Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CGIX | ||
Entity Registrant Name | CANCER GENETICS, INC | ||
Entity Central Index Key | 1349929 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 9,821,169 | ||
Entity Public Float | $83.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ||
Cash and cash equivalents | $25,554,064 | $49,459,564 |
Accounts receivable, net of allowance for doubtful accounts of 2014 $251,176; 2013 $36,000 | 5,028,620 | 1,567,039 |
Other current assets | 1,191,214 | 864,616 |
Total current assets | 31,773,898 | 51,891,219 |
FIXED ASSETS, net of accumulated depreciation | 4,446,593 | 1,264,624 |
OTHER ASSETS | ||
Security deposits | 1,564 | 1,564 |
Restricted cash | 6,300,000 | 300,000 |
Loan guarantee and financing fees, net of accumulated amortization of 2014 $0; 2013 $517,500 | 0 | 310,500 |
Patents | 502,767 | 401,709 |
Investment in joint venture | 1,047,744 | 987,657 |
Other investments | 38,429 | 0 |
Goodwill | 2,994,135 | 0 |
Total other assets | 10,884,639 | 2,001,430 |
Total Assets | 47,105,130 | 55,157,273 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 3,762,567 | 2,346,240 |
Obligations under capital leases, current portion | 58,950 | 51,400 |
Deferred revenue | 544,446 | 199,560 |
Notes payable, current portion | 0 | 22,298 |
Line of credit | 0 | 6,000,000 |
Total current liabilities | 4,365,963 | 8,619,498 |
Obligations under capital leases | 300,385 | 309,777 |
Deferred rent payable | 347,840 | 170,789 |
Line of credit | 6,000,000 | 0 |
Warrant liability | 52,000 | 594,000 |
Acquisition note payable | 560,341 | 0 |
Deferred revenue, long-term | 924,850 | 0 |
Total liabilities | 12,551,379 | 9,694,064 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, authorized 100,000,000 and 24,000,000 shares, respectively, $0.0001 par value, 9,821,169 and 9,275,384 shares issued and outstanding as of December 31, 2014 and 2013, respectively | 982 | 927 |
Additional paid-in capital | 112,520,268 | 106,786,862 |
Accumulated (deficit) | -77,967,499 | -61,324,580 |
Total Stockholders’ Equity | 34,553,751 | 45,463,209 |
Total Liabilities and Stockholders’ Equity | 47,105,130 | 55,157,273 |
Series A Preferred Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock | 0 | 0 |
Series B Preferred Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts receivable, allowance for doubtful accounts | $251,176 | $36,000 |
Loan guarantee and financing fees, accumulated amortization | $0 | $517,500 |
Common stock, shares authorized | 100,000,000 | 24,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 9,821,169 | 9,275,384 |
Common stock, shares outstanding | 9,821,169 | 9,275,384 |
Preferred stock, shares authorized | 9,764,000 | |
Series A Preferred Stock | ||
Preferred stock, shares authorized | 588,000 | |
Preferred stock, par value | $0.00 | |
Series B Preferred Stock | ||
Preferred stock, shares authorized | 2,000,000 | |
Preferred stock, par value | $0.00 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | |||
Revenue | $10,199,387 | $6,609,957 | $4,301,563 |
Cost of revenues | 8,453,671 | 4,924,626 | 3,928,993 |
Gross profit | 1,745,716 | 1,685,331 | 372,570 |
Operating expenses: | |||
Research and development | 4,622,526 | 2,190,204 | 2,111,947 |
General and administrative | 12,368,739 | 6,115,035 | 4,502,424 |
Sales and marketing | 3,963,537 | 1,841,675 | 1,398,786 |
Total operating expenses | 20,954,802 | 10,146,914 | 8,013,157 |
Loss from operations | -19,209,086 | -8,461,583 | -7,640,587 |
Other income (expense): | |||
Interest expense | -472,820 | -2,387,733 | -4,701,028 |
Interest income | 73,802 | 29,693 | 0 |
Change in fair value of warrant liability | 417,000 | 4,633,000 | 7,538,000 |
Change in fair value of acquisition note payable | 198,000 | 0 | 0 |
Loss on debt and warrant restructuring | 0 | 0 | -1,862,012 |
Debt conversion costs | 0 | -6,849,830 | 0 |
Total other income (expense) | 215,982 | -4,574,870 | 974,960 |
Loss before income taxes | -18,993,104 | -13,036,453 | -6,665,627 |
Income tax (benefit) provision | -2,350,185 | -663,900 | 0 |
Net loss | ($16,642,919) | ($12,372,553) | ($6,665,627) |
Basic net loss per share (usd per share) | ($1.76) | ($2.65) | ($4.97) |
Diluted net loss per share (usd per share) | ($1.80) | ($3.64) | ($10.55) |
Basic Weighted Average Shares Outstanding (in shares) | 9,449,189 | 4,665,316 | 1,342,174 |
Diluted Weighted Average Shares Outstanding (in shares) | 9,461,663 | 4,675,974 | 1,346,161 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (USD $) | Total | Preferred Stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Gentris Corporation | Gentris Corporation | Gentris Corporation | BioServe | BioServe | BioServe | Non-Employee | Non-Employee | Employee | Employee | Employee |
Series A Preferred Stock | Series B Preferred Stock | Common Stock | Additional Paid-in Capital | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Common Stock | Additional Paid-in Capital | ||||||||||
Balance at Dec. 31, 2011 | ($19,065,357) | $59 | $182 | $130 | $23,220,672 | ($17,442) | ($42,268,958) | |||||||||||
Balance (in shares) at Dec. 31, 2011 | 587,691 | 1,821,600 | 1,295,026 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock based compensation issued during period | 573,365 | 573,365 | 341,996 | 341,996 | ||||||||||||||
Warrant extension | 144,000 | 144,000 | ||||||||||||||||
Exercise of warrants (in shares) | 54,910 | |||||||||||||||||
Exercise of warrants | 690,227 | 5 | 690,222 | |||||||||||||||
Net loss | -6,665,627 | -6,665,627 | ||||||||||||||||
Balance at Dec. 31, 2012 | -23,981,396 | 59 | 182 | 135 | 24,970,255 | -17,442 | -48,934,585 | |||||||||||
Balance (in shares) at Dec. 31, 2012 | 587,691 | 1,821,600 | 1,349,936 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock based compensation issued during period | 88,162 | 88,162 | 646,983 | 646,983 | ||||||||||||||
Exercise of warrants (in shares) | 78,329 | |||||||||||||||||
Exercise of warrants | 612,000 | 8 | 611,992 | |||||||||||||||
Stock based compensation-employees (in shares) | 2,500 | |||||||||||||||||
Vesting of common pursuant to joint venture agreement | 231,396 | 231,396 | ||||||||||||||||
Conversion of preferred stock into common stock (in shares) | -587,691 | -1,821,600 | 1,287,325 | |||||||||||||||
Conversion of preferred stock into common stock | -59 | -182 | 129 | 112 | ||||||||||||||
Conversion of debt into common stock (in shares) | 963,430 | |||||||||||||||||
Conversion of debt into common stock | 12,596,066 | 96 | 12,595,970 | |||||||||||||||
Issuance of common stock in IPO, net of offering costs (in shares) | 690,000 | |||||||||||||||||
Issuance of common stock in IPO, net of offering costs | 3,742,643 | 69 | 3,742,574 | |||||||||||||||
Issuance of common stock (in shares) | 1,605,000 | |||||||||||||||||
Issuance of common stock | 14,230,372 | 160 | 14,230,212 | |||||||||||||||
Issuance of common stock in Follow-On Offering, net of offering costs (in shares) | 3,286,700 | |||||||||||||||||
Issuance of common stock in Follow-On Offering, net of offering costs | 42,302,596 | 329 | 42,302,267 | |||||||||||||||
Issuance of common stock pursuant to license agreement (in shares) | 2,000 | |||||||||||||||||
Issuance of common stock pursuant to license agreement | 20,000 | 20,000 | ||||||||||||||||
Issuance of common stock pursuant to Joint venture agreement (in shares) | 10,000 | |||||||||||||||||
Issuance of common stock pursuant to joint venture agreement | 175,300 | 1 | 175,299 | |||||||||||||||
Reclassification of derivative warrants | 7,170,000 | 7,170,000 | ||||||||||||||||
Exercise of options (in shares) | 164 | 164 | ||||||||||||||||
Exercise of options | 1,640 | 1,640 | ||||||||||||||||
Retirement of treasury stock | 17,442 | -17,442 | ||||||||||||||||
Net loss | -12,372,553 | -12,372,553 | ||||||||||||||||
Balance at Dec. 31, 2013 | 45,463,209 | 0 | 0 | 927 | 106,786,862 | 0 | -61,324,580 | |||||||||||
Balance (in shares) at Dec. 31, 2013 | 0 | 0 | 9,275,384 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock based compensation issued during period | 373,374 | 373,374 | 3,461,975 | 21 | 3,461,954 | |||||||||||||
Exercise of warrants (in shares) | 135,323 | |||||||||||||||||
Exercise of warrants | 303,102 | 14 | 303,088 | |||||||||||||||
Stock based compensation-employees (in shares) | 5,000 | 207,500 | ||||||||||||||||
Conversion of preferred stock into common stock | 0 | |||||||||||||||||
Exercise of options (in shares) | 30,083 | 18,749 | ||||||||||||||||
Exercise of options | 79,018 | 2 | 79,016 | |||||||||||||||
Retirement of treasury stock | 0 | |||||||||||||||||
Equity interest number of shares | 147,843 | 31,370 | ||||||||||||||||
Value of shares issued as partial consideration to purchase Gentris and BioServe | 1,271,745 | 15 | 1,271,730 | 244,247 | 3 | 244,244 | ||||||||||||
Net loss | -16,642,919 | -16,642,919 | ||||||||||||||||
Balance at Dec. 31, 2014 | $34,553,751 | $0 | $0 | $982 | $112,520,268 | $0 | ($77,967,499) | |||||||||||
Balance (in shares) at Dec. 31, 2014 | 0 | 0 | 9,821,169 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | ($16,642,919) | ($12,372,553) | ($6,665,627) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 810,158 | 311,247 | 338,176 |
Amortization | 28,438 | 15,229 | 15,229 |
Provision (recovery) for bad debts | 215,176 | 0 | -4,597 |
Equity-based consulting and compensation expenses | 3,835,349 | 646,983 | 915,361 |
Equity-based research and development/general and administrative expenses | 0 | 514,858 | 0 |
Change in fair value of warrant liability | -417,000 | -4,633,000 | -7,538,000 |
Change in fair value of acquisition note payable | -198,000 | 0 | 0 |
Extension of warrants | 0 | 0 | 144,000 |
Amortization of loan guarantee and financing fees | 310,500 | 1,194,960 | 1,427,296 |
Accretion of discount on debt | 0 | 584,692 | 2,212,154 |
Deferred rent | -37,645 | 6,491 | 7,987 |
Loss in equity-method investment | 939,913 | 12,343 | 0 |
Loss on debt and warrant restructuring | 0 | 0 | 1,862,012 |
Loss on conversion of debt to equity | 0 | 6,849,830 | 0 |
Deferred initial public offering costs expensed | 0 | 617,706 | 0 |
Change in working capital components: | |||
Accounts receivable | -1,656,658 | -716,494 | -156,968 |
Other current assets | -198,658 | -375,338 | -220,009 |
Accounts payable, accrued expenses and deferred revenue | 673,687 | -731,471 | 85,134 |
Net cash (used in) operating activities | -12,337,659 | -8,074,517 | -7,577,852 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of fixed assets | -1,374,294 | -257,261 | -162,463 |
(Increase) decrease in restricted cash | -6,000,000 | -50,000 | -50,000 |
Patent costs | -129,496 | -92,174 | -135,306 |
Investment in joint venture | -1,000,000 | -1,000,000 | 0 |
Net cash (used in) investing activities | -11,372,733 | -1,399,435 | -347,769 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal payments on capital lease obligations | -43,842 | -17,158 | -36,120 |
Proceeds from public offerings of common stock, net of offering costs | 0 | 61,516,994 | 0 |
Payment of equity issuance costs | 0 | 0 | -1,373,000 |
Proceeds from warrant exercises | 178,102 | 192,000 | 635,227 |
Proceeds from option exercises | 79,018 | 1,640 | 0 |
Principal payments on notes payable | -408,386 | -3,579,866 | -17,836 |
Proceeds from borrowings on notes payable | 0 | 0 | 7,120,000 |
Payments on line of credit | 0 | 0 | 0 |
Proceeds from borrowings on line of credit | 0 | 0 | 0 |
Net cash (used in) financing activities | -195,108 | 58,113,610 | 6,328,271 |
Net (decrease) increase in cash and cash equivalents | -23,905,500 | 48,639,658 | -1,597,350 |
CASH AND CASH EQUIVALENTS | |||
Beginning | 49,459,564 | 819,906 | |
Ending | 25,554,064 | 49,459,564 | 819,906 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||
Cash paid for interest | 128,417 | 608,084 | 1,091,377 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Fixed assets acquired through capital lease arrangement | 42,000 | 353,687 | 0 |
Warrants issued with debt | 0 | 0 | 6,122,000 |
Warrants issued for debt guarantee fee | 0 | 0 | 1,583,000 |
Warrants issued for financing fees | 0 | 47,000 | 1,003,000 |
Retirement of treasury stock | 0 | 17,442 | 0 |
Conversion of notes payable and lines of credit to common stock | 0 | 9,634,300 | 0 |
Value of shares issued as partial consideration to purchase Gentris and BioServe | 1,515,992 | 0 | 0 |
Conversion of preferred stock to common stock | 0 | 241 | 0 |
Reclassification of derivative warrants | 0 | 7,170,000 | 0 |
Cashless exercise of derivative warrants | 125,000 | 420,000 | 0 |
Offering costs discounted | 0 | 733,250 | 0 |
Net tangible assets acquired via acquisition | 1,255,084 | 0 | 0 |
Accrued IPO costs | 0 | 0 | 1,732,016 |
Accrued expenses recorded as financing fees | 0 | 0 | 251,000 |
Accrued expenses reclassified as derivative warrant liability | 0 | 221,000 | 148,000 |
Derivative warrant settled with accrued expense | 0 | 0 | 182,500 |
Gentris Corporation | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Cash used in acquisition of Gentris, net of cash received | -3,180,930 | 0 | 0 |
BioServe | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Cash from acquisition of BioServe | $311,987 | $0 | $0 |
Organization_Acquisitions_Desc
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment | Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment | |||||||||||
We are an oncology diagnostics company focused on developing, commercializing and providing DNA-based tests and services to improve the personalization of cancer treatment and to better inform biopharmaceutical companies of genomic factors influencing subject responses to therapeutics. Our vision is to become the oncology diagnostics partner for companies and clinicians by participating in the entire care continuum from bench to bedside. We believe the diagnostic industry is undergoing a metamorphosis in its approach to oncology testing, embracing individualized medicine as a means to drive higher standards of patient treatment and disease management. Similarly, biopharma companies are increasingly engaging companies such as ours to provide information on clinical trial participants’ DNA profiles in order to identify genomic variations that may be responsible for differing responses to pharmaceuticals, and particularly to oncology drugs, thereby increasing the efficiency of trials while lowering related costs. We believe tailored therapeutics can revolutionize oncology medicine through DNA-based testing services, enabling physicians and researchers to target the factors that make each patient and disease unique. We have created a unique position in the industry by providing targeted somatic analysis of tumor sample cells alongside germline analysis of an individuals' non-cancerous cells' DNA as we attempt to reach the next milestone in personalized medicine. Individuals are born with germline mutations and somatic mutations arise in tissues over the course of a lifetime. | ||||||||||||
We were incorporated in the State of Delaware on April 8, 1999 and have offices and state-of-the-art laboratories located in New Jersey, North Carolina, Shanghai (China), and Hyderabad, India. Our laboratories comply with the highest regulatory standards as appropriate for the services they deliver including CLIA, CAP, NY State and NABL (India). We have two advisory boards to counsel our scientific and clinical direction. Our Scientific Advisory Board is comprised of preeminent scientists and physicians from the fields of cancer biology, cancer pathology, cancer medicine and molecular genetics. Our Clinical Advisory Board is comprised of clinicians and scientists focused on clinical implementation of our proprietary tests and services and mapping those tests and services to patient needs. Our services are built on a foundation of world-class scientific knowledge and intellectual property in solid and blood-borne cancers, as well as strong academic relationships with major cancer centers such as Memorial Sloan-Kettering, Mayo Clinic, and the National Cancer Institute. | ||||||||||||
Acquisition of Gentris Corporation | ||||||||||||
On July 16, 2014, we purchased substantially all of the assets of Gentris Corporation ("Gentris"), a laboratory specializing in pharmacogenomics profiling for therapeutic development, companion diagnostics and clinical trials. Gentris’ laboratory is located in Morrisville, North Carolina and the company has a CLIA and FDA-compliant laboratory facility in Shanghai, China. Upon closing of the acquisition transaction, Gentris Corporation was re-named Gentris, LLC and is now a wholly-owned subsidiary of Cancer Genetics, Inc. The acquisition allows us to expand our biopharma services. | ||||||||||||
The assets and liabilities of Gentris were recorded in our consolidated financial statements at their estimated fair values as of the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed was recorded as goodwill. Goodwill arising from the acquisition consists largely from a trained workforce in place and expected synergies with existing operations. Goodwill recorded in conjunction with the acquisition is deductible for income tax purposes. The total consideration for the Gentris acquisition is as follows: | ||||||||||||
Amount | ||||||||||||
Cash paid at closing | $ | 3,250,000 | ||||||||||
Issuance of 147,843 common shares | 1,271,745 | |||||||||||
Estimated fair value of contingent consideration | 293,400 | |||||||||||
Total Purchase Price | $ | 4,815,145 | ||||||||||
The estimated fair value of contingent consideration is a potential earn-out which is payable in cash or shares of our common stock at our option, and is based upon a formula that provides for additional amounts, for revenues starting at $4.75 million, up to revenues of $8.55 million, plus a potential payment to be made in connection with the termination of a biorepository relationship with Gentris, based upon exit fees to be received by Gentris. The amounts used in computing the purchase price differ from the amounts in the purchase agreements due to fair value measurement conventions prescribed in accounting standards. | ||||||||||||
We incurred a finder's fee of $147,500 related to the transaction. | ||||||||||||
The transaction is being accounted for using the acquisition method of accounting for business combinations in accordance with GAAP. Under this method, the total consideration transferred to consummate the acquisition is being allocated to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values as of the closing date of the acquisition. The acquisition method of accounting requires extensive use of estimates and judgments to allocate the consideration transferred to the identifiable tangible and intangible assets acquired and liabilities assumed. Accordingly, the allocation of the consideration transferred in the consolidated financial statements is preliminary and will be adjusted upon completion of the final valuation of the assets acquired and liabilities assumed. The final valuation of fixed assets, intangibles and deferred revenue is expected to be completed as soon as practicable but no later than twelve months after the closing date of the acquisition. | ||||||||||||
The preliminary allocation of the total purchase price to the fair value of the assets acquired and liabilities assumed as of July 16, 2014 are as follows: | ||||||||||||
Amount | ||||||||||||
Accounts receivable | $ | 1,869,097 | ||||||||||
Other current assets | 265,612 | |||||||||||
Current liabilities | (785,246 | ) | ||||||||||
Deferred revenue, long-term | (937,773 | ) | ||||||||||
Fixed Assets | 1,950,885 | |||||||||||
Goodwill | 2,452,570 | |||||||||||
Total Purchase Price | $ | 4,815,145 | ||||||||||
Acquisition of BioServe Biotechnologies (India) Pvt. Ltd. | ||||||||||||
On August 18, 2014 we entered into two agreements by which we acquired BioServe Biotechnologies (India) Pvt. Ltd., a premier genomics services provider serving both the research and clinical markets in India. This transaction was completed through a newly formed subsidiary, Cancer Genetics (India) Pvt. Ltd. | ||||||||||||
BioServe is a leading genomic service and next-generation sequencing company serving both the research and clinical markets based in Hyderabad, India. With the BioServe acquisition we believe we will be able to access the Indian healthcare market. The acquisition provides us with an infrastructure in India for developing lower cost manufacturing of probes and kits including probes and kits used for our proprietary FHACT test and access to one of the fastest-growing molecular and clinical diagnostic markets in the world. BioServe will continue to serve biotechnology and biopharmaceutical companies, diagnostic companies and research hospitals, including those owned or operated by the Indian government, as well as seek to expand its customer base. | ||||||||||||
The parties to the first agreement (the “India Agreement”) are the Company, Ramakishna V. Modali (the current general manager of BioServe, “Modali”), VenturEast Trustee Company Pvt Ltd and affiliates, its principal shareholder (“VenturEast”), and certain other shareholders residing in India all of whom in the aggregate owned approximately 74% of BioServe. The parties to the second share purchase agreement (the “US Agreement”) are the Company and BioServe Biotechnologies LTD, a Maryland corporation and an affiliate of BioServe which owned approximately 15% of BioServe, with the other outstanding shares held by the BioServe Employee Stock Ownership Plan which will remain in place. | ||||||||||||
The assets and liabilities of BioServe were recorded in the Company's consolidated financial statements at their estimated fair values as of the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Goodwill arising from the acquisition consists largely from a trained workforce in place and expected synergies from new lines of business. Goodwill recorded in conjunction with the acquisition is not deductible for income tax purposes. The aggregate purchase price is as follows: | ||||||||||||
Amount | ||||||||||||
Cash paid at closing | $ | 72,907 | ||||||||||
Notes payable due 12-18 months after closing | 23,708 | |||||||||||
Notes payable (value of 84,278 common shares) | 733,387 | |||||||||||
Issuance of 31,370 common shares | 244,247 | |||||||||||
Total Purchase Price | $ | 1,074,249 | ||||||||||
The ultimate payment to VenturEast will be a cash payment equal to the value of 84,278 shares of our common stock at the time of payment. This payment will be made the earlier of 30 months from the date of the acquisition agreement (November 2016) or the date of a public offering by us of our common stock. This liability is subject to future adjustment based upon changes to our stock price. During the year ended December 31, 2014, we recognized a gain of $198,000 due to the decrease in value of this note. The amounts used in computing the purchase price differ from the amounts in the purchase agreements due to fair value measurement conventions prescribed in accounting standards. | ||||||||||||
The transaction is being accounted for using the acquisition method of accounting for business combinations in accordance with GAAP. Under this method, the total consideration transferred to consummate the acquisition is being allocated to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values as of the closing date of the acquisition. The acquisition method of accounting requires extensive use of estimates and judgments to allocate the consideration transferred to the identifiable tangible and intangible assets acquired and liabilities assumed. Accordingly, the allocation of the consideration transferred in the consolidated financial statements is preliminary and will be adjusted upon completion of the final valuation of the assets acquired and liabilities assumed. The final valuation of fixed assets and intangibles is expected to be completed as soon as practicable but no later than twelve months after the closing date of the acquisition. | ||||||||||||
The preliminary allocation of the total purchase price to the fair value of the assets acquired and liabilities assumed as of August 18, 2014 are as follows: | ||||||||||||
Amount | ||||||||||||
Accounts receivable | $ | 151,002 | ||||||||||
Other current assets | 120,528 | |||||||||||
Fixed Assets | 624,948 | |||||||||||
Other assets | 416,869 | |||||||||||
Goodwill | 541,565 | |||||||||||
Current liabilities | (758,614 | ) | ||||||||||
Other liabilities | (22,049 | ) | ||||||||||
Total Purchase Price | $ | 1,074,249 | ||||||||||
The following table provides certain proforma financial information for the Company as if the acquisitions discussed above occurred on January 1, 2012: | ||||||||||||
Unaudited | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 14,365,402 | $ | 15,767,519 | $ | 12,528,553 | ||||||
Net loss | (18,498,333 | ) | (13,677,432 | ) | (7,918,262 | ) | ||||||
Basic net loss per share | $ | (1.94 | ) | $ | (2.82 | ) | $ | (5.20 | ) | |||
Dilutive net loss per share | (1.98 | ) | (3.77 | ) | (10.13 | ) | ||||||
The results of operations for the twelve months ended December 31, 2014 include the operations of Gentris from July 16, 2014 and BioServe from August 18, 2014 and include combined revenues of $3,296,465 and a combined net loss of $1,438,118. | ||||||||||||
Reverse Stock Splits | ||||||||||||
On February 8, 2013, we filed a charter amendment with the Secretary of State for the State of Delaware and effected a 1-for-2 reverse stock split of our common stock. On March 1, 2013, we filed another charter amendment with the Secretary of State for the State of Delaware and effected a 1-for-2.5 reverse stock split of our common stock. All shares and per share information referenced throughout the consolidated financial statements have been retroactively adjusted to reflect both reverse stock splits. | ||||||||||||
Public Offerings | ||||||||||||
On April 10, 2013, we sold 690,000 shares of common stock at a public offering price of $10.00 per share and completed our initial public offering (“IPO”) with gross proceeds of $6.9 million (net proceeds of $5 million). Upon the closing of the IPO, all shares of our then-outstanding Series A and Series B convertible preferred stock automatically converted into an aggregate of 1,287,325 shares of common stock. Concurrent with the IPO, certain derivative warrants with a fair value of $7.2 million were reclassified into equity due to the lapsing of anti-dilution provisions in the warrants. Also concurrent with the IPO, $9.6 million of debt converted into 963,430 shares of common stock. All references to our Series A convertible preferred stock refer collectively to the Series A and Series A-1 convertible preferred shares. | ||||||||||||
On August 19, 2013, we sold 1,500,000 shares of common stock at a public offering price of $10.00 per share resulting in gross proceeds of $15.0 million (net proceeds of $13.3 million). We used $3.5 million of the proceeds to repay certain indebtedness which was due on August 15, 2013 (see Note 6 for further discussion of the Company’s debt). On September 5, 2013, we sold 105,000 additional common shares pursuant to partial exercise of the underwriter’s over-allotment option which resulted in gross proceeds of $1.1 million (net proceeds of $947,000). All references to the sales of common stock mentioned in this paragraph are referred to as the “Secondary Offering.” | ||||||||||||
On October 28, 2013, we sold 3,286,700 shares of common stock, (including the underwriter’s overallotment of 428,700 shares), at a public offering price of $14.00 per share resulting in gross proceeds of $46.0 million (net proceeds of $42.3 million). All references to the sales of common stock mentioned in this paragraph are referred to as the “Follow-On Offering.” |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies | Significant Accounting Policies | ||||||||||||
Basis of presentation: We prepare our financial statements on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. | |||||||||||||
Segment Reporting: Operating segments are defined as components of an enterprise about which separate discrete information is used by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. We view our operations and manage our business in one operating segment, which is the business of developing and selling diagnostic tests. | |||||||||||||
Liquidity: Our primary sources of liquidity have been funds generated from our debt financings and equity financings. In addition, we have generated funds from the following sources: (i) cash collections from our customers; (ii) grants from the National Institutes of Health and (iii) the sale of State of New Jersey net operating loss carryforwards. | |||||||||||||
Principles of consolidation: The accompanying consolidated financial statements include the accounts of Cancer Genetics, Inc. and our wholly owned subsidiaries, Cancer Genetics Italia S.r.l (“CGI Italia”), Gentris LLC (from July 16, 2014) and CGI India (BioServe) (from August 18, 2014). | |||||||||||||
All significant intercompany account balances and transactions have been eliminated in consolidation. | |||||||||||||
Use of estimates and assumptions: The preparation of 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 contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include, among others, realization of amounts billed, realization of long-lived assets, realization of intangible assets, accruals for litigation and registration payments, assumptions used to value stock options, warrants and goodwill and the valuation of assets acquired and liabilities assumed from acquisitions. Actual results could differ from those estimates. | |||||||||||||
Risks and uncertainties: We operate in an industry that is subject to intense competition, government regulation and rapid technological change. Our operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, foreign operations, and other risks, including the potential risk of business failure. | |||||||||||||
Cash and cash equivalents: Highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents. We maintain cash and cash equivalents with high-credit quality financial institutions. At times, such amounts may exceed insured limits. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on our cash and cash equivalents. | |||||||||||||
Restricted cash: Represents cash held at financial institutions which we may not withdraw and which collateralizes certain of our financial commitments. All of our restricted cash is invested in interest bearing certificates of deposit. Our restricted cash collateralizes a fully-utilized $6.0 million line of credit with Wells Fargo Bank and a $300,000 letter of credit in favor of our landlord, pursuant to the terms of the lease for our Rutherford facility. | |||||||||||||
Revenue recognition: Revenue is recognized in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, and ASC 954-605 Health Care Entities, Revenue Recognition which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence that an arrangement exists; (2) delivery has occurred and title and the risks and rewards of ownership have been transferred to the customer or services have been rendered; (3)the price is fixed or determinable; and (4) collectability is reasonably assured. In determining whether the price is fixed or determinable, we consider payment limits imposed by insurance carriers and Medicare and the amount of revenue recorded takes into account the historical percentage of revenue we have collected for each type of test for each payor category. Periodically, an adjustment is made to revenue to record differences between our anticipated cash receipts from insurance carriers and Medicare and actual receipts from such payors. For the periods presented, such adjustments were not significant. For some Clinical Service and Biopharma customers billed directly, revenue is recorded based upon the contractually agreed upon fee schedule. When assessing collectability, we consider whether we have sufficient payment history to reliably estimate a payor’s individual payment patterns. For new tests where there is no evidence of payment history at the time the tests are completed, we only recognize revenues once reimbursement experience can be established. We then recognize revenue equal to the amount of cash received. We do not bill customers for shipping and handling fees and do not collect any sales or other taxes. | |||||||||||||
Revenues from grants to support product development are recognized when costs and expenses under the terms of the grant have been incurred and payments under the grants become contractually due. | |||||||||||||
Accounts receivable: Accounts receivable are carried at original invoice amount less an estimate for contractual adjustments and doubtful receivables, the amounts of which are determined by an analysis of individual accounts. Our policy for assessing the collectability of receivables is dependent upon the major payor source of the underlying revenue. For direct bill clients, an assessment of credit worthiness is performed prior to initial engagement and is reassessed periodically. If deemed necessary, an allowance is established on receivables from direct bill clients. For insurance carriers where there is not an established pattern of collection, revenue is not recorded until cash is received. For receivables where insurance carriers have made payments to patients instead of directing payments to the Company, an allowance is established for a portion of such receivables. After reasonable collection efforts are exhausted, amounts deemed to be uncollectible are written off against the allowance for doubtful accounts. Since the Company only recognizes revenue to the extent it expects to collect such amounts, bad debt expense related to receivables from patient service revenue is recorded in general and administrative expense in the consolidated statement of operations. Recoveries of accounts receivable previously written off are recorded when received. | |||||||||||||
Deferred revenue: Payments received in advance of services rendered are recorded as deferred revenue and are subsequently recognized as revenue in the period in which the services are performed. | |||||||||||||
Fixed assets: Fixed assets consist of diagnostic equipment, furniture and fixtures and leasehold improvements. Fixed assets are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, which generally range from five to seven years. Leasehold improvements are depreciated over the lesser of the lease term or the estimated useful lives of the improvements using the straight-line method. Repairs and maintenance are charged to expense as incurred while improvements are capitalized. Upon sale, retirement or disposal of fixed assets, the accounts are relieved of the cost and the related accumulated depreciation with any gain or loss recorded to the consolidated statement of operations. | |||||||||||||
Fixed assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These computations utilize judgments and assumptions inherent in our estimate of future cash flows to determine recoverability of these assets. If our assumptions about these assets were to change as a result of events or circumstances, we may be required to record an impairment loss. | |||||||||||||
Goodwill: Goodwill resulted from the purchases of Gentris and BioServe in 2014 as described in Note 1. In accordance with ASC 350, Intangibles - Goodwill and Other, we are required to test goodwill for impairment and adjust for impairment losses, if any, at least annually and on an interim basis if an event or circumstance indicates that it is likely impairment has occurred. Our annual goodwill impairment testing date is October 1 of each year. No such losses were incurred during the year ended December 31, 2014. | |||||||||||||
Goodwill | |||||||||||||
Balance, December 31, 2013 | $ | — | |||||||||||
Purchased through acquisitions | 2,994,135 | ||||||||||||
Balance, December 31, 2014 | $ | 2,994,135 | |||||||||||
Loan guarantee and financing fees: Loan guarantee fees are amortized on a straight-line basis over the term of the guarantee. Financing fees are amortized using the effective interest method over the term of the related debt. | |||||||||||||
Warrant liability: We have issued certain warrants which contain an exercise price adjustment feature in the event we issue additional equity instruments at a price lower than the exercise price of the warrant. The warrants are described herein as derivative warrants. We account for these derivative warrants as liabilities. These common stock purchase warrants do not trade in an active securities market, and as such, we estimate the fair value of these warrants using the binomial lattice valuation pricing model with the assumptions as follows: The risk-free interest rate for periods within the contractual life of the warrant is based on the U.S. Treasury yield curve. The expected life of the warrants is based upon the contractual life of the warrants. Volatility is estimated based on an average of the historical volatilities of the common stock of four entities with characteristics similar to those of the Company. Prior to our IPO, the measurement date fair value of the underlying common shares was based upon an external valuation of our shares. (See Notes 12 and 13). Subsequent to the IPO and Secondary Offering, we used the closing price of our shares on the OTC Bulletin Board and the NASDAQ Capital Market, respectively. | |||||||||||||
We compute the fair value of the warrant liability at each reporting period and the change in the fair value is recorded as non-cash expense or non-cash income. The key component in the value of the warrant liability is our stock price, which is subject to significant fluctuation and is not under our control. The resulting effect on our net income (loss) is therefore subject to significant fluctuation and will continue to be so until the warrants are exercised, amended or expire. Assuming all other fair value inputs remain constant, we will record non-cash expense when the stock price increases and non-cash income when the stock price decreases. | |||||||||||||
Income taxes: Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred income taxes. Deferred income taxes are recognized for temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Deferred income taxes are also recognized for net operating loss carryforwards that are available to offset future taxable income and research and development credits. | |||||||||||||
Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We have established a full valuation allowance on our deferred tax assets as of December 31, 2014 and 2013, therefore we have not recognized any tax benefit or expense in the periods presented. | |||||||||||||
ASC 740, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from uncertain tax positions may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At December 31, 2014 and 2013 we had no uncertain tax positions. | |||||||||||||
Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. There is no accrual for interest or penalties on our consolidated balance sheets at December 31, 2014 or 2013, and we have not recognized interest and/or penalties in the consolidated statements of operations for the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Patents: We account for intangible assets under ASC 350-30. Patents consist of legal fees incurred and are recorded at cost and amortized over the useful lives of the assets, using the straight-line method. Certain patents are in the legal application process and therefore are not currently being amortized. We review the carrying value of patents at the end of each reporting period. Based upon our review, there were no intangible asset impairments in 2014, 2013 or 2012. Accumulated amortization of patents as of December 31, 2014 and 2013 was approximately $84,000 and $56,000, respectively. Future amortization expense for legally approved patents (excluding patent applications in progress), is estimated at $34,900 per year through 2018, approximately $31,600 for 2019 and $93,400 thereafter. | |||||||||||||
Research and development: Research and development costs associated with service and product development include direct costs of payroll, employee benefits, stock-based compensation and supplies and an allocation of indirect costs including rent, utilities, depreciation and repairs and maintenance. All research and development costs are expensed as they are incurred. | |||||||||||||
Registration payment arrangements: We account for our obligations under registration payment arrangements in accordance with ASC 825-20, Registration Payment Arrangements. ASC 825-20 requires us to record a liability if we determine a registration payment is probable and if it can reasonably be estimated. As of both December 31, 2014 and 2013, we have an accrued liability of $300,000. | |||||||||||||
Stock-based compensation: Stock-based compensation is accounted for in accordance with the provisions of ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. We estimate the fair value of stock-based awards on the date of grant using the Black-Scholes option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. See additional information in Note 11. | |||||||||||||
All issuances of stock options or other issuances of equity instruments to employees as the consideration for services received by us are accounted for based on the fair value of the equity instrument issued. | |||||||||||||
We account for stock-based compensation awards to non-employees in accordance with ASC 505-50, Equity Based Payments to Non-Employees. Under ASC 505-50, we determine the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Stock-based compensation awards issued to non-employees are recorded in expense and additional paid-in capital in stockholders’ equity (deficit) over the applicable service periods based on the fair value of the awards or consideration received at the vesting date. | |||||||||||||
Fair value of financial instruments: The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, approximate their estimated fair values due to the short term maturities of those financial instruments. These financial instruments are considered Level 1 measurements under the fair value hierarchy. The fair values of our notes payable, lines of credit and capital leases approximate carrying value under Level 2 of the fair value hierarchy. The fair value of warrants recorded as derivative liabilities, contingent consideration and note payable to VenturEast are described in Note 14. | |||||||||||||
Joint venture accounted for under the equity method: The Company records its joint venture investment following the equity method of accounting, reflecting its initial investment in the joint venture and its share of the joint venture’s net earnings or losses and distributions. The Company’s share of the joint venture’s net loss was approximately $940,000 in 2014 and $12,000 in 2013 (the first year of the joint venture’s operations) and is included in Research and development expense on the Consolidated Statement of Operations. The Company has a net receivable due from the joint venture of approximately $10,000 and $24,000 in 2014 and 2013, respectively, which is included in other assets in the Consolidated Balance Sheet. See additional information in Note 16. | |||||||||||||
Subsequent events: We have evaluated potential subsequent events through the date the financial statements were issued. | |||||||||||||
Recent Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for the Company in the first quarter of fiscal year 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the consolidated financial statements. | |||||||||||||
Earnings (loss) per share: Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares assumed to be outstanding during the period of computation. Diluted earnings per share is computed similar to basic earnings per share except that the numerator is adjusted for the change in fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of dilutive potential common shares outstanding during the period using the treasury stock method. | |||||||||||||
Basic net loss and diluted net loss per share data were computed as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net (loss) for basic earnings per share | $ | (16,642,919 | ) | $ | (12,372,553 | ) | $ | (6,665,627 | ) | ||||
Less change in fair value of warrant liability | 417,000 | 4,633,000 | 7,538,000 | ||||||||||
Net (loss) for diluted earnings per share | $ | (17,059,919 | ) | $ | (17,005,553 | ) | $ | (14,203,627 | ) | ||||
Denominator: | |||||||||||||
Weighted-average basic common shares outstanding | 9,449,189 | 4,665,316 | 1,342,174 | ||||||||||
Assumed conversion of dilutive securities: | |||||||||||||
Common stock purchase warrants | 12,474 | 10,658 | 3,987 | ||||||||||
Potentially dilutive common shares | 12,474 | 10,658 | 3,987 | ||||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares | 9,461,663 | 4,675,974 | 1,346,161 | ||||||||||
Basic net loss per share | $ | (1.76 | ) | $ | (2.65 | ) | $ | (4.97 | ) | ||||
Diluted net loss per share | $ | (1.80 | ) | $ | (3.64 | ) | $ | (10.55 | ) | ||||
The following table summarizes potentially dilutive adjustments to the weighted average number of common shares which were excluded from the calculation: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common stock purchase warrants | $ | 1,060,863 | $ | 1,701,984 | $ | 1,102,176 | |||||||
Stock options | 1,839,458 | 873,542 | 553,340 | ||||||||||
Restricted shares of common stock | 132,500 | 7,500 | — | ||||||||||
Common shares issuable upon conversion of Series A Preferred Stock | — | — | 352,614 | ||||||||||
Common shares issuable upon conversion of Series B Preferred Stock | — | — | 364,320 | ||||||||||
$ | 3,032,821 | $ | 2,583,026 | $ | 2,372,450 | ||||||||
Revenue_and_Accounts_Receivabl
Revenue and Accounts Receivable | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Revenue and Accounts Receivable | Revenue and Accounts Receivable | ||||||||||||
Revenue by service type for each of the years ended December 31 is comprised of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Biopharma Services | $ | 5,605,780 | $ | 2,650,285 | $ | 578,505 | |||||||
Clinical Services | 4,432,272 | 3,662,795 | 3,166,118 | ||||||||||
Discovery Services | 161,335 | — | — | ||||||||||
Grants | — | 296,877 | 556,940 | ||||||||||
$ | 10,199,387 | $ | 6,609,957 | $ | 4,301,563 | ||||||||
Accounts receivable by service type at December 31, 2014 and 2013 consists of the following: | |||||||||||||
2014 | 2013 | ||||||||||||
Biopharma Services | $ | 3,203,335 | $ | 428,341 | |||||||||
Clinical Services | 1,925,176 | 1,174,698 | |||||||||||
Discovery Services | 151,285 | — | |||||||||||
Allowance for doubtful accounts | (251,176 | ) | (36,000 | ) | |||||||||
$ | 5,028,620 | $ | 1,567,039 | ||||||||||
Allowance for Doubtful Accounts | |||||||||||||
Balance, December 31, 2012 | $ | 36,000 | |||||||||||
Additions to Allowance for doubtful accounts | — | ||||||||||||
Deductions to Allowance for doubtful accounts | — | ||||||||||||
Balance, December 31, 2013 | 36,000 | ||||||||||||
Additions to Allowance for doubtful accounts | 215,176 | ||||||||||||
Deductions to Allowance for doubtful accounts | — | ||||||||||||
Balance, December 31, 2014 | $ | 251,176 | |||||||||||
Revenue for Biopharma Services are customized solutions for patient stratification and treatment selection through an extensive suite of DNA-based testing services. Clinical Services are tests performed to provide information on diagnosis, prognosis and theranosis of cancers to guide patient management. These tests can be billed to Medicare, another third party insurer or the referring community hospital or other healthcare facility. Discovery Services are services that provide the tools and testing methods for companies and researchers seeking to identify new DNA-based biomarkers for disease. Grants includes revenue from grants. The breakdown of our Clinical Services revenue (as a percent of total revenue) is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Medicare | 11 | % | 13 | % | 18 | % | |||||||
Other insurers | 16 | % | 25 | % | 32 | % | |||||||
Other healthcare facilities | 16 | % | 18 | % | 24 | % | |||||||
Total Clinical Services | 43 | % | 55 | % | 74 | % | |||||||
We have historically derived a significant portion of our revenue from a limited number of test ordering sites. The test ordering sites are largely hospitals, cancer centers, reference laboratories, physician offices and clinical trial clients. Oncologists and pathologists at these sites order the tests on behalf of the needs of their oncology patients or as part of a clinical trial sponsored by a biopharmaceutical company in which the patient is being enrolled. We generally do not have formal, long-term written agreements with such test ordering sites, and, as a result, we may lose a significant test ordering site at any time. | |||||||||||||
The top five test ordering clients during 2014, 2013 and 2012 accounted for 56%, 69% and 58% respectively, of our testing volumes, with 38%, 36% and 46% respectively, of the test volume coming from community hospitals. During the year ended December 31, 2014, two Biopharma clients accounted for approximately 23% and 12% respectively of our revenue. During the year ended December 31, 2013 there was one Biopharma client that accounted for approximately 40% of our revenue. During 2012 there were three clients, that each accounted for more than 10% of our revenue: a Biopharma client accounted for approximately 13%, a university teaching center accounted for approximately 11% and a community hospital accounted for approximately 10% of our revenue. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Current Assets | Other Current Assets | ||||||||
At December 31, 2014 and 2013, other current assets consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Inventory | $ | 279,894 | $ | 198,789 | |||||
Prepaid expenses | 911,320 | 593,950 | |||||||
Grants receivable | — | 71,877 | |||||||
$ | 1,191,214 | $ | 864,616 | ||||||
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Lease Commitments | Lease Commitments | ||||||||||||
We lease our laboratory, research facility and administrative office space under various operating leases. We have approximately 17,900 square feet of office and laboratory space in Rutherford, New Jersey, 24,900 square feet in Morrisville, North Carolina, 10,000 square feet in Hyderabad, India and 2,700 square feet in Shanghai, China. We have escalating lease agreements for both our New Jersey and North Carolina spaces which expire February 2018 and May 2020, respectively. These leases require monthly rent with periodic rent increases that vary from $1 to $2 per square foot of the rented premises per year. The difference between minimum rent and straight-line rent is recorded as deferred rent payable. The terms of our New Jersey lease require that a $300,000 security deposit for the facility be held in a stand by letter of credit in favor of the landlord (see Note 7). | |||||||||||||
We acquired office and scientific equipment under long term leases which have been capitalized at the present value of the minimum lease payments. The equipment under these capital leases had a cost of $395,687 and accumulated depreciation of $29,936, as of December 31, 2014. | |||||||||||||
Minimum future lease payments under all capital and operating leases as of December 31, 2014 are as follows: | |||||||||||||
Capital | Operating | Total | |||||||||||
Leases | Leases | ||||||||||||
December 31, | |||||||||||||
2015 | $ | 74,280 | $ | 854,195 | $ | 928,475 | |||||||
2016 | 74,280 | 862,957 | 937,237 | ||||||||||
2017 | 61,625 | 870,407 | 932,032 | ||||||||||
2018 | 59,094 | 360,140 | 419,234 | ||||||||||
2019 | 59,094 | 320,885 | 379,979 | ||||||||||
Thereafter | 83,800 | 135,075 | 218,875 | ||||||||||
Total minimum lease payments | $ | 412,173 | $ | 3,403,659 | $ | 3,815,832 | |||||||
Less amount representing interest | 52,838 | ||||||||||||
Present value of net minimum obligations | 359,335 | ||||||||||||
Less current obligation under capital lease | 58,950 | ||||||||||||
Long-term obligation under capital lease | $ | 300,385 | |||||||||||
Rent expense for the years ended December 31, 2014, 2013 and 2012 was $692,324, $550,882, and $516,173, respectively. |
Notes_Payable_and_Lines_of_Cre
Notes Payable and Lines of Credit | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Notes Payable and Lines of Credit | Notes Payable and Lines of Credit | ||||||||
Below is a summary of our short-term and long-term debt obligations as of December 31, 2014 and 2013: | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Secured Note Payable, short-term | $ | — | $ | 22,298 | |||||
Notes Payable, Current Portion | $ | — | $ | 22,298 | |||||
Line of Credit, Current Portion | $ | — | $ | 6,000,000 | |||||
Lines of Credit, Current Portion | $ | — | $ | 6,000,000 | |||||
Lines of Credit, Long-Term | $ | 6,000,000 | |||||||
Lines of Credit, Long-Term | $ | 6,000,000 | $ | — | |||||
Business Line of Credit — Wells Fargo | |||||||||
At December 31, 2014 and 2013, we have fully utilized a line of credit with Wells Fargo Bank which provides for maximum borrowings of $6 million. On April 1, 2014 we entered into a credit agreement and re-negotiated the terms of our fully utilized line of credit with Wells Fargo Bank. The line of credit was extended through April 1, 2016 at a rate of interest equal to the Daily One Month LIBOR rate plus 1.75% (1.91% at December 31, 2014). The facility requires monthly interest payments. | |||||||||
The line of credit is collateralized with $6 million in cash. Additionally, we are required to maintain limits on capital spending and are restricted as to the amount we may pledge as collateral for additional borrowings from any source. The line of credit requires the repayment of principal, and any unpaid interest, in a single payment due upon maturity. | |||||||||
Conversion of Debt concurrent with IPO | |||||||||
On April 10, 2013, we completed our IPO and converted the following indebtedness into shares of common stock at the IPO price of $10.00 per share: | |||||||||
Converted Amount | Common Shares | ||||||||
December 2011 Financing Transaction | $ | 4,500,000 | 450,000 | ||||||
2012 Convertible Debt Financing Transaction | 3,000,000 | 300,000 | |||||||
December 2012 Bridge Financing Transaction | 1,000,000 | 100,000 | |||||||
Business Lines of Credit (DAM) | 1,000,000 | 100,000 | |||||||
Other Note Payable and accrued interest | 134,300 | 13,430 | |||||||
$ | 9,634,300 | 963,430 | |||||||
In connection with the conversion of debt into common stock, we expensed the applicable remaining debt discounts of $3.5 million, financing fees of $419,000 and a contingently recognizable beneficial conversion feature in the converted debt of $3 million. | |||||||||
December 2011 Financing Transaction | |||||||||
The December 2011 Credit Agreement was with John Pappajohn and Andrew Pecora (indirectly through an investment company), both then members of our board of directors, and NNJCA Capital, LLC (“NNJCA”), a limited liability company of which Dr. Pecora is a member. Mr. Pappajohn originally provided $4.0 million of financing, NNJCA originally provided $1.5 million of financing and Dr. Pecora provided $500,000 of financing under the Credit Agreement. On April 10, 2013, Mr. Pappajohn converted $4.0 million and Dr. Pecora converted $500,000 into 450,000 shares of our common stock at the IPO price of $10.00 per share concurrent with our IPO. The remaining outstanding balance of $1.5 million was repaid on August 19, 2013 using a portion of the proceeds from our Secondary Offering. | |||||||||
2012 Convertible Debt Financing Transaction | |||||||||
On April 10, 2013, the entire $3 million outstanding under a Restated Credit Agreement dated as of August 27, 2012, as amended and restated as of October 17, 2012, ($1,750,000 provided by Mr. Pappajohn and $1,250,000 provided by Mr. Mark Oman) was converted into 300,000 shares of common stock at the IPO price of $10 per share. | |||||||||
December 2012 Bridge Financing Transaction | |||||||||
On April 10, 2013, the entire $1 million outstanding under a credit agreement dated as of December 7, 2012, (all of which was provided by Mr. Pappajohn), was converted into 100,000 shares of common stock at the IPO price of $10.00 per share. | |||||||||
Business Line of Credit – DAM | |||||||||
On April 10, 2013, $1 million of indebtedness under this line was converted into 100,000 shares of common stock at the IPO price of $10 per share. The remaining outstanding balance of $2.0 million was repaid on August 19, 2013 using a portion of the proceeds from our Secondary Offering. | |||||||||
Other Note Payable | |||||||||
On April 10, 2013, a $100,000 note payable and accrued interest payable to Dr. Chaganti was converted into 13,430 shares of common stock at the IPO price of $10.00 per share. | |||||||||
Loss on Debt and Warrant Restructuring | |||||||||
We entered into a Restated Credit Agreement with Mr. Pappajohn and Mr. Oman in October 2012 to provide for additional borrowing of $1,000,000, which agreement also removed the conversion price adjustment of a 20% discount to the IPO or merger price if the IPO or merger price is less than $53.12 per share. We evaluated the application of ASC 470-50, Modifications and Extinguishments and ASC 470-60, Troubled Debt Restructurings by Debtors and concluded that the revised terms constituted a debt extinguishment, rather than a debt modification or troubled debt restructuring. | |||||||||
We cancelled certain warrants with an exercise price adjustment of a 20% discount to the IPO or merger price if the IPO or merger price is less than $53.13 per share and issued warrants without an exercise price adjustment to a 20% discount to the IPO or merger price if the IPO or merger price is less than $53.13 per share as compensation. In connection with these transactions, we recognized a loss on debt and warrant restructuring during 2012 as presented below: | |||||||||
Restated 2012 convertible debt financing transaction | $ | 1,506,512 | |||||||
Amend warrants granted for guarantee of business line of credit | 268,000 | ||||||||
Amend warrants granted for 2011 convertible debt financing transaction | 545,000 | ||||||||
Settle warrants granted for guarantee of business line of credit | (129,500 | ) | |||||||
Settle warrants granted for 2011 convertible debt financing transaction | (328,000 | ) | |||||||
Loss on debt and warrant restructuring - 2012 | $ | 1,862,012 | |||||||
Letter_of_Credit
Letter of Credit | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Letter of Credit | Letter of Credit |
We maintain a $300,000 letter of credit in favor of our landlord pursuant to the terms of the lease for our Rutherford facility. At December 31, 2014 the letter of credit was fully secured by the restricted cash disclosed on our Consolidated Balance Sheet. |
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Fixed Assets | Fixed Assets | ||||||||
Fixed assets are summarized by major classifications as follows: | |||||||||
2014 | 2013 | ||||||||
Equipment | $ | 5,913,928 | $ | 2,513,066 | |||||
Furniture and fixtures | 548,093 | 461,119 | |||||||
Leasehold improvements | 869,578 | 595,689 | |||||||
7,331,599 | 3,569,874 | ||||||||
Less accumulated depreciation | (2,885,006 | ) | (2,305,250 | ) | |||||
Net fixed assets | $ | 4,446,593 | $ | 1,264,624 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||||
The provision for income taxes for the years ended December 31, 2014, 2013 and 2012 differs from the approximate amount of income tax benefit determined by applying the U.S. federal income tax rate to pre-tax loss, due to the following: | ||||||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2012 | ||||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||
Pretax | Pretax | Pretax | ||||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||
Income tax benefit at federal statutory rate | $ | (6,648,000 | ) | 35 | % | $ | (4,563,000 | ) | 35 | % | $ | (2,333,000 | ) | 35 | % | |||||||
State tax provision, net of federal tax benefit | (807,000 | ) | 4.2 | % | (359,000 | ) | 2.8 | % | (661,000 | ) | 9.5 | % | ||||||||||
Tax credits | (154,000 | ) | 0.8 | % | (126,000 | ) | 1 | % | (82,000 | ) | 1.1 | % | ||||||||||
Stock based compensation permanent differences | 207,000 | -1.1 | % | 229,000 | -1.8 | % | 85,000 | -1.2 | % | |||||||||||||
Derivative warrant permanent differences | (146,000 | ) | 0.8 | % | (1,622,000 | ) | 12.4 | % | (1,926,000 | ) | 26 | % | ||||||||||
Investor consideration permanent differences | (69,000 | ) | 0.4 | % | — | — | % | — | — | % | ||||||||||||
Debt and warrant conversion costs permanent difference | — | — | % | 3,454,000 | -26.5 | % | — | — | % | |||||||||||||
Change in valuation allowance | 5,255,000 | -27.7 | % | 2,356,000 | -18.1 | % | 4,858,000 | -70.2 | % | |||||||||||||
Other | 12,000 | — | % | (33,000 | ) | 0.3 | % | 59,000 | -0.2 | % | ||||||||||||
Income tax (benefit) provision | $ | (2,350,000 | ) | 12.4 | % | $ | (664,000 | ) | 5.1 | % | $ | — | — | % | ||||||||
During January and December 2014, we sold $28,640,223 of gross State of New Jersey NOL carryforwards relating to tax years 2009 through 2012, resulting in the receipt of $2,350,185. During 2013, we sold $8,018,107 of gross State of New Jersey NOL carryforwards, resulting in the receipt of $663,900. | ||||||||||||||||||||||
We transferred the NOL carryforwards through the Technology Business Tax Certificate Transfer Program sponsored by the New Jersey Economic Development Authority. | ||||||||||||||||||||||
Approximate deferred taxes consist of the following components as of December 31, 2014 and 2013: | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Net operating loss carryforwards | $ | 20,982,000 | $ | 17,140,000 | ||||||||||||||||||
Accruals and reserves | 773,000 | 509,000 | ||||||||||||||||||||
Non-qualified stock options | 1,912,000 | 877,000 | ||||||||||||||||||||
Research and development tax credits | 758,000 | 603,000 | ||||||||||||||||||||
Derivative warrant liability | 26,000 | 26,000 | ||||||||||||||||||||
Investment in joint venture | 163,000 | 163,000 | ||||||||||||||||||||
Goodwill | 23,000 | — | ||||||||||||||||||||
Other | 6,000 | 5,000 | ||||||||||||||||||||
Total deferred tax assets | 24,643,000 | 19,323,000 | ||||||||||||||||||||
Less valuation allowance | (24,558,000 | ) | (19,303,000 | ) | ||||||||||||||||||
Net deferred tax assets | 85,000 | 20,000 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Fixed assets | (85,000 | ) | (20,000 | ) | ||||||||||||||||||
Net deferred taxes | $ | — | $ | — | ||||||||||||||||||
Due to a history of losses we have generated since inception, we believe it is more-likely-than-not that all of the deferred tax assets will not be realized as of December 31, 2014 and 2013. Therefore, we have recorded a full valuation allowance on our deferred tax assets. We have net operating loss carryforwards for federal income tax purposes of approximately $57,000,000 as of December 31, 2014. The net operating loss carryforwards will begin to expire in 2027. Utilization of these carryforwards is subject to limitation due to ownership changes that may delay the utilization of a portion of the carryforwards. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Capital Stock | Capital Stock |
IPO | |
On April 10, 2013, we completed our IPO in which we issued and sold 690,000 shares of common stock (including the underwriter’s overallotment of 90,000 shares) at a public offering price of $10.00 per share resulting in gross proceeds of $6.9 million. In connection with the offering, all outstanding shares of Series A preferred stock were converted into 376,525 shares of common stock, and all outstanding shares of Series B preferred stock were converted into 910,800 shares of common stock. Concurrent with the IPO, we issued 2,000 shares of common stock to Cleveland Clinic pursuant to our license agreement with Cleveland Clinic. | |
Secondary Offering | |
On August 19, 2013, we sold 1,500,000 shares of common stock at a public offering price of $10.00 per share resulting in gross proceeds of $15.0 million ($13.3 million of net proceeds after offering expenses and underwriting discounts). | |
On September 5, 2013, we sold 105,000 additional common shares pursuant to the underwriter’s partial exercise of the over-allotment option which resulted in gross proceeds of $1.1 million ($947,000 of net proceeds after offering expenses and underwriting discounts). | |
Follow-On Offering | |
On October 28, 2013, we sold 3,286,700 shares of common stock, (including the underwriter’s overallotment of 428,700 shares), at a public offering price of $14.00 per share resulting in gross proceeds of $46.0 million (net proceeds of $42.3 million). | |
Preferred Stock | |
We are currently authorized to issue up to 9,764,000 shares of preferred stock. |
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Option Plans | Stock Option Plans | ||||||||||||||||
We have two equity incentive plans: the 2008 Stock Option Plan (the “2008 Plan”) and the 2011 Equity Incentive Plan (the “2011 Plan”, and together with the 2008 Plan, the “Stock Option Plans”). The Stock Option Plans are meant to provide additional incentive to officers, employees and consultants to remain in our employment. Options granted are generally exercisable for up to 10 years. | |||||||||||||||||
The Board of Directors adopted the 2011 Plan on June 30, 2011 and reserved 350,000 shares of common stock for issuance under the 2011 Plan. On May 22, 2014, the stockholders voted to increase the number of shares reserved by the plan to 2,000,000 shares of common stock under several types of equity awards including stock options, stock appreciation rights, restricted stock awards and other awards defined in the 2011 Plan. | |||||||||||||||||
The Board of Directors adopted the 2008 Plan on April 29, 2008 and reserved 251,475 shares of common stock for issuance under the plan. On April 1, 2010, the stockholders voted to increase the number of shares reserved by the plan to 550,000. We are authorized to issue incentive stock options or non-statutory stock options to eligible participants. | |||||||||||||||||
We have also issued 48,000 options outside of the Stock Option Plans. | |||||||||||||||||
At December 31, 2014, 386,044 shares remain available for future awards under the 2011 Plan and 89,051 shares remain available for future awards under the 2008 Plan. | |||||||||||||||||
As of December 31, 2014, no stock appreciation rights and 227,500 shares of restricted stock had been awarded under the Stock Option Plans. | |||||||||||||||||
Prior to our IPO in April 2013, the Board of Directors authorized an offer to certain employee and non-employee options holders on the following terms: those holding stock options with a strike price of $25.00 or more had the opportunity to exchange their options for 60% of the number of options currently held with an exercise price equal to the IPO price, which was $10.00 per share, and those holding stock options with a strike price of $12.50 had the opportunity to exchange their options for 80% of the number of options currently held with an exercise price equal to the IPO price which was $10.00 per share. On April 5, 2013, our initial public offering became effective and 336,300 options with exercise prices ranging from $12.50 to $33.80 were exchanged for 242,070 options with an exercise price of $10.00. The options did not result in the recognition of incremental compensation cost. In addition, 53,500 options which were approved to be issued and priced at the IPO price were issued to employees with an exercise price of $10.00 per share. | |||||||||||||||||
A summary of employee and non-employee stock option activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||
Options Outstanding | Weighted- | Aggregate | |||||||||||||||
Average | Intrinsic | ||||||||||||||||
Remaining | Value | ||||||||||||||||
Contractual | |||||||||||||||||
Number of | Weighted- | Term (in years) | |||||||||||||||
Shares | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Outstanding January 1, 2012 | 559,990 | $ | 12.85 | 8.1 | $ | 11,737,710 | |||||||||||
Granted | 2,400 | 33.8 | |||||||||||||||
Cancelled or expired | (9,050 | ) | 23.43 | ||||||||||||||
Outstanding December 31, 2012 | 553,340 | $ | 12.76 | 7.13 | $ | 1,142,432 | |||||||||||
Granted | 426,762 | 14.57 | |||||||||||||||
Exercised | (164 | ) | 10 | ||||||||||||||
Cancelled or expired | (106,396 | ) | 20.46 | ||||||||||||||
Outstanding December 31, 2013 | 873,542 | $ | 10.83 | 7.75 | $ | 3,138,539 | |||||||||||
Granted | 1,154,800 | $ | 10.41 | ||||||||||||||
Exercised | (30,083 | ) | $ | 6.61 | |||||||||||||
Cancelled or expired | (158,801 | ) | $ | 11.45 | |||||||||||||
Outstanding December 31, 2014 | 1,839,458 | $ | 10.58 | 8.49 | $ | 618,250 | |||||||||||
Exercisable, December 31, 2014 | 635,435 | $ | 9.14 | 6.72 | $ | 478,219 | |||||||||||
Aggregate intrinsic value represents the difference between the fair value of our common stock and the exercise price of outstanding, in-the-money options. The fair value of our common stock was $6.68 and $13.78 as of December 31, 2014 and 2013, respectively, and the estimated fair value of our common stock was $9.60 as of December 31, 2012. During the year ended December 31, 2014 and 2013, we received $79,018 and $1,640, respectively from the exercise of options. Also during the year ended December 31, 2014, an option holder exercised options to purchase 12,000 shares of common stock with an exercise price of $10.00 per share using the net issue exercise method whereby the option holder surrendered 11,429 shares in payment in full of the exercise price resulting in net issuance of 571 shares of common stock. The options exercised in 2014 and 2013 had a total intrinsic value of $120,510 and $1,630, respectively. Options were not exercised in 2012. | |||||||||||||||||
As of December 31, 2014, total unrecognized compensation cost related to non-vested stock options granted to employees was $6,058,774, which we expect to recognize over the next 3.70 years. | |||||||||||||||||
As of December 31, 2014 and 2013, total unrecognized compensation cost related to non-vested stock options granted to non-employees was $645,739 and $94,359, respectively, which we expect to recognize over the next 2.95 and 1.78 years, respectively. The estimate of unrecognized non-employee compensation is based on the fair value of the non-vested options as of December 31, 2014 and 2013. | |||||||||||||||||
The following table summarizes information about outstanding and vested stock options granted to employees and non-employees as of December 31, 2014 as follows: | |||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||
Exercise Price | Number of | Weighted- | Weighted- | Number of | Weighted- | ||||||||||||
Shares | Average | Average | Shares | Average | |||||||||||||
Outstanding | Remaining | Exercise | Exercise Price | ||||||||||||||
Contractual | Price | ||||||||||||||||
Life (in years) | |||||||||||||||||
4 | 145,000 | 4.22 | $ | 4 | 145,000 | $ | 4 | ||||||||||
4.8 | 30,914 | 5.05 | 4.8 | 30,432 | 4.8 | ||||||||||||
6.3 | 451,400 | 9.95 | 6.3 | 85,280 | 6.3 | ||||||||||||
7.44 | 7,500 | 9.98 | 7.44 | — | — | ||||||||||||
9.09 | 223,400 | 9.74 | 9.09 | 20,681 | 9.09 | ||||||||||||
10 | 230,788 | 5.65 | 10 | 209,395 | 10 | ||||||||||||
11.70 - 11.75 | 50,400 | 9.3 | 11.7 | 2,066 | 11.74 | ||||||||||||
12.50 - 14.18 | 105,700 | 9.01 | 13.99 | 1,351 | 13.98 | ||||||||||||
15.39 | 304,356 | 8.78 | 15.39 | 90,230 | 15.39 | ||||||||||||
15.89 | 200,000 | 9.4 | 15.89 | 37,500 | 15.89 | ||||||||||||
17.38 | 90,000 | 9.22 | 17.38 | 13,500 | 17.38 | ||||||||||||
Total | 1,839,458 | 8.49 | $ | 10.58 | 635,435 | $ | 9.14 | ||||||||||
The fair value of options granted to employees is estimated on the grant date using the Black-Scholes option valuation model. This valuation model for stock-based compensation expense requires us to make assumptions and judgments about the variables used in the calculation, including the fair value of our common stock (see Note 13), the expected term (the period of time that the options granted are expected to be outstanding), the volatility of our common stock, a risk-free interest rate, and expected dividends. We also estimate forfeitures of unvested stock options. To the extent actual forfeitures differ from the estimates, the difference will be recorded as a cumulative adjustment in the period estimates are revised. No compensation cost is recorded for options that do not vest. We use the simplified calculation of expected life described in the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment, and volatility is based on an average of the historical volatilities of the common stock of three entities with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. We use an expected dividend yield of zero, as we do not anticipate paying any dividends in the foreseeable future. Expected forfeitures are assumed to be zero due to the plan design which has monthly vesting after an initial cliff vesting period. | |||||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair value of options granted to employees during the periods presented: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Volatility | 70.17 | % | 76.6 | % | 77.39 | % | |||||||||||
Risk free interest rate | 1.78 | % | 1.79 | % | 1.43 | % | |||||||||||
Dividend yield | — | — | — | ||||||||||||||
Term (years) | 5.98 | 6.14 | 6.5 | ||||||||||||||
Weighted-average fair value of options granted during the period | $ | 5.29 | $ | 9.85 | $ | 23.35 | |||||||||||
In 2010, we issued an aggregate of 80,000 options to non-employees with an exercise price of $25.00. As described above, on April 5, 2013, these options were exchanged for 48,000 options with an exercise price of $10.00. In October 2013, we issued 10,000 options to a non-employee with an exercise price of $15.39. In May 2014, we issued 200,000 options to a Director, with an exercise price of $15.89. See Note 17 for additional information. The following table presents the weighted-average assumptions used to estimate the fair value of options reaching their measurement date for non-employees during the periods presented: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Volatility | 71.76 | % | 75.68 | % | 75.01 | % | |||||||||||
Risk free interest rate | 2.44 | % | 1.53 | % | 1.26 | % | |||||||||||
Dividend yield | — | — | — | ||||||||||||||
Term (years) | 9.68 | 7.68 | 8.28 | ||||||||||||||
Starting in 2013, restricted stock awards have been granted to employees, directors and consultants as compensation for services. At December 31, 2014, there was $852,206 of unrecognized compensation cost related to non-vested restricted stock granted to employees; we expect to recognize the cost over 3 years. At December 31, 2014, there was $12,948 of unrecognized compensation cost related to non-vested restricted stock granted to non-employees, which we expect to recognize over 0.78 years. | |||||||||||||||||
The following table summarizes the activities for our non-vested restricted stock awards for the years ended December 31, 2014 and 2013: | |||||||||||||||||
Non-vested Restricted Stock Awards | |||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Non-vested at January 1, 2013 | $ | — | $ | — | |||||||||||||
Granted | 7,500 | 13.5 | |||||||||||||||
Vested | (2,500 | ) | 15.39 | ||||||||||||||
Non-vested at December 31, 2013 | $ | 5,000 | $ | 12.55 | |||||||||||||
Granted | 220,000 | 9.01 | |||||||||||||||
Vested | (80,000 | ) | 10.19 | ||||||||||||||
Forfeited/canceled | (12,500 | ) | 12.04 | ||||||||||||||
Non-vested at December 31, 2014 | $ | 132,500 | $ | 8.14 | |||||||||||||
The following table presents the effects of stock-based compensation related to stock option and restricted stock awards to employees and non-employees on our Statement of Operations during the periods presented: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of revenues | $ | 148,852 | $ | 41,470 | $ | 11,753 | |||||||||||
Research and development | 472,573 | 114,189 | 460,321 | ||||||||||||||
General and administrative | 3,058,465 | 516,127 | 297,175 | ||||||||||||||
Sales and marketing | 155,459 | 63,359 | 146,112 | ||||||||||||||
Total stock-based compensation | $ | 3,835,349 | $ | 735,145 | $ | 915,361 | |||||||||||
Warrants
Warrants | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants and Rights Note Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants | Warrants | ||||||||||||||||||||||||||||||||||||||||||||||
We have issued certain warrants which contain an exercise price adjustment feature in the event we issue additional equity instruments at a price lower than the exercise price of the warrant. The warrants are described herein as derivative warrants. For all derivative warrants, in the event equity instruments are issued at a price lower than the exercise price of the warrant, the exercise price is adjusted to the price of the new equity instruments issued (price adjustment feature). For certain of these warrants, the number of shares underlying the warrant is also adjusted to an amount computed by dividing the proceeds of the warrant under its original terms by the revised exercise price (share adjustment feature). These warrants are initially recorded as a warrant liability at fair value with a corresponding entry to the loan guarantee fee asset, debt discount, additional paid-in capital or expense dependent upon the service provided in exchange for the warrant grant. Subsequently, any change in fair value is recognized in earnings until such time as the warrants are exercised, amended or expire. As of December 31, 2014 all warrants with a share adjustment feature have either expired or have been exercised. | |||||||||||||||||||||||||||||||||||||||||||||||
In connection with debt guarantees and extensions, we issued 1,051,506 warrants to Mr. Pappajohn, a member of our Board of Directors and stockholder, at various dates (see Note 17). These warrants were initially recorded at fair value as a loan guarantee fee amortized over the period of the guarantee to interest expense. The aggregate issue date fair value of the debt guarantee warrants was $1,555,000 in 2012, and $831,000 in 2011. There were no debt guarantee warrants issued in 2014 or 2013. | |||||||||||||||||||||||||||||||||||||||||||||||
In connection with the acquisition of a line of credit, we issued 60,000 warrants to DAM in March 2011 with an initial estimated fair value of $1,019,000. In March 2012 in exchange for an extension of that line, we issued 15,000 warrants with an initial estimated fair value of $306,000. See Note 6. | |||||||||||||||||||||||||||||||||||||||||||||||
We issued 200 warrants to a consultant for services provided in February and March 2011 and 4,000 warrants to a member of our Board of Directors in connection with the March 2011 line of credit agreement with DAM. These warrants were recorded as consulting expense at an initial estimated fair value of $69,000 and expire in March 2016. | |||||||||||||||||||||||||||||||||||||||||||||||
In connection with the December 2011 Financing Transaction we granted a total of 112,940 warrants at various dates to Mr. Pappajohn, Dr. Pecora and NNJCA. The aggregate issue date fair value of these financing fee warrants was $1,522,000 in 2012 and $951,000 in 2011. In October 2012, 37,646 of these warrants were surrendered in exchange for an increase to the prepayment penalty, and 75,294 were amended in exchange for 20,669 additional warrants with an initial estimated fair value of $606,000. Also in October 2012, Mr. Pappajohn agreed to extend a portion of the debt’s maturity date and in exchange we issued 9,412 additional warrants with an initial estimated fair value of $267,000. See Note 6. | |||||||||||||||||||||||||||||||||||||||||||||||
In connection with the 2012 Convertible Debt Financing Transaction, we granted a total of 28,235 warrants to Mr. Pappajohn and Mr. Oman with an initial estimated fair value of $1,107,000. In October 2012, these warrants were surrendered in exchange for additional financing and 114,510 new warrants with an initial estimated fair value of $4,090,000. See Note 6. | |||||||||||||||||||||||||||||||||||||||||||||||
On September 6, 2012, we extended the maturity date of warrants to purchase 70,598 shares of our common stock which were due to expire on September 10, 2012 to September 28, 2012. On September 27, 2012, we extended the maturity date of 65,328 of these warrants to September 10, 2013. In exchange, the warrants became subject to a lock-up agreement for 180 days after the consummation of an IPO on the same terms as other lock-up agreements in favor of the underwriters of an offering. We determined the fair value of the warrant extensions to be approximately $144,000, which was recorded as general and administrative expense. | |||||||||||||||||||||||||||||||||||||||||||||||
On October 22, 2012, in exchange for amending warrants issued in connection with his guarantee of the Wells Fargo debt, we issued warrants to purchase 10,157 shares of our common stock to Mr. Pappajohn with an exercise price equal to the lesser of (i) $42.50 per share and (ii) the IPO or merger price per share. These warrants were recorded as a financing fee expense at an estimated fair value of $298,000. | |||||||||||||||||||||||||||||||||||||||||||||||
In connection with the December 2012 Bridge Financing transaction, we granted 23,529 warrants to Mr. Pappajohn with an initial estimated fair value of $837,000. See Note 6. | |||||||||||||||||||||||||||||||||||||||||||||||
During 2012, warrants to purchase 54,910 shares were exercised and $690,227 was received and recorded as increases to common stock and additional paid-in capital. An additional 15,164 warrants expired unexercised. In connection with the 2012 Convertible Debt Financing Transaction, we granted 4,118 warrants to Mr. Pappajohn and 2,941 warrants to Mr. Oman on February 22, 2013. The warrants have a ten-year term and an exercise price equal to the IPO price of $10.00 per share. Pursuant to a subsequent agreement, the warrants held by Mr. Pappajohn have an exercise price of $15.00 per share. These warrants were initially recorded at fair value as a financing fee asset and were amortized over the period of the note to interest expense. The issue date fair value of these warrants was $221,000. | |||||||||||||||||||||||||||||||||||||||||||||||
In connection with the December 2012 Bridge Financing Transaction, we granted 2,353 ten-year warrants with an exercise price equal to the IPO price of $10.00 per share to Mr. Pappajohn on March 7, 2013. Mr. Pappajohn subsequently agreed that if our final IPO price was below $15.00, there would be no further adjustment to the price or number of shares covered by the warrants held by him. These warrants were initially recorded at fair value as a financing fee asset and were amortized over the period of the note to interest expense. The issue date fair value of these warrants was $47,000. | |||||||||||||||||||||||||||||||||||||||||||||||
On February 11, 2013, John Pappajohn agreed to limit certain anti-dilution rights in his warrants to purchase shares of the Company’s common stock. Subject to the consummation of an IPO prior to April 13, 2013, Mr. Pappajohn agreed that if the final IPO price was below $15.00, the exercise price of the warrants held by him would adjust to $15.00 and the number of shares underlying the warrants would be adjusted as if the IPO price were $15.00 and then there would be no further adjustment to the price or number of shares covered by warrants held by him. In February 2013, certain warrant holders agreed to waive the price and share adjustment provisions of their warrants, except for the anti-dilution provisions related to stock splits, subdivisions and combinations, with respect to an aggregate of 114,030 shares of common stock underlying such warrants, effective immediately following the consummation of our IPO on April 10, 2013 at $10.00 per share. | |||||||||||||||||||||||||||||||||||||||||||||||
On April 10, 2013, the Company completed the IPO at $10.00 per share. The shares of common stock issuable upon the exercise of warrants increased by 838,889 shares and the exercise prices of 1,656,860 warrants were adjusted as a result of share and exercise price adjustment features in certain warrants. | |||||||||||||||||||||||||||||||||||||||||||||||
On April 29, 2013, the Company received $96,000 from shareholders who exercised warrants to purchase 24,000 shares of common stock at $4.00 per share. | |||||||||||||||||||||||||||||||||||||||||||||||
On July 6, 2013, a warrant holder exercised a warrant to purchase 6,000 shares of common stock at an exercise price of $4.00 per share using the net issuance exercise method whereby 2,072 shares were surrendered as payment in full of the exercise price resulting in a net issuance of 3,928 shares. | |||||||||||||||||||||||||||||||||||||||||||||||
On July 8, 2013, the Company received $96,000 from shareholders who exercised warrants to purchase 24,000 shares of common stock at $4.00 per share. | |||||||||||||||||||||||||||||||||||||||||||||||
On September 10, 2013 and September 27, 2013, the Company extended the expiration date of 42,468 warrants for 17 days and 11 days respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
On September 30, 2013, warrant holders exercised warrants to purchase 30,034 shares of common stock at an exercise price of $10.00 per share using the net issuance exercise method whereby 14,313 shares were surrendered as payment in full of the exercise price resulting in a net issuance of 15,721 shares. | |||||||||||||||||||||||||||||||||||||||||||||||
On October 7, 2013 and October 8, 2013, warrant holders exercised warrants to purchase 33,868 shares of common stock, at exercise prices ranging from $10.00 – $14.10 per share, using the net issuance exercise method whereby 23,188 shares were surrendered as payment in full of the exercise price resulting in a net issuance of 10,680 shares. | |||||||||||||||||||||||||||||||||||||||||||||||
In January 2014, the Company received $950 from a warrant holder who exercised warrants to purchase 95 shares of common stock at $10.00 per share. In February 2014 a warrant holder exercised warrants to purchase 3,320 shares of common stock at an exercise price of $10.00 per share using the net issuance exercise method whereby 1,661 shares were surrendered in payment in full of the exercise price resulting in a net issuance of 1,659 shares. In March 2014 a warrant holder exercised warrants to purchase 12,500 shares of common stock at an exercise price of $10.00 per share using the net issuance exercise method whereby 7,230 shares were surrendered in payment in full of the exercise price resulting in a net issuance of 5,270 shares. In June 2014, we received $177,154 from Mr. Pappajohn who exercised warrants to purchase 44,288 shares of common stock at an exercise price of $4.00 per share. | |||||||||||||||||||||||||||||||||||||||||||||||
In July 2014, warrant holders exercised warrants to purchase 130,000 shares of common stock at an exercise price of $4.00 per share using the net issuance exercise method whereby 45,894 shares were surrendered in payment in full of the exercise price resulting in a net issuance of 84,106 shares. | |||||||||||||||||||||||||||||||||||||||||||||||
In October 2014, 470,833 warrants expired unexercised, of which 233,333 were warrants held by Mr. Pappajohn. | |||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the warrant activity for the years ending December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||
Issued With / For | Exercise | Warrants | 2012 | 2012 | 2012 | 2012 | Warrants | 2013 | 2013 | 2013 | IPO | Warrants | 2014 | 2014 | Warrants | ||||||||||||||||||||||||||||||||
Price | Outstanding | Warrants | Warrants | Warrants | Warrants | Outstanding | Warrants | Warrants | Warrants | Adjustments | Outstanding | Warrants | Warrants | Outstanding | |||||||||||||||||||||||||||||||||
January 1, | Issued | Exercised | Surrendered | Expired | December 31, | Issued | Exercised | Expired | (E) | December 31, | Exercised | Expired | December 31, | ||||||||||||||||||||||||||||||||||
2012 | 2012 | 2013 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Non-Derivative Warrants: | |||||||||||||||||||||||||||||||||||||||||||||||
Financing | $ | 10 | — | — | — | — | — | — | — | — | — | 243,334 | 243,334 | — | — | 243,334 | |||||||||||||||||||||||||||||||
Financing | 14.1 | 8,865 | — | (2,482 | ) | — | (6,383 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Financing | 15 | — | — | — | — | — | — | — | — | — | 436,079 | 436,079 | — | — | 436,079 | ||||||||||||||||||||||||||||||||
Debt Guarantee | 4 | 228,288 | — | — | — | — | 228,288 | — | (54,000 | ) | — | — | 174,288 | (174,288 | ) | — | — | ||||||||||||||||||||||||||||||
Debt Guarantee | 10 | — | — | — | — | — | — | — | — | — | 237,500 | 237,500 | — | (237,500 | ) | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 15 | — | — | — | — | — | — | — | — | — | 585,645 | 585,645 | — | (233,333 | ) | 352,312 | |||||||||||||||||||||||||||||||
Series A Pref. Stock | 10.75 | 30,000 | — | (30,000 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Series A Pref. Stock | 14.1 | 89,214 | — | (18,616 | ) | — | (5,269 | ) | 65,329 | — | (29,868 | ) | (35,461 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Consulting | 10 | — | — | — | — | — | — | — | — | — | 29,138 | 29,138 | — | — | 29,138 | ||||||||||||||||||||||||||||||||
13.72 F | 356,367 | — | (51,098 | ) | — | (11,652 | ) | 293,617 | — | (83,868 | ) | (35,461 | ) | 1,531,696 | 1,705,984 | (174,288 | ) | (470,833 | ) | 1,060,863 | |||||||||||||||||||||||||||
Derivative Warrants: | |||||||||||||||||||||||||||||||||||||||||||||||
Series A Pref. Stock | 4.00 A | 7,325 | — | (3,812 | ) | — | (3,513 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Financing | 10.00 B | — | — | — | — | — | — | — | — | — | 60,000 | 60,000 | — | — | 60,000 | ||||||||||||||||||||||||||||||||
Financing | 25.00 B | 60,000 | — | — | — | — | 60,000 | — | — | — | (60,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Financing | 42.50 BCD | 42,353 | 189,117 | — | (156,176 | ) | — | 75,294 | — | — | — | (75,294 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Financing | 42.50 AD | — | 54,314 | — | — | — | 54,314 | 2,941 | — | — | (57,255 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Financing | 42.50 ACD | — | 120,865 | — | — | — | 120,865 | 6,471 | — | — | (127,336 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 10.00 A | — | — | — | — | — | — | — | — | — | 12,500 | 12,500 | (12,500 | ) | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 25.00 ACD | 212,000 | — | — | — | — | 212,000 | — | — | — | (212,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 25.00 AD | 100,000 | — | — | — | — | 100,000 | — | — | — | (100,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 32.45 AC | 40,000 | — | — | — | — | 40,000 | — | — | — | (40,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 42.50 ACD | — | 75,392 | — | (37,000 | ) | — | 38,392 | — | — | — | (38,392 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Debt Guarantee | 42.50 BCD | — | 37,000 | — | — | — | 37,000 | — | — | — | (37,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Series B Pref. Stock | 10.00 B | — | — | — | — | — | — | — | (34,034 | ) | — | 52,464 | 18,430 | (3,415 | ) | — | 15,015 | ||||||||||||||||||||||||||||||
Series B Pref. Stock | 25.00 B | 52,464 | — | — | — | — | 52,464 | — | — | — | (52,464 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Consulting | 10.00 B | — | — | — | — | — | — | — | — | — | 200 | 200 | — | — | 200 | ||||||||||||||||||||||||||||||||
Consulting | 12.50 AD | 4,030 | — | — | — | — | 4,030 | — | — | — | (4,030 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Consulting | 14.10 AD | 10,000 | — | — | — | — | 10,000 | — | — | — | (10,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Consulting | 25.00 BD | 200 | — | — | — | — | 200 | — | — | — | (200 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Consulting | 25.00 AD | 4,000 | — | — | — | — | 4,000 | — | — | — | (4,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
10.00 F | 532,372 | 476,688 | (3,812 | ) | (193,176 | ) | (3,513 | ) | 808,559 | 9,412 | (34,034 | ) | — | (692,807 | ) | 91,130 | (15,915 | ) | — | 75,215 | |||||||||||||||||||||||||||
13.47 F | 888,739 | 476,688 | (54,910 | ) | (193,176 | ) | (15,165 | ) | 1,102,176 | 9,412 | (117,902 | ) | (35,461 | ) | 838,889 | 1,797,114 | (190,203 | ) | (470,833 | ) | 1,136,078 | ||||||||||||||||||||||||||
_________________________ | |||||||||||||||||||||||||||||||||||||||||||||||
A | These warrants are subject to fair value accounting and contain exercise price and number of share adjustment features. See Note 13. | ||||||||||||||||||||||||||||||||||||||||||||||
B | These warrants are subject to fair value accounting and contain an exercise price adjustment feature. See Note 13. | ||||||||||||||||||||||||||||||||||||||||||||||
C | On February 11, 2013, these warrants held by John Pappajohn were amended to limit the adjustment feature(s) to $15.00 per share in an initial public offering (totaling 530,022 warrants). | ||||||||||||||||||||||||||||||||||||||||||||||
D | The exercise price and/or number of share adjustment features of these warrants expired and are no longer subject to fair value accounting after our initial public offering. | ||||||||||||||||||||||||||||||||||||||||||||||
E | On April 10, 2013 the Company completed the IPO at $10.00 per share. The shares of common stock issuable upon the exercise of warrants outstanding as of April 10, 2013 increased by 838,889 shares and the exercise prices of 1,656,860 warrants were adjusted as a result of the share and exercise price adjustment features described above. | ||||||||||||||||||||||||||||||||||||||||||||||
F | Weighted average exercise prices are as of December 31, 2014. |
Fair_Value_of_Warrants
Fair Value of Warrants | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value of Warrants | Fair Value of Warrants | ||||||||||||||||||||||||
The following tables summarize the assumptions used in computing the fair value of derivative warrants subject to fair value accounting at the date of issue during the years ended December 31, 2014, 2013 and 2012 and at December 31, 2014, December 31, 2013 and April 5, 2013 (IPO valuation date). In computing the fair value of the warrants, if the stated exercise price of the warrants exceeded the assumed value of the Company stock at the date the fair value was being computed, the exercise price and number of shares (if applicable) underlying the warrants were adjusted to reflect an assumed trigger of the price and/or share adjustment features related to the applicable warrants. Such adjustments were only applicable to 2012 and 2013 due to the relative price of the warrants and the assumed Company stock price: | |||||||||||||||||||||||||
Debt Guarantee | Exercised During the year ended December 31, 2014 | Issued During the year ended December 31, 2012 | As of December 31, 2013 | IPO Date | |||||||||||||||||||||
April 5, 2013 | |||||||||||||||||||||||||
Exercise Price | $ | 10 | $ | 9.6 | $ | 10 | $ | 13.56 | |||||||||||||||||
Expected life (years) | 0.6 | 4.66 | 0.83 | 2.42 | |||||||||||||||||||||
Expected volatility | 49.01 | % | 80.05 | % | 57.33 | % | 66.37 | % | |||||||||||||||||
Risk-free interest rate | 0.08 | % | 0.82 | % | 0.13 | % | 0.32 | % | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||||
Series B | Exercised During the Year Ended December 31, 2014 | As of December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Exercise Price | $ | 10 | $ | 10 | $ | 10 | |||||||||||||||||||
Expected life (years) | 1.72 | 0.88 | 1.92 | ||||||||||||||||||||||
Expected volatility | 46.6 | % | 49.95 | % | 59.26 | % | |||||||||||||||||||
Risk-free interest rate | 0.33 | % | 0.25 | % | 0.38 | % | |||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
As of December 31, | IPO Date | ||||||||||||||||||||||||
Consulting | 2014 | 2013 | April 5, 2013 | ||||||||||||||||||||||
Exercise Price | $ | 10 | $ | 10 | $ | 10 | |||||||||||||||||||
Expected life (years) | 1.14 | 2.14 | 2.33 | ||||||||||||||||||||||
Expected volatility | 49.25 | % | 62.63 | % | 63.2 | % | |||||||||||||||||||
Risk-free interest rate | 0.25 | % | 0.38 | % | 0.27 | % | |||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Issued During | As of December 31, | IPO Date | |||||||||||||||||||||||
the Year Ended | April 5, | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Financing | 2014 | 2013 | 2014 | 2013 | 2013 | ||||||||||||||||||||
Exercise Price | $ | — | $ | 13.34 | $ | 10 | $ | 10 | $ | 13.21 | |||||||||||||||
Expected life (years) | 0 | 9.78 | 1.23 | 2.25 | 8.3 | ||||||||||||||||||||
Expected volatility | — | % | 74.7 | % | 50.23 | % | 64.4 | % | 73.22 | % | |||||||||||||||
Risk-free interest rate | — | % | 1.95 | % | 0.25 | % | 0.38 | % | 1.44 | % | |||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||
The assumed ranges of Company stock prices used in computing the warrant fair value for warrants issued during the year is as follows: in 2014, $6.68—$19.86; in 2013, $9.60—$20.26; in 2012, $9.60—$33.80. In determining the fair value of warrants issued at each reporting date, the assumed Company stock price was $6.68 and $13.78 (the closing price on the NASDAQ Capital Market) at December 31, 2014 and 2013. | |||||||||||||||||||||||||
The following table summarizes the derivative warrant activity subject to fair value accounting for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||
Issued with | Issued with | Issued For | Issued For | Issued For | Total | ||||||||||||||||||||
Series A | Series B | Debt | Consulting | Financing | |||||||||||||||||||||
Preferred | Preferred | Guarantee | |||||||||||||||||||||||
Stock | Stock | ||||||||||||||||||||||||
Fair value of warrants outstanding as of January 1, 2012 | $ | 220,000 | $ | 1,160,000 | $ | 6,993,000 | $ | 447,000 | $ | 2,293,000 | $ | 11,113,000 | |||||||||||||
Fair value of warrants issued | — | — | 1,583,000 | — | 4,961,000 | 6,544,000 | |||||||||||||||||||
Fair value of warrants exercised | (55,000 | ) | — | — | — | — | (55,000 | ) | |||||||||||||||||
Warrant restructuring | — | — | 268,000 | — | 2,217,000 | 2,485,000 | |||||||||||||||||||
Change in fair value of warrants | (165,000 | ) | (930,000 | ) | (3,165,000 | ) | (300,000 | ) | (2,978,000 | ) | (7,538,000 | ) | |||||||||||||
Fair value of warrants outstanding as of December 31, 2012 | — | 230,000 | 5,679,000 | 147,000 | 6,493,000 | 12,549,000 | |||||||||||||||||||
Fair value of warrants issued | — | — | — | — | 268,000 | 268,000 | |||||||||||||||||||
Fair value of warrants exercised | — | (420,000 | ) | — | — | — | (420,000 | ) | |||||||||||||||||
Reclassification to equity in IPO | — | — | (2,514,000 | ) | (108,000 | ) | (4,548,000 | ) | (7,170,000 | ) | |||||||||||||||
Change in fair value of warrants | — | 307,000 | (3,101,000 | ) | (38,000 | ) | (1,801,000 | ) | (4,633,000 | ) | |||||||||||||||
Fair value of warrants outstanding as of December 31, 2013 | — | 117,000 | 64,000 | 1,000 | 412,000 | 594,000 | |||||||||||||||||||
Fair value of warrants exercised | — | (38,000 | ) | (87,000 | ) | — | — | (125,000 | ) | ||||||||||||||||
Change in fair value of warrants | — | (71,000 | ) | 23,000 | (1,000 | ) | (368,000 | ) | (417,000 | ) | |||||||||||||||
Fair value of warrants outstanding as of December 31, 2014 | $ | — | $ | 8,000 | $ | — | $ | — | $ | 44,000 | $ | 52,000 | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, the Topic establishes a fair value hierarchy for valuation inputs that give the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | |||||||||||||||
The fair value hierarchy is as follows: | |||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that we have the ability to access as of the measurement date. | |||||||||||||||
Level 2: Significant other 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. | |||||||||||||||
Level 3: Significant unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||
The following table summarizes the financial liabilities measured at fair value on a recurring basis segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: | |||||||||||||||
2014 | |||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Warrant liability | $ | 52,000 | — | — | $ | 52,000 | |||||||||
Gentris contingent consideration | 293,400 | — | — | 293,400 | |||||||||||
Notes payable to VenturEast | 534,828 | — | — | 534,828 | |||||||||||
$ | 880,228 | — | — | $ | 880,228 | ||||||||||
2013 | |||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Warrant liability | $ | 594,000 | — | — | $ | 594,000 | |||||||||
The warrant liability consists of stock warrants we issued that contain an exercise price adjustment feature. In accordance with derivative accounting for warrants, we calculated the fair value of warrants and the assumptions used are described in Note 13, “Fair Value of Warrants”. Realized and unrealized gains and losses related to the change in fair value of the warrant liability are included in other income (expense) on the Consolidated Statement of Operations. | |||||||||||||||
The value of the Gentris contingent consideration was determined using a discounted cash flow of the expected payments required by the purchase agreement. | |||||||||||||||
The ultimate payment to VenturEast will be the value of 84,278 shares of common stock at the time of payment. The value of the note payable to VenturEast was determined using the fair value of our common stock less a discount for credit risk. During the year ended December 31, 2014 we recognized a gain of $198,000 due to the decrease in value of the note. Realized and unrealized gains and losses related to the change in fair value of the note are included in other income (expense) on the Consolidated Statement of Operations. | |||||||||||||||
A table summarizing the activity for the derivative warrant liability which is measured at fair value using Level 3 inputs is presented in Note 13. The following table summarizes the activity of the notes payable to VenturEast and Gentris contingent consideration which were measured at fair value using Level 3 inputs: | |||||||||||||||
Note Payable | Gentris Contingent | ||||||||||||||
to VenturEast | Consideration | ||||||||||||||
Fair value at January 1, 2014 | $ | — | $ | — | |||||||||||
Fair value at issuance | 733,387 | 293,400 | |||||||||||||
Change in fair value | (198,559 | ) | — | ||||||||||||
Fair value at December 31, 2014 | $ | 534,828 | $ | 293,400 | |||||||||||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
In the normal course of business, the Company is involved in various claims and legal proceedings. In the opinion of management, the ultimate liability or disposition thereof is not expected to have a material adverse effect on our financial condition, results of operations or liquidity. |
Joint_Venture_Agreement
Joint Venture Agreement | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture Agreement | Joint Venture Agreement |
In November 2011, we entered into an affiliation agreement with the Mayo Foundation for Medical Education and Research (“Mayo”), subsequently amended. Under the agreement, we formed a joint venture with Mayo in May 2013 to focus on developing oncology diagnostic services and tests utilizing next generation sequencing. The joint venture is a limited liability company, with each party initially holding fifty percent of the issued and outstanding membership interests of the new entity (the “JV”). In exchange for our membership interest in the JV, we made an initial capital contribution of $1.0 million in October 2013. In addition, we issued 10,000 shares of our common stock to Mayo pursuant to our affiliation agreement and recorded an expense of approximately $175,000. We also recorded additional expense of approximately $231,000 during the fourth quarter of 2013 related to shares issued to Mayo in November of 2011 as the JV achieved certain performance milestones. In the third quarter of 2014 we made an additional $1.0 million capital contribution. | |
The agreement also requires aggregate total capital contributions by us of up to an additional $4.0 million. We currently anticipate that we will make capital contributions of $1.0 million in the second quarter of 2015. The timing of the remaining installments is subject to the JV's achievement of certain operational milestones agreed upon by the board of governors of the JV. In exchange for its membership interest, Mayo’s capital contribution will take the form of cash, staff, services, hardware and software resources, laboratory space and instrumentation, the fair market value of which will be approximately equal to $6.0 million. Mayo’s continued contribution will also be conditioned upon the JV’s achievement of certain milestones. | |
The joint venture is considered a variable interest entity under ASC 810-10, but we are not the primary beneficiary as we do not have the power to direct the activities of the joint venture that most significantly impact its performance. Our evaluation of ability to impact performance is based on our equal board membership and voting rights and day to day management functions which are performed by the Mayo personnel. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
John Pappajohn, a member of the Board of Directors and stockholder, had personally guaranteed our revolving line of credit with Wells Fargo Bank through March 31, 2014. As consideration for his guarantee, as well as each of the eight extensions of this facility through March 31, 2014, Mr. Pappajohn received warrants to purchase an aggregate of 1,051,506 shares of common stock of which Mr. Pappajohn assigned warrants to purchase 284,000 shares of common stock to certain third parties. Through December 31, 2014, warrants to purchase 440,113 shares of common stock have been exercised by Mr. Pappajohn and 233,333 warrants to purchase common stock have expired. After adjustment pursuant to the terms of the warrants in conjunction with our IPO, the number of these warrants outstanding retained by Mr. Pappajohn was 352,312 at $15.00 per share on December 31, 2014. | |
In addition, John Pappajohn also had loaned us an aggregate of $6,750,000 (all of which was converted into 675,000 shares of common stock at the IPO price of $10.00 per share). In connection with these loans, Mr. Pappajohn received warrants to purchase an aggregate of 202,630 shares of common stock. After adjustment pursuant to the terms of the warrants in conjunction with our IPO, the number of warrants outstanding was 436,079 at $15.00 per share at December 31, 2014. | |
Effective January 6, 2014, the board of directors appointed John Pappajohn to serve as the Chairman of the Board, a position previously held by Dr. Raju S.K. Chaganti. As compensation for serving as the Chairman of the Board, the Company will pay Mr. Pappajohn $100,000 per year and granted to Mr. Pappajohn 25,000 restricted shares of the Company's common stock, and options to purchase an aggregate of 100,000 shares of the Company's common stock. The options have a term of ten years from the date on which they were granted. The restricted stock and the options each vest in two equal installments on the one year anniversary and the two year anniversary of the date on which Mr. Pappajohn became the Chairman of the Board. | |
In August 2010, we entered into a consulting agreement with Equity Dynamics, Inc. (“EDI”), an entity controlled by John Pappajohn, pursuant to which EDI received a monthly fee of $10,000. The consulting agreement was terminated effective March 31, 2014. Subsequently the Company entered into a new consulting agreement with EDI effective April 1, 2014 pursuant to which it will receive a monthly fee of $10,000. We expensed $120,000 annually for the years ended December 31, 2014, 2013 and 2012 related to this agreement. | |
On May 19, 2006, we issued a convertible promissory note in favor of our then Chairman and founder, Dr. Chaganti, the holder, which obligated us to pay the holder the sum of $100,000, together with interest at the rate of 8.5% per annum, due April 1, 2014. Interest expense was $2,400 and $8,400 for the years ended December 31, 2013 and 2012, respectively. On April 10, 2013 the note and accrued interest converted into 13,430 shares of common stock at the IPO price of $10.00 per share. Pursuant to a consulting and advisory agreement, Dr. Chaganti also received options to purchase a total of 36,000 shares of common stock at a price of $10.00 per share which vested over a two year period. Total non-cash stock-based compensation recognized under the consulting agreement for the years ended December 31, 2014, 2013 and 2012 was $0, $76,220 and $430,600, respectively. Additionally, on September 15, 2010, we entered into a three year consulting agreement with Dr. Chaganti which was subsequently renewed through December 31, 2016 pursuant to which Dr. Chaganti receives $5,000 per month for providing consulting and technical support services. Total expenses for each of the years ended December 31, 2014, 2013 and 2012 were $60,000. Pursuant to the terms of the renewed consulting agreement, Dr. Chaganti received an option to purchase 200,000 shares of our common stock at a purchase price of $15.89 per share vesting over a period of four years. Total non-cash stock-based compensation recognized under this consulting agreement for the years ended December 31, 2014, 2013 and 2012 were $341,000, $0 and $0. Also pursuant to the consulting agreement, Dr. Chaganti assigned to us all rights to any inventions which he may invent during the course of rendering consulting services to us. In exchange for this assignment, if the USPTO issues a patent for an invention on which Dr. Chaganti is listed as an inventor, we are required to pay Dr. Chaganti (i) a one-time payment of $50,000 and (ii)1% of any net revenues we receive from any licensed sales of the invention. In 2014 we paid Dr. Chaganti $150,000 which was recognized as an expense in fiscal 2013 when three patents were issued. Also in February 2015, we paid Dr. Chaganti $150,000 for which was recognized as an expense in 2014 when three additional patents were issued. | |
Andrew Pecora (indirectly through an investment company), when a member of our board of directors, and NNJCA, a limited liability company of which Dr. Pecora is a member originally provided $0.5 and $1.5 million of financing, respectively, under a Credit Agreement dated as of December 21, 2011, as amended and restated as of February 13, 2012. On April 10, 2013, NNJCA converted $0.5 million of its outstanding indebtedness into 50,000 shares of our common stock at the IPO price of $10.00 per share concurrent with our IPO. On August 19, 2013, the remaining principal under these notes were repaid to Dr. Pecora and NNJCA using a portion of the proceeds from our Secondary Offering. The loan bore an annual interest rate equal to the prime rate plus 6.25% (9.50% at August 19, 2013). We paid a pre-payment penalty due to Pecora and NNJCA of $130,000 of which $32,667 was paid upon conversion of the notes and the remaining balance paid on August 19, 2013. | |
On August 15, 2010, we entered into a two-year consulting agreement with Dr. Pecora, then a member of our board of directors, pursuant to which Dr. Pecora received $5,000 per month for providing consulting and advisory services. The cash component of this agreement was terminated by mutual consent in August 2011. Dr. Pecora also received stock options under the consulting and advisory agreement to purchase a total of 12,000 shares of common stock at price of $25.00 per share which vested over a two year period. Total expenses for 2014, 2013 and 2012 under the consulting agreement were $0 , $0, $142,740, respectively, expensed under the stock option plan. | |
In February 2012, we granted 28,235 warrants proportionately to Pecora and NNJCA upon their funding of $0.5 million and $1.5 million, respectively, under a new Credit Agreement. (See Notes 6 and 12). On May 15, 2012 and on August 14, 2012, we issued 4,706 of these warrants proportionately to Pecora and NNJCA (Notes 6 and 12). On October 15, 2012, Dr. Pecora and NNJCA agreed to surrender warrants to purchase an aggregate of 37,646 shares of our common stock issued in connection with this transaction in exchange for an amendment to increase the pre-payment penalties by $130,000. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: We prepare our financial statements on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. |
Segment Reporting | Segment Reporting: Operating segments are defined as components of an enterprise about which separate discrete information is used by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. We view our operations and manage our business in one operating segment, which is the business of developing and selling diagnostic tests. |
Liquidity | Liquidity: Our primary sources of liquidity have been funds generated from our debt financings and equity financings. In addition, we have generated funds from the following sources: (i) cash collections from our customers; (ii) grants from the National Institutes of Health and (iii) the sale of State of New Jersey net operating loss carryforwards. |
Principles of consolidation | Principles of consolidation: The accompanying consolidated financial statements include the accounts of Cancer Genetics, Inc. and our wholly owned subsidiaries, Cancer Genetics Italia S.r.l (“CGI Italia”), Gentris LLC (from July 16, 2014) and CGI India (BioServe) (from August 18, 2014). |
All significant intercompany account balances and transactions have been eliminated in consolidation. | |
Use of estimates and assumptions | Use of estimates and assumptions: The preparation of 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 contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include, among others, realization of amounts billed, realization of long-lived assets, realization of intangible assets, accruals for litigation and registration payments, assumptions used to value stock options, warrants and goodwill and the valuation of assets acquired and liabilities assumed from acquisitions. Actual results could differ from those estimates. |
Risks and uncertainties | Risks and uncertainties: We operate in an industry that is subject to intense competition, government regulation and rapid technological change. Our operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, foreign operations, and other risks, including the potential risk of business failure. |
Cash and cash equivalents | Cash and cash equivalents: Highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents. We maintain cash and cash equivalents with high-credit quality financial institutions. At times, such amounts may exceed insured limits. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on our cash and cash equivalents. |
Revenue recognition | Revenue recognition: Revenue is recognized in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, and ASC 954-605 Health Care Entities, Revenue Recognition which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence that an arrangement exists; (2) delivery has occurred and title and the risks and rewards of ownership have been transferred to the customer or services have been rendered; (3)the price is fixed or determinable; and (4) collectability is reasonably assured. In determining whether the price is fixed or determinable, we consider payment limits imposed by insurance carriers and Medicare and the amount of revenue recorded takes into account the historical percentage of revenue we have collected for each type of test for each payor category. Periodically, an adjustment is made to revenue to record differences between our anticipated cash receipts from insurance carriers and Medicare and actual receipts from such payors. For the periods presented, such adjustments were not significant. For some Clinical Service and Biopharma customers billed directly, revenue is recorded based upon the contractually agreed upon fee schedule. When assessing collectability, we consider whether we have sufficient payment history to reliably estimate a payor’s individual payment patterns. For new tests where there is no evidence of payment history at the time the tests are completed, we only recognize revenues once reimbursement experience can be established. We then recognize revenue equal to the amount of cash received. We do not bill customers for shipping and handling fees and do not collect any sales or other taxes. |
Revenues from grants to support product development are recognized when costs and expenses under the terms of the grant have been incurred and payments under the grants become contractually due. | |
Accounts receivable | Accounts receivable: Accounts receivable are carried at original invoice amount less an estimate for contractual adjustments and doubtful receivables, the amounts of which are determined by an analysis of individual accounts. Our policy for assessing the collectability of receivables is dependent upon the major payor source of the underlying revenue. For direct bill clients, an assessment of credit worthiness is performed prior to initial engagement and is reassessed periodically. If deemed necessary, an allowance is established on receivables from direct bill clients. For insurance carriers where there is not an established pattern of collection, revenue is not recorded until cash is received. For receivables where insurance carriers have made payments to patients instead of directing payments to the Company, an allowance is established for a portion of such receivables. After reasonable collection efforts are exhausted, amounts deemed to be uncollectible are written off against the allowance for doubtful accounts. Since the Company only recognizes revenue to the extent it expects to collect such amounts, bad debt expense related to receivables from patient service revenue is recorded in general and administrative expense in the consolidated statement of operations. Recoveries of accounts receivable previously written off are recorded when received. |
Deferred revenue | Deferred revenue: Payments received in advance of services rendered are recorded as deferred revenue and are subsequently recognized as revenue in the period in which the services are performed. |
Fixed assets | Fixed assets: Fixed assets consist of diagnostic equipment, furniture and fixtures and leasehold improvements. Fixed assets are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, which generally range from five to seven years. Leasehold improvements are depreciated over the lesser of the lease term or the estimated useful lives of the improvements using the straight-line method. Repairs and maintenance are charged to expense as incurred while improvements are capitalized. Upon sale, retirement or disposal of fixed assets, the accounts are relieved of the cost and the related accumulated depreciation with any gain or loss recorded to the consolidated statement of operations. |
Fixed assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These computations utilize judgments and assumptions inherent in our estimate of future cash flows to determine recoverability of these assets. If our assumptions about these assets were to change as a result of events or circumstances, we may be required to record an impairment loss. | |
Goodwill | Goodwill: Goodwill resulted from the purchases of Gentris and BioServe in 2014 as described in Note 1. In accordance with ASC 350, Intangibles - Goodwill and Other, we are required to test goodwill for impairment and adjust for impairment losses, if any, at least annually and on an interim basis if an event or circumstance indicates that it is likely impairment has occurred. Our annual goodwill impairment testing date is October 1 of each year. |
Loan guarantee and financing fees | Loan guarantee and financing fees: Loan guarantee fees are amortized on a straight-line basis over the term of the guarantee. Financing fees are amortized using the effective interest method over the term of the related debt. |
Warrant liability | Warrant liability: We have issued certain warrants which contain an exercise price adjustment feature in the event we issue additional equity instruments at a price lower than the exercise price of the warrant. The warrants are described herein as derivative warrants. We account for these derivative warrants as liabilities. These common stock purchase warrants do not trade in an active securities market, and as such, we estimate the fair value of these warrants using the binomial lattice valuation pricing model with the assumptions as follows: The risk-free interest rate for periods within the contractual life of the warrant is based on the U.S. Treasury yield curve. The expected life of the warrants is based upon the contractual life of the warrants. Volatility is estimated based on an average of the historical volatilities of the common stock of four entities with characteristics similar to those of the Company. Prior to our IPO, the measurement date fair value of the underlying common shares was based upon an external valuation of our shares. (See Notes 12 and 13). Subsequent to the IPO and Secondary Offering, we used the closing price of our shares on the OTC Bulletin Board and the NASDAQ Capital Market, respectively. |
We compute the fair value of the warrant liability at each reporting period and the change in the fair value is recorded as non-cash expense or non-cash income. The key component in the value of the warrant liability is our stock price, which is subject to significant fluctuation and is not under our control. The resulting effect on our net income (loss) is therefore subject to significant fluctuation and will continue to be so until the warrants are exercised, amended or expire. Assuming all other fair value inputs remain constant, we will record non-cash expense when the stock price increases and non-cash income when the stock price decreases. | |
Income taxes | Income taxes: Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred income taxes. Deferred income taxes are recognized for temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Deferred income taxes are also recognized for net operating loss carryforwards that are available to offset future taxable income and research and development credits. |
Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We have established a full valuation allowance on our deferred tax assets as of December 31, 2014 and 2013, therefore we have not recognized any tax benefit or expense in the periods presented. | |
ASC 740, Income Taxes, clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740 provides that a tax benefit from uncertain tax positions may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. ASC 740 also provides guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At December 31, 2014 and 2013 we had no uncertain tax positions. | |
Our policy is to recognize interest and/or penalties related to income tax matters in income tax expense. | |
Patents | Patents: We account for intangible assets under ASC 350-30. Patents consist of legal fees incurred and are recorded at cost and amortized over the useful lives of the assets, using the straight-line method. Certain patents are in the legal application process and therefore are not currently being amortized. We review the carrying value of patents at the end of each reporting period. |
Research and development | Research and development: Research and development costs associated with service and product development include direct costs of payroll, employee benefits, stock-based compensation and supplies and an allocation of indirect costs including rent, utilities, depreciation and repairs and maintenance. All research and development costs are expensed as they are incurred. |
Registration payment arrangements | Registration payment arrangements: We account for our obligations under registration payment arrangements in accordance with ASC 825-20, Registration Payment Arrangements. ASC 825-20 requires us to record a liability if we determine a registration payment is probable and if it can reasonably be estimated. |
Stock-based compensation | Stock-based compensation: Stock-based compensation is accounted for in accordance with the provisions of ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. We estimate the fair value of stock-based awards on the date of grant using the Black-Scholes option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. See additional information in Note 11. |
All issuances of stock options or other issuances of equity instruments to employees as the consideration for services received by us are accounted for based on the fair value of the equity instrument issued. | |
We account for stock-based compensation awards to non-employees in accordance with ASC 505-50, Equity Based Payments to Non-Employees. Under ASC 505-50, we determine the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Stock-based compensation awards issued to non-employees are recorded in expense and additional paid-in capital in stockholders’ equity (deficit) over the applicable service periods based on the fair value of the awards or consideration received at the vesting date. | |
Fair value of financial instruments | Fair value of financial instruments: The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, approximate their estimated fair values due to the short term maturities of those financial instruments. These financial instruments are considered Level 1 measurements under the fair value hierarchy. The fair values of our notes payable, lines of credit and capital leases approximate carrying value under Level 2 of the fair value hierarchy. |
Joint venture accounted for under the equity method | Joint venture accounted for under the equity method: The Company records its joint venture investment following the equity method of accounting, reflecting its initial investment in the joint venture and its share of the joint venture’s net earnings or losses and distributions. |
Subsequent events | Subsequent events: We have evaluated potential subsequent events through the date the financial statements were issued. |
New accounting pronouncement | Recent Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for the Company in the first quarter of fiscal year 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on the consolidated financial statements. |
Earnings (loss) per share | Earnings (loss) per share: Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares assumed to be outstanding during the period of computation. Diluted earnings per share is computed similar to basic earnings per share except that the numerator is adjusted for the change in fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of dilutive potential common shares outstanding during the period using the treasury stock method. |
Organization_Acquisitions_Desc1
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Pro Forma Information | The following table provides certain proforma financial information for the Company as if the acquisitions discussed above occurred on January 1, 2012: | |||||||||||
Unaudited | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue | $ | 14,365,402 | $ | 15,767,519 | $ | 12,528,553 | ||||||
Net loss | (18,498,333 | ) | (13,677,432 | ) | (7,918,262 | ) | ||||||
Basic net loss per share | $ | (1.94 | ) | $ | (2.82 | ) | $ | (5.20 | ) | |||
Dilutive net loss per share | (1.98 | ) | (3.77 | ) | (10.13 | ) | ||||||
Gentris Corporation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition | The total consideration for the Gentris acquisition is as follows: | |||||||||||
Amount | ||||||||||||
Cash paid at closing | $ | 3,250,000 | ||||||||||
Issuance of 147,843 common shares | 1,271,745 | |||||||||||
Estimated fair value of contingent consideration | 293,400 | |||||||||||
Total Purchase Price | $ | 4,815,145 | ||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | he preliminary allocation of the total purchase price to the fair value of the assets acquired and liabilities assumed as of July 16, 2014 are as follows: | |||||||||||
Amount | ||||||||||||
Accounts receivable | $ | 1,869,097 | ||||||||||
Other current assets | 265,612 | |||||||||||
Current liabilities | (785,246 | ) | ||||||||||
Deferred revenue, long-term | (937,773 | ) | ||||||||||
Fixed Assets | 1,950,885 | |||||||||||
Goodwill | 2,452,570 | |||||||||||
Total Purchase Price | $ | 4,815,145 | ||||||||||
Bio Serve Biotechnologies India Private Limited | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Business Acquisitions, by Acquisition | The aggregate purchase price is as follows: | |||||||||||
Amount | ||||||||||||
Cash paid at closing | $ | 72,907 | ||||||||||
Notes payable due 12-18 months after closing | 23,708 | |||||||||||
Notes payable (value of 84,278 common shares) | 733,387 | |||||||||||
Issuance of 31,370 common shares | 244,247 | |||||||||||
Total Purchase Price | $ | 1,074,249 | ||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary allocation of the total purchase price to the fair value of the assets acquired and liabilities assumed as of August 18, 2014 are as follows: | |||||||||||
Amount | ||||||||||||
Accounts receivable | $ | 151,002 | ||||||||||
Other current assets | 120,528 | |||||||||||
Fixed Assets | 624,948 | |||||||||||
Other assets | 416,869 | |||||||||||
Goodwill | 541,565 | |||||||||||
Current liabilities | (758,614 | ) | ||||||||||
Other liabilities | (22,049 | ) | ||||||||||
Total Purchase Price | $ | 1,074,249 | ||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Computation of Basic Net Income (Loss) and Diluted Net Loss per Share Data | Basic net loss and diluted net loss per share data were computed as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net (loss) for basic earnings per share | $ | (16,642,919 | ) | $ | (12,372,553 | ) | $ | (6,665,627 | ) | ||||
Less change in fair value of warrant liability | 417,000 | 4,633,000 | 7,538,000 | ||||||||||
Net (loss) for diluted earnings per share | $ | (17,059,919 | ) | $ | (17,005,553 | ) | $ | (14,203,627 | ) | ||||
Denominator: | |||||||||||||
Weighted-average basic common shares outstanding | 9,449,189 | 4,665,316 | 1,342,174 | ||||||||||
Assumed conversion of dilutive securities: | |||||||||||||
Common stock purchase warrants | 12,474 | 10,658 | 3,987 | ||||||||||
Potentially dilutive common shares | 12,474 | 10,658 | 3,987 | ||||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares | 9,461,663 | 4,675,974 | 1,346,161 | ||||||||||
Basic net loss per share | $ | (1.76 | ) | $ | (2.65 | ) | $ | (4.97 | ) | ||||
Diluted net loss per share | $ | (1.80 | ) | $ | (3.64 | ) | $ | (10.55 | ) | ||||
Summary of Potentially Dilutive Adjustments to Weighted Average Number of Common Shares Excluded from Calculation | The following table summarizes potentially dilutive adjustments to the weighted average number of common shares which were excluded from the calculation: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common stock purchase warrants | $ | 1,060,863 | $ | 1,701,984 | $ | 1,102,176 | |||||||
Stock options | 1,839,458 | 873,542 | 553,340 | ||||||||||
Restricted shares of common stock | 132,500 | 7,500 | — | ||||||||||
Common shares issuable upon conversion of Series A Preferred Stock | — | — | 352,614 | ||||||||||
Common shares issuable upon conversion of Series B Preferred Stock | — | — | 364,320 | ||||||||||
$ | 3,032,821 | $ | 2,583,026 | $ | 2,372,450 | ||||||||
Schedule of Goodwill | |||||||||||||
Goodwill | |||||||||||||
Balance, December 31, 2013 | $ | — | |||||||||||
Purchased through acquisitions | 2,994,135 | ||||||||||||
Balance, December 31, 2014 | $ | 2,994,135 | |||||||||||
Revenue_and_Accounts_Receivabl1
Revenue and Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Schedule of Revenue by Payor Type | Revenue by service type for each of the years ended December 31 is comprised of the following: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Biopharma Services | $ | 5,605,780 | $ | 2,650,285 | $ | 578,505 | |||||||
Clinical Services | 4,432,272 | 3,662,795 | 3,166,118 | ||||||||||
Discovery Services | 161,335 | — | — | ||||||||||
Grants | — | 296,877 | 556,940 | ||||||||||
$ | 10,199,387 | $ | 6,609,957 | $ | 4,301,563 | ||||||||
Schedule of Accounts Receivable | Accounts receivable by service type at December 31, 2014 and 2013 consists of the following: | ||||||||||||
2014 | 2013 | ||||||||||||
Biopharma Services | $ | 3,203,335 | $ | 428,341 | |||||||||
Clinical Services | 1,925,176 | 1,174,698 | |||||||||||
Discovery Services | 151,285 | — | |||||||||||
Allowance for doubtful accounts | (251,176 | ) | (36,000 | ) | |||||||||
$ | 5,028,620 | $ | 1,567,039 | ||||||||||
Allowance for Doubtful Accounts | |||||||||||||
Balance, December 31, 2012 | $ | 36,000 | |||||||||||
Additions to Allowance for doubtful accounts | — | ||||||||||||
Deductions to Allowance for doubtful accounts | — | ||||||||||||
Balance, December 31, 2013 | 36,000 | ||||||||||||
Additions to Allowance for doubtful accounts | 215,176 | ||||||||||||
Deductions to Allowance for doubtful accounts | — | ||||||||||||
Balance, December 31, 2014 | $ | 251,176 | |||||||||||
Schedule of Product Information | The breakdown of our Clinical Services revenue (as a percent of total revenue) is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Medicare | 11 | % | 13 | % | 18 | % | |||||||
Other insurers | 16 | % | 25 | % | 32 | % | |||||||
Other healthcare facilities | 16 | % | 18 | % | 24 | % | |||||||
Total Clinical Services | 43 | % | 55 | % | 74 | % |
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Schedule of Other Current Assets | At December 31, 2014 and 2013, other current assets consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Inventory | $ | 279,894 | $ | 198,789 | |||||
Prepaid expenses | 911,320 | 593,950 | |||||||
Grants receivable | — | 71,877 | |||||||
$ | 1,191,214 | $ | 864,616 | ||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Minimum Future Lease Payments Under All Capital and Operating Leases | Minimum future lease payments under all capital and operating leases as of December 31, 2014 are as follows: | ||||||||||||
Capital | Operating | Total | |||||||||||
Leases | Leases | ||||||||||||
December 31, | |||||||||||||
2015 | $ | 74,280 | $ | 854,195 | $ | 928,475 | |||||||
2016 | 74,280 | 862,957 | 937,237 | ||||||||||
2017 | 61,625 | 870,407 | 932,032 | ||||||||||
2018 | 59,094 | 360,140 | 419,234 | ||||||||||
2019 | 59,094 | 320,885 | 379,979 | ||||||||||
Thereafter | 83,800 | 135,075 | 218,875 | ||||||||||
Total minimum lease payments | $ | 412,173 | $ | 3,403,659 | $ | 3,815,832 | |||||||
Less amount representing interest | 52,838 | ||||||||||||
Present value of net minimum obligations | 359,335 | ||||||||||||
Less current obligation under capital lease | 58,950 | ||||||||||||
Long-term obligation under capital lease | $ | 300,385 | |||||||||||
Notes_Payable_and_Lines_of_Cre1
Notes Payable and Lines of Credit (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Short-Term and Long-Term Debt Obligations | Below is a summary of our short-term and long-term debt obligations as of December 31, 2014 and 2013: | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Secured Note Payable, short-term | $ | — | $ | 22,298 | |||||
Notes Payable, Current Portion | $ | — | $ | 22,298 | |||||
Line of Credit, Current Portion | $ | — | $ | 6,000,000 | |||||
Lines of Credit, Current Portion | $ | — | $ | 6,000,000 | |||||
Lines of Credit, Long-Term | $ | 6,000,000 | |||||||
Lines of Credit, Long-Term | $ | 6,000,000 | $ | — | |||||
Conversion of Indebtedness into Shares of Common Stock | On April 10, 2013, we completed our IPO and converted the following indebtedness into shares of common stock at the IPO price of $10.00 per share: | ||||||||
Converted Amount | Common Shares | ||||||||
December 2011 Financing Transaction | $ | 4,500,000 | 450,000 | ||||||
2012 Convertible Debt Financing Transaction | 3,000,000 | 300,000 | |||||||
December 2012 Bridge Financing Transaction | 1,000,000 | 100,000 | |||||||
Business Lines of Credit (DAM) | 1,000,000 | 100,000 | |||||||
Other Note Payable and accrued interest | 134,300 | 13,430 | |||||||
$ | 9,634,300 | 963,430 | |||||||
Loss on Debt and Warrant Restructuring | In connection with these transactions, we recognized a loss on debt and warrant restructuring during 2012 as presented below: | ||||||||
Restated 2012 convertible debt financing transaction | $ | 1,506,512 | |||||||
Amend warrants granted for guarantee of business line of credit | 268,000 | ||||||||
Amend warrants granted for 2011 convertible debt financing transaction | 545,000 | ||||||||
Settle warrants granted for guarantee of business line of credit | (129,500 | ) | |||||||
Settle warrants granted for 2011 convertible debt financing transaction | (328,000 | ) | |||||||
Loss on debt and warrant restructuring - 2012 | $ | 1,862,012 | |||||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Fixed Assets | Fixed assets are summarized by major classifications as follows: | ||||||||
2014 | 2013 | ||||||||
Equipment | $ | 5,913,928 | $ | 2,513,066 | |||||
Furniture and fixtures | 548,093 | 461,119 | |||||||
Leasehold improvements | 869,578 | 595,689 | |||||||
7,331,599 | 3,569,874 | ||||||||
Less accumulated depreciation | (2,885,006 | ) | (2,305,250 | ) | |||||
Net fixed assets | $ | 4,446,593 | $ | 1,264,624 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Income Tax Reconciliation | The provision for income taxes for the years ended December 31, 2014, 2013 and 2012 differs from the approximate amount of income tax benefit determined by applying the U.S. federal income tax rate to pre-tax loss, due to the following: | |||||||||||||||||||||
For the Year Ended December 31, 2014 | For the Year Ended December 31, 2013 | For the Year Ended December 31, 2012 | ||||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | |||||||||||||||||
Pretax | Pretax | Pretax | ||||||||||||||||||||
Loss | Loss | Loss | ||||||||||||||||||||
Income tax benefit at federal statutory rate | $ | (6,648,000 | ) | 35 | % | $ | (4,563,000 | ) | 35 | % | $ | (2,333,000 | ) | 35 | % | |||||||
State tax provision, net of federal tax benefit | (807,000 | ) | 4.2 | % | (359,000 | ) | 2.8 | % | (661,000 | ) | 9.5 | % | ||||||||||
Tax credits | (154,000 | ) | 0.8 | % | (126,000 | ) | 1 | % | (82,000 | ) | 1.1 | % | ||||||||||
Stock based compensation permanent differences | 207,000 | -1.1 | % | 229,000 | -1.8 | % | 85,000 | -1.2 | % | |||||||||||||
Derivative warrant permanent differences | (146,000 | ) | 0.8 | % | (1,622,000 | ) | 12.4 | % | (1,926,000 | ) | 26 | % | ||||||||||
Investor consideration permanent differences | (69,000 | ) | 0.4 | % | — | — | % | — | — | % | ||||||||||||
Debt and warrant conversion costs permanent difference | — | — | % | 3,454,000 | -26.5 | % | — | — | % | |||||||||||||
Change in valuation allowance | 5,255,000 | -27.7 | % | 2,356,000 | -18.1 | % | 4,858,000 | -70.2 | % | |||||||||||||
Other | 12,000 | — | % | (33,000 | ) | 0.3 | % | 59,000 | -0.2 | % | ||||||||||||
Income tax (benefit) provision | $ | (2,350,000 | ) | 12.4 | % | $ | (664,000 | ) | 5.1 | % | $ | — | — | % | ||||||||
Components of Approximate Deferred Tax | Approximate deferred taxes consist of the following components as of December 31, 2014 and 2013: | |||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||
Net operating loss carryforwards | $ | 20,982,000 | $ | 17,140,000 | ||||||||||||||||||
Accruals and reserves | 773,000 | 509,000 | ||||||||||||||||||||
Non-qualified stock options | 1,912,000 | 877,000 | ||||||||||||||||||||
Research and development tax credits | 758,000 | 603,000 | ||||||||||||||||||||
Derivative warrant liability | 26,000 | 26,000 | ||||||||||||||||||||
Investment in joint venture | 163,000 | 163,000 | ||||||||||||||||||||
Goodwill | 23,000 | — | ||||||||||||||||||||
Other | 6,000 | 5,000 | ||||||||||||||||||||
Total deferred tax assets | 24,643,000 | 19,323,000 | ||||||||||||||||||||
Less valuation allowance | (24,558,000 | ) | (19,303,000 | ) | ||||||||||||||||||
Net deferred tax assets | 85,000 | 20,000 | ||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||
Fixed assets | (85,000 | ) | (20,000 | ) | ||||||||||||||||||
Net deferred taxes | $ | — | $ | — | ||||||||||||||||||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Employee and Nonemployee Stock Option Activity | A summary of employee and non-employee stock option activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||
Options Outstanding | Weighted- | Aggregate | |||||||||||||||
Average | Intrinsic | ||||||||||||||||
Remaining | Value | ||||||||||||||||
Contractual | |||||||||||||||||
Number of | Weighted- | Term (in years) | |||||||||||||||
Shares | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Outstanding January 1, 2012 | 559,990 | $ | 12.85 | 8.1 | $ | 11,737,710 | |||||||||||
Granted | 2,400 | 33.8 | |||||||||||||||
Cancelled or expired | (9,050 | ) | 23.43 | ||||||||||||||
Outstanding December 31, 2012 | 553,340 | $ | 12.76 | 7.13 | $ | 1,142,432 | |||||||||||
Granted | 426,762 | 14.57 | |||||||||||||||
Exercised | (164 | ) | 10 | ||||||||||||||
Cancelled or expired | (106,396 | ) | 20.46 | ||||||||||||||
Outstanding December 31, 2013 | 873,542 | $ | 10.83 | 7.75 | $ | 3,138,539 | |||||||||||
Granted | 1,154,800 | $ | 10.41 | ||||||||||||||
Exercised | (30,083 | ) | $ | 6.61 | |||||||||||||
Cancelled or expired | (158,801 | ) | $ | 11.45 | |||||||||||||
Outstanding December 31, 2014 | 1,839,458 | $ | 10.58 | 8.49 | $ | 618,250 | |||||||||||
Exercisable, December 31, 2014 | 635,435 | $ | 9.14 | 6.72 | $ | 478,219 | |||||||||||
Summary of Outstanding and Vested Stock Options Granted | The following table summarizes information about outstanding and vested stock options granted to employees and non-employees as of December 31, 2014 as follows: | ||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||
Exercise Price | Number of | Weighted- | Weighted- | Number of | Weighted- | ||||||||||||
Shares | Average | Average | Shares | Average | |||||||||||||
Outstanding | Remaining | Exercise | Exercise Price | ||||||||||||||
Contractual | Price | ||||||||||||||||
Life (in years) | |||||||||||||||||
4 | 145,000 | 4.22 | $ | 4 | 145,000 | $ | 4 | ||||||||||
4.8 | 30,914 | 5.05 | 4.8 | 30,432 | 4.8 | ||||||||||||
6.3 | 451,400 | 9.95 | 6.3 | 85,280 | 6.3 | ||||||||||||
7.44 | 7,500 | 9.98 | 7.44 | — | — | ||||||||||||
9.09 | 223,400 | 9.74 | 9.09 | 20,681 | 9.09 | ||||||||||||
10 | 230,788 | 5.65 | 10 | 209,395 | 10 | ||||||||||||
11.70 - 11.75 | 50,400 | 9.3 | 11.7 | 2,066 | 11.74 | ||||||||||||
12.50 - 14.18 | 105,700 | 9.01 | 13.99 | 1,351 | 13.98 | ||||||||||||
15.39 | 304,356 | 8.78 | 15.39 | 90,230 | 15.39 | ||||||||||||
15.89 | 200,000 | 9.4 | 15.89 | 37,500 | 15.89 | ||||||||||||
17.38 | 90,000 | 9.22 | 17.38 | 13,500 | 17.38 | ||||||||||||
Total | 1,839,458 | 8.49 | $ | 10.58 | 635,435 | $ | 9.14 | ||||||||||
Weighted-Average Assumptions Used to Estimate Fair Value of Options Granted | The following table presents the weighted-average assumptions used to estimate the fair value of options reaching their measurement date for non-employees during the periods presented: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Volatility | 71.76 | % | 75.68 | % | 75.01 | % | |||||||||||
Risk free interest rate | 2.44 | % | 1.53 | % | 1.26 | % | |||||||||||
Dividend yield | — | — | — | ||||||||||||||
Term (years) | 9.68 | 7.68 | 8.28 | ||||||||||||||
The following table presents the weighted-average assumptions used to estimate the fair value of options granted to employees during the periods presented: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Volatility | 70.17 | % | 76.6 | % | 77.39 | % | |||||||||||
Risk free interest rate | 1.78 | % | 1.79 | % | 1.43 | % | |||||||||||
Dividend yield | — | — | — | ||||||||||||||
Term (years) | 5.98 | 6.14 | 6.5 | ||||||||||||||
Weighted-average fair value of options granted during the period | $ | 5.29 | $ | 9.85 | $ | 23.35 | |||||||||||
Nonvested Restricted Stock Shares Activity | The following table summarizes the activities for our non-vested restricted stock awards for the years ended December 31, 2014 and 2013: | ||||||||||||||||
Non-vested Restricted Stock Awards | |||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Non-vested at January 1, 2013 | $ | — | $ | — | |||||||||||||
Granted | 7,500 | 13.5 | |||||||||||||||
Vested | (2,500 | ) | 15.39 | ||||||||||||||
Non-vested at December 31, 2013 | $ | 5,000 | $ | 12.55 | |||||||||||||
Granted | 220,000 | 9.01 | |||||||||||||||
Vested | (80,000 | ) | 10.19 | ||||||||||||||
Forfeited/canceled | (12,500 | ) | 12.04 | ||||||||||||||
Non-vested at December 31, 2014 | $ | 132,500 | $ | 8.14 | |||||||||||||
Effects of Stock-Based Compensation Related to Stock Option and Restricted Stock Awards | The following table presents the effects of stock-based compensation related to stock option and restricted stock awards to employees and non-employees on our Statement of Operations during the periods presented: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of revenues | $ | 148,852 | $ | 41,470 | $ | 11,753 | |||||||||||
Research and development | 472,573 | 114,189 | 460,321 | ||||||||||||||
General and administrative | 3,058,465 | 516,127 | 297,175 | ||||||||||||||
Sales and marketing | 155,459 | 63,359 | 146,112 | ||||||||||||||
Total stock-based compensation | $ | 3,835,349 | $ | 735,145 | $ | 915,361 | |||||||||||
Warrants_Tables
Warrants (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants and Rights Note Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
Summary of Warrant Activity | The following table summarizes the warrant activity for the years ending December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||||||||
Issued With / For | Exercise | Warrants | 2012 | 2012 | 2012 | 2012 | Warrants | 2013 | 2013 | 2013 | IPO | Warrants | 2014 | 2014 | Warrants | ||||||||||||||||||||||||||||||||
Price | Outstanding | Warrants | Warrants | Warrants | Warrants | Outstanding | Warrants | Warrants | Warrants | Adjustments | Outstanding | Warrants | Warrants | Outstanding | |||||||||||||||||||||||||||||||||
January 1, | Issued | Exercised | Surrendered | Expired | December 31, | Issued | Exercised | Expired | (E) | December 31, | Exercised | Expired | December 31, | ||||||||||||||||||||||||||||||||||
2012 | 2012 | 2013 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Non-Derivative Warrants: | |||||||||||||||||||||||||||||||||||||||||||||||
Financing | $ | 10 | — | — | — | — | — | — | — | — | — | 243,334 | 243,334 | — | — | 243,334 | |||||||||||||||||||||||||||||||
Financing | 14.1 | 8,865 | — | (2,482 | ) | — | (6,383 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Financing | 15 | — | — | — | — | — | — | — | — | — | 436,079 | 436,079 | — | — | 436,079 | ||||||||||||||||||||||||||||||||
Debt Guarantee | 4 | 228,288 | — | — | — | — | 228,288 | — | (54,000 | ) | — | — | 174,288 | (174,288 | ) | — | — | ||||||||||||||||||||||||||||||
Debt Guarantee | 10 | — | — | — | — | — | — | — | — | — | 237,500 | 237,500 | — | (237,500 | ) | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 15 | — | — | — | — | — | — | — | — | — | 585,645 | 585,645 | — | (233,333 | ) | 352,312 | |||||||||||||||||||||||||||||||
Series A Pref. Stock | 10.75 | 30,000 | — | (30,000 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Series A Pref. Stock | 14.1 | 89,214 | — | (18,616 | ) | — | (5,269 | ) | 65,329 | — | (29,868 | ) | (35,461 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Consulting | 10 | — | — | — | — | — | — | — | — | — | 29,138 | 29,138 | — | — | 29,138 | ||||||||||||||||||||||||||||||||
13.72 F | 356,367 | — | (51,098 | ) | — | (11,652 | ) | 293,617 | — | (83,868 | ) | (35,461 | ) | 1,531,696 | 1,705,984 | (174,288 | ) | (470,833 | ) | 1,060,863 | |||||||||||||||||||||||||||
Derivative Warrants: | |||||||||||||||||||||||||||||||||||||||||||||||
Series A Pref. Stock | 4.00 A | 7,325 | — | (3,812 | ) | — | (3,513 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Financing | 10.00 B | — | — | — | — | — | — | — | — | — | 60,000 | 60,000 | — | — | 60,000 | ||||||||||||||||||||||||||||||||
Financing | 25.00 B | 60,000 | — | — | — | — | 60,000 | — | — | — | (60,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Financing | 42.50 BCD | 42,353 | 189,117 | — | (156,176 | ) | — | 75,294 | — | — | — | (75,294 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Financing | 42.50 AD | — | 54,314 | — | — | — | 54,314 | 2,941 | — | — | (57,255 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Financing | 42.50 ACD | — | 120,865 | — | — | — | 120,865 | 6,471 | — | — | (127,336 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 10.00 A | — | — | — | — | — | — | — | — | — | 12,500 | 12,500 | (12,500 | ) | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 25.00 ACD | 212,000 | — | — | — | — | 212,000 | — | — | — | (212,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 25.00 AD | 100,000 | — | — | — | — | 100,000 | — | — | — | (100,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 32.45 AC | 40,000 | — | — | — | — | 40,000 | — | — | — | (40,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Debt Guarantee | 42.50 ACD | — | 75,392 | — | (37,000 | ) | — | 38,392 | — | — | — | (38,392 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Debt Guarantee | 42.50 BCD | — | 37,000 | — | — | — | 37,000 | — | — | — | (37,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Series B Pref. Stock | 10.00 B | — | — | — | — | — | — | — | (34,034 | ) | — | 52,464 | 18,430 | (3,415 | ) | — | 15,015 | ||||||||||||||||||||||||||||||
Series B Pref. Stock | 25.00 B | 52,464 | — | — | — | — | 52,464 | — | — | — | (52,464 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Consulting | 10.00 B | — | — | — | — | — | — | — | — | — | 200 | 200 | — | — | 200 | ||||||||||||||||||||||||||||||||
Consulting | 12.50 AD | 4,030 | — | — | — | — | 4,030 | — | — | — | (4,030 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Consulting | 14.10 AD | 10,000 | — | — | — | — | 10,000 | — | — | — | (10,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Consulting | 25.00 BD | 200 | — | — | — | — | 200 | — | — | — | (200 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Consulting | 25.00 AD | 4,000 | — | — | — | — | 4,000 | — | — | — | (4,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
10.00 F | 532,372 | 476,688 | (3,812 | ) | (193,176 | ) | (3,513 | ) | 808,559 | 9,412 | (34,034 | ) | — | (692,807 | ) | 91,130 | (15,915 | ) | — | 75,215 | |||||||||||||||||||||||||||
13.47 F | 888,739 | 476,688 | (54,910 | ) | (193,176 | ) | (15,165 | ) | 1,102,176 | 9,412 | (117,902 | ) | (35,461 | ) | 838,889 | 1,797,114 | (190,203 | ) | (470,833 | ) | 1,136,078 | ||||||||||||||||||||||||||
_________________________ | |||||||||||||||||||||||||||||||||||||||||||||||
A | These warrants are subject to fair value accounting and contain exercise price and number of share adjustment features. See Note 13. | ||||||||||||||||||||||||||||||||||||||||||||||
B | These warrants are subject to fair value accounting and contain an exercise price adjustment feature. See Note 13. | ||||||||||||||||||||||||||||||||||||||||||||||
C | On February 11, 2013, these warrants held by John Pappajohn were amended to limit the adjustment feature(s) to $15.00 per share in an initial public offering (totaling 530,022 warrants). | ||||||||||||||||||||||||||||||||||||||||||||||
D | The exercise price and/or number of share adjustment features of these warrants expired and are no longer subject to fair value accounting after our initial public offering. | ||||||||||||||||||||||||||||||||||||||||||||||
E | On April 10, 2013 the Company completed the IPO at $10.00 per share. The shares of common stock issuable upon the exercise of warrants outstanding as of April 10, 2013 increased by 838,889 shares and the exercise prices of 1,656,860 warrants were adjusted as a result of the share and exercise price adjustment features described above. | ||||||||||||||||||||||||||||||||||||||||||||||
F | Weighted average exercise prices are as of December 31, 2014. |
Fair_Value_of_Warrants_Tables
Fair Value of Warrants (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Assumptions Used in Computing Fair Value of Derivative Warrants | The following tables summarize the assumptions used in computing the fair value of derivative warrants subject to fair value accounting at the date of issue during the years ended December 31, 2014, 2013 and 2012 and at December 31, 2014, December 31, 2013 and April 5, 2013 (IPO valuation date). In computing the fair value of the warrants, if the stated exercise price of the warrants exceeded the assumed value of the Company stock at the date the fair value was being computed, the exercise price and number of shares (if applicable) underlying the warrants were adjusted to reflect an assumed trigger of the price and/or share adjustment features related to the applicable warrants. Such adjustments were only applicable to 2012 and 2013 due to the relative price of the warrants and the assumed Company stock price: | ||||||||||||||||||||||||
Debt Guarantee | Exercised During the year ended December 31, 2014 | Issued During the year ended December 31, 2012 | As of December 31, 2013 | IPO Date | |||||||||||||||||||||
April 5, 2013 | |||||||||||||||||||||||||
Exercise Price | $ | 10 | $ | 9.6 | $ | 10 | $ | 13.56 | |||||||||||||||||
Expected life (years) | 0.6 | 4.66 | 0.83 | 2.42 | |||||||||||||||||||||
Expected volatility | 49.01 | % | 80.05 | % | 57.33 | % | 66.37 | % | |||||||||||||||||
Risk-free interest rate | 0.08 | % | 0.82 | % | 0.13 | % | 0.32 | % | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||||
Series B | Exercised During the Year Ended December 31, 2014 | As of December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Exercise Price | $ | 10 | $ | 10 | $ | 10 | |||||||||||||||||||
Expected life (years) | 1.72 | 0.88 | 1.92 | ||||||||||||||||||||||
Expected volatility | 46.6 | % | 49.95 | % | 59.26 | % | |||||||||||||||||||
Risk-free interest rate | 0.33 | % | 0.25 | % | 0.38 | % | |||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
As of December 31, | IPO Date | ||||||||||||||||||||||||
Consulting | 2014 | 2013 | April 5, 2013 | ||||||||||||||||||||||
Exercise Price | $ | 10 | $ | 10 | $ | 10 | |||||||||||||||||||
Expected life (years) | 1.14 | 2.14 | 2.33 | ||||||||||||||||||||||
Expected volatility | 49.25 | % | 62.63 | % | 63.2 | % | |||||||||||||||||||
Risk-free interest rate | 0.25 | % | 0.38 | % | 0.27 | % | |||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Issued During | As of December 31, | IPO Date | |||||||||||||||||||||||
the Year Ended | April 5, | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Financing | 2014 | 2013 | 2014 | 2013 | 2013 | ||||||||||||||||||||
Exercise Price | $ | — | $ | 13.34 | $ | 10 | $ | 10 | $ | 13.21 | |||||||||||||||
Expected life (years) | 0 | 9.78 | 1.23 | 2.25 | 8.3 | ||||||||||||||||||||
Expected volatility | — | % | 74.7 | % | 50.23 | % | 64.4 | % | 73.22 | % | |||||||||||||||
Risk-free interest rate | — | % | 1.95 | % | 0.25 | % | 0.38 | % | 1.44 | % | |||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||
Summary of Derivative Warrant Activity | The following table summarizes the derivative warrant activity subject to fair value accounting for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
Issued with | Issued with | Issued For | Issued For | Issued For | Total | ||||||||||||||||||||
Series A | Series B | Debt | Consulting | Financing | |||||||||||||||||||||
Preferred | Preferred | Guarantee | |||||||||||||||||||||||
Stock | Stock | ||||||||||||||||||||||||
Fair value of warrants outstanding as of January 1, 2012 | $ | 220,000 | $ | 1,160,000 | $ | 6,993,000 | $ | 447,000 | $ | 2,293,000 | $ | 11,113,000 | |||||||||||||
Fair value of warrants issued | — | — | 1,583,000 | — | 4,961,000 | 6,544,000 | |||||||||||||||||||
Fair value of warrants exercised | (55,000 | ) | — | — | — | — | (55,000 | ) | |||||||||||||||||
Warrant restructuring | — | — | 268,000 | — | 2,217,000 | 2,485,000 | |||||||||||||||||||
Change in fair value of warrants | (165,000 | ) | (930,000 | ) | (3,165,000 | ) | (300,000 | ) | (2,978,000 | ) | (7,538,000 | ) | |||||||||||||
Fair value of warrants outstanding as of December 31, 2012 | — | 230,000 | 5,679,000 | 147,000 | 6,493,000 | 12,549,000 | |||||||||||||||||||
Fair value of warrants issued | — | — | — | — | 268,000 | 268,000 | |||||||||||||||||||
Fair value of warrants exercised | — | (420,000 | ) | — | — | — | (420,000 | ) | |||||||||||||||||
Reclassification to equity in IPO | — | — | (2,514,000 | ) | (108,000 | ) | (4,548,000 | ) | (7,170,000 | ) | |||||||||||||||
Change in fair value of warrants | — | 307,000 | (3,101,000 | ) | (38,000 | ) | (1,801,000 | ) | (4,633,000 | ) | |||||||||||||||
Fair value of warrants outstanding as of December 31, 2013 | — | 117,000 | 64,000 | 1,000 | 412,000 | 594,000 | |||||||||||||||||||
Fair value of warrants exercised | — | (38,000 | ) | (87,000 | ) | — | — | (125,000 | ) | ||||||||||||||||
Change in fair value of warrants | — | (71,000 | ) | 23,000 | (1,000 | ) | (368,000 | ) | (417,000 | ) | |||||||||||||||
Fair value of warrants outstanding as of December 31, 2014 | $ | — | $ | 8,000 | $ | — | $ | — | $ | 44,000 | $ | 52,000 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||
Summary of Financial Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the financial liabilities measured at fair value on a recurring basis segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value: | ||||||||||||||
2014 | |||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Warrant liability | $ | 52,000 | — | — | $ | 52,000 | |||||||||
Gentris contingent consideration | 293,400 | — | — | 293,400 | |||||||||||
Notes payable to VenturEast | 534,828 | — | — | 534,828 | |||||||||||
$ | 880,228 | — | — | $ | 880,228 | ||||||||||
2013 | |||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Warrant liability | $ | 594,000 | — | — | $ | 594,000 | |||||||||
Schedule of Fair Value Notes Payable for Contingent Consideration of Business Acquisitions | The following table summarizes the activity of the notes payable to VenturEast and Gentris contingent consideration which were measured at fair value using Level 3 inputs: | ||||||||||||||
Note Payable | Gentris Contingent | ||||||||||||||
to VenturEast | Consideration | ||||||||||||||
Fair value at January 1, 2014 | $ | — | $ | — | |||||||||||
Fair value at issuance | 733,387 | 293,400 | |||||||||||||
Change in fair value | (198,559 | ) | — | ||||||||||||
Fair value at December 31, 2014 | $ | 534,828 | $ | 293,400 | |||||||||||
Organization_Acquisitions_Desc2
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Additional Information (Detail) (USD $) | 0 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||
Aug. 18, 2014 | Oct. 28, 2013 | Apr. 10, 2013 | Mar. 01, 2013 | Feb. 08, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 19, 2013 | Jul. 16, 2014 | Sep. 30, 2014 | Oct. 31, 2013 | Sep. 05, 2013 | |
agreement | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of agreements | 2 | ||||||||||||||
Change in fair value of acquisition note payable | ($198,000) | $0 | $0 | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||||||||
Pro forma revenue of acquiree since acquisition date | 3,296,465 | ||||||||||||||
Pro forma earnings (loss) of acquiree since acquisition date | -1,438,118 | ||||||||||||||
Reverse stock split ratio | 0.4 | 0.5 | |||||||||||||
Public Offerings [Abstract] | |||||||||||||||
Common stock, shares issued | 3,286,700 | 690,000 | 9,821,169 | 9,821,169 | 9,821,169 | 9,275,384 | 10,000 | ||||||||
Public offering price per share (in dollars per share) | $14 | $10 | |||||||||||||
Gross proceeds from public offering | 46,000,000 | 6,900,000 | |||||||||||||
Net proceeds from initial public offering | 42,300,000 | 0 | 61,516,994 | 0 | |||||||||||
Aggregate number of Series A and Series B convertible preferred stock converted into common stock | 1,287,325 | ||||||||||||||
Reclassification of derivative warrants | 7,200,000 | 0 | 7,170,000 | 0 | |||||||||||
Value of debt converted | 9,634,300 | 0 | 9,634,300 | 0 | |||||||||||
Conversion of debt into common stock | 963,430 | ||||||||||||||
Underwriter's overallotment shares | 428,700 | 90,000 | |||||||||||||
IPO | |||||||||||||||
Public Offerings [Abstract] | |||||||||||||||
Common stock, shares issued | 690,000 | ||||||||||||||
Public offering price per share (in dollars per share) | $10 | ||||||||||||||
Gross proceeds from public offering | 6,900,000 | ||||||||||||||
Net proceeds from initial public offering | 5,000,000 | ||||||||||||||
Secondary Offering | |||||||||||||||
Public Offerings [Abstract] | |||||||||||||||
Common stock, shares issued | 1,500,000 | ||||||||||||||
Public offering price per share (in dollars per share) | $10 | ||||||||||||||
Gross proceeds from public offering | 15,000,000 | ||||||||||||||
Net proceeds from secondary public offering | 13,300,000 | ||||||||||||||
Amount used for repayment of certain indebtedness | 3,500,000 | ||||||||||||||
Additional common stock sold at public offering | 105,000 | ||||||||||||||
Additional gross proceeds from issuance of shares | 1,100,000 | ||||||||||||||
Additional net proceeds from issuance of shares | 947,000 | ||||||||||||||
Gentris Corporation | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition related costs | 147,500 | ||||||||||||||
Maximum period to complete final valuation | 12 months | ||||||||||||||
Bio Serve Biotechnologies India Private Limited | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Maximum period to complete final valuation | 12 months | ||||||||||||||
Agreement One | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate ownership percentage | 74.00% | ||||||||||||||
Agreement Two | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Aggregate ownership percentage | 15.00% | ||||||||||||||
Ventureast Trustee Company Pvt Ltd | Bio Serve Biotechnologies India Private Limited | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business combination, consideration transferred, notes payable in shares | 84,278 | ||||||||||||||
Maximum period for payment | 30 months | ||||||||||||||
Change in fair value of acquisition note payable | 198,000 | ||||||||||||||
Contingent Consideration for Revenues of $4.75 million | Gentris Corporation | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Contingent consideration | 4,750,000 | ||||||||||||||
Contingent Consideration for Revenues of $8.55 million | Gentris Corporation | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Contingent consideration | 8,550,000 | ||||||||||||||
Patents | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Accumulated amortization of patents | 84,000 | 84,000 | 84,000 | 56,000 | |||||||||||
Public Offerings [Abstract] | |||||||||||||||
2015 | 34,900 | 34,900 | 34,900 | ||||||||||||
2019 | 31,600 | 31,600 | 31,600 | ||||||||||||
Thereafter | $93,400 | $93,400 | $93,400 |
Organization_Acquisitions_Desc3
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Gentris Acquisition (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2014 | |
Business Acquisition [Line Items] | ||||
Value of shares issued as partial consideration to purchase Gentris and BioServe | $1,515,992 | $0 | $0 | |
Gentris Corporation | ||||
Business Acquisition [Line Items] | ||||
Cash paid at closing | 3,250,000 | |||
Value of shares issued as partial consideration to purchase Gentris and BioServe | 1,271,745 | |||
Consideration liabilities incurred | 293,400 | |||
Total Purchase Price | $4,815,145 | |||
Common Stock | Gentris Corporation | ||||
Business Acquisition [Line Items] | ||||
Equity interest number of shares | 147,843 |
Organization_Acquisitions_Desc4
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Gentris Liabilities & Assets Assumed (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 16, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $2,994,135 | $0 | |
Gentris Corporation | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 1,869,097 | ||
Other current assets | 265,612 | ||
Current liabilities | -785,246 | ||
Deferred revenue, long-term | -937,773 | ||
Fixed Assets | 1,950,885 | ||
Goodwill | 2,452,570 | ||
Total Purchase Price | $4,815,145 |
Organization_Acquisitions_Desc5
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - BioServe Acquisition (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 18, 2014 | |
Business Acquisition [Line Items] | ||||
Value of shares issued as partial consideration to purchase Gentris and BioServe | $1,515,992 | $0 | $0 | |
Bio Serve Biotechnologies India Private Limited | ||||
Business Acquisition [Line Items] | ||||
Cash paid at closing | 72,907 | |||
Consideration liabilities incurred | 23,708 | |||
Value of shares issued as partial consideration to purchase Gentris and BioServe | 244,247 | |||
Total Purchase Price | 1,074,249 | |||
Ventureast Trustee Company Pvt Ltd | Bio Serve Biotechnologies India Private Limited | ||||
Business Acquisition [Line Items] | ||||
Consideration liabilities incurred | $733,387 | |||
Minimum | Bio Serve Biotechnologies India Private Limited | ||||
Business Acquisition [Line Items] | ||||
Debt Instrument, Term | 12 months | |||
Maximum | Bio Serve Biotechnologies India Private Limited | ||||
Business Acquisition [Line Items] | ||||
Debt Instrument, Term | 18 months | |||
Common Stock | Bio Serve Biotechnologies India Private Limited | ||||
Business Acquisition [Line Items] | ||||
Equity interest number of shares | 31,370,000,000 |
Organization_Acquisitions_Desc6
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - BioServe Liabilities & Assets Assumed (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 18, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $2,994,135 | $0 | |
Bio Serve Biotechnologies India Private Limited | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 151,002 | ||
Other current assets | 120,528 | ||
Fixed Assets | 624,948 | ||
Other assets | 416,869 | ||
Goodwill | 541,565 | ||
Current liabilities | -758,614 | ||
Other liabilities | -22,049 | ||
Total Purchase Price | $1,074,249 |
Organization_Acquisitions_Desc7
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Proforma (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition, Pro Forma Information [Abstract] | |||
Revenue | $14,365,402 | $15,767,519 | $12,528,553 |
Net loss | ($18,498,333) | ($13,677,432) | ($7,918,262) |
Basic net loss per share (in dollars per share) | ($1.94) | ($2.82) | ($5.20) |
Dilutive net loss per share (in dollars per share) | ($1.98) | ($3.77) | ($10.13) |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||
Significant Accounting Policies [Line Items] | |||
Number of operating segment | 1 | ||
Unrecognized tax benefits, income tax penalties and interest expense | $0 | $0 | $0 |
Uncertain tax positions | 0 | ||
Accrual for interest or penalties | 0 | 0 | 0 |
Intangible asset impairments | 0 | 0 | 0 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Accrued liability related to registration rights obligations associated with the issuance of Series B preferred stock and certain notes payable | 300,000 | 300,000 | |
Loss in equity-method investment | 939,913 | 12,343 | 0 |
Other Assets [Member] | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Net receivable due from the joint venture | 10,000 | 24,000 | |
Patents | |||
Significant Accounting Policies [Line Items] | |||
Accumulated amortization of patents | 84,000 | 56,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2015 | 34,900 | ||
2016 | 34,900 | ||
2017 | 34,900 | ||
2018 | 34,900 | ||
2019 | 31,600 | ||
Thereafter | 93,400 | ||
Research and development | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Loss in equity-method investment | 940,000 | 12,000 | |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Fixed assets, estimated useful lives | 5 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Fixed assets, estimated useful lives | 7 years | ||
Wells Fargo Bank | Restricted Cash [Member] | |||
Significant Accounting Policies [Line Items] | |||
Line of credit | 6,000,000 | ||
Letter of Credit [Member] | Restricted Cash [Member] | |||
Significant Accounting Policies [Line Items] | |||
Line of credit | $300,000 |
Significant_Accounting_Policie4
Significant Accounting Policies - Computation of Basic Net Income (Loss) and Diluted Net Loss per Share Data (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Numerator: | |||
Net loss | ($16,642,919) | ($12,372,553) | ($6,665,627) |
Change in fair value of warrant liability | 417,000 | 4,633,000 | 7,538,000 |
Net (loss) for diluted earnings per share | ($17,059,919) | ($17,005,553) | ($14,203,627) |
Denominator: | |||
Weighted-average basic common shares outstanding (in shares) | 9,449,189 | 4,665,316 | 1,342,174 |
Assumed conversion of dilutive securities: | |||
Common stock purchase warrants | 12,474 | 10,658 | 3,987 |
Potentially dilutive common shares | 12,474 | 10,658 | 3,987 |
Denominator for diluted earnings per share-adjusted weighted-average shares (in shares) | 9,461,663 | 4,675,974 | 1,346,161 |
Basic net income (loss) per share (usd per share) | ($1.76) | ($2.65) | ($4.97) |
Diluted net loss per share (usd per share) | ($1.80) | ($3.64) | ($10.55) |
Significant_Accounting_Policie5
Significant Accounting Policies - Summary of Potentially Dilutive Adjustments to Weighted Average Number of Common Shares Excluded from Calculation (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation | 3,032,821 | 2,583,026 | 2,372,450 |
Series A Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation | 0 | 0 | 352,614 |
Series B Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation | 0 | 0 | 364,320 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation | 1,060,863 | 1,701,984 | 1,102,176 |
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation | 1,839,458 | 873,542 | 553,340 |
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from calculation | 132,500 | 7,500 | 0 |
Significant_Accounting_Policie6
Significant Accounting Policies - Schedule of Goodwill (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill [Roll Forward] | |
Balance, December 31, 2013 | $0 |
Purchased through acquisitions | 2,994,135 |
Balance, December 31, 2014 | $2,994,135 |
Revenue_and_Accounts_Receivabl2
Revenue and Accounts Receivable - Schedule of Revenue by Payor Type (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | $10,199,387 | $6,609,957 | $4,301,563 |
Biopharma Services | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | 5,605,780 | 2,650,285 | 578,505 |
Clinical Services | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | 4,432,272 | 3,662,795 | 3,166,118 |
Discovery Services | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | 161,335 | 0 | 0 |
Grants | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | $0 | $296,877 | $556,940 |
Revenue_and_Accounts_Receivabl3
Revenue and Accounts Receivable - Schedule of Accounts Receivable by Payor Type (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts | ($251,176) | ($36,000) | ($36,000) |
Accounts receivable, net | 5,028,620 | 1,567,039 | |
Biopharma Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | 3,203,335 | 428,341 | |
Clinical Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | 1,925,176 | 1,174,698 | |
Discovery Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | $151,285 | $0 |
Revenue_and_Accounts_Receivabl4
Revenue and Accounts Receivable Revenue and Accounts Receivable - Schedule of Product Information (Details) (Payor, Sales Revenue, Net) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Product Information [Line Items] | |||
Percentage of revenue | 43.00% | 55.00% | 74.00% |
Medicare | |||
Product Information [Line Items] | |||
Percentage of revenue | 11.00% | 13.00% | 18.00% |
Other insurers | |||
Product Information [Line Items] | |||
Percentage of revenue | 16.00% | 25.00% | 32.00% |
Other healthcare facilities | |||
Product Information [Line Items] | |||
Percentage of revenue | 16.00% | 18.00% | 24.00% |
Revenue_and_Accounts_Receivabl5
Revenue and Accounts Receivable - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
client | client | client | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Sites accounted for approximately 10% or more of our revenue | 2 | 1 | 3 |
Biopharma Services | Payor | Sales | 10% or More Clinical Revenue | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of revenue | 40.00% | 13.00% | |
University Teaching Center | Payor | Sales | 10% or More Clinical Revenue | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of revenue | 11.00% | ||
Community Hospital | Payor | Sales | 10% or More Clinical Revenue | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of revenue | 10.00% | ||
Customer One | Biopharma Services | Payor | Sales | 10% or More Clinical Revenue | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of revenue | 23.00% | ||
Customer Two | Biopharma Services | Payor | Sales | 10% or More Clinical Revenue | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of revenue | 12.00% | ||
Clinical Testing | Payor | Testing Volume | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of revenue | 56.00% | 69.00% | 58.00% |
Community Hospitals | Payor | Testing Volume | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of revenue | 38.00% | 36.00% | 46.00% |
Revenue_and_Accounts_Receivabl6
Revenue and Accounts Receivable - Schedule of Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning of the period | $36,000 | $36,000 | |
Additions to Allowance for doubtful accounts | 215,176 | 0 | -4,597 |
Deductions to Allowance for doubtful accounts | 0 | 0 | |
End of the period | $251,176 | $36,000 | $36,000 |
Other_Current_Assets_Schedule_
Other Current Assets - Schedule of Other Current Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Inventory probes | $279,894 | $198,789 |
Prepaid expenses | 911,320 | 593,950 |
Grants receivable | 0 | 71,877 |
Other assets, current | $1,191,214 | $864,616 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Lease Disclosure [Line Items] | |||
Lease agreement expiration date | 28-Feb-18 | ||
Security deposit for lease | $300,000 | ||
Equipment under these capital leases, cost | 395,687 | ||
Equipment under these capital leases, accumulated depreciation | 29,936 | ||
Rent expense | $692,324 | $550,882 | $516,173 |
Minimum | |||
Lease Disclosure [Line Items] | |||
Periodic rent increases per square foot per year | 1 | ||
Maximum | |||
Lease Disclosure [Line Items] | |||
Periodic rent increases per square foot per year | 2 | ||
Rutherford, New Jersey Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area | 17,900 | ||
Morrisville, North Carolina Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area | 24,900 | ||
Hyderabad, India Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area | 10,000 | ||
Shanghai, China Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area | 2,700 |
Lease_Commitments_Minimum_Futu
Lease Commitments - Minimum Future Lease Payments Under All Capital and Operating Leases (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Operating And Capital Leased Assets [Line Items] | ||
2015 | $928,475 | |
2016 | 937,237 | |
2017 | 932,032 | |
2018 | 419,234 | |
2019 | 379,979 | |
Thereafter | 218,875 | |
Total minimum lease payments | 3,815,832 | |
Obligations under capital leases, current portion | 58,950 | 51,400 |
Obligations under capital leases | 300,385 | 309,777 |
Capital Leases [Member] | ||
Schedule Of Operating And Capital Leased Assets [Line Items] | ||
2015 | 74,280 | |
2016 | 74,280 | |
2017 | 61,625 | |
2018 | 59,094 | |
2019 | 59,094 | |
Thereafter | 83,800 | |
Total minimum lease payments | 412,173 | |
Less amount representing interest | 52,838 | |
Present value of net minimum obligations | 359,335 | |
Obligations under capital leases, current portion | 58,950 | |
Obligations under capital leases | 300,385 | |
Operating Leases [Member] | ||
Schedule Of Operating And Capital Leased Assets [Line Items] | ||
2015 | 854,195 | |
2016 | 862,957 | |
2017 | 870,407 | |
2018 | 360,140 | |
2019 | 320,885 | |
Thereafter | 135,075 | |
Total minimum lease payments | $3,403,659 |
Notes_Payable_and_Lines_of_Cre2
Notes Payable and Lines of Credit - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Aug. 19, 2013 | Apr. 10, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Feb. 22, 2013 | Mar. 07, 2013 | Dec. 07, 2012 | |
Debt Instrument [Line Items] | |||||||||
Debt instrument spread on variable rate | 6.25% | ||||||||
Remaining debt discount after conversion | $3,500,000 | ||||||||
Accrued fee on debt instrument | 419,000 | ||||||||
Recognizable conversion feature in converted debt | 3,000,000 | ||||||||
Conversion of outstanding debt to common stock | 9,634,300 | 0 | 9,634,300 | 0 | |||||
Common shares | 963,430 | ||||||||
Outstanding balance, repaid | 1,500,000 | ||||||||
Line of credit outstanding under credit agreement | 6,000,000 | 0 | |||||||
IPO or merger price | $10 | ||||||||
2012 Convertible Debt Financing Transaction | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion of outstanding debt to common stock | 1,000,000 | ||||||||
Conversion price of loan into common stock | 20.00% | ||||||||
IPO or merger price | $53.12 | ||||||||
Warrant exercise price discount on IPO or merger price | 20.00% | ||||||||
IPO or merger price | $53.13 | ||||||||
NNJCA | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion of outstanding debt to common stock | 500,000 | ||||||||
Common shares | 50,000 | ||||||||
NNJCA | IPO | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion price of notes | $10 | ||||||||
Wells Fargo Bank | |||||||||
Debt Instrument [Line Items] | |||||||||
Borrowings from utilization of line of credit | 6,000,000 | 6,000,000 | |||||||
Debt instrument maturity date | 1-Apr-16 | ||||||||
Debt instrument spread on variable rate | 1.75% | ||||||||
Interest on line of credit at end period | 1.91% | ||||||||
Restricted cash required as collateral | 6,000,000 | ||||||||
December 2011 Financing Transaction | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion of outstanding debt to common stock | 4,500,000 | ||||||||
Common shares | 450,000 | ||||||||
December 2011 Financing Transaction | IPO | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion price of notes | $10 | ||||||||
December 2011 Financing Transaction | John Pappajohn | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt outstanding under credit agreement | 4,000,000 | ||||||||
Conversion of outstanding debt to common stock | 4,000,000 | ||||||||
December 2011 Financing Transaction | NNJCA | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt outstanding under credit agreement | 1,500,000 | ||||||||
Conversion of outstanding debt to common stock | 500,000 | ||||||||
Common shares | 450,000 | ||||||||
December 2011 Financing Transaction | Dr. Pecora | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt outstanding under credit agreement | 500,000 | ||||||||
2012 Convertible Debt Financing Transaction | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt outstanding under credit agreement | 3,000,000 | ||||||||
Conversion of outstanding debt to common stock | 3,000,000 | ||||||||
Common shares | 300,000 | ||||||||
IPO or merger price | $10 | ||||||||
2012 Convertible Debt Financing Transaction | IPO | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion price of notes | $10 | ||||||||
2012 Convertible Debt Financing Transaction | John Pappajohn | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt outstanding under credit agreement | 1,750,000 | ||||||||
2012 Convertible Debt Financing Transaction | Mr. Mark Oman | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt outstanding under credit agreement | 1,250,000 | ||||||||
December 2012 Bridge Financing Transaction | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion of outstanding debt to common stock | 1,000,000 | ||||||||
Common shares | 100,000 | 100,000 | |||||||
IPO or merger price | $10 | ||||||||
December 2012 Bridge Financing Transaction | IPO | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion price of notes | 10 | ||||||||
December 2012 Bridge Financing Transaction | John Pappajohn | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt outstanding under credit agreement | 1,000,000 | ||||||||
Business Lines of Credit (DAM) | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion of outstanding debt to common stock | 1,000,000 | ||||||||
Common shares | 100,000 | ||||||||
Line of credit, indebtedness | 1,000,000 | ||||||||
Line of credit, repaid | 2,000,000 | ||||||||
Business Lines of Credit (DAM) | IPO | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion price of notes | $10 | ||||||||
Other Note Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Common shares | 13,430 | ||||||||
Conversion price of notes | $10 | ||||||||
Notes payable, Long-Term | $100,000 |
Notes_Payable_and_Lines_of_Cre3
Notes Payable and Lines of Credit - Summary of Short-Term and Long-Term Debt Obligations (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Notes Payable, Current Portion | $0 | $22,298 |
Line of credit | 0 | 6,000,000 |
Lines of Credit, Long-Term | 6,000,000 | 0 |
Secured Note Payable | ||
Debt Instrument [Line Items] | ||
Notes Payable, Current Portion | $0 | $22,298 |
Notes_Payable_and_Lines_of_Cre4
Notes Payable and Lines of Credit - Conversion of Indebtedness into Shares of Common Stock (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Apr. 10, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 07, 2012 | |
Debt Conversion [Line Items] | |||||
Converted Amount | $9,634,300 | $0 | $9,634,300 | $0 | |
Common shares | 963,430 | ||||
December 2011 Financing Transaction | |||||
Debt Conversion [Line Items] | |||||
Converted Amount | 4,500,000 | ||||
Common shares | 450,000 | ||||
2012 Convertible Debt Financing Transaction | |||||
Debt Conversion [Line Items] | |||||
Converted Amount | 3,000,000 | ||||
Common shares | 300,000 | ||||
December 2012 Bridge Financing Transaction | |||||
Debt Conversion [Line Items] | |||||
Converted Amount | 1,000,000 | ||||
Common shares | 100,000 | 100,000 | |||
Business Lines of Credit (DAM) | |||||
Debt Conversion [Line Items] | |||||
Converted Amount | 1,000,000 | ||||
Common shares | 100,000 | ||||
Other Notes Payable and Accrued Interest [Member] | |||||
Debt Conversion [Line Items] | |||||
Converted Amount | $134,300 | ||||
Common shares | 13,430 |
Notes_Payable_and_Lines_of_Cre5
Notes Payable and Lines of Credit - Loss on Debt and Warrant Restructuring (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Loss (Gain) on debt and warrant restructuring | $0 | $0 | $1,862,012 |
Settlement | Line of Credit | |||
Debt Instrument [Line Items] | |||
Loss (Gain) on debt and warrant restructuring | -129,500 | ||
Settlement | 2011 Convertible Debt Financing Transaction | |||
Debt Instrument [Line Items] | |||
Loss (Gain) on debt and warrant restructuring | -328,000 | ||
Amendment | Line of Credit | |||
Debt Instrument [Line Items] | |||
Loss (Gain) on debt and warrant restructuring | 268,000 | ||
Amendment | 2011 Convertible Debt Financing Transaction | |||
Debt Instrument [Line Items] | |||
Loss (Gain) on debt and warrant restructuring | 545,000 | ||
Restated | 2012 Convertible Debt Financing Transaction | |||
Debt Instrument [Line Items] | |||
Loss (Gain) on debt and warrant restructuring | $1,506,512 |
Letter_of_Credit_Additional_In
Letter of Credit - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |
Stand-by letter of credit | $300,000 |
Fixed_Assets_Fixed_Assets_Summ
Fixed Assets - Fixed Assets Summary by Major Classifications (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] | ||
Equipment | $5,913,928 | $2,513,066 |
Furniture and fixtures | 548,093 | 461,119 |
Leasehold improvements | 869,578 | 595,689 |
Gross | 7,331,599 | 3,569,874 |
Less accumulated depreciation | -2,885,006 | -2,305,250 |
Net fixed assets | $4,446,593 | $1,264,624 |
Income_Taxes_Income_Tax_Reconc
Income Taxes - Income Tax Reconciliation (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax benefit at federal statutory rate | ($6,648,000) | ($4,563,000) | ($2,333,000) |
State tax provision, net of federal tax benefit | -807,000 | -359,000 | -661,000 |
Tax credits | -154,000 | -126,000 | -82,000 |
Stock based compensation permanent differences | 207,000 | 229,000 | 85,000 |
Derivative warrant permanent differences | -146,000 | -1,622,000 | -1,926,000 |
Investor consideration permanent differences | -69,000 | 0 | 0 |
Debt and warrant conversion costs permanent difference | 0 | 3,454,000 | 0 |
Change in valuation allowance | 5,255,000 | 2,356,000 | 4,858,000 |
Other | 12,000 | -33,000 | 59,000 |
Income tax (benefit) provision | ($2,350,185) | ($663,900) | $0 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax benefit at federal statutory rate | 35.00% | 35.00% | 35.00% |
State tax provision, net of federal tax benefit | 4.20% | 2.80% | 9.50% |
Tax credits | 0.80% | 1.00% | 1.10% |
Stock based compensation permanent differences | -1.10% | -1.80% | -1.20% |
Derivative warrant permanent differences | 0.80% | 12.40% | 26.00% |
Investor consideration permanent differences | 0.40% | 0.00% | 0.00% |
Debt and warrant conversion costs permanent difference | 0.00% | -26.50% | 0.00% |
Change in valuation allowance | -27.70% | -18.10% | -70.20% |
Other | 0.00% | 0.30% | -0.20% |
Income tax (benefit) provision | 12.40% | 5.10% | 0.00% |
Income_Taxes_Components_of_App
Income Taxes - Components of Approximate Deferred Tax (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss carryforwards | $20,982 | $17,140 |
Accruals and reserves | 773 | 509 |
Non-qualified stock options | 1,912 | 877 |
Research and development tax credits | 758 | 603 |
Derivative warrant liability | 26 | 26 |
Investment in joint venture | 163 | 163 |
Goodwill | 23 | 0 |
Other | 6 | 5 |
Total deferred tax assets | 24,643 | 19,323 |
Less valuation allowance | -24,558 | -19,303 |
Net deferred tax assets | 85 | 20 |
Deferred tax liabilities | ||
Fixed assets | -85 | -20 |
Net deferred taxes | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax [Line Items] | |||
Income tax (benefit) provision | ($2,350,185) | ($663,900) | $0 |
Domestic Tax Authority [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carryforward | 57,000,000 | ||
NEW JERSEY | |||
Income Tax [Line Items] | |||
Net operating loss carryforward | 28,640,223 | 8,018,107 | |
Proceeds from sale of operating loss carryforward | $2,350,185 | $663,900 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 0 Months Ended | ||||||
Oct. 28, 2013 | Apr. 10, 2013 | Aug. 19, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 05, 2013 | |
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 3,286,700 | 690,000 | 9,821,169 | 9,275,384 | 10,000 | ||
Underwriter's overallotment shares | 428,700 | 90,000 | |||||
Common stock sold at IPO, price per share | $14 | $10 | |||||
Gross proceeds from public offering | $46,000,000 | $6,900,000 | |||||
Number of shares converted to common stock | 1,287,325 | ||||||
Preferred stock, shares authorized | 9,764,000 | ||||||
Secondary Offering | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 1,500,000 | ||||||
Common stock sold at IPO, price per share | $10 | ||||||
Gross proceeds from public offering | 15,000,000 | ||||||
Net proceeds from secondary public offering | 13,300,000 | ||||||
Additional common stock sold at public offering | 105,000 | ||||||
Gross proceeds from issuance of shares | 1,100,000 | ||||||
Additional net proceeds from issuance of shares | 947,000 | ||||||
Follow-On Offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 3,286,700 | ||||||
Underwriter's overallotment shares | 428,700 | ||||||
Common stock sold at IPO, price per share | $14 | ||||||
Gross proceeds from public offering | 46,000,000 | ||||||
Net proceeds from secondary public offering | $42,300,000 | ||||||
Series A Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of shares converted to common stock | 376,525 | ||||||
Preferred stock, shares authorized | 588,000 | ||||||
Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of shares converted to common stock | 910,800 | ||||||
Preferred stock, shares authorized | 2,000,000 | ||||||
Cleveland Clinic [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 2,000 |
Stock_Option_Plans_Additional_
Stock Option Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Apr. 10, 2013 | Apr. 05, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2010 | 31-May-14 | Dec. 31, 2011 | 22-May-14 | Jun. 30, 2011 | Apr. 01, 2010 | Apr. 29, 2008 | |
Stock_Plan | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options granted maximum exercisable period | 10 years | |||||||||||||
Number of equity incentive plans | 2 | |||||||||||||
Issuance of shares under stock options plans | 48,000 | |||||||||||||
Stock appreciation rights | 0 | |||||||||||||
Restricted stock awarded under Stock Option Plans | 227,500 | |||||||||||||
Outstanding stock options | 336,300 | 1,839,458 | ||||||||||||
Initial public offering exercisable lower price range | $12.50 | |||||||||||||
Initial public offering exercisable upper price range | $33.80 | |||||||||||||
Initial offering, options exchanged | 242,070 | |||||||||||||
Exercise price option | $10 | |||||||||||||
Approved options issued | 53,500 | |||||||||||||
Fair value of common stock | $6.68 | $13.78 | $9.60 | |||||||||||
Stock options exercise price | $10 | |||||||||||||
Price per share on equity offering | $10 | |||||||||||||
Proceeds from option exercises | $79,018 | $1,640 | $0 | |||||||||||
Stock options exercised, intrinsic value | 120,510 | 1,630 | ||||||||||||
Options exchanged | 30,083 | 164 | ||||||||||||
Number of shares outstanding | 1,839,458 | 873,542 | 553,340 | 559,990 | ||||||||||
Employee stock option purchased | 1,154,800 | 426,762 | 2,400 | |||||||||||
Non-Employee | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Issuance of shares under stock options plans | 80,000 | |||||||||||||
Stock options strike price | $25 | $25 | ||||||||||||
Unrecognized compensation cost | 645,739 | 94,359 | ||||||||||||
Unrecognized compensation cost, period for recognition | 2 years 11 months 12 days | 1 year 9 months 11 days | ||||||||||||
Options exchanged | 48,000 | 10,000 | ||||||||||||
Exercise price of options exchanged | $10 | $15.39 | ||||||||||||
Option Holder | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options forfeitures in period | 11,429 | |||||||||||||
Options net shares issued | 571 | |||||||||||||
Options exchanged | 12,000 | |||||||||||||
Employee | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Unrecognized compensation cost | 6,058,774 | |||||||||||||
Unrecognized compensation cost, period for recognition | 3 years 8 months 12 days | |||||||||||||
Director | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Issuance of shares under stock options plans | 200,000 | |||||||||||||
Exercise price of options exchanged | $15.89 | |||||||||||||
2011 Equity Incentive Plan | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares of common stock reserved for issuance | 350,000 | |||||||||||||
Number of common stock shares authorized for issuance | 2,000,000 | |||||||||||||
Shares available for future awards | 386,044 | |||||||||||||
2008 Stock Option Plan | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares of common stock reserved for issuance | 550,000 | 251,475 | ||||||||||||
Shares available for future awards | 89,051 | |||||||||||||
Restricted Stock | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Compensation cost not yet recognized, equity instruments other than options | 852,206 | |||||||||||||
Unrecognized compensation cost, period for recognition | 3 years | |||||||||||||
Restricted Stock | Non-Employee | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Compensation cost not yet recognized, equity instruments other than options | $12,948 | |||||||||||||
Unrecognized compensation cost, period for recognition | 9 months 11 days | |||||||||||||
Strike Price of $25.00 or More | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exchange options for number of options held with exercise price equal to initial public offering price, Percentage | 60.00% | |||||||||||||
Price per share on equity offering | $10 | |||||||||||||
Strike Price of $12.50 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Stock options strike price | $12.50 | |||||||||||||
Exchange options for number of options held with exercise price equal to initial public offering price, Percentage | 80.00% | |||||||||||||
Price per share on equity offering | $10 |
Stock_Option_Plans_Summary_of_
Stock Option Plans - Summary of Employee and Nonemployee Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Options Outstanding, Number of Shares Outstanding | ||||
Outstanding, beginning balance | 873,542 | 553,340 | 559,990 | |
Granted | 1,154,800 | 426,762 | 2,400 | |
Exercised | -30,083 | -164 | ||
Cancelled or expired | -158,801 | -106,396 | -9,050 | |
Outstanding, ending balance | 1,839,458 | 873,542 | 553,340 | 559,990 |
Exercisable | 635,435 | |||
Options Outstanding, Weighted Average Exercise Price | ||||
Outstanding, beginning balance | $10.83 | $12.76 | $12.85 | |
Granted | $10.41 | $14.57 | $33.80 | |
Exercised | $6.61 | $10 | ||
Cancelled or expired | $11.45 | $20.46 | $23.43 | |
Outstanding, ending balance | $10.58 | $10.83 | $12.76 | $12.85 |
Exercisable | $9.14 | |||
Weighted-Average Remaining Contractual Term (in years) | ||||
Outstanding | 8 years 5 months 26 days | 7 years 9 months | 7 years 1 month 17 days | 8 years 1 month 6 days |
Exercisable | 6 years 8 months 19 days | |||
Aggregate Intrinsic Value | ||||
Outstanding, beginning balance | $3,138,539 | $1,142,432 | $11,737,710 | |
Outstanding, ending balance | 618,250 | 3,138,539 | 1,142,432 | 11,737,710 |
Exercisable | $478,219 |
Stock_Option_Plans_Summary_of_1
Stock Option Plans - Summary of Outstanding and Vested Stock Options Granted (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Apr. 05, 2013 | Dec. 31, 2014 | Apr. 05, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $12.50 | ||
Exercise price upper range limit | $33.80 | ||
Number of Shares, Options Outstanding | 336,300 | 1,839,458 | 336,300 |
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 8 years 5 months 27 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $10.58 | ||
Number of Shares Options Vested and Exercisable | 635,435 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $9.14 | ||
Exercise Price 4.00 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $4,000,000 | ||
Exercise price upper range limit | $4,000,000 | ||
Number of Shares, Options Outstanding | 145,000 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 4 years 2 months 19 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $4 | ||
Number of Shares Options Vested and Exercisable | 145,000 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $4 | ||
Exercise Price 4.80 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $4,800,000 | ||
Exercise price upper range limit | $4,800,000 | ||
Number of Shares, Options Outstanding | 30,914 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 5 years 18 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $4.80 | ||
Number of Shares Options Vested and Exercisable | 30,432 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $4.80 | ||
Exercise Price 6.30 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $6,300,000 | ||
Exercise price upper range limit | $6,300,000 | ||
Number of Shares, Options Outstanding | 451,400 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 9 years 11 months 12 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $6.30 | ||
Number of Shares Options Vested and Exercisable | 85,280 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $6.30 | ||
Exercise Price 7.44 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $7,440,000 | ||
Exercise price upper range limit | $7,440,000 | ||
Number of Shares, Options Outstanding | 7,500 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 9 years 11 months 23 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $7.44 | ||
Number of Shares Options Vested and Exercisable | 0 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $0 | ||
Exercise Price 9.09 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $9,090,000 | ||
Exercise price upper range limit | $9,090,000 | ||
Number of Shares, Options Outstanding | 223,400 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 9 years 8 months 27 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $9.09 | ||
Number of Shares Options Vested and Exercisable | 20,681 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $9.09 | ||
Exercise Price 10.00 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $10,000,000 | ||
Exercise price upper range limit | $10,000,000 | ||
Number of Shares, Options Outstanding | 230,788 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 5 years 7 months 24 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $10 | ||
Number of Shares Options Vested and Exercisable | 209,395 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $10 | ||
Exercise Price 11.70 - 11.75 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $11,700,000 | ||
Exercise price upper range limit | $11,750,000 | ||
Number of Shares, Options Outstanding | 50,400 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 9 years 3 months 18 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $11.70 | ||
Number of Shares Options Vested and Exercisable | 2,066 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $11.74 | ||
Exercise Price 12.50 - 14.18 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $12,500,000 | ||
Exercise price upper range limit | $14,180,000 | ||
Number of Shares, Options Outstanding | 105,700 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 9 years 4 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $13.99 | ||
Number of Shares Options Vested and Exercisable | 1,351 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $13.98 | ||
Exercise Price 15.39 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $15,390,000 | ||
Exercise price upper range limit | $15,390,000 | ||
Number of Shares, Options Outstanding | 304,356 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 8 years 9 months 11 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $15.39 | ||
Number of Shares Options Vested and Exercisable | 90,230 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $15.39 | ||
Exercise Price 15.89 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $15,890,000 | ||
Exercise price upper range limit | $15,890,000 | ||
Number of Shares, Options Outstanding | 200,000 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 9 years 4 months 24 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $15.89 | ||
Number of Shares Options Vested and Exercisable | 37,500 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $15.89 | ||
Exercise Price 17.38 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price lower range limit | $17,380,000 | ||
Exercise price upper range limit | $17,380,000 | ||
Number of Shares, Options Outstanding | 90,000 | ||
Weighted-Average Remaining Contractual Life, Options Outstanding (in years) | 9 years 2 months 19 days | ||
Weighted-Average Exercise Price, Options Outstanding (usd per share) | $17.38 | ||
Number of Shares Options Vested and Exercisable | 13,500 | ||
Weighted-Average Exercise Price, Options Vested and Exercisable (usd per share) | $17.38 |
Stock_Option_Plans_WeightedAve
Stock Option Plans - Weighted-Average Assumptions Used to Estimate Fair Value of Options Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Non-Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 71.76% | 75.68% | 75.01% |
Risk free interest rate | 2.44% | 1.53% | 1.26% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Term (years) | 9 years 8 months 5 days | 7 years 8 months 5 days | 8 years 3 months 11 days |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 70.17% | 76.60% | 77.39% |
Risk free interest rate | 1.78% | 1.79% | 1.43% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Term (years) | 5 years 11 months 23 days | 6 years 1 month 21 days | 6 years 6 months |
Weighted-average fair value of options granted during the period | 5.29 | 9.85 | 23.35 |
Stock_Option_Plans_Summary_of_2
Stock Option Plans - Summary of Restricted Stock Award Activity (Details) (Restricted Stock, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock | ||
Number of Shares (in shares): | ||
Restricted stock outstanding beginning of period | 5,000 | 0 |
Granted | 220,000 | 7,500 |
Vested | -80,000 | -2,500 |
Forfeited/canceled | -12,500 | |
Restricted stock outstanding end of period | 132,500 | 5,000 |
Weighted-Average Grant Date Fair Value (in dollars per share): | ||
Restricted stock outstanding beginning of period | $12.55 | $0 |
Granted, weighted average grant date fair value | $9.01 | $13.50 |
Vested, weighted average grant date fair value | $10.19 | $15.39 |
Forfeited/canceled, weighted average grant date fair value | $12.04 | |
Restricted stock outstanding end of period | $8.14 | $12.55 |
Stock_Option_Plans_Effects_of_
Stock Option Plans - Effects of Stock-Based Compensation Related to Stock Option and Restricted Stock Awards (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Total stock-based compensation | $3,835,349 | $735,145 | $915,361 |
Cost of revenues | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Total stock-based compensation | 148,852 | 41,470 | 11,753 |
Research and development | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Total stock-based compensation | 472,573 | 114,189 | 460,321 |
General and administrative | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Total stock-based compensation | 3,058,465 | 516,127 | 297,175 |
Sales and marketing | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Total stock-based compensation | $155,459 | $63,359 | $146,112 |
Warrants_Detail
Warrants (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Oct. 08, 2013 | Oct. 07, 2013 | Sep. 30, 2013 | Sep. 27, 2013 | Sep. 10, 2013 | Jul. 08, 2013 | Jul. 06, 2013 | Apr. 29, 2013 | Apr. 10, 2013 | Sep. 27, 2012 | Aug. 14, 2012 | Jul. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Feb. 29, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2011 | Feb. 22, 2013 | Mar. 07, 2013 | Oct. 31, 2012 | Dec. 31, 2011 | Oct. 22, 2012 | Oct. 31, 2014 | Sep. 06, 2012 | Feb. 11, 2013 | |
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 4,706 | 28,235 | ||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | $144,000 | |||||||||||||||||||||||||||||
Warrants issued to a consultant for services provided | 200 | |||||||||||||||||||||||||||||
Warrants to purchase common stock, issued | 65,328 | 70,598 | ||||||||||||||||||||||||||||
Warrants exercise price | $13.47 | |||||||||||||||||||||||||||||
Warrants surrendered | 23,188 | 23,188 | 14,313 | 2,072 | 45,894 | 7,230 | 1,661 | 193,176 | ||||||||||||||||||||||
Warrants, lock-up agreement period | 180 days | |||||||||||||||||||||||||||||
Warrants exercised, shares | 190,203 | 117,902 | 54,910 | |||||||||||||||||||||||||||
Warrants exercised, value | 690,227 | |||||||||||||||||||||||||||||
Warrants, expired | 15,164 | |||||||||||||||||||||||||||||
Price per share on equity offering | $10 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | 838,889 | 838,889 | ||||||||||||||||||||||||||||
Number of warrants effected with adjusted exercise price | 1,656,860 | |||||||||||||||||||||||||||||
Proceeds form warrants exercised | 96,000 | 96,000 | 177,154 | 950 | 178,102 | 192,000 | 635,227 | |||||||||||||||||||||||
Warrants exercised to purchase common stock | 33,868 | 33,868 | 30,034 | 24,000 | 6,000 | 24,000 | 130,000 | 44,288 | 12,500 | 1,659 | 95 | |||||||||||||||||||
Common stock per share value on warrant exercised | $10 | $4 | $4 | $4 | $4 | $4 | $10 | $10 | $10 | |||||||||||||||||||||
Warrants Issued | 10,680 | 10,680 | 15,721 | 3,928 | 84,106 | 5,270 | 3,320 | 9,412 | 476,688 | |||||||||||||||||||||
Warrant outstanding | 42,468 | 42,468 | 1,136,078 | 1,797,114 | 1,102,176 | 888,739 | ||||||||||||||||||||||||
Extended expiration date of warrant | 11 days | 17 days | ||||||||||||||||||||||||||||
Maximum | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Common stock per share value on warrant exercised | 14.1 | 14.1 | ||||||||||||||||||||||||||||
Minimum | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Common stock per share value on warrant exercised | 10 | 10 | ||||||||||||||||||||||||||||
Line of Credit | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 15,000 | 60,000 | ||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 306,000 | 1,019,000 | ||||||||||||||||||||||||||||
2012 Convertible Debt Financing Transaction | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 221,000 | |||||||||||||||||||||||||||||
Warrants exercise price | $15 | |||||||||||||||||||||||||||||
Term of warrants | 10 years | |||||||||||||||||||||||||||||
Price per share on equity offering | $10 | |||||||||||||||||||||||||||||
December 2012 Bridge Financing Transaction | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 2,353 | |||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 47,000 | |||||||||||||||||||||||||||||
Term of warrants | 10 years | |||||||||||||||||||||||||||||
Price per share on equity offering | $10 | |||||||||||||||||||||||||||||
Financing Arrangements | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 20,669 | 112,940 | ||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 1,522,000 | 606,000 | 951,000 | |||||||||||||||||||||||||||
Warrants surrendered | 37,646 | |||||||||||||||||||||||||||||
Warrants amended | 75,294 | |||||||||||||||||||||||||||||
John Pappajohn | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 298,000 | |||||||||||||||||||||||||||||
Warrants to purchase common stock, issued | 10,157 | |||||||||||||||||||||||||||||
Final IPO price to determine exercise price of the warrants | $15 | |||||||||||||||||||||||||||||
Adjusted exercise price of warrants on initial public offerings | $15 | |||||||||||||||||||||||||||||
John Pappajohn | Maximum | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $42.50 | |||||||||||||||||||||||||||||
John Pappajohn | Debt Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 1,051,506 | |||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 0 | 0 | 1,555,000 | 831,000 | ||||||||||||||||||||||||||
John Pappajohn | Bridge Loan | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 23,529 | |||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 837,000 | |||||||||||||||||||||||||||||
John Pappajohn | 2012 Convertible Debt Financing Transaction | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 4,118 | |||||||||||||||||||||||||||||
John Pappajohn | Financing Arrangements | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 9,412 | |||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 267,000 | |||||||||||||||||||||||||||||
Mr. Mark Oman | 2012 Convertible Debt Financing Transaction | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 2,941 | |||||||||||||||||||||||||||||
Certain Warrant Holders | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants to purchase common stock, issued | 114,030 | |||||||||||||||||||||||||||||
Mr.Pappajohn | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 4,000 | |||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | 69,000 | |||||||||||||||||||||||||||||
Related Parties | 2012 Convertible Debt Financing Transaction | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants granted | 28,235 | 114,510 | ||||||||||||||||||||||||||||
Fair value of warrants at the date of issue | $1,107,000 | $4,090,000 | ||||||||||||||||||||||||||||
Financial Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Class of warrant or right, expired | 470,833 | |||||||||||||||||||||||||||||
Warrants exercised, shares | 440,113 | |||||||||||||||||||||||||||||
Financial Guarantee | John Pappajohn | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Class of warrant or right, expired | 233,333 | 233,333 | ||||||||||||||||||||||||||||
Non-Derivative Warrants | Warrant Issued With | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $13.72 | |||||||||||||||||||||||||||||
Warrants exercised, shares | 174,288 | 83,868 | 51,098 | |||||||||||||||||||||||||||
Shares issuable on exercise of warrants | 1,531,696 | |||||||||||||||||||||||||||||
Warrant outstanding | 1,060,863 | 1,705,984 | 293,617 | 356,367 | ||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $10 | |||||||||||||||||||||||||||||
Warrants surrendered | 193,176 | |||||||||||||||||||||||||||||
Warrants exercised, shares | 15,915 | 34,034 | 3,812 | |||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -692,807 | |||||||||||||||||||||||||||||
Warrants Issued | 9,412 | 476,688 | ||||||||||||||||||||||||||||
Warrant outstanding | 75,215 | 91,130 | 808,559 | 532,372 | ||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Consulting | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $25 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -4,000 | |||||||||||||||||||||||||||||
Warrant outstanding | 4,000 | 4,000 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Consulting | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $25 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -200 | |||||||||||||||||||||||||||||
Warrant outstanding | 200 | 200 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Consulting | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $14.10 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -10,000 | |||||||||||||||||||||||||||||
Warrant outstanding | 10,000 | 10,000 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Consulting | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $12.50 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -4,030 | |||||||||||||||||||||||||||||
Warrant outstanding | 4,030 | 4,030 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Consulting | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $10 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | 200 | |||||||||||||||||||||||||||||
Warrant outstanding | 200 | 200 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Financing | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $42.50 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -127,336 | |||||||||||||||||||||||||||||
Warrants Issued | 6,471 | 120,865 | ||||||||||||||||||||||||||||
Warrant outstanding | 120,865 | |||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Financing | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $42.50 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -57,255 | |||||||||||||||||||||||||||||
Warrants Issued | 2,941 | 54,314 | ||||||||||||||||||||||||||||
Warrant outstanding | 54,314 | |||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Financing | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $42.50 | |||||||||||||||||||||||||||||
Warrants surrendered | 156,176 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -75,294 | |||||||||||||||||||||||||||||
Warrants Issued | 189,117 | |||||||||||||||||||||||||||||
Warrant outstanding | 75,294 | 42,353 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Financing | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $25 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -60,000 | |||||||||||||||||||||||||||||
Warrant outstanding | 60,000 | 60,000 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Financing | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $10 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | 60,000 | |||||||||||||||||||||||||||||
Warrant outstanding | 60,000 | 60,000 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Debt Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $10 | |||||||||||||||||||||||||||||
Warrants exercised, shares | 12,500 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | 12,500 | |||||||||||||||||||||||||||||
Warrant outstanding | 12,500 | |||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Debt Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $25 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -212,000 | |||||||||||||||||||||||||||||
Warrant outstanding | 212,000 | 212,000 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Debt Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $25 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -100,000 | |||||||||||||||||||||||||||||
Warrant outstanding | 100,000 | 100,000 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Debt Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $32.45 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -40,000 | |||||||||||||||||||||||||||||
Warrant outstanding | 40,000 | 40,000 | ||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Debt Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $42.50 | |||||||||||||||||||||||||||||
Warrants surrendered | 37,000 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -38,392 | |||||||||||||||||||||||||||||
Warrants Issued | 75,392 | |||||||||||||||||||||||||||||
Warrant outstanding | 38,392 | |||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Debt Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $42.50 | |||||||||||||||||||||||||||||
Shares issuable on exercise of warrants | -37,000 | |||||||||||||||||||||||||||||
Warrants Issued | 37,000 | |||||||||||||||||||||||||||||
Warrant outstanding | 37,000 | |||||||||||||||||||||||||||||
Derivative Warrants | Warrant Issued For | Debt Guarantee | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $25 | |||||||||||||||||||||||||||||
Derivative Warrants | Series A Preferred Stock | Warrant Issued For | ||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||||||||||||||||
Warrants exercise price | $4 | |||||||||||||||||||||||||||||
Warrants exercised, shares | 3,812 | |||||||||||||||||||||||||||||
Warrant outstanding | 7,325 |
Warrants_Summary_of_Warrant_Ac
Warrants - Summary of Warrant Activity (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Oct. 08, 2013 | Oct. 07, 2013 | Sep. 30, 2013 | Jul. 06, 2013 | Apr. 10, 2013 | Jul. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Sep. 10, 2013 | Dec. 31, 2011 | Feb. 11, 2013 | |
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $13.47 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 1,797,114 | 1,102,176 | 888,739 | 42,468 | 42,468 | ||||||||||
Warrants Issued | 10,680 | 10,680 | 15,721 | 3,928 | 84,106 | 5,270 | 3,320 | 9,412 | 476,688 | ||||||
Warrants Exercised | -190,203 | -117,902 | -54,910 | ||||||||||||
Warrants Surrendered | -23,188 | -23,188 | -14,313 | -2,072 | -45,894 | -7,230 | -1,661 | -193,176 | |||||||
Warrants Expired | -470,833 | -35,461 | -15,165 | ||||||||||||
IPO Adjustments | 838,889 | 838,889 | |||||||||||||
Warrants Outstanding, Ending Balance | 1,136,078 | 1,797,114 | 1,102,176 | 42,468 | 42,468 | ||||||||||
Common stock issued upon closing initial public offering fair value Per Share | $10 | ||||||||||||||
Common shares issuable upon exercise of warrants or rights | 838,889 | ||||||||||||||
Number of warrants effected with adjusted exercise price | 1,656,860 | ||||||||||||||
Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $13.72 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 1,705,984 | 293,617 | 356,367 | ||||||||||||
Warrants Exercised | -174,288 | -83,868 | -51,098 | ||||||||||||
Warrants Expired | -470,833 | -35,461 | -11,652 | ||||||||||||
IPO Adjustments | 1,531,696 | ||||||||||||||
Warrants Outstanding, Ending Balance | 1,060,863 | 1,705,984 | 293,617 | ||||||||||||
Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 91,130 | 808,559 | 532,372 | ||||||||||||
Warrants Issued | 9,412 | 476,688 | |||||||||||||
Warrants Exercised | -15,915 | -34,034 | -3,812 | ||||||||||||
Warrants Surrendered | -193,176 | ||||||||||||||
Warrants Expired | -3,513 | ||||||||||||||
IPO Adjustments | -692,807 | ||||||||||||||
Warrants Outstanding, Ending Balance | 75,215 | 91,130 | 808,559 | ||||||||||||
Debt Guarantee | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $4 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 174,288 | 228,288 | 228,288 | ||||||||||||
Warrants Exercised | -174,288 | -54,000 | |||||||||||||
Warrants Outstanding, Ending Balance | 174,288 | 228,288 | |||||||||||||
Debt Guarantee | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 237,500 | ||||||||||||||
Warrants Expired | -237,500 | ||||||||||||||
IPO Adjustments | 237,500 | ||||||||||||||
Debt Guarantee | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $15 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 585,645 | ||||||||||||||
Warrants Expired | -233,333 | ||||||||||||||
IPO Adjustments | 585,645 | ||||||||||||||
Warrants Outstanding, Ending Balance | 352,312 | ||||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 12,500 | ||||||||||||||
Warrants Exercised | -12,500 | ||||||||||||||
IPO Adjustments | 12,500 | ||||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $25 | ||||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $25 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 212,000 | ||||||||||||||
IPO Adjustments | -212,000 | ||||||||||||||
Warrants Outstanding, Ending Balance | 212,000 | 212,000 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $25 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 100,000 | ||||||||||||||
IPO Adjustments | -100,000 | ||||||||||||||
Warrants Outstanding, Ending Balance | 100,000 | 100,000 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $32.45 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 40,000 | ||||||||||||||
IPO Adjustments | -40,000 | ||||||||||||||
Warrants Outstanding, Ending Balance | 40,000 | 40,000 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $42.50 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Issued | 75,392 | ||||||||||||||
Warrants Surrendered | -37,000 | ||||||||||||||
IPO Adjustments | -38,392 | ||||||||||||||
Warrants Outstanding, Ending Balance | 38,392 | ||||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $42.50 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Issued | 37,000 | ||||||||||||||
IPO Adjustments | -37,000 | ||||||||||||||
Warrants Outstanding, Ending Balance | 37,000 | ||||||||||||||
Series A Preferred Stock | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $4 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 7,325 | ||||||||||||||
Warrants Exercised | -3,812 | ||||||||||||||
Warrants Expired | -3,513 | ||||||||||||||
Series A Preferred Stock | Instrument Type One | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10.75 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 30,000 | ||||||||||||||
Warrants Exercised | -30,000 | ||||||||||||||
Series A Preferred Stock | Instrument Type Two | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $14.10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 65,329 | 89,214 | |||||||||||||
Warrants Exercised | -29,868 | -18,616 | |||||||||||||
Warrants Expired | -35,461 | -5,269 | |||||||||||||
Warrants Outstanding, Ending Balance | 65,329 | ||||||||||||||
Series B Preferred Stock | Instrument Type One | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 18,430 | ||||||||||||||
Warrants Exercised | -3,415 | -34,034 | |||||||||||||
IPO Adjustments | 52,464 | ||||||||||||||
Warrants Outstanding, Ending Balance | 15,015 | 18,430 | |||||||||||||
Series B Preferred Stock | Instrument Type Two | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $25 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 52,464 | ||||||||||||||
IPO Adjustments | -52,464 | ||||||||||||||
Warrants Outstanding, Ending Balance | 52,464 | 52,464 | |||||||||||||
Financing | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 243,334 | ||||||||||||||
IPO Adjustments | 243,334 | ||||||||||||||
Warrants Outstanding, Ending Balance | 243,334 | ||||||||||||||
Financing | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $14.10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 8,865 | ||||||||||||||
Warrants Exercised | -2,482 | ||||||||||||||
Warrants Expired | -6,383 | ||||||||||||||
Financing | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $15 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 436,079 | ||||||||||||||
IPO Adjustments | 436,079 | ||||||||||||||
Warrants Outstanding, Ending Balance | 436,079 | ||||||||||||||
Consulting | Warrant Issued With | Non-Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 29,138 | ||||||||||||||
IPO Adjustments | 29,138 | ||||||||||||||
Warrants Outstanding, Ending Balance | 29,138 | ||||||||||||||
Financing | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 60,000 | ||||||||||||||
IPO Adjustments | 60,000 | ||||||||||||||
Warrants Outstanding, Ending Balance | 60,000 | ||||||||||||||
Financing | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $25 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 60,000 | ||||||||||||||
IPO Adjustments | -60,000 | ||||||||||||||
Warrants Outstanding, Ending Balance | 60,000 | 60,000 | |||||||||||||
Financing | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $42.50 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 42,353 | ||||||||||||||
Warrants Issued | 189,117 | ||||||||||||||
Warrants Surrendered | -156,176 | ||||||||||||||
IPO Adjustments | -75,294 | ||||||||||||||
Warrants Outstanding, Ending Balance | 75,294 | ||||||||||||||
Financing | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $42.50 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 54,314 | ||||||||||||||
Warrants Issued | 2,941 | 54,314 | |||||||||||||
IPO Adjustments | -57,255 | ||||||||||||||
Warrants Outstanding, Ending Balance | 54,314 | ||||||||||||||
Financing | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $42.50 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 120,865 | ||||||||||||||
Warrants Issued | 6,471 | 120,865 | |||||||||||||
IPO Adjustments | -127,336 | ||||||||||||||
Warrants Outstanding, Ending Balance | 120,865 | ||||||||||||||
Consulting | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 200 | ||||||||||||||
IPO Adjustments | 200 | ||||||||||||||
Warrants Outstanding, Ending Balance | 200 | ||||||||||||||
Consulting | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $12.50 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 4,030 | ||||||||||||||
IPO Adjustments | -4,030 | ||||||||||||||
Warrants Outstanding, Ending Balance | 4,030 | 4,030 | |||||||||||||
Consulting | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $14.10 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 10,000 | ||||||||||||||
IPO Adjustments | -10,000 | ||||||||||||||
Warrants Outstanding, Ending Balance | 10,000 | 10,000 | |||||||||||||
Consulting | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $25 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 200 | ||||||||||||||
IPO Adjustments | -200 | ||||||||||||||
Warrants Outstanding, Ending Balance | 200 | 200 | |||||||||||||
Consulting | Warrant Issued For | Derivative Warrants | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Warrants exercise price | $25 | ||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Warrants Outstanding, Beginning Balance | 4,000 | ||||||||||||||
IPO Adjustments | -4,000 | ||||||||||||||
Warrants Outstanding, Ending Balance | 4,000 | 4,000 | |||||||||||||
IPO | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | |||||||||||||||
Share price of warrants issued to related party adjustment for initial public offering | $15 | ||||||||||||||
Class of warrant issued | 530,022 |
Fair_Value_of_Warrants_Assumpt
Fair Value of Warrants - Assumptions Used in Computing Fair Value of Derivative Warrants (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Apr. 05, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Series B Preferred Stock | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $10 | $10 | $10 | ||||
Expected life (years) | 10 months 17 days | 1 year 11 months 1 day | 1 year 8 months 19 days | ||||
Expected volatility | 49.95% | 59.26% | 46.60% | ||||
Risk-free interest rate | 0.25% | 0.38% | 0.33% | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||
Debt Guarantee | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $10 | $10 | $13.56 | $9.60 | |||
Expected life (years) | 9 months 29 days | 7 months 6 days | 2 years 5 months 1 day | 4 years 7 months 28 days | |||
Expected volatility | 57.33% | 49.01% | 66.37% | 80.05% | |||
Risk-free interest rate | 0.13% | 0.08% | 0.32% | 0.82% | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |||
Financing | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $10 | $0 | $13.21 | $10 | $13.34 | ||
Expected life (years) | 1 year 2 months 23 days | 0 years | 8 years 3 months 18 days | 2 years 3 months | 9 years 9 months 11 days | ||
Expected volatility | 50.23% | 0.00% | 73.22% | 64.40% | 74.70% | ||
Risk-free interest rate | 0.25% | 0.00% | 1.44% | 0.38% | 1.95% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
Consulting | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $10 | $10 | $10 | ||||
Expected life (years) | 1 year 1 month 21 days | 2 years 1 month 21 days | 2 years 3 months 29 days | ||||
Expected volatility | 49.25% | 62.63% | 63.20% | ||||
Risk-free interest rate | 0.25% | 0.38% | 0.27% | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Fair_Value_of_Warrants_Additio
Fair Value of Warrants - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Warrant or Right [Line Items] | |||
Fair value of warrants issue price | $6.68 | $13.78 | $9.60 |
Minimum | |||
Class of Warrant or Right [Line Items] | |||
Fair value of stock prices in computing fair value for warrants issued | $6.68 | $9.60 | $9.60 |
Maximum | |||
Class of Warrant or Right [Line Items] | |||
Fair value of stock prices in computing fair value for warrants issued | $19.86 | $20.26 | $33.80 |
Fair_Value_of_Warrants_Summary
Fair Value of Warrants - Summary of Derivative Warrant Activity (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Apr. 10, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | $594,000 | $12,549,000 | $11,113,000 | |
Fair value of warrants issued | 268,000 | 6,544,000 | ||
Fair value of warrants exercised | -125,000 | -420,000 | -55,000 | |
Warrant restructuring | 2,485,000 | |||
Reclassification to equity in IPO | -7,200,000 | 0 | -7,170,000 | 0 |
Change in fair value of warrants | -417,000 | -4,633,000 | -7,538,000 | |
Ending balance | 52,000 | 594,000 | 12,549,000 | |
Debt Guarantee | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 64,000 | 5,679,000 | 6,993,000 | |
Fair value of warrants issued | 1,583,000 | |||
Fair value of warrants exercised | -87,000 | |||
Warrant restructuring | 268,000 | |||
Reclassification to equity in IPO | -2,514,000 | |||
Change in fair value of warrants | 23,000 | -3,101,000 | -3,165,000 | |
Ending balance | 64,000 | 5,679,000 | ||
Consulting | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 1,000 | 147,000 | 447,000 | |
Reclassification to equity in IPO | -108,000 | |||
Change in fair value of warrants | -1,000 | -38,000 | -300,000 | |
Ending balance | 1,000 | 147,000 | ||
Financing | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 412,000 | 6,493,000 | 2,293,000 | |
Fair value of warrants issued | 268,000 | 4,961,000 | ||
Warrant restructuring | 2,217,000 | |||
Reclassification to equity in IPO | -4,548,000 | |||
Change in fair value of warrants | -368,000 | -1,801,000 | -2,978,000 | |
Ending balance | 44,000 | 412,000 | 6,493,000 | |
Series A Preferred Stock | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 220,000 | |||
Fair value of warrants exercised | -55,000 | |||
Change in fair value of warrants | -165,000 | |||
Series B Preferred Stock | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 117,000 | 230,000 | 1,160,000 | |
Fair value of warrants exercised | -38,000 | -420,000 | ||
Change in fair value of warrants | -71,000 | 307,000 | -930,000 | |
Ending balance | $8,000 | $117,000 | $230,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) (Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | $52,000 | $594,000 |
Total liabilities | 880,228 | |
Gentris Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 293,400 | |
Bio Serve Biotechnologies India Private Limited | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 534,828 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 0 | 0 |
Total liabilities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Gentris Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Bio Serve Biotechnologies India Private Limited | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 0 | 0 |
Total liabilities | 0 | |
Significant Other Observable Inputs (Level 2) | Gentris Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | |
Significant Other Observable Inputs (Level 2) | Bio Serve Biotechnologies India Private Limited | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 52,000 | 594,000 |
Total liabilities | 880,228 | |
Significant Unobservable Inputs (Level 3) | Gentris Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 293,400 | |
Significant Unobservable Inputs (Level 3) | Bio Serve Biotechnologies India Private Limited | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $534,828 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Fair Value of Notes Payable (Details) (Recurring, Significant Unobservable Inputs (Level 3), Contingent Consideration Liability, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Bio Serve Biotechnologies India Private Limited | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value beginning balance | $0 |
Fair value at issuance | 733,387 |
Change in fair value | -198,559 |
Fair value ending balance | 534,828 |
Gentris Corporation | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value beginning balance | 0 |
Fair value at issuance | 293,400 |
Change in fair value | 0 |
Fair value ending balance | $293,400 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 18, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of acquisition note payable | ($198,000) | $0 | $0 | |
Bio Serve Biotechnologies India Private Limited | Ventureast Trustee Company Pvt Ltd | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business combination, consideration transferred, notes payable in shares | 84,278 | |||
Change in fair value of acquisition note payable | $198,000 |
Joint_Venture_Agreement_Detail
Joint Venture Agreement (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||
Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2015 | Oct. 28, 2013 | Apr. 10, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Capital contribution in exchange of membership interests | $1,000,000 | $1,000,000 | $0 | ||||||
Common stock, shares issued | 10,000 | 9,275,384 | 9,821,169 | 9,275,384 | 3,286,700 | 690,000 | |||
Additional expense related to shares issued | 175,000 | 231,000 | |||||||
Joint Venture Agreement | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of outstanding membership interests in joint venture | 50.00% | ||||||||
Capital contribution in exchange of membership interests | 1,000,000 | 1,000,000 | |||||||
Fair value of capital contribution in joint venture | 6,000,000 | ||||||||
Joint Venture Agreement | Forecast | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Capital contribution in exchange of membership interests | 1,000,000 | ||||||||
Joint Venture Agreement | Maximum | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Capital contribution in exchange of membership interests | $4,000,000 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||
Oct. 08, 2013 | Oct. 07, 2013 | Sep. 30, 2013 | Aug. 19, 2013 | Jul. 06, 2013 | Apr. 10, 2013 | Aug. 14, 2012 | Sep. 15, 2010 | Jul. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 29, 2012 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Dec. 21, 2011 | Aug. 15, 2010 | Oct. 15, 2012 | Jan. 06, 2014 | Apr. 01, 2014 | Aug. 31, 2010 | 19-May-06 | Feb. 28, 2015 | Oct. 31, 2013 | Oct. 28, 2013 | |
extension | patent | ||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Number of revolving line of credit extensions facility | 8 | ||||||||||||||||||||||||||
Common stock exercised | 190,203 | 117,902 | 54,910 | ||||||||||||||||||||||||
Convertible shares issued to common stock | 690,000 | 9,821,169 | 9,275,384 | 10,000 | 3,286,700 | ||||||||||||||||||||||
Conversion of outstanding indebtedness to common stock | $9,634,300 | $0 | $9,634,300 | $0 | |||||||||||||||||||||||
Common shares | 963,430 | ||||||||||||||||||||||||||
Debt instrument spread on variable rate | 6.25% | ||||||||||||||||||||||||||
Interest rate at period end | 9.50% | ||||||||||||||||||||||||||
Pre-payment penalty paid | 130,000 | ||||||||||||||||||||||||||
Debt instrument amount paid upon conversion of the notes | 32,667 | ||||||||||||||||||||||||||
Consulting agreement period | 3 years | ||||||||||||||||||||||||||
Stock option issued to related party, price per share (usd per share) | $10.41 | $14.57 | $33.80 | ||||||||||||||||||||||||
Warrants issued | 4,706 | 28,235 | |||||||||||||||||||||||||
Number of warrants agreed to be surrendered | 23,188 | 23,188 | 14,313 | 2,072 | 45,894 | 7,230 | 1,661 | 193,176 | |||||||||||||||||||
Employee stock option purchased | 1,154,800 | 426,762 | 2,400 | ||||||||||||||||||||||||
Financial Guarantee | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Common stock purchased | 284,000 | 284,000 | |||||||||||||||||||||||||
Common stock exercised | 440,113 | ||||||||||||||||||||||||||
Class of warrant or right, expired | 470,833 | ||||||||||||||||||||||||||
IPO | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Convertible shares issued to common stock | 690,000 | ||||||||||||||||||||||||||
John Pappajohn | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Common stock purchased | 202,630 | ||||||||||||||||||||||||||
Warrants adjusted in conjunction with IPO | 436,079 | ||||||||||||||||||||||||||
Warrants outstanding per share | $15 | ||||||||||||||||||||||||||
Additional amount of loan received | 6,750,000 | ||||||||||||||||||||||||||
John Pappajohn | Financial Guarantee | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Common stock purchased | 1,051,506 | 1,051,506 | |||||||||||||||||||||||||
Class of warrant or right, expired | 233,333 | 233,333 | |||||||||||||||||||||||||
Warrants adjusted in conjunction with IPO | 352,312 | ||||||||||||||||||||||||||
Warrants outstanding per share | $15 | ||||||||||||||||||||||||||
John Pappajohn | IPO | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Convertible shares issued to common stock | 675,000 | ||||||||||||||||||||||||||
Conversion price of notes | $10 | ||||||||||||||||||||||||||
NNJCA | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Additional amount of loan received | 1,500,000 | ||||||||||||||||||||||||||
Conversion of outstanding indebtedness to common stock | 500,000 | ||||||||||||||||||||||||||
Common shares | 50,000 | ||||||||||||||||||||||||||
NNJCA | IPO | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Conversion price of notes | $10 | ||||||||||||||||||||||||||
Dr. Pecora | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Additional amount of loan received | 500,000 | ||||||||||||||||||||||||||
Consulting agreement period | 2 years | ||||||||||||||||||||||||||
Agreement with related party, fee | 5,000 | ||||||||||||||||||||||||||
Stock option issued to related party | 12,000 | ||||||||||||||||||||||||||
Stock option issued to related party, price per share (usd per share) | $25 | ||||||||||||||||||||||||||
Dr. Pecora | Expensed under Stock Option Plan | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Agreement with related party, consulting fee | 0 | 0 | 142,740 | ||||||||||||||||||||||||
Pecora and NNJCA | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Number of warrants agreed to be surrendered | 37,646 | ||||||||||||||||||||||||||
Increase the pre-payment penalties | 130,000 | ||||||||||||||||||||||||||
Board of Directors Chairman | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Compensation for serving as chairman of the board, annual amount | 100,000 | ||||||||||||||||||||||||||
Board of Directors Chairman | 2011 Equity Plan | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Employee stock option purchased | 100,000 | ||||||||||||||||||||||||||
Equity Dynamics, Inc. | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Agreement with related party, consulting fee | 120,000 | 120,000 | 120,000 | ||||||||||||||||||||||||
Related party consulting fees | 10,000 | 10,000 | |||||||||||||||||||||||||
Dr. Chaganti | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Notes issued to related party | 100,000 | ||||||||||||||||||||||||||
Interest rate due to related party | 8.50% | ||||||||||||||||||||||||||
Interest expenses on notes issued to related party | 2,400 | 8,400 | |||||||||||||||||||||||||
Agreement with related party, fee | 5,000 | ||||||||||||||||||||||||||
Agreement with related party, consulting fee | 60,000 | 60,000 | 60,000 | ||||||||||||||||||||||||
Convertible number of common shares | 13,430 | ||||||||||||||||||||||||||
Common stock issued upon conversion (usd per share) | $10 | ||||||||||||||||||||||||||
Dr. Chaganti | 2011 Equity Plan | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Common stock, vesting period | 4 years | ||||||||||||||||||||||||||
Common stock, shares purchased price per share (usd per share) | $15.89 | ||||||||||||||||||||||||||
Employee stock option purchased | 200,000 | ||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Equity instruments granted in period | 220,000 | 7,500 | |||||||||||||||||||||||||
Restricted Stock | Board of Directors Chairman | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Equity instruments granted in period | 25,000 | ||||||||||||||||||||||||||
Compensation for Serving as Chairman of Board | Board of Directors Chairman | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Option Granted Period | 10 years | ||||||||||||||||||||||||||
Number of vesting installments | 2 | ||||||||||||||||||||||||||
Consulting and Advisory Agreement | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Stock options issued to purchase shares of common stock | 36,000 | ||||||||||||||||||||||||||
Common stock price (usd per share) | $10 | ||||||||||||||||||||||||||
Common stock, vesting period | 2 years | ||||||||||||||||||||||||||
Consulting and advisory agreement expenses under stock option plan | 0 | 76,220 | 430,600 | ||||||||||||||||||||||||
Renewed Consulting and Advisory Agreement | Dr. Chaganti | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Consulting and advisory agreement expenses under stock option plan | 341,000 | 0 | 0 | ||||||||||||||||||||||||
USPTO Patent Issuance Agreement | Dr. Chaganti | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Agreement with related party, consulting fee | 150,000 | ||||||||||||||||||||||||||
Agreement with related party, one-time payment required | 50,000 | ||||||||||||||||||||||||||
Agreement with related party, percentage of net revenues required to be paid | 1.00% | ||||||||||||||||||||||||||
Number of patents | 3 | ||||||||||||||||||||||||||
Subsequent Event | USPTO Patent Issuance Agreement | Dr. Chaganti | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Agreement with related party, consulting fee | $150,000 | ||||||||||||||||||||||||||
Number of patents | 3 |