Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 22, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | NeuroMetrix, Inc. | |
Entity Central Index Key | 0001289850 | |
Trading Symbol | NURO | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 8,820,273 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 7,200,795 | $ 6,780,429 |
Accounts receivable, net | 972,352 | 1,082,957 |
Inventories | 2,494,268 | 2,861,864 |
Prepaid expenses and other current assets | 962,727 | 860,915 |
Total current assets | 11,630,142 | 11,586,165 |
Fixed assets, net | 375,561 | 407,339 |
Operating Lease, Right-of-Use Asset | 1,870,979 | 1,968,062 |
Other long-term assets | 30,081 | 30,314 |
Total assets | 13,906,763 | 13,991,880 |
Current liabilities: | ||
Accounts payable | 557,861 | 1,298,084 |
Accrued expenses and compensation | 3,036,301 | 2,236,633 |
Accrued Sales Return provisions | 726,892 | 1,101,658 |
Deferred Collaboration Income | 181,818 | 1,956,522 |
Total current liabilities | 4,502,872 | 6,592,897 |
Operating Lease, Liability, Noncurrent | 1,211,480 | 1,301,172 |
Total liabilities | 5,714,352 | 7,894,069 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value; 100,000,000 shares authorized at March 31, 2019 and December 31, 2018; 8,310,463 and 7,380,463 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 831 | 738 |
Additional paid-in capital | 197,157,649 | 197,113,646 |
Accumulated deficit | (188,966,084) | (191,016,591) |
Total stockholders’ equity | 8,192,411 | 6,097,811 |
Total liabilities and stockholders’ equity | 13,906,763 | 13,991,880 |
Non-Convertible Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Convertible preferred stock | ||
Stockholders’ equity: | ||
Preferred stock | 15 | 18 |
Total stockholders’ equity | $ 15 | $ 18 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Common Stock, Shares, Outstanding | 8,310,463 | 7,380,463 |
Common Stock, Shares, Issued | 8,310,463 | 7,380,463 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,122,935 | $ 4,942,990 |
Other Income | 16,813 | 11,265 |
Other Operating Income | 5,751,662 | 4,766,970 |
Net income | 2,050,507 | 1,166,252 |
Loss from operations | (3,701,155) | (3,600,718) |
Collaboration Income | 5,734,849 | 4,755,705 |
Net income (loss) applicable to common stockholders: | ||
Net income (loss) applicable to common stockholders | $ 2,050,507 | $ 1,166,252 |
Earnings Per Share, Basic | $ 0.26 | $ 0.18 |
Earnings Per Share, Diluted | $ 0.15 | $ 0.08 |
Weighted Average Number of Shares Outstanding, Basic | 7,741,463 | 6,345,719 |
Operating expenses: | ||
Research and development | $ 855,081 | $ 1,279,564 |
Sales and marketing | 2,025,288 | 2,504,741 |
General and administrative | 1,619,490 | 1,804,143 |
Total operating expenses | 4,499,859 | 5,588,448 |
Gross profit | 798,704 | 1,987,730 |
Cost of revenues | $ 2,324,231 | $ 2,955,260 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 2,050,507 | $ 1,166,252 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 31,778 | 55,444 |
Stock-based compensation | 44,093 | 341,026 |
Inventory Write-down | 700,000 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 110,605 | 814,108 |
Inventories | (182,404) | 283,909 |
Prepaid expenses and other current and long-term assets | (101,579) | 343,177 |
Accounts payable | (740,223) | (369,665) |
Accrued expenses and compensation | 657,059 | (868) |
Increase (Decrease) in Accrued Product Returns | (374,766) | (553,439) |
Increase (Decrease) in Contract with Customer, Liability | (1,774,704) | 0 |
Net Cash Provided by (Used in) Operating Activities | 420,366 | 2,079,944 |
Cash flows from investing activities: | ||
Purchases of fixed assets | 0 | (25,833) |
Net Cash Provided by (Used in) Investing Activities | 0 | (25,833) |
Cash flows from financing activities: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 420,366 | 2,054,111 |
Cash and cash equivalents, end of period | 7,200,795 | |
Supplemental disclosure of cash flow information: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 7,200,795 | $ 6,097,792 |
Equity Rollforward Statement
Equity Rollforward Statement - USD ($) | Total | Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Stockholders' Equity Attributable to Parent | $ 5,017,389 | $ 30 | $ 271 | $ 196,355,142 | $ (191,338,054) |
Shares, Outstanding | 29,479.98 | 2,706,066 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 341,026 | 341,026 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (11,666.35) | (4,435,874) | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ (12) | $ (443) | (431) | ||
Net Income (Loss) Attributable to Parent | 1,166,252 | 1,166,252 | |||
Stockholders' Equity Attributable to Parent | 6,822,524 | $ 18 | $ 714 | 196,695,736 | (189,873,944) |
Shares, Outstanding | 17,813.63 | 7,141,940 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 297,858 | 297,858 | |||
Stockholders' Equity Attributable to Parent | 6,097,811 | $ 18 | $ 738 | 197,113,646 | (191,016,591) |
Shares, Outstanding | 17,813.63 | 7,380,463 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 44,093 | 44,093 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (2,445.90) | (930,000) | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ (3) | $ (93) | (90) | ||
Net Income (Loss) Attributable to Parent | 2,050,507 | 2,050,507 | |||
Stockholders' Equity Attributable to Parent | $ 8,192,411 | $ 15 | $ 831 | $ 197,157,649 | $ (188,966,084) |
Shares, Outstanding | 15,367.73 | 8,310,463 |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Our Business-An Overview NeuroMetrix, Inc., or the Company, is a commercial stage, innovation driven healthcare company combining neurostimulation and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The Company has two primary products. Quell is an over-the-counter wearable therapeutic device for chronic pain. DPNCheck® is a rapid point-of-care test for diabetic neuropathy which is the most common long-term complication of Type 2 diabetes. In 2018, the Company entered into a collaboration with GlaxoSmithKline ("GSK"). The GSK collaboration established a framework for the joint development of the next generation of Quell, recently launched in the United States in September 2018, and the assignment of areas of marketing responsibility. The initial term of the GSK collaboration runs through 2020. Through March 31, 2019 , GSK has paid the Company $18.7 million , committed to future performance milestone payments totaling up to $6.2 million , and agreed to co-fund Quell development costs starting in 2019. The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At March 31, 2019 , the Company had an accumulated deficit of $189.0 million . These factors raise substantial doubt about the Company’s ability to continue as a going concern for the one-year period from the date of issuance of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company held cash and cash equivalents of $7.2 million as of March 31, 2019 . The Company believes that these resources, future GSK collaboration milestone payments, and the cash to be generated from future product sales will be sufficient to meet its projected operating requirements through 2019. Accordingly, the Company may need to raise additional funds to support its operating and capital needs in 2020. The Company continues to face significant challenges and uncertainties and, as a result, the Company’s available capital resources may be consumed more rapidly than currently expected due to (a) decreases in sales of the Company’s products and the uncertainty of future revenues from new products; (b) changes the Company may make to the business that affect ongoing operating expenses; (c) changes the Company may make in its business strategy; (d) regulatory developments affecting the Company’s existing products; (e) changes the Company may make in its research and development spending plans; (f) delays in the anticipated timing of achievement of GSK milestones; (g) the final outcome of the Federal Trade Commission civil investigative demand enforcement action involving Quell; and (h) other items affecting the Company’s forecasted level of expenditures and use of cash resources. The Company may attempt to obtain additional funding through achievement of milestones under the GSK collaboration, public or private financing, collaborative arrangements with strategic partners, or through additional credit lines or other debt financing sources to increase the funds available to fund operations. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity or debt securities to raise additional funds, its existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products or proprietary technologies, or grant licenses on terms that are not favorable to the Company. Without additional funds, the Company may be forced to delay, scale back or eliminate some of its sales and marketing efforts, research and development activities, or other operations and potentially delay product development in an effort to provide sufficient funds to continue its operations. If any of these events occurs, the Company’s ability to achieve its development and commercialization goals would be adversely affected. Unaudited Interim Financial Statements The accompanying unaudited balance sheet as of March 31, 2019 , unaudited statements of operations for the quarters ended March 31, 2019 and 2018 , unaudited statements of changes in stockholders' equity for the three months ended March 31, 2019 and 2018 and the unaudited statements of cash flows for the three months ended March 31, 2019 and 2018 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2018 has been derived from audited financial statements prepared at that date, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on January 24, 2019 (File No. 001-33351), or the Company’s 2018 Form 10-K. Revenues Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. In most cases, the Company has a single product delivery performance obligation. Accrued product returns are estimated based on historical data and evaluation of current information. Accounts receivable are recorded net of the allowance for doubtful accounts which represents the Company’s best estimate of credit losses. Allowance for doubtful accounts was $25,000 as of March 31, 2019 and December 31, 2018 . Two customers accounted for 32% and 32% of total revenues in the quarters ended March 31, 2019 and 2018, respectively. Two customers accounted for 44% and 45% of accounts receivable as of March 31, 2019 and December 31, 2018 , respectively. Collaboration income Collaboration income is recognized within Other income when contractual performance obligations, outside the ordinary activities of the Company, have been satisfied and control has been transferred to a collaboration partner. Collaboration income for each performance obligation is based on the fair value of such performance obligation relative to the total fair value of all performance obligations multiplied by the overall transaction price. A deferred collaboration income liability is recorded when payments are received prior to satisfaction of performance obligations. The Company recognized Collaboration income net of costs, within Other income in the Statement of Operations of $5,734,849 and $4,755,705 , for the quarters ended March 31, 2019 and 2018, respectively. Stock-based Compensation Total compensation cost related to non-vested awards not yet recognized at March 31, 2019 was $208,741 . The total compensation costs are expected to be recognized over a weighted-average period of 1.8 years. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 required that lessees recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The Company adopted ASU 2016-02, using the modified retrospective method, upon its effective date of January 1, 2019. The impact of adoption was an increase to long-term assets and total liabilities of approximately $1.9 million as of January 1, 2019. The following table summarizes the effects of adopting ASU 2016-02 on the Company's balance sheet as of March 31, 2019: As reported Adjustments Amounts under prior GAAP Prepaid expenses and other current assets $ 962,727 $ 44,852 $ 1,007,579 Total current assets $ 11,630,142 $ 44,852 $ 11,674,994 Right of use asset $ 1,870,979 $ (1,870,979 ) $ — Other long-term assets $ 30,081 $ 34,363 $ 64,444 Total assets $ 13,906,763 $ (1,791,764 ) $ 12,114,999 Accrued expenses $ 3,036,301 $ (580,284 ) $ 2,456,017 Total current liabilities $ 4,502,872 $ (580,284 ) $ 3,922,588 Lease obligation - net of current portion $ 1,211,480 $ (1,211,480 ) $ — Total liabilities $ 5,714,352 $ (1,791,764 ) $ 3,922,588 The following table summarizes the effects of adopting ASU 2016-02 on the Company's balance sheet as of December 31, 2018: As reported Adjustments Amounts under prior GAAP Prepaid expenses and other current assets $ 860,915 $ 44,852 $ 905,767 Total current assets $ 11,586,165 $ 44,852 $ 11,631,017 Right of use asset $ 1,968,062 $ (1,968,062 ) $ — Other long-term assets $ 30,314 $ 44,578 $ 74,892 Total assets $ 13,991,880 $ (1,878,632 ) $ 12,113,248 Accrued expenses $ 2,236,633 $ (577,460 ) $ 1,659,173 Total current liabilities $ 6,592,897 $ (577,460 ) $ 6,015,437 Lease obligation - net of current portion $ 1,301,172 $ (1,301,172 ) $ — Total liabilities $ 7,894,069 $ (1,878,632 ) $ 6,015,437 Adoption of ASU 2016-02 had no impact on the Company's statements of operations, statements of changes in stockholders' equity and statements of cash flows. |
Comprehensive Loss
Comprehensive Loss | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Loss | Comprehensive Income For the quarters ended March 31, 2019 and 2018 , the Company had no components of other comprehensive income other than net income itself. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 3. Net Income Per Common Share Basic and dilutive net income per common share were as follows: Quarters Ended March 31, 2019 2018 Net income applicable to common stockholders $ 2,050,507 $ 1,166,252 Weighted average number of common shares outstanding, basic 7,741,463 6,345,719 Dilutive convertible preferred stock 6,222,746 7,380,895 Weighted average number of common shares outstanding, dilutive 13,964,209 13,726,614 Net income per common share applicable to common stockholders, basic $ 0.26 $ 0.18 Net income per common share applicable to common stockholders, diluted $ 0.15 $ 0.08 Shares underlying the following potentially dilutive weighted average number of common stock equivalents were excluded from the calculation of diluted net income per common share because their effect was anti-dilutive for each of the periods presented: Quarters Ended March 31, 2019 2018 Options 488,494 336,817 Warrants 459,375 459,375 Total 947,869 796,192 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarters Ended March 31, 2019 2018 Net income applicable to common stockholders $ 2,050,507 $ 1,166,252 Weighted average number of common shares outstanding, basic 7,741,463 6,345,719 Dilutive convertible preferred stock 6,222,746 7,380,895 Weighted average number of common shares outstanding, dilutive 13,964,209 13,726,614 Net income per common share applicable to common stockholders, basic $ 0.26 $ 0.18 Net income per common share applicable to common stockholders, diluted $ 0.15 $ 0.08 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: March 31, 2019 December 31, 2018 Purchased components $ 1,710,368 $ 1,767,674 Finished goods 783,900 1,094,190 $ 2,494,268 $ 2,861,864 The Company recorded an inventory related provision of $ 700,000 in the quarter ended March 31, 2019 to adjust Quell Classic inventory to net realizable value. The provision was assigned in the amounts of $335,000 and $165,000 within purchased components and finished goods, respectively. The remaining $ 200,000 related to components located at contract manufacturers was recorded in accrued expenses. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses and Compensation Accrued expenses and compensation consist of the following: March 31, 2019 December 31, 2018 Professional services $ 863,000 $ 391,000 Lease obligation, current portion 580,284 577,460 Compensation 467,522 213,756 Technology fees 450,000 450,000 Contract manufacturer 320,000 160,000 Warranty reserve 116,000 129,837 Advertising and promotion 61,200 171,000 Other 178,295 143,580 $ 3,036,301 $ 2,236,633 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Operating Leases In June 2018, the Company extended the lease on its Woburn, Massachusetts manufacturing facilities (the “Woburn Lease”) through September 2025. The Woburn Lease has a monthly base rent of $13,918 and a 5 -year extension option. In September 2014, the Company entered into a 7 -year operating lease agreement with one 5 -year extension option for its corporate office and product development activities in Waltham, Massachusetts (the “Waltham Lease”). The term of the Waltham Lease commenced on February 20, 2015 and includes fixed payment obligations that escalate over the initial lease term. Average monthly base rent under the Waltham lease is $41,074 . Future minimum lease payments under non-cancellable operating leases as of March 31, 2019 are as follows: 2019 $ 473,413 2020 641,193 2021 653,164 2022 247,347 2023 165,785 2024 165,785 2025 117,431 Total minimum lease payments $ 2,464,118 Weighted-average discount rate, 14.6% $ 672,354 Lease obligation, current portion 580,284 Lease obligation, net of current portion 1,211,480 $ 2,464,118 Total recorded rent expense was $166,024 and $156,703 , for the quarters ended March 31, 2019 and 2018, respectively. The Company records rent expense on its facility leases on a straight-line basis over the lease term. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis for the periods presented and indicates the fair value hierarchy of the valuation techniques it utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Fair Value Measurements at March 31, 2019 Using March 31, 2019 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 4,966,621 $ 4,966,621 $ — $ — Total $ 4,966,621 $ 4,966,621 $ — $ — Fair Value Measurements at December 31, 2018 Using December 31, 2018 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 4,284,928 $ 4,284,928 $ — $ — Total $ 4,284,928 $ 4,284,928 $ — $ — |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility The Company is party to a Loan and Security Agreement, as amended (the “Credit Facility”), with a bank. As of March 31, 2019 , the Credit Facility permitted the Company to borrow up to $2.5 million on a revolving basis. The Credit Facility was amended most recently in March 2019 and expires in June 2019 . Amounts borrowed under the Credit Facility will bear interest equal to the prime rate plus 0.5% . Any borrowings under the Credit Facility will be collateralized by the Company’s cash, accounts receivable, inventory, and equipment. The Credit Facility includes traditional lending and reporting covenants. These include certain financial covenants applicable to liquidity that are to be maintained by the Company. As of March 31, 2019 , the Company was in compliance with these covenants and had not borrowed any funds under the Credit Facility. However, $226,731 of the amount under the Credit Facility is restricted to support letters of credit issued in favor of the Company's landlords. Consequently, the amount available for borrowing under the Credit Facility as of March 31, 2019 was approximately $2.3 million . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: March 31, 2019 December 31, 2018 Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2019 and December 31, 2018; no shares issued and outstanding at March 31, 2019 and December 31, 2018 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2019 and December 31, 2018; 200 shares issued and outstanding at March 31, 2019 and December 31, 2018 $ 1 $ 1 Series D convertible preferred stock, $0.001 par value; 21,300 shares designated at March 31, 2019 and December 31, 2018; 13,526.93 and 14,052.93 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively $ 13 $ 14 Series E convertible preferred stock, $0.001 par value; 7,000 shares designated at March 31, 2019 and December 31, 2018; 1,340.80 and 3,260.70 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively $ 1 $ 3 2019 equity activity During the three months ended March 31, 2019 , 526.00 shares of the Series D Preferred Stock were converted into a total of 200,000 shares of Common Stock and 1,919.90 shares of the Series E Preferred Stock were converted into a total of 730,000 shares of Common Stock. 2018 equity activity During the three months ended March 31, 2018 , 3,739.3 shares of the Series E Preferred Stock were converted into a total of 1,421,787 shares of Common Stock and 7,927.05 shares of the Series F Preferred Stock were converted into a total of 3,014,087 shares of Common Stock. |
Reverse Stock Split
Reverse Stock Split | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Reverse Stock Split | Stockholders’ Equity Preferred stock and convertible preferred stock consist of the following: March 31, 2019 December 31, 2018 Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2019 and December 31, 2018; no shares issued and outstanding at March 31, 2019 and December 31, 2018 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2019 and December 31, 2018; 200 shares issued and outstanding at March 31, 2019 and December 31, 2018 $ 1 $ 1 Series D convertible preferred stock, $0.001 par value; 21,300 shares designated at March 31, 2019 and December 31, 2018; 13,526.93 and 14,052.93 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively $ 13 $ 14 Series E convertible preferred stock, $0.001 par value; 7,000 shares designated at March 31, 2019 and December 31, 2018; 1,340.80 and 3,260.70 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively $ 1 $ 3 2019 equity activity During the three months ended March 31, 2019 , 526.00 shares of the Series D Preferred Stock were converted into a total of 200,000 shares of Common Stock and 1,919.90 shares of the Series E Preferred Stock were converted into a total of 730,000 shares of Common Stock. 2018 equity activity During the three months ended March 31, 2018 , 3,739.3 shares of the Series E Preferred Stock were converted into a total of 1,421,787 shares of Common Stock and 7,927.05 shares of the Series F Preferred Stock were converted into a total of 3,014,087 shares of Common Stock. |
Business and Basis of Present_2
Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation Total compensation cost related to non-vested awards not yet recognized at March 31, 2019 was $208,741 . The total compensation costs are expected to be recognized over a weighted-average period of 1.8 years. |
Our Business-An Overview | Our Business-An Overview NeuroMetrix, Inc., or the Company, is a commercial stage, innovation driven healthcare company combining neurostimulation and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The Company has two primary products. Quell is an over-the-counter wearable therapeutic device for chronic pain. DPNCheck® is a rapid point-of-care test for diabetic neuropathy which is the most common long-term complication of Type 2 diabetes. In 2018, the Company entered into a collaboration with GlaxoSmithKline ("GSK"). The GSK collaboration established a framework for the joint development of the next generation of Quell, recently launched in the United States in September 2018, and the assignment of areas of marketing responsibility. The initial term of the GSK collaboration runs through 2020. Through March 31, 2019 , GSK has paid the Company $18.7 million , committed to future performance milestone payments totaling up to $6.2 million , and agreed to co-fund Quell development costs starting in 2019. The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has suffered recurring losses from operations and negative cash flows from operating activities. At March 31, 2019 , the Company had an accumulated deficit of $189.0 million . These factors raise substantial doubt about the Company’s ability to continue as a going concern for the one-year period from the date of issuance of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company held cash and cash equivalents of $7.2 million as of March 31, 2019 . The Company believes that these resources, future GSK collaboration milestone payments, and the cash to be generated from future product sales will be sufficient to meet its projected operating requirements through 2019. Accordingly, the Company may need to raise additional funds to support its operating and capital needs in 2020. The Company continues to face significant challenges and uncertainties and, as a result, the Company’s available capital resources may be consumed more rapidly than currently expected due to (a) decreases in sales of the Company’s products and the uncertainty of future revenues from new products; (b) changes the Company may make to the business that affect ongoing operating expenses; (c) changes the Company may make in its business strategy; (d) regulatory developments affecting the Company’s existing products; (e) changes the Company may make in its research and development spending plans; (f) delays in the anticipated timing of achievement of GSK milestones; (g) the final outcome of the Federal Trade Commission civil investigative demand enforcement action involving Quell; and (h) other items affecting the Company’s forecasted level of expenditures and use of cash resources. The Company may attempt to obtain additional funding through achievement of milestones under the GSK collaboration, public or private financing, collaborative arrangements with strategic partners, or through additional credit lines or other debt financing sources to increase the funds available to fund operations. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity or debt securities to raise additional funds, its existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products or proprietary technologies, or grant licenses on terms that are not favorable to the Company. Without additional funds, the Company may be forced to delay, scale back or eliminate some of its sales and marketing efforts, research and development activities, or other operations and potentially delay product development in an effort to provide sufficient funds to continue its operations. If any of these events occurs, the Company’s ability to achieve its development and commercialization goals would be adversely affected. |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited balance sheet as of March 31, 2019 , unaudited statements of operations for the quarters ended March 31, 2019 and 2018 , unaudited statements of changes in stockholders' equity for the three months ended March 31, 2019 and 2018 and the unaudited statements of cash flows for the three months ended March 31, 2019 and 2018 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying balance sheet as of December 31, 2018 has been derived from audited financial statements prepared at that date, but does not include all disclosures required by accounting principles generally accepted in the United States of America. In the opinion of management, the financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other period. These financial statements and notes should be read in conjunction with the financial statements for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on January 24, 2019 (File No. 001-33351), or the Company’s 2018 Form 10-K. |
Revenues | Revenues Revenues include product sales, net of estimated returns. Revenue is measured as the amount of consideration the Company expects to receive in exchange for product transferred. Revenue is recognized when contractual performance obligations have been satisfied and control of the product has been transferred to the customer. In most cases, the Company has a single product delivery performance obligation. Accrued product returns are estimated based on historical data and evaluation of current information. Accounts receivable are recorded net of the allowance for doubtful accounts which represents the Company’s best estimate of credit losses. Allowance for doubtful accounts was $25,000 as of March 31, 2019 and December 31, 2018 . Two customers accounted for 32% and 32% of total revenues in the quarters ended March 31, 2019 and 2018, respectively. Two customers accounted for 44% and 45% of accounts receivable as of March 31, 2019 and December 31, 2018 , respectively. Collaboration income Collaboration income is recognized within Other income when contractual performance obligations, outside the ordinary activities of the Company, have been satisfied and control has been transferred to a collaboration partner. Collaboration income for each performance obligation is based on the fair value of such performance obligation relative to the total fair value of all performance obligations multiplied by the overall transaction price. A deferred collaboration income liability is recorded when payments are received prior to satisfaction of performance obligations. The Company recognized Collaboration income net of costs, within Other income in the Statement of Operations of $5,734,849 and $4,755,705 , for the quarters ended March 31, 2019 and 2018, respectively. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 required that lessees recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability. The Company adopted ASU 2016-02, using the modified retrospective method, upon its effective date of January 1, 2019. The impact of adoption was an increase to long-term assets and total liabilities of approximately $1.9 million as of January 1, 2019. The following table summarizes the effects of adopting ASU 2016-02 on the Company's balance sheet as of March 31, 2019: As reported Adjustments Amounts under prior GAAP Prepaid expenses and other current assets $ 962,727 $ 44,852 $ 1,007,579 Total current assets $ 11,630,142 $ 44,852 $ 11,674,994 Right of use asset $ 1,870,979 $ (1,870,979 ) $ — Other long-term assets $ 30,081 $ 34,363 $ 64,444 Total assets $ 13,906,763 $ (1,791,764 ) $ 12,114,999 Accrued expenses $ 3,036,301 $ (580,284 ) $ 2,456,017 Total current liabilities $ 4,502,872 $ (580,284 ) $ 3,922,588 Lease obligation - net of current portion $ 1,211,480 $ (1,211,480 ) $ — Total liabilities $ 5,714,352 $ (1,791,764 ) $ 3,922,588 The following table summarizes the effects of adopting ASU 2016-02 on the Company's balance sheet as of December 31, 2018: As reported Adjustments Amounts under prior GAAP Prepaid expenses and other current assets $ 860,915 $ 44,852 $ 905,767 Total current assets $ 11,586,165 $ 44,852 $ 11,631,017 Right of use asset $ 1,968,062 $ (1,968,062 ) $ — Other long-term assets $ 30,314 $ 44,578 $ 74,892 Total assets $ 13,991,880 $ (1,878,632 ) $ 12,113,248 Accrued expenses $ 2,236,633 $ (577,460 ) $ 1,659,173 Total current liabilities $ 6,592,897 $ (577,460 ) $ 6,015,437 Lease obligation - net of current portion $ 1,301,172 $ (1,301,172 ) $ — Total liabilities $ 7,894,069 $ (1,878,632 ) $ 6,015,437 Adoption of ASU 2016-02 had no impact on the Company's statements of operations, statements of changes in stockholders' equity and statements of cash flows. |
Business and Basis of Present_3
Business and Basis of Presentation Adoption of ASU 2016-02 (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ASU 2016-02 Impact [Table Text Block] [Table Text Block] | The following table summarizes the effects of adopting ASU 2016-02 on the Company's balance sheet as of March 31, 2019: As reported Adjustments Amounts under prior GAAP Prepaid expenses and other current assets $ 962,727 $ 44,852 $ 1,007,579 Total current assets $ 11,630,142 $ 44,852 $ 11,674,994 Right of use asset $ 1,870,979 $ (1,870,979 ) $ — Other long-term assets $ 30,081 $ 34,363 $ 64,444 Total assets $ 13,906,763 $ (1,791,764 ) $ 12,114,999 Accrued expenses $ 3,036,301 $ (580,284 ) $ 2,456,017 Total current liabilities $ 4,502,872 $ (580,284 ) $ 3,922,588 Lease obligation - net of current portion $ 1,211,480 $ (1,211,480 ) $ — Total liabilities $ 5,714,352 $ (1,791,764 ) $ 3,922,588 The following table summarizes the effects of adopting ASU 2016-02 on the Company's balance sheet as of December 31, 2018: As reported Adjustments Amounts under prior GAAP Prepaid expenses and other current assets $ 860,915 $ 44,852 $ 905,767 Total current assets $ 11,586,165 $ 44,852 $ 11,631,017 Right of use asset $ 1,968,062 $ (1,968,062 ) $ — Other long-term assets $ 30,314 $ 44,578 $ 74,892 Total assets $ 13,991,880 $ (1,878,632 ) $ 12,113,248 Accrued expenses $ 2,236,633 $ (577,460 ) $ 1,659,173 Total current liabilities $ 6,592,897 $ (577,460 ) $ 6,015,437 Lease obligation - net of current portion $ 1,301,172 $ (1,301,172 ) $ — Total liabilities $ 7,894,069 $ (1,878,632 ) $ 6,015,437 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarters Ended March 31, 2019 2018 Net income applicable to common stockholders $ 2,050,507 $ 1,166,252 Weighted average number of common shares outstanding, basic 7,741,463 6,345,719 Dilutive convertible preferred stock 6,222,746 7,380,895 Weighted average number of common shares outstanding, dilutive 13,964,209 13,726,614 Net income per common share applicable to common stockholders, basic $ 0.26 $ 0.18 Net income per common share applicable to common stockholders, diluted $ 0.15 $ 0.08 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Quarters Ended March 31, 2019 2018 Options 488,494 336,817 Warrants 459,375 459,375 Total 947,869 796,192 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following: March 31, 2019 December 31, 2018 Purchased components $ 1,710,368 $ 1,767,674 Finished goods 783,900 1,094,190 $ 2,494,268 $ 2,861,864 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses and compensation consist of the following: March 31, 2019 December 31, 2018 Professional services $ 863,000 $ 391,000 Lease obligation, current portion 580,284 577,460 Compensation 467,522 213,756 Technology fees 450,000 450,000 Contract manufacturer 320,000 160,000 Warranty reserve 116,000 129,837 Advertising and promotion 61,200 171,000 Other 178,295 143,580 $ 3,036,301 $ 2,236,633 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2019 $ 473,413 2020 641,193 2021 653,164 2022 247,347 2023 165,785 2024 165,785 2025 117,431 Total minimum lease payments $ 2,464,118 Weighted-average discount rate, 14.6% $ 672,354 Lease obligation, current portion 580,284 Lease obligation, net of current portion 1,211,480 $ 2,464,118 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Fair Value Measurements at March 31, 2019 Using March 31, 2019 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 4,966,621 $ 4,966,621 $ — $ — Total $ 4,966,621 $ 4,966,621 $ — $ — Fair Value Measurements at December 31, 2018 Using December 31, 2018 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 4,284,928 $ 4,284,928 $ — $ — Total $ 4,284,928 $ 4,284,928 $ — $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Preferred stock and convertible preferred stock | Preferred stock and convertible preferred stock consist of the following: March 31, 2019 December 31, 2018 Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2019 and December 31, 2018; no shares issued and outstanding at March 31, 2019 and December 31, 2018 $ — $ — Series B convertible preferred stock, $0.001 par value; 147,000 shares designated at March 31, 2019 and December 31, 2018; 200 shares issued and outstanding at March 31, 2019 and December 31, 2018 $ 1 $ 1 Series D convertible preferred stock, $0.001 par value; 21,300 shares designated at March 31, 2019 and December 31, 2018; 13,526.93 and 14,052.93 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively $ 13 $ 14 Series E convertible preferred stock, $0.001 par value; 7,000 shares designated at March 31, 2019 and December 31, 2018; 1,340.80 and 3,260.70 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively $ 1 $ 3 |
Business and Basis of Present_4
Business and Basis of Presentation (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | 15 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2017 | |
Organization And Basis Of Presentation [Line Items] | |||||
Proceeds from Collaborators | $ 18,700,000 | ||||
Accounts receivable, net | $ 972,352 | $ 1,082,957 | 972,352 | ||
Accumulated deficit | 188,966,084 | 191,016,591 | 188,966,084 | ||
Cash and cash equivalents | 7,200,795 | 6,780,429 | 7,200,795 | ||
Allowance for doubtful accounts | 25,000 | 25,000 | 25,000 | ||
Prepaid expenses and other current assets | 962,727 | 860,915 | 962,727 | ||
Assets, Current | 11,630,142 | 11,586,165 | 11,630,142 | ||
Accrued Sales Return provisions | 726,892 | 1,101,658 | 726,892 | ||
Liabilities, Current | 4,502,872 | 6,592,897 | 4,502,872 | ||
Operating Lease, Liability, Noncurrent | 1,211,480 | 1,301,172 | 1,211,480 | ||
Stockholders' Equity Attributable to Parent | 8,192,411 | $ 6,822,524 | 6,097,811 | 8,192,411 | $ 5,017,389 |
Cost of revenues | 2,324,231 | 2,955,260 | |||
Gross Profit | 798,704 | 1,987,730 | |||
Net Income (Loss) Available to Common Stockholders, Diluted | 2,050,507 | $ 1,166,252 | |||
Compensation cost not yet recognized | $ 208,741 | 208,741 | |||
Compensation cost not yet recognized, period for recognition | 1 year 9 months 5 days | ||||
Earnings Per Share, Basic | $ 0.26 | $ 0.18 | |||
Earnings Per Share, Diluted | $ 0.15 | $ 0.08 | |||
Operating Lease, Right-of-Use Asset | $ 1,870,979 | 1,968,062 | 1,870,979 | ||
Other long-term assets | 30,081 | 30,314 | 30,081 | ||
Assets | 13,906,763 | 13,991,880 | 13,906,763 | ||
Accrued Liabilities, Current | 3,036,301 | 2,236,633 | 3,036,301 | ||
Liabilities | $ 5,714,352 | $ 7,894,069 | 5,714,352 | ||
Maximum | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Future Milestone Payments Receivable [Line Items] | 6,200,000 | ||||
Two Customers | Revenue | Customer Concentration Risk | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Concentration risk, percentage | 32.00% | 32.00% | |||
Two Customers | Accounts Receivable | Customer Concentration Risk | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Concentration risk, percentage | 44.00% | 45.00% | |||
CalculatedUnderRevenueGuidanceInEffectBeforeTopic842 [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Prepaid expenses and other current assets | $ 1,007,579 | $ 905,767 | 1,007,579 | ||
Assets, Current | 11,674,994 | 11,631,017 | 11,674,994 | ||
Liabilities, Current | 3,922,588 | 6,015,437 | 3,922,588 | ||
Operating Lease, Liability, Noncurrent | 0 | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | 0 | 0 | 0 | ||
Other long-term assets | 64,444 | 74,892 | 64,444 | ||
Assets | 12,114,999 | 12,113,248 | 12,114,999 | ||
Accrued Liabilities, Current | 2,456,017 | 1,659,173 | 2,456,017 | ||
Liabilities | 3,922,588 | 6,015,437 | 3,922,588 | ||
DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic842 [Member] | |||||
Organization And Basis Of Presentation [Line Items] | |||||
Prepaid expenses and other current assets | 44,852 | 44,852 | 44,852 | ||
Assets, Current | 44,852 | 44,852 | 44,852 | ||
Liabilities, Current | (580,284) | (577,460) | (580,284) | ||
Operating Lease, Liability, Noncurrent | (1,211,480) | (1,301,172) | (1,211,480) | ||
Operating Lease, Right-of-Use Asset | (1,870,979) | (1,968,062) | (1,870,979) | ||
Other long-term assets | 34,363 | 44,578 | 34,363 | ||
Assets | (1,791,764) | (1,878,632) | (1,791,764) | ||
Accrued Liabilities, Current | (580,284) | (577,460) | (580,284) | ||
Liabilities | $ (1,791,764) | $ (1,878,632) | $ (1,791,764) |
Comprehensive Loss (Detail)
Comprehensive Loss (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity [Abstract] | ||
Other comprehensive income (loss), net of tax | $ 0 | $ 0 |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 947,869 | 796,192 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 459,375 | 459,375 |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total antidilutive securities excluded from the computation of earnings per share (in shares) | 488,494 | 336,817 |
Net Loss Per Common Share Sched
Net Loss Per Common Share Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 2,050,507 | $ 1,166,252 |
Weighted Average Number of Shares Outstanding, Basic | 7,741,463 | 6,345,719 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 6,222,746 | 7,380,895 |
Weighted Average Number of Shares Outstanding, Diluted | 13,964,209 | 13,726,614 |
Earnings Per Share, Basic | $ 0.26 | $ 0.18 |
Earnings Per Share, Diluted | $ 0.15 | $ 0.08 |
Inventories (Detail)
Inventories (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Inventory [Line Items] | |||
Purchased components | $ 1,710,368 | $ 1,767,674 | |
Inventory Write-down | (700,000) | $ 0 | |
Finished goods | 783,900 | 1,094,190 | |
Inventories | 2,494,268 | $ 2,861,864 | |
PurchasedComponents [Member] | |||
Inventory [Line Items] | |||
Inventory Write-down | (335,000) | ||
FinishedGoods [Member] | |||
Inventory [Line Items] | |||
Inventory Write-down | (165,000) | ||
AccruedExpenses [Member] | |||
Inventory [Line Items] | |||
Inventory Write-down | $ (200,000) |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued Compensation | $ 467,522 | $ 213,756 |
Sales return allowance | 726,892 | 1,101,658 |
Technology fees | 450,000 | 450,000 |
ContractManufacturer | 320,000 | 160,000 |
Professional services | 863,000 | 391,000 |
Operating Lease, Liability, Current | 580,284 | 577,460 |
Warranty reserve | 116,000 | 129,837 |
Accrued Advertising | 61,200 | 171,000 |
Other | 178,295 | 143,580 |
Accrued expenses | $ 3,036,301 | $ 2,236,633 |
Commitments and Contingencies (
Commitments and Contingencies (Detail) | Jun. 01, 2018USD ($) | Feb. 20, 2015USD ($) | Sep. 30, 2014extension_option | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 01, 2014 |
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 473,413 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 641,193 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 653,164 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 247,347 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 165,785 | ||||||
Operating Leases, Future Minimum Payments, Due in Six Years | 165,785 | ||||||
Operating Leases, Future Minimum Payments, Due in Seven Years | 117,431 | ||||||
Lessee, Operating Lease, Liability, Payments, Due | 2,464,118 | ||||||
Operating Lease Discount | 672,354 | ||||||
Operating Lease, Liability, Current | 580,284 | $ 577,460 | |||||
Operating Lease, Liability, Noncurrent | 1,211,480 | $ 1,301,172 | |||||
Operating Leases, Rent Expense | $ 166,024 | $ 156,703 | |||||
Woburn Lease [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating lease, renewal term | 5 years | ||||||
Woburn Lease [Member] | MonthlyRent [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating Lease, Payments | $ 13,918 | ||||||
Waltham Lease [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating lease, term of contract | 7 years | ||||||
Operating lease, number of extension options | extension_option | 1 | ||||||
Operating lease, renewal term | 5 years | ||||||
Waltham Lease [Member] | MonthlyRent [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating Lease, Payments | $ 41,074 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash equivalents | $ 4,966,621 | $ 4,284,928 |
Assets, Fair Value Disclosure | 4,966,621 | 4,284,928 |
Level 1 | ||
Assets | ||
Cash equivalents | 4,966,621 | 4,284,928 |
Assets, Fair Value Disclosure | 4,966,621 | 4,284,928 |
Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Credit Facility (Detail)
Credit Facility (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | |
Revolving credit facility, maximum borrowing capacity | $ 2,500,000 |
Credit facility expiration date | Jun. 30, 2019 |
Credit facility limit restricted to support letter of credit | $ 226,731 |
Line of credit facility, remaining borrowing capacity | $ 2,300,000 |
Prime Rate | |
Line of Credit Facility [Line Items] | |
Interest rate over prime rate | 0.50% |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock and Convertible Preferred Stock (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Non-Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Value of preferred stock issued | $ 0 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Value of preferred stock issued | $ 1 | $ 1 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 500 | 500 |
Preferred stock, shares outstanding (in shares) | 500 | 500 |
Preferred stock, shares designated (in shares) | 147,000 | 147,000 |
Series D Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Value of preferred stock issued | $ 13 | $ 14 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 13,526.93 | 14,052.93 |
Preferred stock, shares outstanding (in shares) | 13,526.93 | 14,052.93 |
Preferred stock, shares designated (in shares) | 21,300 | 21,300 |
Series E Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Value of preferred stock issued | $ 1 | $ 3 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 1,340.80 | 7,000 |
Preferred stock, shares outstanding (in shares) | 1,340.80 | 7,000 |
Preferred stock, shares designated (in shares) | 7,000 | 7,000 |
Series F Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 0 | 7,927.05 |
Preferred stock, shares outstanding (in shares) | 0 | 7,927.05 |
Preferred stock, shares designated (in shares) | 10,621 | 10,621 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Common Stock, Shares, Issued | 8,310,463 | 7,380,463 | |
Common Stock, Value, Issued | $ 831 | $ 738 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Compensation cost not yet recognized | $ 208,741 | ||
Compensation cost not yet recognized, period for recognition | 1 year 9 months 5 days | ||
Series D Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding (in shares) | 13,526.93 | 14,052.93 | |
Shares converted (in shares) | 526 | ||
Series E Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding (in shares) | 1,340.80 | 7,000 | |
Shares converted (in shares) | 1,919.9 | 3,739.3 | |
Series F Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, shares outstanding (in shares) | 0 | 7,927.05 | |
Shares converted (in shares) | (7,927.05) | ||
Common Stock | Series D Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Convertible preferred stock, shares issued upon conversion (in shares) | (200,000) | ||
Common Stock | Series E Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Convertible preferred stock, shares issued upon conversion (in shares) | (730,000) | (1,421,787) | |
Common Stock | Series F Convertible Preferred Stock | |||
Class of Stock [Line Items] | |||
Convertible preferred stock, shares issued upon conversion (in shares) | (3,014,087) |
Reverse Stock Split (Details)
Reverse Stock Split (Details) - shares | Mar. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Shares outstanding (in shares) | 8,310,463 | 7,380,463 |
Uncategorized Items - nuro-2019
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 4,043,681 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 6,780,429 |