 2.0 % 1.6 % 2.0 % Dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Weighted average fair value $ 11.18 $ 6.16 $ 10.62 $ 5.60
2014 Employee Stock Purchase Plan [Member]
Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model	The fair value of options granted under the 2014 ESPP to employees were estimated as of the grant date using the Black-Scholes model assuming the weighted average assumptions listed in the following table: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected term (years) 1.3 — 1.3 — Expected volatility 35 % — 35 % — Risk-free interest rate 0.3 % — 0.3 % — Dividend yield 0.0 % — 0.0 % — Weighted average fair value $ 7.60 $ — $ 7.60 $ —

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	Net loss per share was determined as follows (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net loss $ (5,813 ) $ (4,382 ) $ (11,151 ) $ (8,791 ) Weighted average common stock outstanding (1) 25,015 1,860 24,256 1,817 Net loss per share, basic and diluted (1) $ (0.23 ) $ (2.36 ) $ (0.46 ) $ (4.84 ) (1) In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into 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): June 30, 2015 2014 Convertible preferred stock outstanding (1) — 15,704 Convertible preferred stock warrants (1) — 53 Common stock options 3,101 2,224 ESPP 47 — 3,148 17,981 (1) In connection with the Company’s IPO in July 2014, the convertible preferred stock outstanding was converted into common stock and the convertible preferred stock warrants were converted into common stock warrants, both on a one-for-one basis.

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	[1]
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents and short-term investments	$ 136,500
Accumulated deficit	$ (107,772)	$ (96,621)
[1]	Amounts have been derived from the December 31, 2014 audited financial statements included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares	Jul. 31, 2014USD ($)$ / sharesshares	Jun. 30, 2015$ / shares
Subsidiary, Sale of Stock [Line Items]
Reverse stock split, ratio		0.25
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital		$ 0.4
Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Reverse stock split			1-for-4 reverse stock split
Common Stock [Member] | Initial Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued | shares		5,750,000
Common stock issued during period, price per share | $ / shares		$ 11
Net proceeds from initial public offering		$ 55.8
Underwriting discounts and commissions		4.5
Initial public offering, expenses		$ 3
Convertible preferred stock converted into shares of common stock | shares		15,703,875
Warrants exercisable for common stock shares | shares		53,357
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital		$ 0.4
Common Stock [Member] | Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued | shares	537,300	750,000
Common Stock [Member] | Follow-on Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued | shares	4,119,300
Common stock issued during period, price per share | $ / shares	$ 25		$ 25
Net proceeds from initial public offering	$ 96.4
Underwriting discounts and commissions	6.2
Initial public offering, expenses	$ 0.4

Composition of Certain Financ25

Composition of Certain Financial Statement Items - Components of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 688	$ 761
Work-in-process	137	141
Finished goods	2,375	1,645
Inventory, net	$ 3,200	$ 2,547	[1]
[1]	Amounts have been derived from the December 31, 2014 audited financial statements included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Composition of Certain Financ26

Composition of Certain Financial Statement Items - Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Plant and equipment, gross	$ 5,116	$ 3,108
Less: accumulated depreciation and amortization	(1,933)	(1,634)
Plant and equipment, net	3,183	1,474	[1]
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, gross	611	546
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, gross	320	158
Equipment [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, gross	2,928	2,276
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Plant and equipment, gross	$ 1,257	$ 128
[1]	Amounts have been derived from the December 31, 2014 audited financial statements included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Composition of Certain Financ27

Composition of Certain Financial Statement Items - Additional information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Financial Position [Abstract]
Depreciation and leasehold improvements and capital lease amortization expenses	$ 200	$ 200	$ 303	$ 281

Cash, Cash Equivalents and Sh28

Cash, Cash Equivalents and Short-term Investments - Summary of Cash, Cash Equivalents and Available-for-Sale Investments by Type of Instrument (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Net Investment [Line Items]
Cash, cash equivalents and available-for-sale investments, Amortized Cost	$ 136,509	$ 48,443
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Gains	25	10
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Losses	(39)	(10)
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value	136,495	48,443
Cash and Cash Equivalents [Member]
Net Investment [Line Items]
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value	30,276	13,403
Short-term investments, available-for-sale [Member]
Net Investment [Line Items]
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value	106,219	35,040
Cash [Member]
Net Investment [Line Items]
Cash, cash equivalents and available-for-sale investments, Amortized Cost	3,720	1,971
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value	3,720	1,971
Money Market Funds [Member]
Net Investment [Line Items]
Cash, cash equivalents and available-for-sale investments, Amortized Cost	11,273	11,432
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value	11,273	11,432
Corporate Debt Securities [Member]
Net Investment [Line Items]
Cash, cash equivalents and available-for-sale investments, Amortized Cost	109,289	28,797
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Gains	3	3
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Losses	(39)	(10)
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value	109,253	28,790
Commercial Paper [Member]
Net Investment [Line Items]
Cash, cash equivalents and available-for-sale investments, Amortized Cost	12,227	6,243
Cash, cash equivalents and available-for-sale investments, Gross Unrealized Gains	22	7
Cash, cash equivalents and available-for-sale investments, Estimated Fair Value	$ 12,249	$ 6,250

Cash, Cash Equivalents and Sh29

Cash, Cash Equivalents and Short-term Investments - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Investments Schedule [Abstract]
Investments with a maturity of greater than one year	$ 0	$ 0	$ 0
Other-than-temporary impairment charges	$ 0	$ 0	$ 0

Fair Value of Financial Instr30

Fair Value of Financial Instruments - Summary of Cash, Cash Equivalents and Short-Term Investments, Available-for-Sale, by Type of Instrument (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Net Investment [Line Items]
Short-term investments	$ 136,495	$ 48,443
Cash and Cash Equivalents [Member]
Net Investment [Line Items]
Short-term investments	30,276	13,403
Short-term investments, available-for-sale [Member]
Net Investment [Line Items]
Short-term investments	106,219	35,040
Cash [Member]
Net Investment [Line Items]
Short-term investments	3,720	1,971
Money Market Funds [Member]
Net Investment [Line Items]
Short-term investments	11,273	11,432
Corporate Debt Securities [Member]
Net Investment [Line Items]
Short-term investments	109,253	28,790
Commercial Paper [Member]
Net Investment [Line Items]
Short-term investments	12,249	6,250
Fair Value on Recurring Basis [Member]
Net Investment [Line Items]
Short-term investments	136,495	48,443
Fair Value on Recurring Basis [Member] | Cash and Cash Equivalents [Member]
Net Investment [Line Items]
Short-term investments	30,276	13,403
Fair Value on Recurring Basis [Member] | Short-term investments, available-for-sale [Member]
Net Investment [Line Items]
Short-term investments	106,219	35,040
Fair Value on Recurring Basis [Member] | Cash [Member]
Net Investment [Line Items]
Short-term investments	3,720	1,971
Fair Value on Recurring Basis [Member] | Money Market Funds [Member]
Net Investment [Line Items]
Short-term investments	11,273	11,432
Fair Value on Recurring Basis [Member] | Corporate Debt Securities [Member]
Net Investment [Line Items]
Short-term investments	109,253	28,790
Fair Value on Recurring Basis [Member] | Commercial Paper [Member]
Net Investment [Line Items]
Short-term investments	12,249	6,250
Level 1 [Member] | Fair Value on Recurring Basis [Member]
Net Investment [Line Items]
Short-term investments	14,993	13,403
Level 1 [Member] | Fair Value on Recurring Basis [Member] | Cash [Member]
Net Investment [Line Items]
Short-term investments	3,720	1,971
Level 1 [Member] | Fair Value on Recurring Basis [Member] | Money Market Funds [Member]
Net Investment [Line Items]
Short-term investments	11,273	11,432
Level 2 [Member] | Fair Value on Recurring Basis [Member]
Net Investment [Line Items]
Short-term investments	121,502	35,040
Level 2 [Member] | Fair Value on Recurring Basis [Member] | Corporate Debt Securities [Member]
Net Investment [Line Items]
Short-term investments	109,253	28,790
Level 2 [Member] | Fair Value on Recurring Basis [Member] | Commercial Paper [Member]
Net Investment [Line Items]
Short-term investments	$ 12,249	$ 6,250

Fair Value of Financial Instr31

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
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

Fair Value of Financial Instr32

Fair Value of Financial Instruments - Schedule of Changes in Estimated Fair Value using Valuations Classified as Level 3 - Convertible Preferred Stock Warrant Liability (Detail) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Class of Warrant or Right [Line Items]
Change in fair value		$ 221
Convertible Preferred Stock [Member] | Level 3 [Member]
Class of Warrant or Right [Line Items]
Beginning of the period	$ 494	237
Exercised		(29)
Change in fair value	(65)	221
End of the period	$ 429	$ 429

Fair Value of Financial Instr33

Fair Value of Financial Instruments - Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model (Detail) - Jun. 30, 2014 - Convertible Preferred Stock Warrants [Member]	Total	Total
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected life (years)	2 years	2 years
Expected volatility	47.00%	46.00%
Risk-free interest rate	0.40%	0.50%
Dividend yield	0.00%	0.00%

Equipment Loans - Additional In

Equipment Loans - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Nov. 30, 2014	Aug. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Capital lease obligation					$ 100
Repayments related to capital lease financing	$ 59			$ 15
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Interest rate	14.88%
Frequency of monthly payments			38-month
Equipment Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount under loan facility						$ 2,000
Interest rate		5.10%
Repayment of equipment loan		$ 900
Frequency of monthly payments			36-month

Convertible Preferred Stock W35

Convertible Preferred Stock Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jul. 31, 2014	Jun. 30, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	[1]	Mar. 31, 2014	Aug. 31, 2013
Class of Warrant or Right [Line Items]
Reclassification of redeemable convertible preferred stock warrant liability to additional paid-in capital	$ 0.4
Net common stock shares issued		27,896,000			23,379,000
Net preferred stock shares issued		0			0
Equipment Loan Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants exercisable for common stock shares							4,076
Shares withheld for exercise price							1,645
Net preferred stock shares issued							2,431
Loan Origination Commitments [Member]
Class of Warrant or Right [Line Items]
Warrants exercisable for common stock shares								5,803
Net common stock shares issued			4,024
Shares withheld for exercise price			1,779
Warrants exercise price per share								$ 6.89
Venture Loan [Member]
Class of Warrant or Right [Line Items]
Warrants exercisable for common stock shares				47,554
Net common stock shares issued				39,961
Shares withheld for exercise price				7,593
[1]	Amounts have been derived from the December 31, 2014 audited financial statements included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Stock-Based Compensation Expe36

Stock-Based Compensation Expense - Additional Information (Detail) - USD ($)	Jan. 01, 2015	Jun. 30, 2014	Apr. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate pre-tax intrinsic value of options outstanding				$ 54,200,000		$ 54,200,000
Aggregate pre-tax intrinsic value of options outstanding and exercisable				35,900,000		$ 35,900,000
Weighted-average remaining contractual term of options outstanding						8 years 4 months 24 days
Weighted-average remaining contractual term of options exercisable						7 years 3 months 18 days
Aggregate pre-tax intrinsic value of options exercised						$ 7,900,000	$ 900,000
Unearned stock-based compensation				12,900,000		$ 12,900,000
Weighted average period for unearned stock-based compensation to be recognized						3 years 3 months 18 days
Conversion of options to grant restricted stock			600,000
Vesting period						4 years
Incremental cost of modification			$ 300,000
Incremental cost recognized				$ 4,000	$ 200,000	$ 11,000	200,000
Unamortized modification cost related to vested options		$ 200,000
Remaining unamortized cost yet to be amortized		$ 100,000			$ 100,000		$ 100,000
2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance				496,092		496,092
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares outstanding						3.00%
Common Stock, Capital Shares Reserved for Future Issuance, increase during period	701,328
Shares reserved for issuance	5,451,328
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

Stock-Based Compensation Expe37

Stock-Based Compensation Expense - Summary of Stock Option Activity (Detail) - Jun. 30, 2015 - 2014 Equity Incentive Plan [Member] - $ / shares shares in Thousands	Total
Class of Stock [Line Items]
Options outstanding, beginning of period	2,458
Options granted	1,066
Options exercised	(350)
Options forfeited	(33)
Options expired	(40)
Options outstanding, end of period	3,101
Options vested and expected to vest	2,963
Options exercisable	1,420
Options price, outstanding, beginning of period	$ 4.84
Options price, granted	22.65
Options price, exercised	1.72
Options price, forfeited	18.64
Option price, expired	5.67
Options price, outstanding, end of period	11.16
Options price, vested and expected to vest	10.70
Options price, exercisable	$ 3.31

Stock-Based Compensation Expe38

Stock-Based Compensation Expense - Summary of Stock Based Compensation Recognized Before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,242	$ 387	$ 2,020	$ 569
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	78	13	117	22
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	969	336	1,607	480
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 195	$ 38	$ 296	$ 67

Stock-Based Compensation Expe39

Stock-Based Compensation Expense - Summary of Weighted Average Assumptions Used to Estimate Options Using Black-Scholes Model (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 years	6 years	6 years	6 years
Expected volatility	44.00%	58.00%	48.00%	59.00%
Risk-free interest rate	1.60%	2.00%	1.60%	2.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Weighted average fair value	$ 11.18	$ 6.16	$ 10.62	$ 5.60
2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	1 year 3 months 18 days		1 year 3 months 18 days
Expected volatility	35.00%		35.00%
Risk-free interest rate	0.30%		0.30%
Dividend yield	0.00%		0.00%
Weighted average fair value	$ 7.60		$ 7.60

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015USD ($)
Earnings Per Share [Abstract]
Loss allocated to participating securities	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net loss		$ (5,813)	$ (4,382)	$ (11,151)	$ (8,791)
Weighted average common stock outstanding	[1]	25,015	1,860	24,256	1,817
Net loss per share, basic and diluted	[1]	$ (0.23)	$ (2.36)	$ (0.46)	$ (4.84)
[1]	In connection with the Company's IPO in July 2014, the convertible preferred stock outstanding was converted into common stock on a one-for-one basis.

Net Loss Per Share - Schedule42

Net Loss Per Share - Schedule of Net Loss Per Share (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2015
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

Net Loss Per Share - Schedule43

Net Loss Per Share - Schedule of Potentially Dilutive Securities Outstanding Excluded from the Computations of Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted average shares outstanding		3,148	17,981
2014 Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted average shares outstanding		47
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		3,101	2,224
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	[1]		15,704
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	[1]		53
[1]	In connection with the Company's IPO in July 2014, the convertible preferred stock outstanding was converted into common stock and the convertible preferred stock warrants were converted into common stock warrants, both on a one-for-one basis.

Net Loss Per Share - Schedule44

Net Loss Per Share - Schedule of Potentially Dilutive Securities Outstanding Excluded from the Computations of Diluted Weighted Average Shares Outstanding (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2015
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

Related Parties - Additional In

Related Parties - Additional Information (Detail)	1 Months Ended					6 Months Ended		12 Months Ended
	Jan. 31, 2014USD ($)	Apr. 30, 2013USD ($)	Jan. 31, 2013USD ($)	Jan. 31, 2012USD ($)	Mar. 31, 2009USD ($)Patents$ / sharesshares	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)	Jan. 31, 2007USD ($)
Related Party Transaction [Line Items]
Forgiveness of notes receivable from related party							$ 100,000
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 | Patents					3
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 | shares					43,750
Warrant to purchase common stock per share value | $ / shares					$ 1
Warrant vested upon grant, Expiration period						2019-04
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 Company’s Chief Executive Officer. In addition, the entire principal and interest of the notes was to be forgiven on the earlier of an initial public offering or the closing of a liquidation event (as defined in the certificate of incorporation) where total proceeds payable to the Company or its stockholders is greater than $200.0 million. The Company had the option to accelerate the maturity date if, at the Company’s reasonable discretion, such acceleration may be necessary due to any applicable law, rule or regulation, including, without limitation, the Sarbanes-Oxley Act of 2002.
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]
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 note 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.
Note issued to related party										$ 300,000
Payment of note received									$ 0
Forgiveness of notes receivable from related party	$ 100,000		$ 100,000	$ 100,000
Debt forgiveness term						3 years