InVivo Therapeutics (NVIVQ) 10-K 20 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
Document and Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	INVIVO THERAPEUTICS HOLDINGS CORP.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		591,711
Entity Public Float			$ 6,882,577
Entity Central Index Key	0001292519
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 6,602	$ 16,660
Restricted cash	4	4
Prepaid expenses and other current assets	177	461
Total current assets	6,783	17,125
Property, equipment and leasehold improvements, net	73	100
Restricted cash - non current	110	110
Operating lease right-of-use assets	1,211
Prepaid clinical trial expenses	1,122	996
Other assets	26	46
Total assets	9,325	18,377
Current liabilities:
Accounts payable	942	815
Loan payable, current portion		100
Operating lease liabilities	294
Accrued expenses	1,427	1,290
Total current liabilities	2,663	2,205
Other liabilities	59	61
Operating lease liabilities - non current	1,020
Total liabilities	3,742	2,266
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.00001 par value, authorized 16,666,667 shares; 550,736 shares issued and outstanding, including 6,886 shares of unvested restricted stock, at December 31, 2019; 310,330 shares issued and outstanding at December 31, 2018	2	1
Additional paid-in capital	224,741	223,440
Accumulated deficit	(219,160)	(207,330)
Total stockholders’ equity	5,583	16,111
Total liabilities and stockholders’ equity	$ 9,325	$ 18,377

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Feb. 11, 2020shares	Apr. 16, 2018	Jan. 31, 2020shares	Jan. 21, 2020shares	Jan. 20, 2020shares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares	May 31, 2018shares	Apr. 30, 2018shares
Common stock, par value (in dollars per share) | $ / shares						$ 0.00001	$ 0.00001
Common stock, authorized						16,666,667	16,666,667	25,000,000	4,000,000
Common stock, issued						550,736	310,330
Common stock, outstanding						550,736	310,330
Reverse stock split ratio		0.04
Restricted Stock [Member]
Common stock, issued						6,886
Subsequent event
Common stock, authorized	16,666,667		500,000,000	500,000,000	25,000,000
Reverse stock split ratio	0.0333

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	$ 5,602	$ 4,931
General and administrative	5,895	7,836
Total operating expenses	11,497	12,767
Operating loss	(11,497)	(12,767)
Other income / (expense):
Interest income / (expense), net	254	206
Warrant modification expense	(666)	(765)
Derivatives loss		(11,400)
Other income	79	1,303
Other income / (expense), net	(333)	(10,656)
Net loss	$ (11,830)	$ (23,423)
Net loss per share, basic and diluted (in dollars per share)	$ (35.28)	$ (140.81)
Weighted average number of common shares outstanding, basic and diluted (In Shares)	335,350	166,348

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical)	Apr. 16, 2018
Consolidated Statements of Operations
Reverse stock split ratio	0.04

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2017	$ 1	$ 194,016	$ (183,907)	$ 10,110
Beginning Balance, (in shares) at Dec. 31, 2017	45,700
Share-based compensation expense		618		618
Fair value of derivative warrant liability reclassified to additional paid-in capital		25,327		$ 25,327
Issuance of common stock upon vesting of restricted stock units (in shares)	143			143
Issuance of common stock under ESPP		4		$ 4
Issuance of common stock under ESPP (in shares)	48
Fractional shares issued due to reverse stock split	92
Issuance of common stock upon exercise of warrants		131		131
Issuance of common stock upon exercise of warrants (in shares)	209,246
Issuance of common stock and warrants in public offerings		3,338		3,338
Issuance of common stock and warrants in public offerings (in shares)	55,084
Issuance of common stock to 401(k) plan		6		6
Issuance of common stock to 401(k) plan (in shares)	17
Net loss			(23,423)	(23,423)
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2018	$ 1	223,440	(207,330)	$ 16,111
Ending Balance, (in shares) at Dec. 31, 2018	310,330			310,330
Share-based compensation expense		268		$ 268
Issuance of common stock upon vesting of restricted stock units (in shares)	143
Issuance of restricted common stock (in shares)	6,886
Issuance of common stock under ESPP		1		1
Issuance of common stock under ESPP (in shares)	36
Issuance of common stock and warrants in public offerings	$ 1	366		367
Issuance of common stock and warrants in public offerings (in shares)	233,341
Increase in fair value attributable to warrant modifications		666		666
Net loss			(11,830)	(11,830)
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2019	$ 2	$ 224,741	$ (219,160)	$ 5,583
Ending Balance, (in shares) at Dec. 31, 2019	550,736			550,736

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (11,830)	$ (23,423)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	57	91
Amortization of operating lease right-of-use assets	265
Loss on impairment of fixed assets		48
Warrant Modification	666	765
Derivatives loss		11,400
Gain on lease assignment		(603)
Common stock issued to 401(k) plan		6
Share-based compensation expense	268	618
Non-cash investment (income) expense, net	1	3
Changes in operating assets and liabilities:
Prepaid expenses	267	77
Other assets	(123)	(985)
Accounts payable	127	(173)
Operating lease liability	(144)
Accrued expenses and other liabilities	132	(136)
Net cash used in operating activities	(10,314)	(12,312)
Cash flows from investing activities:
Purchases of property and equipment	(12)	(65)
Net cash used in investing activities	(12)	(65)
Cash flows from financing activities:
Proceeds from issuance of stock under ESPP	1	4
Proceeds from exercise of warrants		131
Repayment of loan payable	(100)	(752)
Repurchase of warrants		(14)
Proceeds from issuance of common stock and warrants, net of commissions and issuance costs	367	16,511
Net cash (used in) provided by financing activities	268	15,880
Decrease in cash and cash equivalents and restricted cash	(10,058)	3,503
Cash, cash equivalents and restricted cash at beginning of period	16,774	13,271
Cash, cash equivalents and restricted cash at end of period	6,716	16,774
Supplemental disclosure of cash flow information and non-cash investing and financing activities:
Cash paid for interest	1	44
Non-cash issuance of common stock for warrants		287
Fair value of derivative warrant liability reclassified to additional paid-in capital		$ 25,327
Right-of-use assets and lease liability recorded upon adoption of ASC 842	1,475
Fair value of warrants issued in connection with 2019 Offering	$ 59

NATURE OF OPERATIONS AND GOING

NATURE OF OPERATIONS AND GOING CONCERN	12 Months Ended
	Dec. 31, 2019
NATURE OF OPERATIONS AND GOING CONCERN
NATURE OF OPERATIONS AND GOING CONCERN	1. NATURE OF OPERATIONS AND GOING CONCERN Business InVivo Therapeutics Holdings Corp. (the “Company”) is a pioneering biomaterials and biotechnology company with a focus on the treatment of spinal cord injuries (“SCIs”). The Company’s proprietary technologies incorporate intellectual property that is licensed under an exclusive, worldwide license from BCH and MIT, as well as intellectual property that has been developed internally in collaboration with its advisors and partners. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets, and raising capital. The Company has historically financed its operations primarily through the sale of equity-related securities. At December 31, 2019, the Company has consolidated cash and cash equivalents of $6.6 million. The Company has not achieved profitability and may not be able to realize sufficient revenue to achieve or sustain profitability in the future. The Company does not expect to be profitable in the next several years, but rather expects to incur additional operating losses. The Company has limited liquidity and capital resources and must obtain significant additional capital resources in order to sustain its product development efforts, for acquisition of technologies and intellectual property rights, for preclinical and clinical testing of its anticipated products, pursuit of regulatory approvals, acquisition of capital equipment, laboratory and office facilities, establishment of production capabilities, for selling, general and administrative expenses, and other working capital requirements. The Company expects that it will need additional capital to fund its operations, which it may raise through a combination of equity offerings, debt financings, other third party funding, marketing and distribution arrangements, and other collaborations, strategic alliances, and licensing arrangements. Going Concern The Company’s financial statements as of December 31, 2019 were prepared under the assumption that the Company will continue as a going concern. At December 31, 2019, the Company had cash and cash equivalents of $6.6 million. The Company estimates that its existing cash resources will be sufficient to fund its operations into the second quarter of 2020. The Company’s ability to continue as a going concern depends on its ability to obtain additional equity or debt financing, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue. If the Company is unable to continue as a going concern, it may have to liquidate its assets and may receive less than the value at which those assets are carried on its audited financial statements, and it is likely that investors will lose all or part of their investment. If the Company seeks additional financing to fund its business activities in the future and there remains substantial doubt about its ability to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding to the Company on commercially reasonable terms or at all. Based on these factors, management determined that there is substantial doubt regarding the Company’s ability to continue as a going concern. Reverse Stock Split On February 11, 2020, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for-30 (the “2020 Reverse Stock Split”). As a result of the 2020 Reverse Stock Split, (i) every 30 shares of the issued and outstanding common stock were automatically converted into one newly issued and outstanding share of common stock, without any change in the par value per share; (ii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally decreased, and (iii) the number of authorized shares of common stock outstanding was proportionally decreased. Shares of common stock underlying outstanding stock options and other equity instruments convertible into common stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. On April 16, 2018, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for-25 (the “2018 Reverse Stock Split”). As a result of the 2018 Reverse Stock Split, (i) every 25 shares of the issued and outstanding Common Stock were automatically converted into 1 newly issued and outstanding share of Common Stock, without any change in the par value per share; (ii) shares of Common Stock underlying outstanding stock options and other equity instruments convertible into Common Stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities, and (iii) the number of authorized shares of Common Stock outstanding was proportionally decreased. All of the Company’s historical share and per share information related to issued and outstanding Common Stock and outstanding options and warrants exercisable for Common Stock in these consolidated financial statements were adjusted, on a retroactive basis to reflect the 2020 Reverse Stock Split and 2018 Reverse Stock Split.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies followed by the Company in the preparation of the financial statements is as follows: Use of estimates The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts expensed during the reporting period. Actual results could differ from those estimates and changes in estimates may occur. Basis of presentation and principles of consolidation The consolidated financial statements include the accounts of InVivo Therapeutics Holdings Corp. and its wholly‑owned subsidiary, InVivo Therapeutics Corporation. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Reclassification Certain accounts in the 2018 consolidated financial statements have been reclassified for comparative purposes to conform to the presentation in the 2019 consolidated financial statements. These reclassifications have no effect on previously reported earnings. Cash and cash equivalents The Company considers only those investments that are highly liquid, readily convertible to cash, and that mature within 3 months from date of purchase to be cash equivalents. At December 31, 2019 and 2018, cash equivalents were comprised of money market funds and other short-term investments. Cash and cash equivalents consist of the following: December 31, December 31, (In thousands) 2019 2018 Cash $ (15) $ (83) Money market funds 6,617 16,743 Total cash and cash equivalents $ 6,602 $ 16,660 Restricted cash Restricted cash as of both December 31, 2019 and 2018 was $114 thousand and included a $50 thousand security deposit related to the Company’s credit card account, $4 thousand related to 401(k) reserve account and a $60 thousand standby letter of credit in favor of a landlord (see Note 15). Financial instruments The carrying amounts reported in the Company’s consolidated balance sheets for cash, cash equivalents and accounts payable approximate fair value based on the short‑term nature of these instruments. The carrying value of the loan payable approximates fair value due to market terms. Property and equipment Property and equipment are carried at cost. Depreciation and amortization expense are recorded over the estimated useful lives of the assets using the straight‑line method. A summary of the estimated useful lives is as follows: Classification Estimated Useful Life Computer hardware 3 - 5 years Software 3 years Office furniture and equipment 5 years Research and lab equipment 5 years Leasehold improvements Remaining life of lease Warrant modifications The Company treats a modification of the terms or conditions of an equity award in accordance with Accounting Standards Codification (“ASC”) Topic 718-20-35-3 by treating the modification as an exchange of the original award for a new award. In substance, the entity repurchases the original instrument by issuing a new instrument of equal or greater value, incurring additional cost for any incremental value. Incremental cost shall be measured as the excess, if any, of the fair value of the modified award determined in accordance with the provisions of this Topic over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date. Research and development expenses Costs incurred for research and development are expensed as incurred. Certain agreements require the Company to make pre-payments for clinical research organizations (“CROs”) services. As of December 31, 2019, the Company had $1.2 million in prepayments for CRO services of which $120 thousand is included in prepaid and other current asset balance on the balance sheet and the remaining $1.1 million is included within the other long term assets balance on the balance sheet. As of December 31, 2018, the Company had $1.3 million in prepayments for CRO services of which $290 thousand is included in prepaid and other current asset balance on the balance sheet and the remaining $996 thousand is included within the other long term assets balance on the balance sheet. Concentrations of credit risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash in commercial banks, which may at times exceed Federally Insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as principally 1 operating segment, which is developing and commercializing biopolymer scaffolding devices for the treatment of spinal cord injuries. As of December 31, 2019, and 2018, all of the Company’s assets were located in 1 location in the United States. Income taxes For federal and state income taxes, deferred tax assets and liabilities are recognized based upon temporary differences between the financial statement and the tax basis of assets and liabilities. Deferred income taxes are based upon prescribed rates and enacted laws applicable to periods in which differences are expected to reverse. A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, the Company provides a valuation allowance, if necessary, to reduce deferred tax assets to amounts that are realizable. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more‑likely‑than‑not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more‑likely‑than‑not threshold would be recorded as a tax expense in 2019. There were no material uncertain tax positions that required accrual or disclosure to the financial statements as of December 31, 2019 or 2018. Tax years subsequent to 2015 remain open to examination by U.S. federal and state tax authorities. Impairment of long‑lived assets The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of long‑lived assets may not be recoverable. An impairment loss is recognized when expected cash flows are less than an asset’s carrying value. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of such assets in relation to the operating performance and future undiscounted cash flows of the underlying assets. The Company’s policy is to record an impairment loss when it is determined that the carrying value of the asset may not be recoverable. On May 3, 2018, the Company assigned the Cambridge Lease (as defined in Note 15) to a third party who assumed all of the Company’s remaining rights and obligations under the Cambridge Lease and as a result recorded an impairment charge of $48 thousand. Share‑based payments The Company accounts for all stock-based payment awards granted to employees and nonemployees using a fair value method. The Company’s stock-based payments include stock options and grants of Common Stock, including Common Stock subject to vesting. The measurement date for both employee and nonemployee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees’ requisite service period, which is the vesting period, on a straight-line basis. Stock-based compensation costs for nonemployees are recognized as expense over the vesting period on a straight-line basis. Stock-based compensation is classified in the accompanying consolidated statements of operations and comprehensive loss based on the department to which the related services are provided. Derivative instruments The Company generally does not use derivative instruments to hedge exposures to cash‑flow or market risks; however, certain warrants to purchase Common Stock that do not meet the requirements for classification as equity are classified as liabilities. In such instances, net‑cash settlement is assumed for financial reporting purposes, even when the terms of the underlying contracts do not provide for a net‑cash settlement. Such financial instruments are initially recorded at fair value, with subsequent changes in fair value charged (credited) to operations in each reporting period. If these instruments subsequently meet the requirements for classification as equity, the Company reclassifies the fair value to equity. Net loss per common share Basic net loss per share of Common Stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net income per share of Common Stock has been computed by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. Diluted net loss per share of Common Stock has been computed by dividing the net loss for the period by the weighted average number of shares of Common Stock outstanding during such period. In a net loss period, options, warrants, unvested restricted stock units and convertible securities are anti‑dilutive and therefore excluded from diluted loss per share calculations. For the year ended December 31, 2019 and 2018, the following potentially dilutive securities were not included in the computation of net loss per share because the effect would be anti-dilutive: December 31, 2019 2018 Warrants 270,940 255,781 Stock options 4,187 1,858 Unvested RSUs 200 343 Unvested RSAs 6,886 — Total potentially dilutive securities 282,213 257,982 Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance leases or operating leases, with classification affecting the pattern of expense recognition in the statement of operations. In January, July and December 2018, the FASB issued ASU No’s. 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01, which were targeted improvements to ASU No. 2016-02 (collectively, with ASU No. 2016-02, “ASC 842”) and provided entities with an additional (and optional) transition method to adopt the new lease standard, and provided clarifications to address potential narrow-scope implementation issues. The Company adopted ASU No. 2016- 02 effective January 1, 2019 and elected the optional transition method for adoption. The Company also took advantage of the transition package of practical expedients permitted within ASU No. 2016-02, which among other things, allowed it to carryforward historical lease classifications. The Company also elected to keep leases with an initial term of 12 months or less off of the balance sheet as a policy election and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. As of the adoption date, the Company identified one operating lease arrangement in which it is a lessee. The adoption of this standard resulted in the recognition of operating lease liabilities and right-of-use assets of $1.5 million and $1.5 million, respectively, on the Company’s balance sheet as of January 1, 2019. The adoption of the standard did not have a material effect on the Company’s consolidated statements of operations or statements of cash flows. In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU relates to the impacts of the tax legislation commonly referred to as the Tax Reform Act. The guidance permits the reclassification of certain income tax effects of the Tax Reform Act from other comprehensive income to retained earnings (stranded tax effects). The guidance also requires certain new disclosures. The guidance was effective for annual periods beginning after December 15, 2018, and interim periods within those reporting periods. Early adoption was permitted. Entities may adopt the guidance using 1 of 2 transition methods: retrospective to each period (or periods) in which the income tax effects of the Tax Reform Act related to the items remaining in other comprehensive income are recognized or at the beginning of the period of adoption. The Company adopted ASU No. 2018-02 on January 1, 2019 and it did not have a material effect on the Company’s financial position, results of operations or disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting which is intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. The amendment is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption was permitted, but no earlier than an entity’s adoption date of ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606). The Company adopted ASU No. 2018-07 on January 1, 2019 and it did not have a material effect on the Company’s financial position, results of operations or disclosures. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements which clarifies, corrects errors in, and makes improvements to several Codification Topics, including to: · Clarify when excess tax benefits should be recognized for share-based compensation awards · Remove inconsistent guidance in income tax accounting for business combinations · Clarify the circumstances when derivatives may be offset · Clarify the measurement of liability or equity-classified financial instruments when an identical asset is held as an asset · Allow portfolios of financial instruments and nonfinancial instruments accounted for as derivatives to use the portfolio exception to valuation The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in this ASU do not require transition guidance and were effective upon issuance of this ASU. However, many of the amendments in this ASU do have transition guidance with effective dates for annual periods beginning after December 15, 2018. The Company adopted ASU No. 2018-09 on January 1, 2019, and it did not have a material effect on the Company’s financial position, results of operations or disclosures. In August 2018, the FASB issued ASU No. 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement which improves the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this ASU. The Company does not expect the adoption of this ASU to have a material effect on its consolidated financial statements. In July 2019, the FASB issued ASU No. 2019-07, Codification Updates to SEC Sections. This ASU amends various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. One of the changes in the ASU requires a presentation of changes in stockholders’ equity in the form of a reconciliation, either as a separate financial statement or in the notes to the financial statements, for the current and comparative year-to-date interim periods. The Company presented changes in stockholders' equity as separate financial statements for the current and comparative year-to-date interim periods. The additional elements of the ASU did not have a material impact on the Company's consolidated financial statements. This guidance was effective immediately upon issuance. In November 2019, the FASB issued ASU No. 2019-08 “Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements - Share-Based Consideration Payable to a Customer.” ASU No. 2019-08 amends and clarifies ASU No. 2018-07, which was adopted by the Company on January 1, 2019, to require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. For entities that have already adopted the amendments in ASU No. 2018-07, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. This guidance is applicable to the Company’s fiscal year beginning January 1, 2020. The Company is currently evaluating the effects of this pronouncement on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. ASU No. 2019-12 is effective for the Company beginning in fiscal 2021. The Company is currently evaluating the effects of this pronouncement on its consolidated financial statements.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2019
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	3. PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following: (In thousands) 2019 2018 Computer software and hardware $ 131 $ 131 Research and lab equipment 520 508 Leasehold improvements 66 66 Property and equipment 717 705 Less accumulated depreciation and amortization (644) (605) Property and equipment, net $ 73 $ 100 Depreciation expense for the years ended December 31, 2019 and 2018, was $39 thousand, and $74 thousand, respectively. Maintenance and repairs are charged to expense as incurred and any additions or improvements are capitalized. On May 3, 2018, the Company assigned the Cambridge Lease to a third party who assumed all of the Company’s remaining rights and obligations under the Cambridge Lease and as a result wrote off $1.3 million of fully depreciated assets and also recorded an impairment loss of $48 thousand related to certain fixed assets in connection with the reassignment.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2019
INTANGIBLE ASSETS
INTANGIBLE ASSETS	4. INTANGIBLE ASSETS Intangible assets, included in “other assets,” consisted of patent licensing fees paid to license intellectual property (see Note 14). The Company is amortizing the license fee as a research and development expense over the 15– year term of the license. (In thousands) 2019 2018 Patent licensing fee $ 200 $ 200 Accumulated amortization (174) (156) Intangible assets, net $ 26 $ 44 For the years ended December 31, 2019 and 2018, the amortization expense was $18 thousand and $17 thousand respectively. Amortization expense is expected to be $18 thousand and $8 thousand in 2020 and 2021, respectively.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2019
ACCRUED EXPENSES.
ACCRUED EXPENSES	5. ACCRUED EXPENSES Accrued expenses consisted of the following: December 31, (In thousands) 2019 2018 Severance and restructuring $ — $ 517 Compensation 1,040 489 Clinical 143 73 Legal 37 35 Other accrued expenses 207 176 Total accrued expenses $ 1,427 $ 1,290

FAIR VALUES OF ASSETS AND LIABI

FAIR VALUES OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2019
FAIR VALUES OF ASSETS AND LIABILITIES
FAIR VALUES OF ASSETS AND LIABILITIES	6. FAIR VALUES OF ASSETS AND LIABILITIES The Company groups its assets and liabilities generally measured at fair value in 3 levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1—Valuation is based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities, generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2—Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company uses valuation methods and assumptions that consider, among other factors, the fair value of the underlying stock, risk‑free interest rate, volatility, expected life, and dividend rates in estimating the fair value for the warrants considered to be derivative instruments. Assets and liabilities measured at fair value on a recurring basis are summarized below: At December 31, 2019 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 6,617 $ — $ — $ 6,617 At December 31, 2018 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 16,743 $ — $ — $ 16,743

LOAN PAYABLE

LOAN PAYABLE	12 Months Ended
	Dec. 31, 2019
LOAN PAYABLE
LOAN PAYABLE	7. LOAN PAYABLE In October 2012, the Company entered into a loan agreement with the Massachusetts Development Finance Agency (“MassDev”). The loan agreement provided the Company with a $2.0 million line of credit from the Commonwealth of Massachusetts’s Emerging Technology fund, with $200 thousand designated to be used for working capital purposes and the remainder to be used for the purchase of capital equipment. The annual interest rate on the loan was fixed at 6.5% with interest-only payments for the first 30 months, commencing on November 1, 2012, and then equal interest and principal payments over the next 54 months, until the final maturity of the loan in March 2019. Commencing on May 1, 2015, equal monthly payments of $41 thousand were due until loan maturity. In May 2018, in order to obtain the consent of MassDev for facility changes, including the assignment of the Cambridge Lease, and the sale of certain assets, the Company paid down $300 thousand of principal on the MassDev loan. During the year ended December 31, 2019 the Company made principal loan payments of $100 thousand. As of December 31, 2019, there was no outstanding loan payable balance. In October 2012, as part of the agreement, the Company issued MassDev a 7-year warrant for the purchase of 13 shares of the Company’s Common Stock with an exercise price of $4,980 per share. The fair value of the warrant was determined to be $32 thousand and was amortized through interest expense over the life of the note. For the years ended December 31, 2019 and 2018, the amortization expense was $1 thousand and $7 thousand respectively, and was included in interest expense in the Company’s consolidated statements of operations. The equipment line of credit was secured by substantially all the assets of the Company, excluding intellectual property. Interest expense related to this loan was $1 thousand and $43 thousand for the years ended December 31, 2019 and 2018, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	8. INCOME TAXES No provision or benefit for federal or state income taxes has been recorded as the Company has incurred a net loss for all of the periods presented and the Company has provided a full valuation allowance against its deferred tax assets. At December 31, 2019, the Company had U.S. federal and Massachusetts net operating loss carryforwards of $140.0 million and $131.9 million, respectively, of which $117.3 million of federal carryforwards will expire in varying amounts beginning in 2026 and $22.8 million carry forward indefinitely . State net operating losses begin to expire in 2029. Utili zation of net operating losses and tax credit carryforwards may be subject to substantial annual limitations due to the “change in ownership” provisions of the Internal Revenue Code, and similar state provisions. The annual limitations may result in the expiration of net operating losses before utilization. The Company has completed several financings since its inception, which may have resulted in a change in ownership, or could result in a change in ownership in the future, but has not yet completed a Section 382 analysis of whether an ownership change limitation exists. The Company will complete an appropriate analysis before its tax attributes are utilized. The Company also had federal and state research and development tax credits of $1.3 million and $258 thousand respectively, at December 31, 2019, which will begin to expire in 2026 and 2029, respectively unless previously utilized. Significant components of the Company’s net deferred tax assets are as follows: December 31, (In thousands) 2019 2018 Net operating loss carryforward $ 37,744 $ 34,846 Research and development credit carryforward 1,544 1,390 Stock-based compensation 2,319 2,300 Depreciation and amortization 17 11 Accrued expenses 19 136 Lease liability 360 — ROU Asset (331) — Subtotal 41,672 38,683 Valuation allowance (41,672) (38,683) Net deferred taxes $ — $ — The Company has maintained a full valuation allowance against its deferred tax assets in all periods presented. A valuation allowance is required to be recorded when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Since the Company cannot be assured of generating taxable income and thereby realizing the net deferred tax assets, a full valuation allowance has been provided. In the years ended December 31, 2019 and 2018, the valuation allowance increased by $3.0 million and $2.7 million, respectively. The Company has no uncertain tax positions at December 31, 2019 and 2018 that would affect its effective tax rate. The Company does not anticipate a significant change in the amount of uncertain tax positions over the next 12 months. Since the Company is in a loss carryforward position, the Company is generally subject to U.S. federal and state income tax examinations by tax authorities for all years for which a loss carryforward is available. Income tax benefits computed using the federal statutory income tax rate differ from the same benefits computed using the Company’s effective tax rate primarily due to the following: December 31, 2019 2018 Statutory rate (21.0) % (21.0) % State taxes, net of benefit (5.7) % (2.9) % Permanent differences: Warrant modification expense 1.2 % — % Derivative losses — % 10.9 % Other 0.4 % 0.4 % Research and development tax credit (1.4) % (0.8) % Other 1.2 % 1.9 % Increase / (decrease) in valuation reserve 25.3 % 11.5 % Effective tax rate % % In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. ASU No. 2019-12 is effective for the Company beginning in fiscal 2021. We are currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements. The Company is subject to U.S. Federal and Massachusetts state income taxes. The Company is currently not subject to examination under the statute of limitations by the Internal Revenue Service and Massachusetts for the tax years of 2015 and prior .

COMMON STOCK

COMMON STOCK	12 Months Ended
	Dec. 31, 2019
COMMON STOCK.
COMMON STOCK	9. COMMON STOCK In May 2018, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of authorized Common Stock from 4,000,000 to 25,000,000 shares of Common Stock (giving effect to the 2018 Reverse Stock Split but not the 2020 Reverse Stock Split). In January 2020, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of authorized Common Stock from 25,000,000 to 500,000,000 (without giving effect to the 2020 Reverse Stock Split). On February 11, 2020, the Company effected the 2020 Reverse Stock Split and the number of shares of authorized Common Stock was reduced to 16,666,667. As of December 31, 2019 and 2018, 550,736 and 310,330 shares were issued and outstanding respectively. In November 2019, the Company closed a public offering of an aggregate of 233,341 shares of its Common Stock, at an offering price of $3.60 per share (the offering, the “2019 Offering”). The net proceeds to the Company after deducting placement agent fees and other offering expenses, were $367 thousand. In connection with the 2019 Offering, the Company agreed to issue, and in January 2020 issued, to designees of H.C. Wainwright & Co., LLC (“Wainwright”), the placement agent for the Offering, warrants (the “Placement Agent Warrants”) to purchase an aggregate of 15,168 shares of the Company’s Common Stock. The Placement Agent Warrants have an exercise price of $4.50 per share, are immediately exercisable and expire in November 2024. In June 2018, the Company closed an underwritten public offering of an aggregate of 45,950 Common Units, at an offering price of $60.00 each, each comprised of 1 share of the Company’s Common Stock and 1 Series A warrant to purchase 1 share of Common Stock. The public offering also included 208,096 pre-funded units at an offering price of $59.70 each, each comprised of 1 pre-funded Series B Warrant and 1 Series A warrant to purchase 1 share of Common Stock. At the time the Company closed on the offering, each Series A warrant had an exercise price of $60.00 per share, was exercisable immediately and expired 5 years from the date of issuance. Each Series B warrant had an exercise price of $0.30 per share, was exercisable immediately and would have expired 20 years from the date of issuance. The net proceeds to the Company, after deducting the underwriting discounts and commissions and other offering expenses, were $13.5 million. In September 2018, the Company entered into an Amendment to the Warrant Agency Agreement and Warrants (the “Ladenburg Warrant Amendment”) with Continental Stock Transfer & Trust Company (“Continental”) that amended the Warrant Agency Agreement, by and between the Company and Continental, as Warrant Agent, dated June 25, 2018, and the Series A Common Stock Purchase Warrant, and the Series B Pre-Funded Common Stock Purchase Warrant both dated June 25, 2018 (the Series A and Series B Warrant, collectively the “2018 Warrants”). The Ladenburg Warrant Amendment added a provision to each of the warrants that allowed the Company or a successor entity whose stock is not listed on a trading market to, in connection with a Fundamental Transaction (as such term is defined in the 2018 Warrants) that is not within the Company’s control, purchase the warrant from the holder, at the holder’s option, by paying the same form of consideration in the same proportion that is offered to the holders of the Company’s Common Stock in connection with the Fundamental Transaction, including cash, stock, any combination thereof and any choice of consideration thereof, in an amount equal to the Black-Scholes Value of the remaining unexercised portion of the Warrant on the consummation date of the Fundamental Transaction. The 2018 Warrants were initially classified as liabilities, as a result of the amendment, the Company reassessed the warrant classification and concluded that the warrants qualified for equity classification. The fair value of the amended 2018 Warrants was re-measured immediately prior to the date of the Ladenburg Warrant Amendment with changes in fair value recorded as a loss of $764 thousand in the Company’s consolidated statement of operations and $14.7 million was reclassified to equity. In November 2019, the Company entered into a Second Amendment to Warrant Agency Agreement and Warrants, (“the Second Ladenburg Warrant Amendment”), by and between the Company and Continental, as Warrant Agent, that amended the Series A warrants to reflect a reduced exercise price per share of $6.98 from $60.00. The fair value of the amended Series A warrants was re-measured immediately prior to the date of the Second Ladenburg Warrant Amendment with changes in fair value recorded as incremental expense of $666 thousand in the Company’s consolidated statement of operations. During the year ended December 31, 2018, the Company issued an aggregate of 208,096 and 1,150 shares of Common Stock upon the exercise of Series B and Series A warrants respectively, for aggregate proceeds of $131 thousand. The Company reclassified $10.6 million from derivative warrant liability to additional paid-in capital and recorded a derivative loss of $1.2 million in connection with the warrant exercises. During the year ended December 31, 2019, the Company did not issue any shares as a result of warrant exercise activity. There were no outstanding Series B warrants as of either December 31, 2019 or 2018. In January 2018, the Company entered into a purchase agreement (the “Purchase Agreement”) and a registration rights agreement (the “RRA”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), under which it had the right to sell up to $15 million, in shares of its common stock, $0.00001 par value per share of Common Stock, to Lincoln Park over a 24 month period, subject to certain limitations and conditions set forth in the Purchase Agreement and RRA. On May 30, 2018, the Company’s stockholders approved to increase the issuance and sale by the Company to Lincoln Park, including the Company’s prior issuances and sales of shares of Common Stock to Lincoln Park since January 2018, of up to 40,000 shares of Common Stock. In accordance with the terms of the Purchase Agreement, at the time the Company signed the Purchase Agreement and the RRA, it issued 574 shares to Lincoln Park as consideration for its commitment to purchase shares of the Company’s Common Stock and recorded $627 thousand in deferred offering costs of which the full amount was capitalized into additional paid-in capital as of December 31, 2018. During the year ended December 31, 2018, the Company sold an aggregate of 8,561 shares to Lincoln Park, for aggregate proceeds of $3.1 million net of issuance costs. During the year ended December 31, 2019, the Company did not sell any shares to Lincoln Park. In May 2019, the Company terminated the Purchase Agreement with Lincoln Park. In May 2018, the Company’s Board of Directors approved to increase the number of shares of Common Stock reserved under the 401(k) Plan by 134 shares, bringing the aggregate number of shares of Common Stock eligible for distribution pursuant to the 401(k) Plan as of that date to 137 shares. In the second quarter of 2018, the Company revised its 401(k) matching policy to move from share matching to cash-based matching. During the year ended December 31, 2018, the Company issued an aggregate of 17 shares of Common Stock with a fair value of $6 thousand to the Company’s 401(k) plan as a matching contribution and also contributed $44 thousand in matching cash contributions to employee 401(k) accounts. During the year ended December 31, 2019, the Company contributed $55 thousand in matching cash contributions to employee 401(k) accounts. During the year ended December 31, 2018, the Company issued an aggregate of 48 shares of Common Stock under the Company’s Employee Stock Purchase Plan (the “ESPP”) and received cash proceeds of $4 thousand. In January 2019, 36 shares that were purchased in the offering period commencing on July 1, 2018 and ending on December 31, 2018 were issued under the ESPP. During the year ended December 31, 2018, as part of the adjustment to reflect the Company’s 2018 Reverse Stock Split, the Company issued 92 shares of Common Stock to account for the fractional roundup of shareholders. During the year ended December 31, 2018, the Company issued an aggregate of 143 shares of Common Stock upon vesting of restricted stock units. During the year ended December 31, 2019, the Company issued an aggregate of 143 shares of Common Stock upon vesting of restricted stock units. During the year ended December 31, 2019, the Company issued an aggregate 6,886 restricted stock awards (“RSAs”) to its employees under the 2015 Equity Incentive Plan. These awards are considered issued and outstanding based on the dividend payment rights and the conveyance of voting rights that was granted to the grant holders. Common Stock Reserves As of December 31, 2019, the Company had the following reserves established for the future issuance of Common Stock as follows: At December 31, 2019 Reserves for the exercise of warrants 270,940 Reserves for the exercise of stock options 4,187 Reserves for the vesting of RSUs 200 Reserves for the vesting of RSAs 6,886 Total Reserves 282,213

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2019
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS	10. DERIVATIVE INSTRUMENTS In November 2019, the Company agreed to issue the Placement Agent Warrants and in January 2020 the Company issued the Placement Agent Warrants. The Company evaluated the Placement Agent Warrants in accordance with ASC Topic 815, Derivatives and Hedging, and concluded that they are considered issued for accounting purposes in November 2019 and that they meet the scope exception for determining whether the instruments require accounting as derivatives (See Note 12). Accordingly, they are classified in stockholders’ equity. The fair value of the Placement Agent Warrants was estimated at $59 thousand using a Black-Scholes model with the following assumptions: expected volatility of 100.82%, risk free interest rate of 1.61%, expected life of 5 years and no dividends. The warrants issued in connection with the Company’s 2018 underwritten public offering had provisions that precluded the Company from classifying them as equity instruments (See Note 12). Accordingly, these warrants had been accounted for as derivative warrant liabilities. The Company used the Black-Scholes model and assumptions that considered, among other factors, the fair value of the underlying stock, risk-free interest rate, volatility, expected life, and dividend rates in estimating fair value for these warrants. At inception, the fair value of the Series B pre-funded warrants was estimated at $11.5 million using a Black-Scholes model with the following assumptions: expected volatility of 202.51%, risk free interest rate of 2.95%, expected life of 20 years and no dividends. At inception, the fair value of the Series A warrants was estimated at $13.7 million using a Black-Scholes model with the following assumptions: expected volatility of 202.51%, risk free interest rate of 2.75%, expected life of 5 years and no dividends. The Company allocated $13.2 million of the net proceeds to record the relative fair value of the warrant liability, with the remaining amount of $287 thousand recorded to permanent equity. The Company subsequently recorded the fair value of the warrant liability at $25.2 million with the loss of $12 million being recorded as a derivative loss on the Company’s consolidated statement of operations and comprehensive loss during the second quarter of 2018. In September 2018, the Company entered into the Ladenburg Warrant Amendment. As a result of the amendment, the Company reassessed the warrant classification and concluded that the warrants qualified for equity classification. The fair value of the amended 2018 Warrants was re-measured immediately prior to the date of the Ladenburg Warrant Amendment with changes in fair value recorded as a loss of $764 thousand in the Company’s consolidated statement of operations and $14.7 million was reclassified to equity. During the year ended December 31, 2018, the Company issued an aggregate of 208,096 shares of Common Stock upon the exercise of Series B warrants for aggregate proceeds of $62 thousand. During the year ended December 31, 2018, the Company issued an aggregate of 1,150 shares of Common Stock upon the exercise of Series A warrants for aggregate proceeds of $69 thousand. The Company reclassified $10.6 million from derivative warrant liability to additional paid-in capital and recorded a derivative loss of $1.2 million in connection with the warrant exercises. During the year ended December 31, 2019, the Company did not issue any shares as a result of warrant exercise activity. There were no outstanding Series B warrants as of either December 31, 2019 or December 31, 2018. The 2014 Warrants issued in connection with the Company’s May 2014 public offering had anti-dilution protection provisions and, under certain conditions, required the Company to automatically reprice the 2014 Warrants (See Note 12). Accordingly, the 2014 Warrants had been accounted for as derivative warrant liabilities. Through the date of the warrant exchange (see Note 12), the Company used the Binomial Lattice option pricing model and assumptions that considered, among other factors, the fair value of the underlying stock, risk-free interest rate, volatility, expected life, and dividend rates in estimating fair value for the 2014 Warrants considered to be derivative instruments. In May 2018, the Company entered into the Warrant Amendment (see Note 12), which removed provisions that had previously precluded equity classification treatment of the 2014 Warrants on the Company’s balance sheets. The fair value of the amended 2014 Warrants was re-measured immediately prior to the date of amendment with changes in fair value recorded as a loss of $1 thousand in the Company’s consolidated statement of operations and $1 thousand was reclassified to equity. As of both December 31, 2019 and 2018, the Company did not have any liability classified warrants. The table below presents the changes in derivative warrant liability during the year ended December 31, 2018: Year Ended December 31, (In thousands) 2018 Balance at beginning of year $ 4 Issuance of new warrants 13,172 Reduction in derivative liability due to exercise of warrants (10,620) Reclassification of fair value of derivative liabilities to equity on amendment of warrant agreements (14,707) Repurchase of warrants (14) Increase in the fair value of warrants 12,165 Balance at end of year $ —

SHARE-BASED COMPENSATION, STOCK

SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES	12 Months Ended
	Dec. 31, 2019
SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES
SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES	11. SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES In 2007, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved, the 2007 Employee, Director and Consultant Stock Plan (the “2007 Plan”). The 2007 Plan provided that the Company’s Board of Directors (or committees and/or executive officers delegated by the Board of Directors) could grant incentive and nonqualified stock options to the Company’s employees, officers, directors, consultants and advisors. On October 26, 2010, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved, the 2010 Equity Incentive Plan (as subsequently amended, the “2010 Plan”). The 2010 Plan provides for grants of incentive stock options to employees, and nonqualified stock options and restricted Common Stock to employees, consultants, and non‑employee directors of the Company. In April 2015, the Company’s Board of Directors adopted, and the Company’ shareholders subsequently approved, the 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan provides for grants of incentive stock options to employees, and nonqualified stock, restricted Common Stock, restricted stock units and stock appreciation rights to employees, consultants, and directors of the Company. Upon approval of the 2015 Plan by the Company’s shareholders on June 16, 2015, the 2010 Plan was terminated and no additional shares or share awards have been subsequently granted under the 2010 Plan. In March 2019, the Company’s Board approved, and recommended to the Company’s shareholders for approval, an amendment to the 2015 Plan (the “2015 Plan Amendment”), and on January 21, 2020, the Company’ shareholders subsequently approved the 2015 Plan Amendment. The 2015 Plan Amendment increased the maximum number of shares reserved for issuance under the 2015 Plan by 26,667 shares to a total of 32,000 shares. As of December 31, 2019, the total number of shares available to be issued under the 2015 Plan was 68 shares, consisting of, (i) 5,333 shares initially authorized under the 2015 Plan shares plus (ii) the shares that remained available for grant under the 2010 Plan at the time of its termination adjusted for cumulative cancellations, forfeitures and issuances from the 2010 Plan and 2015 Plan. Options issued under the 2007 Plan, 2010 Plan, and 2015 Plan (collectively, the “Plans”) are exercisable for up to 10 years from the date of issuance. In March 2015, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved the ESPP. The ESPP allows employees to buy company stock twice a year through after-tax payroll deductions at a discount from market. The Company’s Board of Directors initially authorized 250 shares for issuance under the ESPP. Commencing on the first day of the year ended December 31, 2016 and on the first day of each year thereafter during the term of the ESPP, the number of shares of Common Stock reserved for issuance shall be increased by the lesser of (i) 1% of the Company’s outstanding shares of Common Stock on such date, (ii) 67 shares or (iii) a lesser amount determined by the Board of Directors. Under the terms of the ESPP, in no event shall the aggregate number of shares reserved for issuance during the term of the ESPP exceed 1,667 shares. As of December 31, 2019, there were 264 shares reserved for issuance under the ESPP. The 2015 ESPP is considered a compensatory plan with the related compensation cost recognized over each respective 6 month offering period. During the year ended December 31, 2019, none of the Company’s employees participated in the ESPP plan and consequently no compensation expense was recorded. The compensation expense related to the ESPP for the year ended December 31, 2018 was $2 thousand. Share‑based compensation For the years ended December 31, 2019 and 2018, the Company recorded stock‑based compensation expense of $268 thousand and $618 thousand, respectively, net of forfeitures, inclusive of the expense related to the ESPP. Stock-based compensation recognized was classified in the consolidated statements of operations as follows: (In thousands) Year Ended December 31, 2019 Year Ended December 31, 2018 Research and development $ 94 $ 183 General and administrative 174 435 Total $ 268 $ 618 The fair value of each option award is estimated on the date of grant using the Black‑Scholes option pricing model, which uses the assumptions noted in the following table. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercises within the valuation model. The expected term of options granted under the Plans, all of which qualify as “plain vanilla,” is based on the average of the contractual term (10 years) and the vesting period (generally, 48 months). For non‑employee options, the expected term is the contractual term. The risk‑free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. The impact of forfeitures on compensation expense is recorded as they occur. The assumptions used principally in determining the fair value of options granted were as follows: December 31, December 31, 2019 2018 Risk-free interest rate 2.55% 2.45 - 2.88% Expected dividend yield 0% 0% Expected term (employee grants) 6 Years 5.62 Years Expected volatility 105% 104% The Company grants restricted stock units, or RSUs, and RSAs, collectively referred to as restricted securities under its the 2015 Equity Incentive Plan. These restricted securities, generally vest over a three-year period, contingent on the recipient’s continued employment. Prior to vesting, all RSAs have the right to vote and receive dividends under the 2015 Equity Incentive Plan; however, the Company’s form of Restricted Stock Agreement provides that the payment of dividends on unvested RSAs shall be deferred until such time as the shares vest. The grant date fair value of these awards is based on the fair market value of our Common Stock on the date of grant. Stock Options A summary of option activity as of December 31, 2019 and 2018 and changes for the year then ended are presented below: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Term in Years Value Outstanding at December 31, 2017 4,570 $ 4,845.94 $ 22 Granted 520 $ 148.08 Expired (180) $ 5,130.40 Cancelled/Forfeited (3,052) $ 5,166.77 Outstanding at December 31, 2018 1,858 $ 2,976.58 $ — Granted 3,000 $ 45.90 Expired (85) $ 6,794.12 Cancelled/Forfeited (586) $ 1,195.25 Outstanding at December 31, 2019 4,187 $ 1,077.78 8.17 $ — Vested and Exercisable at December 31, 2019 1,000 $ 3,874.14 5.63 $ — The weighted average grant‑date fair value of options granted during the years ended December 31, 2019 and 2018 was $37.46 and $114.60 per share, respectively. The total fair value of options that vested in years ended December 31, 2019 and 2018, was $135 thousand and $952 thousand respectively. For the years ended December 31, 2019 and 2018, the Company recorded stock-based compensation expense of $165 thousand and $528 thousand respectively. As of December 31, 2019, there was $180 thousand of total unrecognized compensation expense related to non‑vested share‑based option compensation arrangements. The unrecognized compensation expense is estimated to be recognized over a remaining weighted-average period of 1.63 years at December 31, 2019. Restricted Securities The following table summarizes the restricted securities activity under the 2015 Equity Incentive Plan for the years ended December 31, 2019 and 2018: Weighted-Average Restricted Securities Number of Grants Grant Date Fair Value Unvested balance at December 31, 2017 670 $ 767.16 Granted — — Vested/Released (143) $ 734.70 Forfeited (184) $ 934.10 Unvested balance at December 31, 2018 343 $ 693.17 Granted 6,886 $ 15.59 Vested (143) $ 734.70 Unvested balance at December 31, 2019 7,086 $ 33.78 For the year ended December 31, 2019 and 2018, the Company recorded stock-based compensation expense of $103 thousand and $88 thousand respectively, related to the time-based restricted securities. As of December 31, 2019, total unrecognized compensation expense related to non-vested restricted securities amounted to $227 thousand which the Company expects to recognize over a remaining weighted-average period of 2.29 years. All the restricted securities that remain unvested and outstanding at December 31, 2019 are subject to time-based vesting.

WARRANTS

WARRANTS	12 Months Ended
	Dec. 31, 2019
WARRANTS
WARRANTS	12. WARRANTS The following table presents information about warrants to purchase Common Stock issued and outstanding at December 31, 2019: Number of Exercise Year Issued Classification Warrants Price Date of Expiration 2014 Equity 11 $ 352.50 5/9/2021 2016 Equity 2,865 $ 7,500.00 3/18/2021 2018 Equity 252,896 $ 6.98 6/25/2023 2019 Equity 15,168 $ 4.50 11/21/2024 Total 270,940 Weighted average exercise price $ 86.09 Weighted average life in years 3.54 In November 2019, the Company agreed to issue the Placement Agent Warrants and in January 2020 the Company issued the Placement Agent Warrants. The Placement Agent Warrants are considered issued for accounting purposes as of November 2019 pursuant to the guidance in ASC Topic 815, Derivatives and Hedging. The Company assessed whether the warrants required accounting as derivatives and determined that the warrants were (1) indexed to the Company’s own stock and (2) classified in stockholders’ equity in accordance with ASC Topic 815, Derivatives and Hedging. As such, the Company concluded that the warrants meet the scope exception for determining whether the instruments require accounting as derivatives and accordingly are classified in stockholders’ equity. In May 2014, the Company issued warrants in a public offering (the “2014 Warrants”) and in June 2018, the Company closed an underwritten public offering in which warrants and Common Stock were issued. At inception, the warrants issued 2014 and 2018 had provisions that precluded equity classification. Upon amendment, the Company assessed whether the warrants required accounting as derivatives and determined that the warrants were (1) indexed to the Company’s own stock and (2) classified in stockholders’ equity in accordance with ASC Topic 815, Derivatives and Hedging. As such, the Company concluded that the warrants meet the scope exception for determining whether the instruments require accounting as derivatives and accordingly are classified in stockholders’ equity. See below for a further description of the warrant amendments. Warrant Cancellation During the year ended December 31, 2018, the Company entered into warrant cancellation agreements with certain holders of the 2014 Warrants to cancel and terminate such warrants for total cash consideration of $14 thousand. As of December 31, 2019, the remaining 2014 Warrants were exercisable for an aggregate of 11 shares of Common Stock. Warrant Amendments In May 2018, the Company entered into a warrant amendment agreement with the sole remaining holder of a 2014 Warrant (the “Warrant Amendment”). The warrant holder received cash compensation of $19 thousand and a 2 year extension of warrant term in exchange for the removal of all anti-dilution provisions except those for stock splits, reverse splits or stock dividends. As a result of the amendment, the Company reclassified the remaining 2014 warrants valued at $1 thousand to stockholders’ equity (see Note 10). In September 2018, the Company entered into the Ladenburg Warrant Amendment. As a result of the Ladenburg Warrant Amendment, the Company reclassified the 2018 Warrants valued at $14.7 million to stockholders’ equity (see Note 10). In November 2019, the Company entered into the Second Ladenburg Warrant Amendment to lower the exercise price of the Series A warrants from $60.00 to $6.98. As a result of the Second Ladenburg Warrant Amendment, the fair value of the amended Series A warrants was re-measured immediately prior to the date of the Second Ladenburg Warrant Amendment with changes in fair value recorded as incremental warrant modification expense of $666 thousand in the Company’s consolidated statement of operations.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	12 Months Ended
	Dec. 31, 2019
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	13. EMPLOYEE BENEFIT PLAN In November 2006, the Company adopted a 401(k) plan (the “Plan”) covering all employees. Employees must be 21 years of age in order to participate in the Plan. Under the Plan, the Company has the option to make matching contributions. In the third quarter of 2018, the Company revised its 401(k) matching policy to move from share matching to cash-based matching. During the year ended December 31, 2018, the Company issued an aggregate of 17 shares of Common Stock with a fair value of $6 thousand to the Company’s 401(k) plan as a matching contribution and also contributed $44 thousand in matching cash contributions to employee 401(k) accounts. During the year ended December 31, 2019, the Company contributed $55 thousand in matching cash contributions to employee 401(k) accounts.

INTELLECTUAL PROPERTY LICENSE

INTELLECTUAL PROPERTY LICENSE	12 Months Ended
	Dec. 31, 2019
INTELLECTUAL PROPERTY LICENSE
INTELLECTUAL PROPERTY LICENSE	14. INTELLECTUAL PROPERTY LICENSE In July 2007, the Company entered into a worldwide exclusive license (the “BCH License”) for patents co-owned by BCH and MIT initially covering the use of biopolymers to treat spinal cord injuries, and to promote the survival and proliferation of human stem cells in the spinal cord. During 2011, the BCH License was amended, and the Company obtained additional rights for use in the field of peripheral nerve injuries. The BCH License, as amended, has a 15‑year term, or as long as the life of the last expiring patent right thereunder, whichever is longer, unless terminated earlier by the licensor, under certain conditions as defined in the related license agreement. In connection with the BCH License, the Company paid an initial $75 thousand licensing fee and is required to pay certain annual maintenance fees, milestone payments and royalties. License fees are capitalized and the gross total at December 31, 2019 and 2018 was $200 thousand (see Note 4). The Company accounts for milestone payments, maintenance fees and royalties when they become due and payable. The Company did not pay any milestone payments during the years ended December 31, 2019 or 2018.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Operating Leases On November 30, 2011, the Company entered into a commercial lease for 26,342 square feet of office, laboratory and manufacturing space in Cambridge, Massachusetts (as amended on September 17, 2012 and October 31, 2017, the “Cambridge Lease”). The term of the Cambridge Lease was 6 years and 3 months, with one 5‑year extension option. On August 21, 2017, the Company exercised its option for the 5-year extension on the Cambridge Lease. The 5- year renewal lease term was set to commence on November 1, 2018 and end on October 31, 2023. The terms of the Cambridge Lease required a standby letter of credit in the amount of $311 thousand. On June 13, 2017, the Company entered into a new short-term lease, to sub-lease 5,233 square feet of its facility (the “Moderna Sublease”). The lease term was from July 1, 2017 through October 26, 2018. On June 19, 2017, the Company received a $55 thousand security deposit under the terms of the Moderna Sublease. In connection with the Moderna Sublease, the Company received sublease income of $112 thousand for the year ended December 31, 2018, which was recorded as an offset to rent expense. In conjunction with the assignment of the Cambridge Lease on May 3, 2018 further described below, the $55 thousand security deposit received by the Company under the Moderna Sublease was transferred to the third party that assumed the lease. The Company did not record any sublease income associated with the Moderna Sublease during the year ended December 31, 2019. On May 3, 2018, the Company assigned the Cambridge Lease to a third party who assumed all of the Company’s remaining rights and obligations under the Cambridge Lease including the Moderna Sublease. On the same date as the lease assignment, the Company entered into a sublease for 5,104 square feet of space, originally part of the Cambridge Lease, from the third party to which the Company assigned the Cambridge Lease (the “Current Cambridge Lease”). The Current Cambridge Lease commenced on May 3, 2018 and expires October 31, 2023 and contains rent holiday and rent escalation clauses. The Current Cambridge Lease does not contain any renewal options. In connection with the Cambridge Lease Assignment and the Current Cambridge Lease, the $311 thousand standby letter of credit was terminated, and a new standby letter of credit was established for $40 thousand. On November 1, 2018, the standby letter of credit was increased to $60 thousand. The $55 thousand security deposit under the Moderna Sublease was transferred to the third party and $603 thousand of deferred rent was removed from the consolidated balance sheets. The resulting gain was recorded within the consolidated statement of operations during the second quarter of 2018. The Company also wrote off certain furniture, fixtures and equipment (including laboratory equipment) and recorded an impairment charge of $48 thousand for the year ended December 31, 2018. Under the Current Cambridge Lease, the Company will be required to pay its proportionate share of certain operating costs and property taxes applicable to the leased premises in excess of new base year amounts. These costs are considered to be variable lease payments and are not included in the determination of the lease’s right-of-use asset or lease liability. The Company identified and assessed the following significant assumptions in recognizing its right-of-use assets and corresponding lease liabilities: · As the Company’s Current Cambridge Lease does not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company has estimated its incremental borrowing rate based on electing the remaining lease term as of the adoption date. · Since the Company elected to account for each lease component and its associated non-lease components as a single combined component, all contract consideration was allocated to the combined lease component. · The expected lease terms include noncancelable lease periods. The elements of lease expense are as follows: Lease cost (In thousands) Year Ended December 31, 2019 Operating lease cost $ 364 Short-term lease cost 33 Variable lease cost 63 Total lease cost $ 460 Other information (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from short term leases $ 33 Operating cash flows from operating leases 243 Total cash paid for leases $ 276 Right-of-use assets obtained in exchange for operating lease liabilities - Weighted-average remaining lease term - operating leases 3.84 Years Weighted-average discount rate - operating leases Maturities of lease liabilities due under the Company’s Current Cambridge Lease as of December 31, 2019 is as follows: Leases (In thousands) As of December 31, 2019 2020 $ 375 2021 386 2022 398 2023 339 2024 — Total lease payments 1,498 Less: imputed interest (184) Present value of lease liabilities $ 1,314 Leases (In thousands) Classification As of December 31, 2019 Assets Lease asset Operating $ 1,211 Total lease assets $ 1,211 Liabilities Current Operating $ 294 Non-Current Operating 1,020 Total lease liabilities $ 1,314 Under ASC Topic 840, Leases (“ASC 840”) the Company recognized rent expense on a straight-line basis over the term of the lease and recorded the difference between the amount charged to expense and the rent paid as prepaid rent or deferred rent liability. As of December 31, 2018, the amount of prepaid rent was $17 thousand and this amount was subsequently reversed upon adoption of ASU No.2016-02 on January 1, 2019. Under ASC 840, rent expense related to the Company’s real estate lease charged to operations for the year ended December 31, 2018, including month ‑ to ‑ month leases, was $837 thousand. Compensation Commitment The Company entered into a compensation arrangement with an executive during September 2016 which provided for a future cash payment by the Company to the executive based on the February 13, 2017 stock price of the executive’s former employer. The award was earned over a period of 1 year. The expense related to the compensation arrangement was $174 thousand for the year ended December 31, 2018. As of both December 31, 2019 and 2018, there were no outstanding payments to the executive. Vendor Dispute In July 2018, the Company entered into a settlement agreement with a former vendor under which the vendor agreed to pay the Company $1.2 million, of which the full amount has been paid and was included in other income on the statement of operations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Subsequent to December 31, 2019, and as of February 14, 2020, the Company issued an aggregate of 40,975 shares of common stock upon the exercise of the warrants, as amended, associated with the June 2018 underwritten public offering. Upon exercise, the Company received $286 thousand in cash. On January 21, 2020, the Company held its 2019 Annual Meeting of Stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of authorized common stock from 25,000,000 to 500,000,000 shares (without giving effect to the 2020 Reverse Stock Split). On February 11, 2020 the Company effected the 2020 Reverse Stock Split and as a result, every 30 shares of the issued and outstanding Common Stock were automatically converted into one newly issued and outstanding share of Common Stock, without any change in the par value per share. Any fractional shares resulting from the 2020 Reverse Stock Split have been rounded up to the nearest whole share. In connection with the 2020 Reverse Stock Split, the Company correspondingly reduced the number of authorized shares of Common Stock from 500,000,000 to 16,666,667. Throughout this report, the 2020 Reverse Stock Split was retroactively applied to all periods presented. In addition, at the Annual Meeting, the Company’s stockholders approved an amendment to the 2015 Plan to increase the number of shares available for issuance thereunder by 800,000 or 26,667 shares, as adjusted to reflect the 2020 Reverse Split, to a total of 960,000 or 32,000 shares, as adjusted to reflect the 2020 Reverse Split plus (i) the number of shares that remained available for issuance under the Company’s 2010 Equity Incentive Plan, as amended (the “Prior Plan”) as of the date that the Incentive Plan became effective and (ii) the number of shares that were subject to outstanding awards under the Prior Plan the date the Incentive Plan became effective that become available in the future due to cancellation, forfeiture or expiration of such outstanding awards and corresponding adjustments that will be reflected in various share limitations.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
NATURE OF OPERATIONS AND GOING CONCERN
Use of estimates	Use of estimates The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts expensed during the reporting period. Actual results could differ from those estimates and changes in estimates may occur.
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The consolidated financial statements include the accounts of InVivo Therapeutics Holdings Corp. and its wholly‑owned subsidiary, InVivo Therapeutics Corporation. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP.
Reclassifications	Reclassification Certain accounts in the 2018 consolidated financial statements have been reclassified for comparative purposes to conform to the presentation in the 2019 consolidated financial statements. These reclassifications have no effect on previously reported earnings.
Cash and cash equivalents	Cash and cash equivalents The Company considers only those investments that are highly liquid, readily convertible to cash, and that mature within 3 months from date of purchase to be cash equivalents. At December 31, 2019 and 2018, cash equivalents were comprised of money market funds and other short-term investments. Cash and cash equivalents consist of the following: December 31, December 31, (In thousands) 2019 2018 Cash $ (15) $ (83) Money market funds 6,617 16,743 Total cash and cash equivalents $ 6,602 $ 16,660
Restricted cash	Restricted cash Restricted cash as of both December 31, 2019 and 2018 was $114 thousand and included a $50 thousand security deposit related to the Company’s credit card account, $4 thousand related to 401(k) reserve account and a $60 thousand standby letter of credit in favor of a landlord (see Note 15).
Financial instruments	Financial instruments The carrying amounts reported in the Company’s consolidated balance sheets for cash, cash equivalents and accounts payable approximate fair value based on the short‑term nature of these instruments. The carrying value of the loan payable approximates fair value due to market terms.
Warrant modifications	Warrant modifications The Company treats a modification of the terms or conditions of an equity award in accordance with Accounting Standards Codification (“ASC”) Topic 718-20-35-3 by treating the modification as an exchange of the original award for a new award. In substance, the entity repurchases the original instrument by issuing a new instrument of equal or greater value, incurring additional cost for any incremental value. Incremental cost shall be measured as the excess, if any, of the fair value of the modified award determined in accordance with the provisions of this Topic over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date.
Property and equipment	Property and equipment Property and equipment are carried at cost. Depreciation and amortization expense are recorded over the estimated useful lives of the assets using the straight‑line method. A summary of the estimated useful lives is as follows: Classification Estimated Useful Life Computer hardware 3 - 5 years Software 3 years Office furniture and equipment 5 years Research and lab equipment 5 years Leasehold improvements Remaining life of lease
Research and development expenses	Research and development expenses Costs incurred for research and development are expensed as incurred. Certain agreements require the Company to make pre-payments for clinical research organizations (“CROs”) services. As of December 31, 2019, the Company had $1.2 million in prepayments for CRO services of which $120 thousand is included in prepaid and other current asset balance on the balance sheet and the remaining $1.1 million is included within the other long term assets balance on the balance sheet. As of December 31, 2018, the Company had $1.3 million in prepayments for CRO services of which $290 thousand is included in prepaid and other current asset balance on the balance sheet and the remaining $996 thousand is included within the other long term assets balance on the balance sheet.
Concentrations of credit risk	Concentrations of credit risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash in commercial banks, which may at times exceed Federally Insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
Segment information	Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as principally 1 operating segment, which is developing and commercializing biopolymer scaffolding devices for the treatment of spinal cord injuries. As of December 31, 2019, and 2018, all of the Company’s assets were located in 1 location in the United States.
Income taxes	Income taxes For federal and state income taxes, deferred tax assets and liabilities are recognized based upon temporary differences between the financial statement and the tax basis of assets and liabilities. Deferred income taxes are based upon prescribed rates and enacted laws applicable to periods in which differences are expected to reverse. A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, the Company provides a valuation allowance, if necessary, to reduce deferred tax assets to amounts that are realizable. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more‑likely‑than‑not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more‑likely‑than‑not threshold would be recorded as a tax expense in 2019. There were no material uncertain tax positions that required accrual or disclosure to the financial statements as of December 31, 2019 or 2018. Tax years subsequent to 2015 remain open to examination by U.S. federal and state tax authorities.
Impairment of long-lived assets	Impairment of long‑lived assets The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of long‑lived assets may not be recoverable. An impairment loss is recognized when expected cash flows are less than an asset’s carrying value. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of such assets in relation to the operating performance and future undiscounted cash flows of the underlying assets. The Company’s policy is to record an impairment loss when it is determined that the carrying value of the asset may not be recoverable. On May 3, 2018, the Company assigned the Cambridge Lease (as defined in Note 15) to a third party who assumed all of the Company’s remaining rights and obligations under the Cambridge Lease and as a result recorded an impairment charge of $48 thousand.
Share-based payments	Share‑based payments The Company accounts for all stock-based payment awards granted to employees and nonemployees using a fair value method. The Company’s stock-based payments include stock options and grants of Common Stock, including Common Stock subject to vesting. The measurement date for both employee and nonemployee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees’ requisite service period, which is the vesting period, on a straight-line basis. Stock-based compensation costs for nonemployees are recognized as expense over the vesting period on a straight-line basis. Stock-based compensation is classified in the accompanying consolidated statements of operations and comprehensive loss based on the department to which the related services are provided.
Derivative instruments	Derivative instruments The Company generally does not use derivative instruments to hedge exposures to cash‑flow or market risks; however, certain warrants to purchase Common Stock that do not meet the requirements for classification as equity are classified as liabilities. In such instances, net‑cash settlement is assumed for financial reporting purposes, even when the terms of the underlying contracts do not provide for a net‑cash settlement. Such financial instruments are initially recorded at fair value, with subsequent changes in fair value charged (credited) to operations in each reporting period. If these instruments subsequently meet the requirements for classification as equity, the Company reclassifies the fair value to equity.
Net loss per common share	Net loss per common share Basic net loss per share of Common Stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net income per share of Common Stock has been computed by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. Diluted net loss per share of Common Stock has been computed by dividing the net loss for the period by the weighted average number of shares of Common Stock outstanding during such period. In a net loss period, options, warrants, unvested restricted stock units and convertible securities are anti‑dilutive and therefore excluded from diluted loss per share calculations. For the year ended December 31, 2019 and 2018, the following potentially dilutive securities were not included in the computation of net loss per share because the effect would be anti-dilutive: December 31, 2019 2018 Warrants 270,940 255,781 Stock options 4,187 1,858 Unvested RSUs 200 343 Unvested RSAs 6,886 — Total potentially dilutive securities 282,213 257,982
Recently Adopted Accounting Standards	Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance leases or operating leases, with classification affecting the pattern of expense recognition in the statement of operations. In January, July and December 2018, the FASB issued ASU No’s. 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01, which were targeted improvements to ASU No. 2016-02 (collectively, with ASU No. 2016-02, “ASC 842”) and provided entities with an additional (and optional) transition method to adopt the new lease standard, and provided clarifications to address potential narrow-scope implementation issues. The Company adopted ASU No. 2016- 02 effective January 1, 2019 and elected the optional transition method for adoption. The Company also took advantage of the transition package of practical expedients permitted within ASU No. 2016-02, which among other things, allowed it to carryforward historical lease classifications. The Company also elected to keep leases with an initial term of 12 months or less off of the balance sheet as a policy election and will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. As of the adoption date, the Company identified one operating lease arrangement in which it is a lessee. The adoption of this standard resulted in the recognition of operating lease liabilities and right-of-use assets of $1.5 million and $1.5 million, respectively, on the Company’s balance sheet as of January 1, 2019. The adoption of the standard did not have a material effect on the Company’s consolidated statements of operations or statements of cash flows. In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU relates to the impacts of the tax legislation commonly referred to as the Tax Reform Act. The guidance permits the reclassification of certain income tax effects of the Tax Reform Act from other comprehensive income to retained earnings (stranded tax effects). The guidance also requires certain new disclosures. The guidance was effective for annual periods beginning after December 15, 2018, and interim periods within those reporting periods. Early adoption was permitted. Entities may adopt the guidance using 1 of 2 transition methods: retrospective to each period (or periods) in which the income tax effects of the Tax Reform Act related to the items remaining in other comprehensive income are recognized or at the beginning of the period of adoption. The Company adopted ASU No. 2018-02 on January 1, 2019 and it did not have a material effect on the Company’s financial position, results of operations or disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting which is intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. The amendment is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption was permitted, but no earlier than an entity’s adoption date of ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606). The Company adopted ASU No. 2018-07 on January 1, 2019 and it did not have a material effect on the Company’s financial position, results of operations or disclosures. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements which clarifies, corrects errors in, and makes improvements to several Codification Topics, including to: · Clarify when excess tax benefits should be recognized for share-based compensation awards · Remove inconsistent guidance in income tax accounting for business combinations · Clarify the circumstances when derivatives may be offset · Clarify the measurement of liability or equity-classified financial instruments when an identical asset is held as an asset · Allow portfolios of financial instruments and nonfinancial instruments accounted for as derivatives to use the portfolio exception to valuation The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in this ASU do not require transition guidance and were effective upon issuance of this ASU. However, many of the amendments in this ASU do have transition guidance with effective dates for annual periods beginning after December 15, 2018. The Company adopted ASU No. 2018-09 on January 1, 2019, and it did not have a material effect on the Company’s financial position, results of operations or disclosures. In August 2018, the FASB issued ASU No. 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement which improves the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this ASU. The Company does not expect the adoption of this ASU to have a material effect on its consolidated financial statements. In July 2019, the FASB issued ASU No. 2019-07, Codification Updates to SEC Sections. This ASU amends various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. One of the changes in the ASU requires a presentation of changes in stockholders’ equity in the form of a reconciliation, either as a separate financial statement or in the notes to the financial statements, for the current and comparative year-to-date interim periods. The Company presented changes in stockholders' equity as separate financial statements for the current and comparative year-to-date interim periods. The additional elements of the ASU did not have a material impact on the Company's consolidated financial statements. This guidance was effective immediately upon issuance. In November 2019, the FASB issued ASU No. 2019-08 “Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements - Share-Based Consideration Payable to a Customer.” ASU No. 2019-08 amends and clarifies ASU No. 2018-07, which was adopted by the Company on January 1, 2019, to require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718. For entities that have already adopted the amendments in ASU No. 2018-07, the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. This guidance is applicable to the Company’s fiscal year beginning January 1, 2020. The Company is currently evaluating the effects of this pronouncement on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. ASU No. 2019-12 is effective for the Company beginning in fiscal 2021. The Company is currently evaluating the effects of this pronouncement on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Schedule of cash and cash equivalents	December 31, December 31, (In thousands) 2019 2018 Cash $ (15) $ (83) Money market funds 6,617 16,743 Total cash and cash equivalents $ 6,602 $ 16,660
Summary of estimated useful lives	Classification Estimated Useful Life Computer hardware 3 - 5 years Software 3 years Office furniture and equipment 5 years Research and lab equipment 5 years Leasehold improvements Remaining life of lease
Schedule of potentially dilutive securities not included in the computation of net loss per share because effect would be anti-dilutive	December 31, 2019 2018 Warrants 270,940 255,781 Stock options 4,187 1,858 Unvested RSUs 200 343 Unvested RSAs 6,886 — Total potentially dilutive securities 282,213 257,982

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2019
PROPERTY AND EQUIPMENT
Schedule of property and equipment, net	(In thousands) 2019 2018 Computer software and hardware $ 131 $ 131 Research and lab equipment 520 508 Leasehold improvements 66 66 Property and equipment 717 705 Less accumulated depreciation and amortization (644) (605) Property and equipment, net $ 73 $ 100

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
INTANGIBLE ASSETS
Summary of intangible assets	(In thousands) 2019 2018 Patent licensing fee $ 200 $ 200 Accumulated amortization (174) (156) Intangible assets, net $ 26 $ 44

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2019
ACCRUED EXPENSES.
Summary of accrued expenses	December 31, (In thousands) 2019 2018 Severance and restructuring $ — $ 517 Compensation 1,040 489 Clinical 143 73 Legal 37 35 Other accrued expenses 207 176 Total accrued expenses $ 1,427 $ 1,290

FAIR VALUES OF ASSETS AND LIA_2

FAIR VALUES OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2019
FAIR VALUES OF ASSETS AND LIABILITIES
Summary of assets and liabilities measured at fair value on a recurring basis	At December 31, 2019 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 6,617 $ — $ — $ 6,617 At December 31, 2018 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 16,743 $ — $ — $ 16,743

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
Schedule of significant components of net deferred tax assets	December 31, (In thousands) 2019 2018 Net operating loss carryforward $ 37,744 $ 34,846 Research and development credit carryforward 1,544 1,390 Stock-based compensation 2,319 2,300 Depreciation and amortization 17 11 Accrued expenses 19 136 Lease liability 360 — ROU Asset (331) — Subtotal 41,672 38,683 Valuation allowance (41,672) (38,683) Net deferred taxes $ — $ —
Schedule of income tax benefits computed using the federal statutory income tax rate	December 31, 2019 2018 Statutory rate (21.0) % (21.0) % State taxes, net of benefit (5.7) % (2.9) % Permanent differences: Warrant modification expense 1.2 % — % Derivative losses — % 10.9 % Other 0.4 % 0.4 % Research and development tax credit (1.4) % (0.8) % Other 1.2 % 1.9 % Increase / (decrease) in valuation reserve 25.3 % 11.5 % Effective tax rate % %

COMMON STOCK (Tables)

COMMON STOCK (Tables)	12 Months Ended
	Dec. 31, 2019
COMMON STOCK.
Schedule of reserves established for future issuance of common stock	At December 31, 2019 Reserves for the exercise of warrants 270,940 Reserves for the exercise of stock options 4,187 Reserves for the vesting of RSUs 200 Reserves for the vesting of RSAs 6,886 Total Reserves 282,213

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
DERIVATIVE INSTRUMENTS
Changes in derivative warrant liability	Year Ended December 31, (In thousands) 2018 Balance at beginning of year $ 4 Issuance of new warrants 13,172 Reduction in derivative liability due to exercise of warrants (10,620) Reclassification of fair value of derivative liabilities to equity on amendment of warrant agreements (14,707) Repurchase of warrants (14) Increase in the fair value of warrants 12,165 Balance at end of year $ —

SHARE-BASED COMPENSATION, STO_2

SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2019
SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES
Summary of stock based compensation classified in the consolidated statements of operations	(In thousands) Year Ended December 31, 2019 Year Ended December 31, 2018 Research and development $ 94 $ 183 General and administrative 174 435 Total $ 268 $ 618
Schedule of assumptions used principally in determining the fair value of options granted	December 31, December 31, 2019 2018 Risk-free interest rate 2.55% 2.45 - 2.88% Expected dividend yield 0% 0% Expected term (employee grants) 6 Years 5.62 Years Expected volatility 105% 104%
Summary of option activity	Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Term in Years Value Outstanding at December 31, 2017 4,570 $ 4,845.94 $ 22 Granted 520 $ 148.08 Expired (180) $ 5,130.40 Cancelled/Forfeited (3,052) $ 5,166.77 Outstanding at December 31, 2018 1,858 $ 2,976.58 $ — Granted 3,000 $ 45.90 Expired (85) $ 6,794.12 Cancelled/Forfeited (586) $ 1,195.25 Outstanding at December 31, 2019 4,187 $ 1,077.78 8.17 $ — Vested and Exercisable at December 31, 2019 1,000 $ 3,874.14 5.63 $ —
Summary of restricted stock unit activity	Weighted-Average Restricted Securities Number of Grants Grant Date Fair Value Unvested balance at December 31, 2017 670 $ 767.16 Granted — — Vested/Released (143) $ 734.70 Forfeited (184) $ 934.10 Unvested balance at December 31, 2018 343 $ 693.17 Granted 6,886 $ 15.59 Vested (143) $ 734.70 Unvested balance at December 31, 2019 7,086 $ 33.78

WARRANTS (Tables)

WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2019
WARRANTS
Schedule of information about warrants to purchase common stock issued and outstanding	Number of Exercise Year Issued Classification Warrants Price Date of Expiration 2014 Equity 11 $ 352.50 5/9/2021 2016 Equity 2,865 $ 7,500.00 3/18/2021 2018 Equity 252,896 $ 6.98 6/25/2023 2019 Equity 15,168 $ 4.50 11/21/2024 Total 270,940 Weighted average exercise price $ 86.09 Weighted average life in years 3.54

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Schedule of other information	Lease cost (In thousands) Year Ended December 31, 2019 Operating lease cost $ 364 Short-term lease cost 33 Variable lease cost 63 Total lease cost $ 460 Other information (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from short term leases $ 33 Operating cash flows from operating leases 243 Total cash paid for leases $ 276 Right-of-use assets obtained in exchange for operating lease liabilities - Weighted-average remaining lease term - operating leases 3.84 Years Weighted-average discount rate - operating leases
Schedule of maturities of lease liabilities	Leases (In thousands) As of December 31, 2019 2020 $ 375 2021 386 2022 398 2023 339 2024 — Total lease payments 1,498 Less: imputed interest (184) Present value of lease liabilities $ 1,314
Schedule of balance sheet information	Leases (In thousands) Classification As of December 31, 2019 Assets Lease asset Operating $ 1,211 Total lease assets $ 1,211 Liabilities Current Operating $ 294 Non-Current Operating 1,020 Total lease liabilities $ 1,314

NATURE OF OPERATIONS, BASIS OF

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS - Reverse Stock Split (Details) $ / shares in Units, $ in Thousands	Feb. 11, 2020	Apr. 16, 2018	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares
Cash and cash equivalents | $			$ 6,602	$ 16,660
Common stock, par value (in dollars per share) | $ / shares			$ 0.00001	$ 0.00001
Reverse stock split ratio		0.04
Reverse stock split			On February 11, 2020, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for-30 (the "2020 Reverse Stock Split"). As a result of the 2020 Reverse Stock Split, (i) every 30 shares of the issued and outstanding common stock were automatically converted into one newly issued and outstanding share of common stock, without any change in the par value per share; (ii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally decreased, and (iii) the number of authorized shares of common stock outstanding was proportionally decreased. Shares of common stock underlying outstanding stock options and other equity instruments convertible into common stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. On April 16, 2018, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for-25 (the "2018 Reverse Stock Split"). As a result of the 2018 Reverse Stock Split, (i) every 25 shares of the issued and outstanding Common Stock were automatically converted into 1 newly issued and outstanding share of Common Stock, without any change in the par value per share; (ii) shares of Common Stock underlying outstanding stock options and other equity instruments convertible into Common Stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities, and (iii) the number of authorized shares of Common Stock outstanding was proportionally decreased.
Going concern			false
Subsequent event
Reverse stock split ratio	0.0333

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CASH AND CASH EQUIVALENTS
Cash	$ (15)	$ (83)
Money market funds	6,617	16,743
Total cash and cash equivalents	$ 6,602	$ 16,660

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - RESTRICTED CASH (Details) $ in Thousands	Dec. 31, 2019USD ($)
Restricted cash	$ 114
Security deposit related to credit card account
Restricted cash	50
401K reserve account
Restricted cash	4
Standby letter of credit in favor of a landlord
Restricted cash	$ 60

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES, PROPERTY AND EQUIPMENT (Details)	12 Months Ended
	Dec. 31, 2019
Computer hardware | Minimum
Property and equipment
Estimated Useful Life	3 years
Computer hardware | Maximum
Property and equipment
Estimated Useful Life	5 years
Software
Property and equipment
Estimated Useful Life	3 years
Office furniture and equipment
Property and equipment
Estimated Useful Life	5 years
Research and lab equipment
Property and equipment
Estimated Useful Life	5 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES, RESEARCH AND DEVELOPMENT AND SEGMENT (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)segmentitem	Dec. 31, 2018USD ($)item
Prepayments for CRO services	$ 1,200	$ 1,300
Number of operating segments | segment	1
Number of locations in the United States | item	1	1
Prepaid and other current assets
Prepayments for CRO services	$ 120	$ 290
Other long term assets
Prepayments for CRO services	$ 1,100	$ 996

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES, INCOME TAXES (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Statutory tax rate (as a percent)	21.00%	21.00%

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES, IMPAIRMENTS (Details) - USD ($) $ in Thousands	May 03, 2018	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Impairment loss	$ 48	$ 48

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES, NET LOSS PER COMMON SHARE (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Anti-dilutive
Total potentially dilutive securities (in shares)	282,213	257,982
Warrant One
Anti-dilutive
Total potentially dilutive securities (in shares)	270,940	255,781
Stock Options
Anti-dilutive
Total potentially dilutive securities (in shares)	4,187	1,858
Unvested RSUs
Anti-dilutive
Total potentially dilutive securities (in shares)	200	343
Unvested RSAs
Anti-dilutive
Total potentially dilutive securities (in shares)	6,886

SIGNIFICANT ACCOUNTING POLIC_11

SIGNIFICANT ACCOUNTING POLICIES, RECENT ACCOUNTING PRONOUNCEMENTS, ASU 2016-09 (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
New accounting pronouncements
Operating lease liabilities	$ 1,314
Operating lease right-of-use assets	$ 1,211
ASU No. 2016-02 | Adjustment
New accounting pronouncements
Operating lease liabilities		$ 1,500
Operating lease right-of-use assets		$ 1,500

PROPERTY AND EQUIPMENT, SCHEDUL

PROPERTY AND EQUIPMENT, SCHEDULE (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property and equipment
Property and equipment	$ 717	$ 705
Less accumulated depreciation and amortization	(644)	(605)
Property and equipment, net	73	100
Computer software and hardware
Property and equipment
Property and equipment	131	131
Research and lab equipment
Property and equipment
Property and equipment	520	508
Leasehold improvements
Property and equipment
Property and equipment	$ 66	$ 66

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	May 03, 2018	Dec. 31, 2019	Dec. 31, 2018
Depreciation
Depreciation		$ 39	$ 74
Write off of fully depreciated assets	$ 1,300
Impairment loss	$ 48		$ 48

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - Patent licensing fee - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intangible assets
Useful life	15 years
Intangible assets - gross	$ 200	$ 200
Accumulated amortization	(174)	(156)
Intangible assets, net	$ 26	$ 44

INTANGIBLE ASSETS, AMORTIZATION

INTANGIBLE ASSETS, AMORTIZATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Amortization
Amortization expense	$ 18	$ 17
Future amortization
2020	18
2021	$ 8

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ACCRUED EXPENSES.
Severance and restructuring		$ 517
Compensation	$ 1,040	489
Clinical	143	73
Legal	37	35
Other accrued expenses	207	176
Total accrued expenses	$ 1,427	$ 1,290

FAIR VALUES OF ASSETS AND LIA_3

FAIR VALUES OF ASSETS AND LIABILITIES (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	$ 6,617	$ 16,743
Level 1
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	$ 6,617	$ 16,743

LOAN PAYABLE (Details)

LOAN PAYABLE (Details) - USD ($) $ / shares in Units, $ in Thousands	May 01, 2015	May 31, 2018	Oct. 31, 2012	Dec. 31, 2019	Dec. 31, 2018
Loans Payable
Outstanding loan payable					$ 100
Number of warrants outstanding				270,940
MassDev
Loans Payable
Line of credit, maximum			$ 2,000
Line of credit for working capital purpose			$ 200
Fixed interest rate (as a percent)			6.50%
Period for interest-only payments			30 months
Period for charging equal installments of interest and principal			54 months
Maturity date			Mar. 1, 2019
Commencement date of monthly installments	May 1, 2015
Amount of monthly payment	$ 41
Repayment of principal		$ 300
Outstanding loan payable				$ 0
Payments due in next twelve months				100
MassDev | 2012 Warrant Exercise price $166.00
Loans Payable
Warrant expiration term (in years)			7 years
Exercise price of warrant (in dollars per share)			$ 4,980
Fair value of warrants			$ 32
MassDev | 2012 Warrant Exercise price $166.00 | Interest Expense
Loans Payable
Amortization				1	7
MassDev | 2012 Warrant Exercise price $166.00 | Common Stock
Loans Payable
Number of shares into which a warrant may be converted			13
MassDev | Equipment Line of Credit
Loans Payable
Interest expense				$ 1	$ 43

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Provision or benefit for federal or state income taxes	$ 0	$ 0

INCOME TAXES, CARRYFORWARDS (De

INCOME TAXES, CARRYFORWARDS (Details) $ in Millions	Dec. 31, 2019USD ($)
U.S. federal
Net operating loss carryforwards
Net operating loss carryforwards	$ 140
U.S. federal | Expiring beginning in 2026
Net operating loss carryforwards
Net operating loss carryforwards	117.3
U.S. federal | Never expiring
Net operating loss carryforwards
Net operating loss carryforwards	22.8
Massachusetts
Net operating loss carryforwards
Net operating loss carryforwards	$ 131.9

INCOME TAXES, CREDITS (Details)

INCOME TAXES, CREDITS (Details) $ in Thousands	Dec. 31, 2018USD ($)
U.S. federal
Tax credit carryforwards
Research and development tax credit carryforwards	$ 1,300
Massachusetts
Tax credit carryforwards
Research and development tax credit carryforwards	$ 258

INCOME TAXES, Tax Act (Details)

INCOME TAXES, Tax Act (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Statutory tax rate (as a percent)	21.00%	21.00%

INCOME TAXES, NET DEFERRED TAX

INCOME TAXES, NET DEFERRED TAX ASSET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Significant components of net deferred tax asset
Net operating loss carryforward	$ 37,744	$ 34,846
Research and development credit carryforward	1,544	1,390
Stock-based compensation	2,319	2,300
Depreciation and amortization	17	11
Accrued expenses	19	136
Lease liability	360
ROU Asset	(331)
Subtotal	41,672	38,683
Valuation allowance	(41,672)	(38,683)
Net deferred taxes	0	0
Retained earnings	(219,160)	(207,330)
Increase (decrease) in valuation allowance	3,000	2,700
Uncertain tax positions that would affect its effective tax rate	0	$ 0
Amount of significant change in uncertain tax positions over the next 12 months	$ 0

INCOME TAXES, STATUTORY INCOME

INCOME TAXES, STATUTORY INCOME TAX RATES (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income tax benefits computed using the federal statutory income tax rate
Statutory rate	(21.00%)	(21.00%)
State taxes, net of benefit	(5.70%)	(2.90%)
Permanent differences:
Warrant modification expense	1.20%
Derivative losses		10.90%
Other	0.40%	0.40%
Research and development tax credit	(1.40%)	(0.80%)
Other	1.20%	1.90%
Increase / (decrease) in valuation reserve	25.30%	11.50%
Effective tax rate	0.00%	0.00%

COMMON STOCK, AUTHORIZED (Detai

COMMON STOCK, AUTHORIZED (Details) - shares	Feb. 11, 2020	Jan. 31, 2020	Jan. 21, 2020	Jan. 20, 2020	Dec. 31, 2019	Dec. 31, 2018	May 31, 2018	Apr. 30, 2018
Common stock, number of shares, par value and other disclosures
Common stock, authorized					16,666,667	16,666,667	25,000,000	4,000,000
Common stock, issued					550,736	310,330
Common stock, outstanding					550,736	310,330
Subsequent event
Common stock, number of shares, par value and other disclosures
Common stock, authorized	16,666,667	500,000,000	500,000,000	25,000,000

COMMON STOCK, TRANSACTIONS (Det

COMMON STOCK, TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	May 30, 2018	Nov. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	May 31, 2018	Jan. 31, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2019
Common stock disclosures
Warrant Modification								$ 666	$ 765
Proceeds from issuance of common stock and warrants, net of issuance costs								$ 367	16,511
Fair value adjustment of warrants									(12,165)
Warrant reclassified to equity									14,707
Proceeds from exercise of warrants									131
Number of Warrants								270,940
Aggregate number of shares reserved for issuance								282,213
Issuance of common stock to 401(k) plan									6
401(k)
Common stock disclosures
Company contributions to employee 401(k) accounts								$ 55	$ 44
2018 Series A Warrant Exercise price
Common stock disclosures
Exercise price (in dollars per unit)										$ 60
Fair value adjustment of warrants		$ 666
2018 Series B Warrant Exercise price
Common stock disclosures
Number of Warrants								0	0
2018 Warrants
Common stock disclosures
Fair value adjustment of warrants			$ 764
Warrant reclassified to equity			$ 14,700
2018 Warrant Exercise price $6.98
Common stock disclosures
Exercise price (in dollars per unit)		$ 6.98						$ 6.98
Number of Warrants								252,896
Placement Agent Warrants
Common stock disclosures
Warrant expiration term (in years)		5 years
Number of shares into which a warrant may be converted		15,168
Exercise price (in dollars per unit)		$ 4.50
Common Stock
Common stock disclosures
Issuance of common stock and warrants in public offerings (in shares)								233,341	55,084
Issuance of common stock to 401(k) plan (in shares)									17
Restricted stock awards issued									6,886
Common Stock | 401(k)
Common stock disclosures
Issuance of common stock to 401(k) plan (in shares)									17
Aggregate number of shares reserved for issuance					137
Number of additional shares reserved					134
Issuance of common stock to 401(k) plan									$ 6
Warrant One
Common stock disclosures
Aggregate number of shares reserved for issuance								270,940
Underwritten Public Offering, June 2018
Common stock disclosures
Proceeds from issuance of common stock and warrants, net of issuance costs				$ 13,500
Reclassification of derivative warrant liability to additional paid-in capital				$ 287
Derivative loss							$ 12,000
Underwritten Public Offering, June 2018 | 2018 Series A Warrant Exercise price
Common stock disclosures
Warrant expiration term (in years)				5 years			5 years
Exercise price (in dollars per unit)								$ 60
Proceeds from exercise of warrants								$ 69
Reclassification of derivative warrant liability to additional paid-in capital								10,600
Derivative loss								$ 1,200
Underwritten Public Offering, June 2018 | 2018 Series B Warrant Exercise price
Common stock disclosures
Warrant expiration term (in years)				20 years			20 years
Exercise price (in dollars per unit)								$ 0.30
Proceeds from exercise of warrants								$ 62
Underwritten Public Offering, June 2018 | 2018 Warrants
Common stock disclosures
Proceeds from exercise of warrants								131
Reclassification of derivative warrant liability to additional paid-in capital								10,600
Derivative loss								$ 1,200
Underwritten Public Offering, June 2018 | Common Stock And Warrants
Common stock disclosures
Issuance of common stock and warrants in public offerings (in shares)				45,950
Equity issuance (in price per unit)				$ 60			$ 60
Pre Funded Units
Common stock disclosures
Issuance of common stock and warrants in public offerings (in shares)				208,096
Equity issuance (in price per unit)				$ 59.70			$ 59.70
Pre Funded Units | 2018 Series A Warrant Exercise price
Common stock disclosures
Number of shares/warrants comprised in a unit (in shares)				1
Pre Funded Units | 2018 Series B Warrant Exercise price
Common stock disclosures
Number of shares/warrants comprised in a unit (in shares)				1
Pre Funded Units | Common Stock
Common stock disclosures
Number of shares of common stock to be purchased by each warrant				1			1
Underwritten public offering during November, 2019.
Common stock disclosures
Proceeds from issuance of common stock and warrants, net of issuance costs		$ 367
Underwritten public offering during November, 2019. | Common Stock And Warrants
Common stock disclosures
Issuance of common stock and warrants in public offerings (in shares)		233,341
Equity issuance (in price per unit)		$ 3.60
Purchase and registration rights agreement | Common Stock
Common stock disclosures
Issuance of common stock and warrants in public offerings (in shares)	574							8,561
Aggregate proceeds could be received						$ 15,000
Term						24 months
Deferred offering costs	$ 627
Proceeds from issuance of common stock, net of issuance costs								$ 3,100
Purchase and registration rights agreement | Common Stock | Maximum
Common stock disclosures
Aggregate number of shares reserved for issuance	40,000

COMMON STOCK, TRANSACTIONS, OTH

COMMON STOCK, TRANSACTIONS, OTHER (Details) $ in Thousands	Apr. 16, 2018	Apr. 16, 2018shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares
Common stock disclosures
Proceeds from issuance of stock under ESPP | $			$ 1	$ 4
Reverse stock split ratio	0.04
Issuance of common stock upon vesting of restricted stock units (in shares)				143
Proceeds from exercise of warrants | $				$ 131
Common Stock
Common stock disclosures
Stock issued under ESPP (in shares)			36	48
Proceeds from issuance of stock under ESPP | $				$ 4
Stock issued during period, shares, reverse stock splits		92
Issuance of common stock upon vesting of restricted stock units (in shares)			143	143

COMMON STOCK, RESERVES (Details

COMMON STOCK, RESERVES (Details)	Dec. 31, 2019shares
Summary of common stock reserves
Total Reserves	282,213
Warrant One
Summary of common stock reserves
Total Reserves	270,940
Stock Options
Summary of common stock reserves
Total Reserves	4,187
RSU
Summary of common stock reserves
Total Reserves	200
RSA
Summary of common stock reserves
Total Reserves	6,886

DERIVATIVE INSTRUMENTS, INCEPTI

DERIVATIVE INSTRUMENTS, INCEPTION FAIR VALUE OF WARRANTS (Details) $ in Thousands	Dec. 31, 2019USD ($)	Nov. 30, 2019USD ($)shares	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)Y
2018 Series B Warrant Exercise price
Fair value of warrants
Fair value of warrants	$ 0		$ 0	$ 11,500
2018 Series B Warrant Exercise price | Underwritten Public Offering, June 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant expiration term (in years)				20 years
2018 Series A Warrant Exercise price
Fair value of warrants
Fair value of warrants				$ 13,700
2018 Series A Warrant Exercise price | Underwritten Public Offering, June 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant expiration term (in years)				5 years
Placement Agent Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares into which a warrant may be converted | shares		15,168
Fair value of warrants		$ 59
Warrant expiration term (in years)		5 years
Risk-free interest rate | 2018 Series B Warrant Exercise price
Fair value of warrants
Derivative warrant liability measurement input				2.95
Risk-free interest rate | 2018 Series A Warrant Exercise price
Fair value of warrants
Derivative warrant liability measurement input				2.75
Risk-free interest rate | Placement Agent Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumptions		1.61
Expected dividend yield | 2018 Series B Warrant Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumptions				0
Expected dividend yield | 2018 Series A Warrant Exercise price
Fair value of warrants
Derivative warrant liability measurement input				0
Contractual term | 2018 Series B Warrant Exercise price
Fair value of warrants
Derivative warrant liability measurement input | Y				20
Contractual term | 2018 Series A Warrant Exercise price
Fair value of warrants
Derivative warrant liability measurement input | Y				5
Expected volatility | 2018 Series B Warrant Exercise price
Fair value of warrants
Derivative warrant liability measurement input				202.51
Expected volatility | 2018 Series A Warrant Exercise price
Fair value of warrants
Derivative warrant liability measurement input				202.51
Expected volatility | Placement Agent Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value assumptions		100.82

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Nov. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	May 31, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2019	Dec. 31, 2017
Derivative instruments
Derivative warrant liability							$ 0		$ 4
Proceeds from exercise of warrants							131
Fair value adjustment of warrants							(12,165)
Warrant reclassified to equity							14,707
Warrant Modification						$ 666	$ 765
Underwritten Public Offering, June 2018
Derivative instruments
Proceeds allocated to warrant liability			$ 13,200
Derivative warrant liability			25,200		$ 25,200
Derivative loss					$ 12,000
Reclassification of derivative warrant liability to additional paid-in capital			$ 287
Placement Agent Warrants
Derivative instruments
Warrant Exercise Price	$ 4.50
2018 Series A Warrant Exercise price
Derivative instruments
Fair value adjustment of warrants	$ 666
Warrant Exercise Price								$ 60
2018 Series A Warrant Exercise price | Underwritten Public Offering, June 2018
Derivative instruments
Derivative loss						1,200
Proceeds from exercise of warrants						69
Reclassification of derivative warrant liability to additional paid-in capital						$ 10,600
Warrant Exercise Price						$ 60
2018 Series B Warrant Exercise price | Underwritten Public Offering, June 2018
Derivative instruments
Proceeds from exercise of warrants						$ 62
Warrant Exercise Price						$ 0.30
2014 Warrant Exercise price $352.50
Derivative instruments
Fair value adjustment of warrants				$ 1
Warrant reclassified to equity				$ 1
Warrant Exercise Price						352.50
2018 Warrant Exercise price $6.98
Derivative instruments
Warrant Exercise Price	$ 6.98					$ 6.98
2018 Warrants
Derivative instruments
Fair value adjustment of warrants		$ 764
Warrant reclassified to equity		$ 14,700
2018 Warrants | Underwritten Public Offering, June 2018
Derivative instruments
Derivative loss						$ 1,200
Proceeds from exercise of warrants						131
Reclassification of derivative warrant liability to additional paid-in capital						$ 10,600
Common Stock | 2018 Series A Warrant Exercise price | Underwritten Public Offering, June 2018
Derivative instruments
Issuance of common stock upon exercise of warrants (in shares)						1,150
Common Stock | 2018 Series B Warrant Exercise price | Underwritten Public Offering, June 2018
Derivative instruments
Issuance of common stock upon exercise of warrants (in shares)						208,096

DERIVATIVE INSTRUMENTS, CHANGES

DERIVATIVE INSTRUMENTS, CHANGES IN DERIVATIVE WARRANT LIABILITY (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Changes in Derivative Warrant Liability
Balance at beginning of year	$ 4
Issuance of new warrants	13,172
Reduction in derivative liability due to exercise of warrants	(10,620)
Reclassification of fair value of derivative liabilities to equity on amendment of warrant agreements	14,707
Reduction in derivative liability due to warrant exchange	(14)
Repurchase of warrants	(14)
Increase in the fair value of warrants	12,165
Balance at end of period	$ 0

SHARE-BASED COMPENSATION, STO_3

SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019	Mar. 31, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2018	Feb. 28, 2019
Stock options
Aggregate number of shares reserved for issuance				282,213
Stock-based compensation (in dollars)				$ 268	$ 618
Stock Options
Stock options
Granted (in shares)				3,000	520
Expected term				10 years
Aggregate number of shares reserved for issuance				4,187
Stock-based compensation (in dollars)				$ 165	$ 528
2010 Plan
Stock options
Granted (in shares)						0
Expected term				10 years
2015 Plan
Stock options
Shares available for future grants				68
Shares authorized for issuance		32,000					5,333
Expected term				10 years
Increased share reserve		26,667
2007 Plan
Stock options
Expected term				10 years
Employee Stock Purchase Plan
Stock options
Shares authorized for issuance			250
Percentage of outstanding shares reserved for future issuance			1.00%
Increase in shares of common stock reserved for issuance (in shares)			67
Aggregate number of shares reserved for issuance				264
Stock issued under ESPP (in shares)	36
Offering Period				6 months
Stock-based compensation (in dollars)					$ 2
Employee Stock Purchase Plan | Maximum
Stock options
Aggregate number of shares reserved for issuance			1,667
Common Stock
Stock options
Stock issued under ESPP (in shares)				36	48

SHARE-BASED COMPENSATION, STO_4

SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES, SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock options
Stock-based compensation (in dollars)	$ 268	$ 618
Research and development
Stock options
Stock-based compensation (in dollars)	94	183
General and administrative
Stock options
Stock-based compensation (in dollars)	174	435
Stock Options
Stock options
Stock-based compensation (in dollars)	$ 165	$ 528
Expected term	10 years
Vesting period	48 months

SHARE-BASED COMPENSATION, STO_5

SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES, ASSUMPTIONS USED IN DETERMINING THE FAIR VALUE (Details) - Stock Options	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Assumptions used principally in determining the fair value of options granted
Expected dividend yield (as a percent)	0.00%	0.00%
Expected term (employee grants)	6 years	5 years 7 months 13 days
Expected volatility (as a percent)	105.00%	104.00%
Minimum
Assumptions used principally in determining the fair value of options granted
Risk-free interest rate (as a percent)	2.55%	2.45%
Maximum
Assumptions used principally in determining the fair value of options granted
Risk-free interest rate (as a percent)		2.88%

SHARE-BASED COMPENSATION, STO_6

SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES, SUMMARY OF OPTION ACTIVITY - (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock Option
Stock-based compensation (in dollars)	$ 268	$ 618
Stock Options
Summary of option activity - Shares
Outstanding at the beginning of year (in shares)	1,858	4,570
Granted (in shares)	3,000	520
Expired (in shares)	(85)	(180)
Cancelled/Forfeited (in shares)	(586)	(3,052)
Outstanding at the end of period (in shares)	4,187	1,858	4,570
Vested at the end of period (in shares)	1,000
Summary of option activity - Weighted Average Exercise Price
Outstanding at the beginning of year (in dollars per shares)	$ 2,976.58	$ 4,845.94
Granted (in dollars per shares)	45.90	148.08
Expired (in dollars per shares)	6,794.12	5,130.40
Cancelled/Forfeited (in dollars per shares)	1,195.25	5,166.77
Outstanding at the end of period (in dollars per shares)	1,077.78	$ 2,976.58	$ 4,845.94
Vested at the end of period (in dollars per share)	$ 3,874.14
Option activity disclosures
Weighted Average Remaining Contractual Term - Outstanding	8 years 2 months 1 day	7 years 3 months 26 days	7 years 1 month 21 days
Weighted Average Remaining Contractual Term - Vested	5 years 7 months 17 days
Aggregate Intrinsic Value - Outstanding (in dollars)			$ 22
Stock Option
Weighted average grant-date fair value of options granted	$ 37.46	$ 114.60
Total fair value of options vested	$ 135	$ 952
Stock-based compensation (in dollars)	165	$ 528
Total unrecognized compensation expense	$ 180
Period for unrecognized compensation expense is estimated to be recognized	1 year 7 months 17 days

SHARE-BASED COMPENSATION, STO_7

SHARE-BASED COMPENSATION, STOCK OPTIONS, AND RESTRICTED SECURITIES, RESTRICTED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based compensation
Stock-based compensation (in dollars)	$ 268	$ 618
RSU
Number of Grants
Unvested balance at	343	670
Granted (in shares)	6,886
Vested/Released (in shares)	(143)	(143)
Forfeited (in shares)		(184)
Unvested balance at	7,086	343
Weighted-Average Grant Date Fair Value
Unvested balance at (in dollars per share)	$ 693.17	$ 767.16
Granted (in dollars per share)	15.59
Vested/Released (in dollars per share)	734.70	734.70
Forfeited (in dollars per share)		934.10
Unvested balance at (in dollars per share)	$ 33.78	$ 693.17
Share-based compensation
Stock-based compensation (in dollars)	$ 103	$ 88
Unrecognized compensation
Total unrecognized compensation expense	$ 227
Period for unrecognized compensation expense is estimated to be recognized	2 years 3 months 15 days

WARRANTS (Details)

WARRANTS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019
Warrants to purchase common stock issued and outstanding
Number of Warrants	270,940
Weighted average exercise price	$ 86.09
Weighted average life in years	3 years 6 months 15 days
2014 Warrant Exercise price $352.50
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2014
Number of Warrants	11
Warrant Exercise Price	$ 352.50
Expiration date	May 9, 2021
2016 Warrant Exercise price $7500.00
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2016
Number of Warrants	2,865
Warrant Exercise Price	$ 7,500
Expiration date	Mar. 18, 2021
2018 Warrant Exercise price $6.98
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2018
Number of Warrants	252,896
Warrant Exercise Price	$ 6.98	$ 6.98
Expiration date	Jun. 25, 2023
2019 Warrant Exercise price $4.50
Warrants to purchase common stock issued and outstanding
Warrants Issued Year	2019
Number of Warrants	15,168
Warrant Exercise Price	$ 4.50
Expiration date	Nov. 21, 2024

WARRANTS, CANCELLATION AND AMEN

WARRANTS, CANCELLATION AND AMENDMENT (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Nov. 30, 2019	Sep. 30, 2018	May 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2019
Warrants
Repurchase of warrants					$ 14
Warrant reclassified to equity					14,707
Fair value adjustment of warrants					$ (12,165)
2014 Warrant Exercise price $352.50
Warrants
Repurchase of warrants				$ 14
Cash compensation to warrant holder			$ 19
Warranty extension period			2 years
Warrant reclassified to equity			$ 1
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 352.50
Fair value adjustment of warrants			$ 1
2014 Warrant Exercise price $352.50 | Common Stock
Warrants
Number of shares into which a warrant may be converted				11
2018 Series A Warrant Exercise price
Warrants
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 60
Fair value adjustment of warrants	$ 666
2018 Warrants
Warrants
Warrant reclassified to equity		$ 14,700
Fair value adjustment of warrants		$ 764
Placement Agent Warrants
Warrants
Number of shares into which a warrant may be converted	15,168
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.50

EMPLOYEE BENEFIT PLAN (Details)

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Employee benefit plan disclosures
Eligibility criteria for participation in the Plan	21 years
Stock Issued During Period, Value, Employee Benefit Plan		$ 6
Employer Matching Contribution		44
Expense portion of fair value of stock		$ 6
Common Stock
Employee benefit plan disclosures
Issuance of common stock to 401(k) plan (in shares)		17
401(k)
Employee benefit plan disclosures
Employer Matching Contribution	$ 55
401(k) | Common Stock
Employee benefit plan disclosures
Issuance of common stock to 401(k) plan (in shares)		17
Stock Issued During Period, Value, Employee Benefit Plan		$ 6

INTELLECTUAL PROPERTY LICENSE (

INTELLECTUAL PROPERTY LICENSE (Details) - Boston Childrens Hospital Bch License - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2019	Dec. 31, 2018
Intellectual Property License
Useful life	15 years
Initial license fee paid	$ 75
Capitalized license fees, gross		$ 200	$ 200

COMMITMENTS AND CONTINGENCIES,

COMMITMENTS AND CONTINGENCIES, LEASES (Details) $ in Thousands	May 03, 2018USD ($)ft²	Oct. 31, 2017USD ($)ft²item	Dec. 31, 2018USD ($)	Nov. 01, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 19, 2017USD ($)	Jun. 13, 2017ft²
Lessee, Lease, Description [Line Items]
Deferred rent removed and gain on lease assignment			$ 603
Loss on impairment of fixed assets	$ 48		48
Prepaid rent			17
Rent expense			837
Operating Lease, Expense			837
Moderna Sublease
Lessee, Lease, Description [Line Items]
Lease space (in square feet) | ft²							5,233
Sublease income recorded as offset to rent expense			112
Tenant security deposit						$ 55
Third Party Lease
Lessee, Lease, Description [Line Items]
Lease space (in square feet) | ft²	5,104
Standby letter of credit	$ 40			$ 60
Tenant security deposit					$ 55
Cambridge Lease
Lessee, Lease, Description [Line Items]
Lease space (in square feet) | ft²		26,342
Term of commercial lease		6 years 3 months		5 years
Number of options to extend lease | item		1
Term of lease extension option		5 years
Standby letter of credit		$ 311
Letter of credit terminated amount	$ 311
Loss on impairment of fixed assets			$ 48

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES, LEASE EXPENSE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Lease expense
Operating lease cost	$ 364
Short-term lease cost	33
Variable lease cost	63
Total lease cost	$ 460

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES, LEASE OTHER INFORMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
COMMITMENTS AND CONTINGENCIES
Operating cash flows from short term leases	$ 33
Operating cash flows from operating leases	243
Total cash paid for leases	276
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1,475
Weighted-average remaining lease term - operating leases (years)	3 years 10 months 2 days
Weighted-average discount rate - operating leases	7.00%

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES, MATURITIES OF LEASE LIABILITIES (Details) $ in Thousands	Dec. 31, 2019USD ($)
Maturities of lease liabilities
2020	$ 375
2021	386
2022	398
2023	339
Total lease payments	1,498
Less : Interest	(184)
Present value of lease liabilities	$ 1,314

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES, LEASE CLASSIFICATION (Details) $ in Thousands	Dec. 31, 2019USD ($)
COMMITMENTS AND CONTINGENCIES
Operating Lease, Right-of-Use Asset	$ 1,211
Financial position	us-gaap:OperatingLeaseRightOfUseAsset
Total lease assets	$ 1,211
Operating Liabilities - Current	$ 294
Financial position	Operating Liabilities - Current
Operating Liabilities - Non Current	$ 1,020
Financial position	us-gaap:OperatingLeaseLiabilityNoncurrent
Total Operating Liabilities	$ 1,314
Financial position	us-gaap:OperatingLeaseLiabilityCurrent us-gaap:OperatingLeaseLiabilityNoncurrent

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES, COMPENSATION (Details) - Executive - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2018	Dec. 31, 2019
Compensation Arrangement
Term of award	1 year
Compensation expense		$ 174
Outstanding payments		$ 0	$ 0

COMMITMENTS AND CONTINGENCIES_7

COMMITMENTS AND CONTINGENCIES, LITIGATION VENDOR DISPUTE (Details) - Former vendor $ in Millions	1 Months Ended
	Jul. 31, 2018USD ($)
Litigation
Damages awarded	$ 1.2
Other income
Litigation
Proceeds received from settlement agreement	$ 1.2

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	Feb. 14, 2020USD ($)shares	Feb. 11, 2020shares	Jan. 21, 2020shares	Apr. 16, 2018	Dec. 31, 2019$ / sharesshares	Jan. 31, 2020shares	Jan. 20, 2020shares	Dec. 31, 2018$ / sharesshares	May 31, 2018shares	Apr. 30, 2018shares
Subsequent events
Common stock, authorized					16,666,667			16,666,667	25,000,000	4,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.00001			$ 0.00001
Stockholders' Equity, Reverse Stock Split					On February 11, 2020, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for-30 (the "2020 Reverse Stock Split"). As a result of the 2020 Reverse Stock Split, (i) every 30 shares of the issued and outstanding common stock were automatically converted into one newly issued and outstanding share of common stock, without any change in the par value per share; (ii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally decreased, and (iii) the number of authorized shares of common stock outstanding was proportionally decreased. Shares of common stock underlying outstanding stock options and other equity instruments convertible into common stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. On April 16, 2018, the Company effected a reverse stock split of its common stock, par value $0.00001 per share, at a ratio of 1-for-25 (the "2018 Reverse Stock Split"). As a result of the 2018 Reverse Stock Split, (i) every 25 shares of the issued and outstanding Common Stock were automatically converted into 1 newly issued and outstanding share of Common Stock, without any change in the par value per share; (ii) shares of Common Stock underlying outstanding stock options and other equity instruments convertible into Common Stock were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities, and (iii) the number of authorized shares of Common Stock outstanding was proportionally decreased.
Stockholders' Equity Note, Stock Split, Conversion Ratio				0.04
Subsequent event
Subsequent events
Stock Issued During Period, Shares, New Issues	40,975
Proceeds from Issuance of Common Stock | $	$ 286
Common stock, authorized		16,666,667	500,000,000			500,000,000	25,000,000
Increased share reserve		26,667	800,000
Shares authorized for issuance		32,000	960,000
Stockholders' Equity Note, Stock Split, Conversion Ratio		0.0333