Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CGIX | ||
Entity Registrant Name | CANCER GENETICS, INC | ||
Entity Central Index Key | 1,349,929 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 13,652,274 | ||
Entity Public Float | $ 91 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 19,459 | $ 25,554 |
Accounts receivable, net of allowance for doubtful accounts of 2015 $664; 2014 $251 | 6,621 | 5,028 |
Other current assets | 2,118 | 1,173 |
Total current assets | 28,198 | 31,755 |
FIXED ASSETS, net of accumulated depreciation | 6,069 | 4,310 |
OTHER ASSETS | ||
Restricted cash | 300 | 6,300 |
Patents and other intangible assets, net of accumulated amortization | 1,727 | 503 |
Investment in joint venture | 341 | 1,048 |
Goodwill | 12,029 | 3,187 |
Other | 220 | 2 |
Total other assets | 14,617 | 11,040 |
Total Assets | 48,884 | 47,105 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 7,579 | 3,763 |
Obligations under capital leases, current portion | 122 | 59 |
Deferred revenue | 831 | 544 |
Bank term note, current portion | 1,333 | 0 |
Total current liabilities | 9,865 | 4,366 |
Obligations under capital leases | 276 | 300 |
Deferred rent payable and other | 315 | 348 |
Line of credit | 0 | 6,000 |
Warrant liability | 17 | 52 |
Acquisition note payable | 0 | 560 |
Deferred revenue, long-term | 752 | 925 |
Bank term note | 4,642 | 0 |
Total Liabilities | 15,867 | 12,551 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, authorized 9,764 shares $0.0001 par value, none issued | 0 | 0 |
Common stock, authorized 100,000 shares, $0.0001 par value, 13,652 and 9,821 shares issued and outstanding as of December 31, 2015 and 2014, respectively | 1 | 1 |
Additional paid-in capital | 131,167 | 112,520 |
Accumulated deficit | (98,151) | (77,967) |
Total Stockholders’ Equity | 33,017 | 34,554 |
Total Liabilities and Stockholders’ Equity | $ 48,884 | $ 47,105 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 664 | $ 251 |
Preferred stock, shares authorized (in shares) | 9,764,000 | 9,764,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 13,652,000 | 9,821,000 |
Common stock, shares outstanding (in shares) | 13,652,000 | 9,821,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenue | $ 18,040 | $ 10,199 | $ 6,610 |
Cost of revenues | 14,098 | 8,453 | 4,925 |
Gross profit | 3,942 | 1,746 | 1,685 |
Operating expenses: | |||
Research and development | 5,483 | 4,622 | 2,190 |
General and administrative | 14,567 | 12,369 | 6,115 |
Sales and marketing | 5,269 | 3,964 | 1,842 |
Total operating expenses | 25,319 | 20,955 | 10,147 |
Loss from operations | (21,377) | (19,209) | (8,462) |
Other income (expense): | |||
Interest expense | (344) | (473) | (2,388) |
Interest income | 49 | 74 | 30 |
Change in fair value of warrant liability | 35 | 417 | 4,633 |
Change in fair value of acquisition note payable | 269 | 198 | 0 |
Debt conversion costs | 0 | 0 | (6,850) |
Total other income (expense) | 9 | 216 | (4,575) |
Loss before income taxes | (21,368) | (18,993) | (13,037) |
Income tax (benefit) | (1,184) | (2,350) | (664) |
Net (loss) | $ (20,184) | $ (16,643) | $ (12,373) |
Basic net (loss) per share (in dollars per share) | $ (1.96) | $ (1.76) | $ (2.65) |
Diluted net (loss) per share (in dollars per share) | $ (1.96) | $ (1.80) | $ (3.64) |
Basic weighted average shares outstanding (in shares) | 10,298 | 9,449 | 4,665 |
Diluted weighted average shares outstanding (in shares) | 10,299 | 9,462 | 4,676 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Preferred StockSeries A Preferred Stock | Preferred StockSeries B Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Gentris Corporation | Gentris CorporationCommon Stock | Gentris CorporationAdditional Paid-in Capital | BioServe | BioServeCommon Stock | BioServeAdditional Paid-in Capital | Response Genetics | Response GeneticsCommon Stock | Response GeneticsAdditional Paid-in Capital | Employee | EmployeeCommon Stock | EmployeeAdditional Paid-in Capital | Non-Employee | Non-EmployeeCommon Stock | Non-EmployeeAdditional Paid-in Capital | 2015 Offering | 2015 OfferingCommon Stock | 2015 OfferingAdditional Paid-in Capital | Equity Offering, Cantor Sales Agreement | Equity Offering, Cantor Sales AgreementCommon Stock | Equity Offering, Cantor Sales AgreementAdditional Paid-in Capital |
Beginning Balance (in shares) at Dec. 31, 2012 | 588,000 | 1,822,000 | 1,350,000 | |||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2012 | $ (23,981) | $ 0 | $ 0 | $ 0 | $ 24,970 | $ (17) | $ (48,934) | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Stock based compensation (in shares) | 3,000 | |||||||||||||||||||||||||||
Stock based compensation | $ 647 | $ 647 | $ 88 | $ 88 | ||||||||||||||||||||||||
Vesting of common pursuant to joint venture agreement | 232 | 232 | ||||||||||||||||||||||||||
Conversion of preferred stock into common stock (in shares) | (588,000) | (1,822,000) | 1,287,000 | |||||||||||||||||||||||||
Conversion of debt into common stock (in shares) | 963,000 | |||||||||||||||||||||||||||
Conversion of debt into common stock | 12,596 | 12,596 | ||||||||||||||||||||||||||
Issuance of common stock in IPO, net of offering costs (in shares) | 690,000 | |||||||||||||||||||||||||||
Issuance of common stock in IPO, net of offering costs | 3,743 | 3,743 | ||||||||||||||||||||||||||
Issuance of common stock (in shares) | 1,605,000 | |||||||||||||||||||||||||||
Issuance of common stock | 14,230 | 14,230 | ||||||||||||||||||||||||||
Issuance of common stock in Follow-On Offering, net of offering costs (in shares) | 3,287,000 | |||||||||||||||||||||||||||
Issuance of common stock in Follow-On Offering, net of offering costs | 42,303 | $ 1 | 42,302 | |||||||||||||||||||||||||
Issuance of common stock pursuant to license agreement (in shares) | 2,000 | |||||||||||||||||||||||||||
Issuance of common stock pursuant to license agreement | 20 | 20 | ||||||||||||||||||||||||||
Issuance of common stock pursuant to joint venture agreement (in shares) | 10,000 | |||||||||||||||||||||||||||
Issuance of common stock pursuant to joint venture agreement | 175 | 175 | ||||||||||||||||||||||||||
Reclassification of derivative warrants | 7,170 | 7,170 | ||||||||||||||||||||||||||
Exercise of warrants (in shares) | 78,000 | |||||||||||||||||||||||||||
Exercise of warrants | 612 | 612 | ||||||||||||||||||||||||||
Exercise of options | 2 | 2 | ||||||||||||||||||||||||||
Retirement of treasury stock | 17 | (17) | ||||||||||||||||||||||||||
Net loss | (12,373) | (12,373) | ||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2013 | 0 | 0 | 9,275,000 | |||||||||||||||||||||||||
Ending Balance at Dec. 31, 2013 | 45,464 | $ 0 | $ 0 | $ 1 | 106,787 | 0 | (61,324) | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Stock based compensation (in shares) | 208,000 | 5,000 | ||||||||||||||||||||||||||
Stock based compensation | 3,462 | 3,462 | 373 | 373 | ||||||||||||||||||||||||
Issuance of common stock (in shares) | 148,000 | 31,000 | ||||||||||||||||||||||||||
Issuance of common stock | $ 1,272 | $ 1,272 | $ 244 | $ 244 | ||||||||||||||||||||||||
Exercise of warrants (in shares) | 135,000 | |||||||||||||||||||||||||||
Exercise of warrants | $ 303 | 303 | ||||||||||||||||||||||||||
Exercise of options (in shares) | 30,000 | 19,000 | ||||||||||||||||||||||||||
Exercise of options | $ 79 | 79 | ||||||||||||||||||||||||||
Net loss | (16,643) | (16,643) | ||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2014 | 0 | 0 | 9,821,000 | |||||||||||||||||||||||||
Ending Balance at Dec. 31, 2014 | $ 34,554 | $ 0 | $ 0 | $ 1 | 112,520 | 0 | (77,967) | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Stock based compensation (in shares) | 35,000 | |||||||||||||||||||||||||||
Stock based compensation | $ 2,558 | $ 2,558 | $ 276 | $ 276 | ||||||||||||||||||||||||
Issuance of common stock (in shares) | 2,800 | 3,000,000 | 3,000 | |||||||||||||||||||||||||
Issuance of common stock | $ 10,319 | $ 10,319 | $ 34 | $ 34 | ||||||||||||||||||||||||
Issuance of common stock, acquisitions (in shares) | 789,000 | |||||||||||||||||||||||||||
Issuance of common stock, acquisitions | $ 5,436 | $ 5,436 | ||||||||||||||||||||||||||
Exercise of warrants | $ 1 | 1 | ||||||||||||||||||||||||||
Exercise of options (in shares) | 4,000 | 4,000 | ||||||||||||||||||||||||||
Exercise of options | $ 23 | 23 | ||||||||||||||||||||||||||
Net loss | (20,184) | (20,184) | ||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2015 | 0 | 0 | 13,652,000 | |||||||||||||||||||||||||
Ending Balance at Dec. 31, 2015 | $ 33,017 | $ 0 | $ 0 | $ 1 | $ 131,167 | $ 0 | $ (98,151) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (20,184,000) | $ (16,643,000) | $ (12,373,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 1,503,000 | 810,000 | 311,000 |
Amortization | 159,000 | 28,000 | 15,000 |
Provision for bad debts | 413,000 | 215,000 | 0 |
Stock-based compensation | 2,834,000 | 3,835,000 | 735,000 |
Stock-based research and development/general and administrative expenses | 0 | 0 | 427,000 |
Change in fair value of contingent consideration liability | (269,000) | (198,000) | 0 |
Change in fair value of warrant liability | (35,000) | (417,000) | (4,633,000) |
Amortization of loan guarantee, financing fees and debt issuance costs | 8,000 | 311,000 | 1,195,000 |
Accretion of discount on debt | 0 | 0 | 585,000 |
Loss in equity-method investment | 707,000 | 940,000 | 12,000 |
Loss on conversion of debt to equity | 0 | 0 | 6,850,000 |
Deferred initial public offering costs expensed | 0 | 0 | 618,000 |
Change in working capital components: | |||
Accounts receivable | (1,662,000) | (1,657,000) | (717,000) |
Other current assets | (384,000) | (199,000) | (375,000) |
Other non-current assets | (101,000) | 0 | 0 |
Accounts payable, accrued expenses and deferred revenue | 3,114,000 | 675,000 | (731,000) |
Deferred rent and other | (33,000) | (38,000) | 6,000 |
Net cash (used in) operating activities | (13,599,000) | (12,338,000) | (8,075,000) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of fixed assets | (1,008,000) | (1,374,000) | (257,000) |
(Increase) decrease in restricted cash | 6,000,000 | (6,000,000) | (50,000) |
Patent costs | (137,000) | (130,000) | (92,000) |
Investment in joint venture | 0 | (1,000,000) | (1,000,000) |
Cash used in acquisition of Gentris, net of cash received | 0 | (3,181,000) | 0 |
Cash from acquisition of BioServe | 0 | 312,000 | 0 |
Cash used in acquisition of Response Genetics | (7,495,000) | 0 | 0 |
Net cash (used in) investing activities | (2,640,000) | (11,373,000) | (1,399,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal payments on capital lease obligations | (83,000) | (44,000) | (17,000) |
Payment of equity issuance costs | (117,000) | 0 | 0 |
Proceeds from public offerings of common stock, net of offering costs | 10,353,000 | 0 | 61,517,000 |
Proceeds from warrant exercises | 1,000 | 178,000 | 192,000 |
Proceeds from option exercises | 23,480 | 79,018 | 1,640 |
Payment of debt issuance costs | (33,000) | 0 | 0 |
Principal payments on notes payable | 0 | (408,000) | (3,580,000) |
Net cash provided by (used in) financing activities | 10,144,000 | (195,000) | 58,114,000 |
Net increase (decrease) in cash and cash equivalents | (6,095,000) | (23,906,000) | 48,640,000 |
CASH AND CASH EQUIVALENTS | |||
Beginning | 25,554,000 | 49,460,000 | 820,000 |
Ending | 19,459,000 | 25,554,000 | 49,460,000 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||
Cash paid for interest | 240,000 | 128,000 | 608,000 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Fixed assets acquired through capital lease arrangements | 0 | 42,000 | 354,000 |
Warrants issued for financing fees | 0 | 0 | 47,000 |
Retirement of treasury stock | 0 | 0 | 17,000 |
Conversion of notes payable and lines of credit to common stock | 0 | 0 | 9,634,000 |
Value of shares issued as partial consideration to acquire businesses | 0 | 1,516,000 | 0 |
Reclassification of derivative warrants | 0 | 0 | 7,170,000 |
Cashless exercise of derivative warrants | 0 | 125,000 | 420,000 |
Offering costs discounted | 0 | 0 | 733,000 |
Net tangible assets acquired via acquisition | 2,843,000 | 1,255,000 | 0 |
Accrued expenses reclassified as derivative warrant liability | 0 | 0 | 221,000 |
BioServe | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Change in fair value of contingent consideration liability | 269,000 | (198,000) | 0 |
Gentris Corporation | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Change in fair value of contingent consideration liability | (207,000) | 0 | 0 |
Response Genetics | |||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Value of shares issued as partial consideration to acquire businesses | $ 5,436,000 | $ 0 | $ 0 |
Organization, Acquisitions, Des
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment | 12 Months Ended |
Dec. 31, 2015 | |
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 emerging leader in the field of personalized medicine, enabling precision medicine in the field of oncology through our diagnostic products and services and molecular markers. We develop, commercialize and provide molecular- and biomarker-based tests and services that enable physicians to personalize the clinical management of each individual patient by providing genomic information to better diagnose, monitor and inform cancer treatment and that enable biopharmaceutical companies engaged in oncology trials to better select candidate populations and reduce adverse drug reactions by providing information regarding genomic factors influencing subject responses to therapeutics. We have a comprehensive, disease-focused oncology testing portfolio. Our tests and techniques target a wide range of cancers, covering eight of the top ten cancers in prevalence in the United States, with additional unique capabilities offered by our Tissue of Origin® test for identifying difficult to diagnose tumor types or poorly differentiated metastatic disease. We were incorporated in the State of Delaware on April 8, 1999 and have offices and state-of-the-art laboratories located in California, 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, California 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 cl inical 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 (in thousands except share amounts): Amount Cash paid at closing $ 3,250 Issuance of 147,843 common shares 1,272 Estimated fair value of contingent consideration 293 Total purchase price $ 4,815 During the year ended December 31, 2015, we recognized a gain of $207,000 due to settling the contingent consideration for $86,400 . We incurred a finder's fee of $147,500 related to the transaction. The following table summarizes the final valuation of the assets acquired and liabilities assumed as of July 16, 2014 (in thousands): Amount Accounts receivable $ 1,869 Other current assets 266 Current liabilities (785 ) Deferred revenue, long-term (938 ) Fixed assets 1,951 Goodwill 2,452 Total purchase price $ 4,815 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. ( “ BioServe ” ), 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 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 (in thousands except share amounts): Amount Cash paid at closing $ 73 Notes payable 24 Notes payable (value of 84,278 common shares) 733 Issuance of 31,370 common shares 244 Total purchase price $ 1,074 The final payment for BioServe will be a cash payment equal to the value of 84,278 shares of our common stock in November 2016. This liability is subject to future adjustment based upon changes to our stock price. During the year ended December 31, 2015 and 2014, we recognized a gain of $269,000 and $198,000 , respectively, 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. During 2015, the Company made revisions to the preliminary valuation of certain assets acquired which increased goodwill by approximately $193,000 , reduced fixed assets by approximately $136,000 , reduced other assets by approximately $38,000 and reduced other current assets by approximately $19,000 . The following table summarizes the final valuation of the assets acquired and liabilities assumed as of August 18, 2014 (in thousands): Amount Accounts receivable $ 151 Other current assets 102 Fixed assets 489 Other assets 378 Goodwill 735 Current liabilities (759 ) Other liabilities (22 ) Total purchase price $ 1,074 Acquisition of Response Genetics, Inc. On October 9, 2015, we acquired substantially all the assets and assumed certain liabilities of Response Genetics, Inc. (“Response Genetics”), with its principal place of business in California, in a transaction valued at approximately $12.9 million , comprised of $7,495,193 in cash and 788,584 shares of the Company’s common stock, with the common stock being valued at $5,436,104 . Response Genetics was a life sciences company engaged in the research and development of clinical diagnostic tests for cancer. Response Genetics generated revenues primarily from sales of its ResponseDX® diagnostic tests, which Response Genetics launched in 2008, and by providing clinical trial testing services to pharmaceutical companies. 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. 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 deductible for income tax purposes. Business transactions expense of approximately $890,000 incurred in connection with the acquisition was expensed as incurred. The final allocation of the purchase price of the fair value of the assets acquired and the liabilities assumed as of October 9, 2015 is as follows (in thousands): Amount Accounts receivable $ 344 Prepaid expenses and other current assets 561 Fixed assets 2,254 Intangible assets 1,246 Goodwill 8,842 Current liabilities (194 ) Obligations under capital lease (122 ) Total purchase price $ 12,931 Acquisitions Pro Forma Financial Information The following table provides certain pro forma financial information for the Company as if the acquisitions of Response Genetics, Gentris and Bioserve discussed above occurred on January 1, 2013 (in thousands except per share amounts): Unaudited Year Ended December 31, 2015 2014 2013 Revenue $ 28,528 $ 34,167 $ 32,488 Net loss (33,237 ) (26,427 ) (26,712 ) Basic net loss per share $ (3.05 ) $ (2.56 ) $ (4.74 ) Dilutive net loss per share (3.05 ) (2.59 ) (5.55 ) The pro forma numbers above are derived from historical numbers of the Company, Response Genetics, Gentris and Bioserve. Over time the operations of Response Genetics will be integrated into the operations of the Company. This integration may change how certain tests are coded and submitted to payers (including Medicare) and, consequently, may result in differences in the future in which revenues and bad debt expenses are recorded when compared with the historical methods of Response Genetics. At the current time, we do not have enough information to prepare a reliable estimate of any possible changes. The results of operations for the year ended December 31, 2015 include the operations of Response Genetics from October 9, 2015 and twelve months of operations of Gentris and Bioserve with combined revenues of $8,771,000 . The net loss of Response Genetics, Gentris and Bioserve cannot be determined, as their operations are integrated with Cancer Genetics. The results of operations for the year ended December 31, 2014 include the the operations of Gentris from July 16, 2014 and BioServe from August 18, 2014 and include combined revenues of $3,296,465 . 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.” On November 12, 2015, we sold 3,000,000 shares of common stock with warrants to purchase an aggregate of 3,000,000 shares of common stock at a combined public offering price of $4.00 per share and warrant resulting in gross proceeds of $12.0 million ( $10.3 million of net proceeds after offering expenses and underwriting discounts). The underwriters also received 450,000 warrants pursuant to the partial exercise of the over-allotment option. The warrants have an exercise price of $5.00 , became fully-exercisable at issuance and expire on November 12, 2020. All references to the sales of common stock with warrants mentioned in this paragraph are referred to as the “2015 Offering.” |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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), Bioserve Biotechnologies (India) Private Limited (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 $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 and the purchase of Response Genetics in 2015, 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 years ended December 31, 2015 and 2014. Goodwill (in thousands) Balance, December 31, 2013 $ — Purchased through acquisitions of Gentris and BioServe 3,187 Balance, December 31, 2014 3,187 Purchased through acquisition of Response Genetics 8,842 Balance, December 31, 2015 $ 12,029 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 13 and 14). 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, 2015 and 2014 , 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, 2015 and 2014 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, 2015 or 2014 , and we have not recognized interest and/or penalties in the consolidated statements of operations for the years ended December 31, 2015 , 2014 or 2013 . Patents and other intangible assets : We account for intangible assets under ASC 350-30. Patents consisting of legal fees incurred are initially recorded at cost. We have also acquired patents that are initially recorded at fair value. Patents are 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 patent impairments in 2015 , 2014 or 2013 . Other intangible assets consist of software acquired with Response Genetics, which are amortized using the straight-line method over the estimated useful lives of the assets, which range from three to five years. 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, 2015 and 2014 , 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 12. 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. The fair value of warrants recorded as derivative liabilities, contingent consideration and note payable to VenturEast are described in Notes 14 and 15. 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 $707,000 in 2015 , $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 $10,000 at December 31, 2015 and 2014 , respectively, which is included in other assets in the Consolidated Balance Sheet. See additional information in Note 17. Subsequent events : We have evaluated potential subsequent events through the date the financial statements were issued. Recent Accounting Pronouncements : In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which provides guidance for accounting for leases. Under ASU 2016-02, the Company will be required to recognize the assets and liabilities for the rights and obligations created by leased assets. ASU 2016-02 will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the effect this standard will have on the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under this ASU, acquirers must recognize measurement-period adjustments in the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The amendments in this update should be applied prospectively. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been issued. 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. As issued and amended, ASU 2014-9 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. The updated standard becomes effective for the Company in the first quarter of fiscal year 2018. Early adoption is permitted 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. During the second quarter of 2015, the Company adopted ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) “Simplifying the Presentation of Debt Issuance Costs” and ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30) “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” Previously, debt issuance costs were recorded as assets on the balance sheet. ASU 2015-03 requires that debt issuance costs related to a debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 does not change the recognition and measurement of debt issuance costs and requires retrospective adoption. ASU 2015-15 expands on the treatment of debt issuance costs related to line-of-credit arrangements. Under ASU 2015-15, an entity is allowed to defer and present debt issuance costs related to line-of-credit arrangements as an asset and to amortize these costs ratably over the term of the debt, regardless of whether there is any outstanding borrowings on the line-of-credit. The Company did not have debt issuance costs in the December 31, 2014 Consolidated Balance Sheet. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” The objective of the guidance is to require management to explicitly assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess if there is substantial doubt about an entity's ability to continue as a going concern within one year after the issuance date of an entity’s financial statements. The new standard defines substantial doubt and provides examples of indicators thereof. The definition of substantial doubt incorporates a likelihood threshold of "probable" similar to the current use of that term in U.S. GAAP for loss contingencies. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier application is permitted. The Company is currently assessing this standard for its impact on future reporting periods. 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 (in thousands, except per share amounts): 2015 2014 2013 Numerator: Net (loss) for basic earnings per share $ (20,184 ) $ (16,643 ) $ (12,373 ) Less change in fair value of warrant liability 35 417 4,633 Net (loss) for diluted earnings per share $ (20,219 ) $ (17,060 ) $ (17,006 ) Denominator: Weighted-average basic common shares outstanding 10,298 9,449 4,665 Assumed conversion of dilutive securities: Common stock purchase warrants 1 13 11 Potentially dilutive common shares 1 13 11 Denominator for diluted earnings per share—adjusted weighted-average shares 10,299 9,462 4,676 Basic net loss per share $ (1.96 ) $ (1.76 ) $ (2.65 ) Diluted net loss per share $ (1.96 ) $ (1.80 ) $ (3.64 ) The following table summarizes potentially dilutive adjustments to the weighted average number of common shares which were excluded from the calculation (in thousands): 2015 2014 2013 Common stock purchase warrants 4,372 1,061 1,702 Stock options 1,961 1,839 874 Restricted shares of common stock 121 133 7 6,454 3,033 2,583 |
Revenue and Accounts Receivable
Revenue and Accounts Receivable | 12 Months Ended |
Dec. 31, 2015 | |
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 (in thousands): 2015 2014 2013 Biopharma Services $ 11,564 $ 5,606 $ 2,650 Clinical Services 5,651 4,432 3,663 Discovery Services 825 161 — Grants — — 297 $ 18,040 $ 10,199 $ 6,610 The table above includes approximately $486,000 of biopharma services revenue and approximately $1,265,000 of clinical services revenue from our acquisition of Response Genetics for the period October 9, 2015 through December 31, 2015. Accounts receivable by service type at December 31, 2015 and 2014 consists of the following (in thousands): 2015 2014 Biopharma Services $ 3,238 $ 3,203 Clinical Services 3,733 1,925 Discovery Services 314 151 Allowance for doubtful accounts (664 ) (251 ) $ 6,621 $ 5,028 Allowance for Doubtful Accounts (in thousands) Balance, December 31, 2013 $ 36 Additions to allowance for doubtful accounts 215 Balance, December 31, 2014 251 Additions to allowance for doubtful accounts 413 Balance, December 31, 2015 $ 664 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: 2015 2014 2013 Medicare 10 % 11 % 13 % Other insurers 12 % 16 % 25 % Other healthcare facilities 9 % 16 % 18 % Total Clinical Services 31 % 43 % 56 % We have historically derived a significant portion of our revenue from a limited number of test ordering sites. Test ordering sites account for all of our Clinical Services and Biopharma Services revenue. Our test ordering sites are largely hospitals, cancer centers, reference laboratories, physician offices and biopharmaceutical companies. 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 2015 , 2014 and 2013 accounted for 49% , 56% and 69% respectively, of our testing volumes, with 18% , 38% and 36% respectively, of the test volume coming from community hospitals. During the year ended December 31, 2015 , one Biopharma client accounted for approximately 19% of our revenue. During the year ended December 31, 2014 there were two Biopharma clients that accounted for approximately 23% and 12% , respectively, of our revenue. During 2013 , there was one client that accounted for approximately 40% of our revenue. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other Current Assets At December 31, 2015 and 2014 , other current assets consisted of the following (in thousands): 2015 2014 Inventory $ 133 $ 280 Prepaid expenses 1,985 893 $ 2,118 $ 1,173 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
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, 27,400 square feet in Los Angeles, California, 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 January 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). The California lease expires June 30, 2016. 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 $706,154 and accumulated depreciation of $311,855 , as of December 31, 2015 . Minimum future lease payments under all capital and operating leases as of December 31, 2015 are as follows (in thousands): Capital Leases Operating Leases Total December 31, 2016 $ 143 $ 1,396 $ 1,539 2017 78 936 1,014 2018 75 397 472 2019 70 342 412 2020 59 135 194 Thereafter 24 — 24 Total minimum lease payments $ 449 $ 3,206 $ 3,655 Less amount representing interest 51 Present value of net minimum obligations 398 Less current obligation under capital lease 122 Long-term obligation under capital lease $ 276 Rent expense for the years ended December 31, 2015 , 2014 and 2013 was $1,136,778 , $692,324 , and $550,882 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Term Note - Silicon Valley Bank On May 7, 2015, we entered into a new debt financing facility with Silicon Valley Bank (“SVB”) to refinance the Company’s cash collateralized loan from Wells Fargo and to provide an additional working capital line of credit. The SVB credit facility provides for a $6.0 million term note (“Term Note”) and a revolving line of credit (“Line of Credit”) for an amount not to exceed the lesser of (i) $4.0 million or (ii) an amount equal to 80% of eligible accounts receivable. The Term Note requires interest-only payments through April 30, 2016 and beginning May 1, 2016, monthly principal payments of approximately $167,000 will be required plus interest through maturity on April 1, 2019. The interest rate of the Term Note is the Wall Street Journal prime rate plus 2% , with a floor of 5.25% ( 5.50% at December 31, 2015) and an additional deferred interest payment of $180,000 will be due upon maturity. The Line of Credit requires monthly interest-only payments of the Wall Street Journal prime rate plus 1.5% ( 5.00% at December 31, 2015) and matures on May 7, 2017. The new loan agreement requires maintenance of certain financial ratios and grants SVB a first security interest in substantially all Company assets (other than our intellectual property). Pursuant to the new loan agreement, the Company is no longer required to maintain restricted cash accounts. At December 31, 2015 , the principal balance of the Term Note was $6,000,000 and the principal balance of the Line of Credit was $0 . On January 28, 2016, the Line of Credit was amended with SVB and we are no longer able to draw on the Line of Credit until we raise approximately $13 million of additional equity. The following is a summary of long-term debt as of December 31, 2015 (in thousands): Term Note, principal balance $ 6,000 Less unamortized debt issuance costs 25 Term Note, net 5,975 Less current maturities $ 1,333 Long-term portion $ 4,642 Principal maturities of the Term Note as of December 31, 2015 are as follows: 2016 - $1,333,333 ; 2017 - $2,000,000 ; 2018 - $2,000,000 ; 2019 - $666,667 . Business Line of Credit - Wells Fargo At December 31, 2014, we had a long-term, fully-utilized line of credit with Wells Fargo Bank, which provided for maximum borrowings of $6 million . The line of credit had a maturity date of April 1, 2016 and required monthly interest payments equal to the Daily One Month LIBOR rate plus 1.75% . The line of credit was collateralized with $6 million in restricted cash and was refinanced by the SVB Term Note in May 2015. 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 (in thousands): Converted Amount Common Shares December 2011 Financing Transaction $ 4,500 450 2012 Convertible Debt Financing Transaction 3,000 300 December 2012 Bridge Financing Transaction 1,000 100 Business Lines of Credit (DAM) 1,000 100 Other Note Payable and accrued interest 134 13 $ 9,634 963 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 with DAM Holdings, LLC 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. |
Letter of Credit
Letter of Credit | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 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, 2015 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed Assets Fixed assets are summarized by major classifications as follows (in thousands): 2015 2014 Equipment $ 8,442 $ 5,777 Furniture and fixtures 1,083 548 Leasehold improvements 932 870 10,457 7,195 Less accumulated depreciation (4,388 ) (2,885 ) Net fixed assets $ 6,069 $ 4,310 |
Patents and Other Intangible As
Patents and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Patents and Other Intangible Assets | Patents and Other Intangible Assets Patents and other intangible assets consist of the following at December 31, 2015 and 2014: Weighted-Average (in thousands) (in thousands) Amortization 2015 2014 Period Patents $ 724 $ 587 10 years Patents - Response Genetics acquisition 800 — 7 years Software - Response Genetics acquisition 446 — 2 years 1,970 587 Less accumulated amortization (243 ) (84 ) Net patent and other intangible assets $ 1,727 $ 503 Future amortization expense for legally approved patents (excluding patent applications in progress) and other intangible assets, is estimated as follows (in thousands): 2016 $ 344 2017 290 2018 202 2019 151 2020 140 2021 and thereafter 282 Total $ 1,409 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for the years ended December 31, 2015 , 2014 and 2013 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 (in thousands): For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 For the Year Ended December 31, 2013 Amount % of Amount % of Amount % of Income tax benefit at federal statutory rate $ (7,479 ) 35.0 % $ (6,648 ) 35.0 % $ (4,563 ) 35.0 % State tax provision, net of federal tax benefit (878 ) 4.1 % (807 ) 4.2 % (359 ) 2.8 % Tax credits (232 ) 1.1 % (154 ) 0.8 % (126 ) 1.0 % Stock based compensation 201 (0.9 )% 207 (1.1 )% 229 (1.8 )% Derivative warrants (12 ) 0.1 % (146 ) 0.8 % (1,622 ) 12.4 % Investor consideration (110 ) 0.5 % (69 ) 0.4 % — — % Debt and warrant conversion costs — — % — — % 3,454 (26.5 )% Change in valuation allowance 6,617 (31.0 )% 5,255 (27.7 )% 2,356 (18.1 )% Foreign operations 283 (1.3 )% — — % — — % Other 426 (2.1 )% 12 — % (33 ) 0.3 % Income tax (benefit) provision $ (1,184 ) 5.5 % $ (2,350 ) 12.4 % $ (664 ) 5.1 % During November 2015, we sold $15,990,475 of gross State of New Jersey NOL carryforwards relating to the 2013 and 2014 tax years as well as $289,978 of research and development tax credits, resulting in the receipt of $1,183,564 , net of expenses. 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, 2015 and 2014 (in thousands): 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 25,085 $ 20,982 Accruals and reserves 1,100 773 Non-qualified stock options 3,357 1,912 Research and development tax credits 989 758 Derivative warrant liability 26 26 Investment in joint venture 251 163 Goodwill 283 23 Fixed assets 78 — Other 6 6 Total deferred tax assets 31,175 24,643 Less valuation allowance (31,175 ) (24,558 ) Net deferred tax assets — 85 Deferred tax liabilities: Fixed assets — (85 ) 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, 2015 and 2014 . 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 $69 million as of December 31, 2015 . 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, 2015 | |
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 over-allotment 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 ). Cantor Sales Agreement In July 2015, we sold 2,800 shares of common stock that resulted in net proceeds to the Company of $34,000 through our sales agreement with Cantor Fitzgerald & Co. See Note 19. 2015 Offering On November 12, 2015, we sold 3,000,000 shares of common stock with warrants to purchase an aggregate of 3,000,000 shares of common stock at a combined public offering price of $4.00 per share and warrant resulting in gross proceeds of $12.0 million ( $10.3 million of net proceeds after offering expenses and underwriting discounts). The underwriters also received 450,000 warrants pursuant to the partial exercise of the over-allotment option. The warrants have an exercise price of $5.00 , became fully-exercisable at issuance and expire on November 12, 2020. Preferred Stock We are currently authorized to issue up to 9,764,000 shares of preferred stock. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 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 and on May 14, 2015, the stockholders voted to increase the number of shares reserved by the plan to 2,000,000 and 2,650,000 shares of common stock, respectively, 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, 2015 , 853,504 shares remain available for future awards under the 2011 Plan and 110,749 shares remain available for future awards under the 2008 Plan. As of December 31, 2015 , no stock appreciation rights and 275,500 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, 2015 , 2014 and 2013 is as follows: Options Outstanding Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Number of Shares (in thousands) Weighted- Average Exercise Price Outstanding January 1, 2013 553 $ 12.76 7.13 $ 1,142 Granted 427 14.57 Canceled or expired (106 ) 20.46 Outstanding December 31, 2013 874 $ 10.83 7.75 $ 3,139 Granted 1,154 10.41 Exercised (30 ) 6.61 Canceled or expired (159 ) 11.45 Outstanding December 31, 2014 1,839 $ 10.58 8.49 $ 618 Granted 312 $ 9.77 Exercised (4 ) $ 5.37 Canceled or expired (186 ) $ 9.69 Outstanding December 31, 2015 1,961 $ 10.55 7.68 $ — Exercisable, December 31, 2015 958 $ 10.09 6.61 $ — Aggregate intrinsic value represents the difference between the fair value of our common stock and the exercise price of outstanding, in-the-money options. During the year ended December 31, 2015 , 2014 and 2013 , we received $23,480 , $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. As of December 31, 2015 , total unrecognized compensation cost related to non-vested stock options granted to employees was $4,782,125 , which we expect to recognize over the next 3.10 years. As of December 31, 2015 , total unrecognized compensation cost related to non-vested stock options granted to non-employees was $150,000 , which we expect to recognize over the next 2.01 years. 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 14), 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, 2015 2014 2013 Volatility 60.69 % 70.17 % 76.60 % Risk free interest rate 1.63 % 1.78 % 1.79 % Dividend yield — — — Term (years) 6.13 5.98 6.14 Weighted-average fair value of options granted during the period $ 5.54 $ 5.29 $ 9.85 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 18 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, 2015 2014 2013 Volatility 70.38 % 71.76 % 75.68 % Risk free interest rate 2.10 % 2.44 % 1.53 % Dividend yield — — — Term (years) 8.73 9.68 7.68 Starting in 2013, restricted stock awards have been granted to employees, directors and consultants as compensation for services. At December 31, 2015 , there was $720,934 of unrecognized compensation cost related to non-vested restricted stock granted to employees; we expect to recognize the cost over 2.47 years. The following table summarizes the activities for our non-vested restricted stock awards for the years ended December 31, 2015 , 2014 and 2013 : Non-vested Restricted Stock Awards Number of Shares (in thousands) Weighted-Average Grant Date Fair Value Non-vested at January 1, 2013 $ — $ — Granted 8 13.50 Vested (3 ) 15.39 Non-vested at December 31, 2013 $ 5 $ 12.55 Granted 220 9.01 Vested (80 ) 10.19 Forfeited/canceled (12 ) 12.04 Non-vested at December 31, 2014 $ 133 $ 8.14 Granted 48 9.50 Vested (47 ) 9.09 Forfeited/canceled (13 ) 9.03 Non-vested at December 31, 2015 121 8.25 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 (in thousands): Year Ended December 31, 2015 2014 2013 Cost of revenues $ 233 $ 149 $ 41 Research and development 360 473 114 General and administrative 2,106 3,058 516 Sales and marketing 135 155 64 Total stock-based compensation $ 2,834 $ 3,835 $ 735 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 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 prior to 2013 (see Note 18). These warrants were initially recorded at fair value as a loan guarantee fee amortized over the period of the guarantee to interest expense. 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. On April 1, 2015, 19,138 warrants expired unexercised. On November 12, 2015, the Company issued 3,000,000 warrants in conjunction with the 2015 Offering and an additional 450,000 warrants pursuant to the underwriter’s partial exercise of the over-allotment option. The warrants have an exercise price of $5.00 per share and will expire November 12, 2020. See Note 11. We have evaluated the terms and conditions of warrants issued with the 2015 Offering and determined the warrants should be included in equity and are not required to be reported as a liability. On November 12, 2015, the exercise price of 75,215 warrants were adjusted from $10.00 per common share to $4.00 per common share due to 2015 Offering and the exercise price adjustment feature in certain warrants. On November 18, 2015, 14,665 warrants expired unexercised and the Company received $1,400 from a warrant holder who exercised warrants to purchase 350 shares of common stock at $4.00 per share. On December 9, 2015, 120,000 warrants held by Mr. Pappajohn expired unexercised. The following table summarizes the warrant activity for the years ending December 31, 2015 , 2014 and 2013 (in thousands, except exercise price): Issued With / For Exercise Warrants 2013 2013 2013 IPO Warrants 2014 2014 Warrants 2015 2015 Offering Adjustments (F) 2015 2015 Warrants Non-Derivative Warrants: Financing $ 10.00 — — — — 243 243 — — 243 — — — — 243 Financing 15.00 — — — — 436 436 — — 436 — — — — 436 Debt Guarantee 4.00 228 — (54 ) — — 174 (174 ) — — — — — — — Debt Guarantee 10.00 — — — — 238 238 — (238 ) — — — — — — Debt Guarantee 15.00 — — — — 586 586 — (233 ) 353 — — — (120 ) 233 Series A Pref. Stock 14.10 66 — (30 ) (36 ) — — — — — — — — — — Consulting 10.00 — — — — 29 29 — — 29 — — — (19 ) 10 2015 Offering 5.00 — — — — — — — — — 3,450 — — — 3,450 $ 6.82 G 294 — (84 ) (36 ) 1,532 1,706 (174 ) (471 ) 1,061 3,450 — — (139 ) 4,372 Derivative Warrants: Financing 4.00 B — — — — — — — — — — 60 — — 60 Financing 10.00 B — — — — 60 60 — — 60 — (60 ) — — — Financing 25.00 B 60 — — — (60 ) — — — — — — — — — Financing 42.50 BCD 75 — — — (75 ) — — — — — — — — — Financing 42.50 AD 55 3 — — (58 ) — — — — — — — — — Financing 42.50 ACD 121 6 — — (127 ) — — — — — — — — — Debt Guarantee 10.00 A — — — — 13 13 (13 ) — — — — — — — Debt Guarantee 25.00 ACD 212 — — — (212 ) — — — — — — — — — Debt Guarantee 25.00 AD 100 — — — (100 ) — — — — — — — — — Debt Guarantee 32.45 AC 40 — — — (40 ) — — — — — — — — — Debt Guarantee 42.50 ACD 38 — — — (38 ) — — — — — — — — — Debt Guarantee 42.50 BCD 37 — — — (37 ) — — — — — — — — — Series B Pref. Stock 4.00 B — — — — — — — — — — 15 — (15 ) — Series B Pref. Stock 10.00 B — — (34 ) — 52 18 (3 ) — 15 — (15 ) — — — Series B Pref. Stock 25.00 B 52 — — — (52 ) — — — — — — — — — Consulting 12.50 AD 4 — — — (4 ) — — — — — — — — — Consulting 14.10 AD 10 — — — (10 ) — — — — — — — — — Consulting 25.00 AD 4 — — — (4 ) — — — — — — — — — $ 4.00 G 808 9 (34 ) — (692 ) 91 (16 ) — 75 — — — (15 ) 60 $ 6.78 G 1,102 9 (118 ) (36 ) 840 1,797 (190 ) (471 ) 1,136 3,450 — — (154 ) 4,432 ________________________ A These warrants are subject to fair value accounting and contain exercise price and number of share adjustment features. See Note 14. B These warrants are subject to fair value accounting and contain an exercise price adjustment feature. See Note 14. 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 On November 12, 2015 the Company completed the 2015 Offering and the exercise price of certain derivative warrants were adjusted to $4.00 . G Weighted average exercise prices are as of December 31, 2015. |
Fair Value of Warrants
Fair Value of Warrants | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 and at December 31, 2015 , 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 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 IPO Date April 5, 2013 Exercise Price $ 10.00 $ 13.56 Expected life (years) 0.60 2.42 Expected volatility 49.01 % 66.37 % Risk-free interest rate 0.08 % 0.32 % Expected dividend yield 0.00 % 0.00 % Exercised During the Year Ended December 31, As of December 31, 2014 Series B 2015 2014 Exercise Price $ 4.00 $ 10.00 $ 10.00 Expected life (years) 0.01 1.72 0.88 Expected volatility 12.33 % 46.60 % 49.95 % Risk-free interest rate 0.07 % 0.33 % 0.25 % Expected dividend yield 0.00 % 0.00 % 0.00 % As of December 31, IPO Date Consulting 2015 2014 Exercise Price $ 4.00 $ 10.00 $ 10.00 Expected life (years) 0.14 1.14 2.33 Expected volatility 57.39 % 49.25 % 63.20 % Risk-free interest rate 0.16 % 0.25 % 0.27 % Expected dividend yield 0.00 % 0.00 % 0.00 % Issued During the Year Ended December 31, 2013 As of December 31, IPO Date Financing 2015 2014 Exercise Price $ 13.34 $ 4.00 $ 10.00 $ 13.21 Expected life (years) 9.78 0.23 1.23 8.30 Expected volatility 74.70 % 70.82 % 50.23 % 73.22 % Risk-free interest rate 1.95 % 0.16 % 0.25 % 1.44 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % The assumed ranges of Company stock prices used in computing the warrant fair value for warrants issued during the year is as follows: in 2015 , $3.30 — $11.76 in 2014 , $6.68 — $19.86 ; in 2013 , $9.60 — $20.26 . In determining the fair value of warrants issued at each reporting date, the assumed Company stock price was $3.30 and $6.68 (the closing price on the NASDAQ Capital Market) at December 31, 2015 and 2014 . The following table summarizes the derivative warrant activity subject to fair value accounting for the years ended December 31, 2015 , 2014 and 2013 (in thousands): Issued with Issued For Issued For Issued For Total Fair value of warrants outstanding as of January 1, 2013 $ 230 $ 5,679 $ 147 $ 6,493 $ 12,549 Fair value of warrants issued — — — 268 268 Fair value of warrants exercised (420 ) — — — (420 ) Reclassification to equity in IPO — (2,514 ) (108 ) (4,548 ) (7,170 ) Change in fair value of warrants 307 (3,101 ) (38 ) (1,801 ) (4,633 ) Fair value of warrants outstanding as of December 31, 2013 117 64 1 412 594 Fair value of warrants exercised (38 ) (87 ) — — (125 ) Change in fair value of warrants (71 ) 23 (1 ) (368 ) (417 ) Fair value of warrants outstanding as of December 31, 2014 8 — — 44 52 Change in fair value of warrants (8 ) — — (27 ) (35 ) Fair value of warrants outstanding as of December 31, 2015 $ — $ — $ — $ 17 $ 17 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 (in thousands): 2015 Total Quoted Prices in Significant Other Significant Warrant liability $ 17 — — $ 17 Notes payable 266 — — 266 $ 283 — — $ 283 2014 Total Quoted Prices in Significant Other Significant Warrant liability $ 52 — — $ 52 Gentris contingent consideration 293 — — 293 Notes payable 535 — — 535 $ 880 — — $ 880 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 14, “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 and Comprehensive Loss. The value of the Gentris contingent consideration was determined using a discounted cash flow of the expected payments required by the purchase agreement. During the year ended December 31, 2015 we recognized a gain of $207,000 due to settling the contingent consideration for $86,400 . 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 years ended December 31, 2015 and 2014 we recognized a gain of $269,000 and $198,000 , respectively, due to the decrease in value of the note. Realized and unrealized gains and losses related to the change in fair value of the Gentris contingent consideration are included in general and administrative expense, while realized and unrealized gains and losses related to the VenturEast note are included in other income (expense) on the Consolidated Statement of Operations and Comprehensive Loss. A table summarizing the activity for the derivative warrant liability which is measured at fair value using Level 3 inputs is presented in Note 14. 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 (in thousands): Note Payable Gentris Contingent to VenturEast Consideration Fair value at January 1, 2014 $ — $ — Fair value at issuance 733 293 Change in fair value (198 ) — Fair value at December 31, 2014 $ 535 $ 293 Change in fair value (269 ) (207 ) Settlement of liability — (86 ) Fair value at December 31, 2015 $ 266 $ — |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
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 2016. 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, 2015 | |
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, 2015 , warrants to purchase 440,113 shares of common stock have been exercised by Mr. Pappajohn and 353,333 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 232,312 at $15.00 per share on December 31, 2015. 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, 2015. 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. On October 14, 2015 the Board of Directors granted John Pappajohn and Dr. Chaganti 2,500 restricted shares each of the Company’s common stock and options to purchase an aggregate of 10,000 shares each of the Company’s common stock as compensation for serving on the Board of Directors. The restricted stock vests on the one -year anniversary date of the grant and the stock options vest in two equal installments on the one -year anniversary and the two -year anniversary date of the grant. 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 receives a monthly fee of $10,000 . We expensed $120,000 annually for the years ended December 31, 2015 , 2014 and 2013 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 for the year ended December 31, 2013 . 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 year ended December 31, 2013 was $76,220 . 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, 2015 , 2014 and 2013 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, 2015 , 2014 and 2013 was $239,375 , $341,000 and $0 , respectively. 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 November 12, 2015, John Pappajohn, Chairman of the Board and Edward Sitar, Chief Financial Officer purchased 100,000 and 5,000 , respectively, of shares of common stock with warrants to purchase 100,000 shares of common stock and 5,000 shares of common stock, respectively, in the 2015 Offering described in Note 11. |
Cantor Sales Agreement
Cantor Sales Agreement | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Cantor Sales Agreement | Cantor Sales Agreement On July 15, 2015, the Company entered into a Controlled Equity Offering SM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co., (“Cantor”) as sales agent, pursuant to which the Company may offer from time to time through Cantor, shares of our common stock having an aggregate offering price of up to $20.0 million . Subject to the terms and conditions of the Sales Agreement, Cantor will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The NASDAQ Capital Market to sell shares from time to time based upon the Company’s instructions, including any price, time or size limits specified by the Company. Under the Sales Agreement, Cantor may sell shares by any method deemed to be an “at-the-market” offering as defined in Rule 415 under the U.S. Securities Act of 1933, as amended, or, with the Company’s prior consent, any other method permitted by law, including in privately negotiated transactions. The Company may instruct Cantor not to sell shares if the sales cannot be effected at or above the price designated by the Company from time to time. The Company is not obligated to make any sales of the shares under the Sales Agreement. The offering of shares pursuant to the Sales Agreement will terminate upon the earlier of (a) the sale of all of the shares subject to the Sales Agreement or (b) the termination of the Sales Agreement by Cantor or the Company, as permitted therein. Cantor will receive a commission rate of 3.0% of the aggregate gross proceeds from each sale of shares and the Company has agreed to provide Cantor with customary indemnification and contribution rights. The Company will also reimburse Cantor for certain specified expenses in connection with entering into the Sales Agreement. During 2015, the Company sold 2,800 shares of its common stock that resulted in net proceeds to the Company of approximately $34,000 . In July 2015, we temporarily suspended selling shares of common stock using the Sales Agreement. Furthermore, under the terms of our lock up agreement with Joseph Gunnar and Feltl, we were prohibited from selling our common stock under the Sales Agreement until 90 days after the 2015 Offering, or February 5, 2016. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 28, 2016, the Line of Credit was amended with Silicon Valley Bank. See Note 6. |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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), Bioserve Biotechnologies (India) Private Limited (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. |
Restricted cash | 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. |
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 and the purchase of Response Genetics in 2015, 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 13 and 14). 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, 2015 and 2014 , 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, 2015 and 2014 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 and other intangible assets | Patents and other intangible assets : We account for intangible assets under ASC 350-30. Patents consisting of legal fees incurred are initially recorded at cost. We have also acquired patents that are initially recorded at fair value. Patents are 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 12. 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. |
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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements : In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which provides guidance for accounting for leases. Under ASU 2016-02, the Company will be required to recognize the assets and liabilities for the rights and obligations created by leased assets. ASU 2016-02 will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the effect this standard will have on the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805) “Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under this ASU, acquirers must recognize measurement-period adjustments in the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The amendments in this update should be applied prospectively. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been issued. 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. As issued and amended, ASU 2014-9 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. The updated standard becomes effective for the Company in the first quarter of fiscal year 2018. Early adoption is permitted 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. During the second quarter of 2015, the Company adopted ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) “Simplifying the Presentation of Debt Issuance Costs” and ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30) “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” Previously, debt issuance costs were recorded as assets on the balance sheet. ASU 2015-03 requires that debt issuance costs related to a debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 does not change the recognition and measurement of debt issuance costs and requires retrospective adoption. ASU 2015-15 expands on the treatment of debt issuance costs related to line-of-credit arrangements. Under ASU 2015-15, an entity is allowed to defer and present debt issuance costs related to line-of-credit arrangements as an asset and to amortize these costs ratably over the term of the debt, regardless of whether there is any outstanding borrowings on the line-of-credit. The Company did not have debt issuance costs in the December 31, 2014 Consolidated Balance Sheet. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” The objective of the guidance is to require management to explicitly assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess if there is substantial doubt about an entity's ability to continue as a going concern within one year after the issuance date of an entity’s financial statements. The new standard defines substantial doubt and provides examples of indicators thereof. The definition of substantial doubt incorporates a likelihood threshold of "probable" similar to the current use of that term in U.S. GAAP for loss contingencies. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier application is permitted. The Company is currently assessing this standard for its impact on future reporting periods. |
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, D28
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following table provides certain pro forma financial information for the Company as if the acquisitions of Response Genetics, Gentris and Bioserve discussed above occurred on January 1, 2013 (in thousands except per share amounts): Unaudited Year Ended December 31, 2015 2014 2013 Revenue $ 28,528 $ 34,167 $ 32,488 Net loss (33,237 ) (26,427 ) (26,712 ) Basic net loss per share $ (3.05 ) $ (2.56 ) $ (4.74 ) Dilutive net loss per share (3.05 ) (2.59 ) (5.55 ) |
Gentris Corporation | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price of Acquisition | The total consideration for the Gentris acquisition is as follows (in thousands except share amounts): Amount Cash paid at closing $ 3,250 Issuance of 147,843 common shares 1,272 Estimated fair value of contingent consideration 293 Total purchase price $ 4,815 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | July 16, 2014 (in thousands): Amount Accounts receivable $ 1,869 Other current assets 266 Current liabilities (785 ) Deferred revenue, long-term (938 ) Fixed assets 1,951 Goodwill 2,452 Total purchase price $ 4,815 |
BioServe | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price of Acquisition | The aggregate purchase price is as follows (in thousands except share amounts): Amount Cash paid at closing $ 73 Notes payable 24 Notes payable (value of 84,278 common shares) 733 Issuance of 31,370 common shares 244 Total purchase price $ 1,074 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final valuation of the assets acquired and liabilities assumed as of August 18, 2014 (in thousands): Amount Accounts receivable $ 151 Other current assets 102 Fixed assets 489 Other assets 378 Goodwill 735 Current liabilities (759 ) Other liabilities (22 ) Total purchase price $ 1,074 |
Response Genetics | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The final allocation of the purchase price of the fair value of the assets acquired and the liabilities assumed as of October 9, 2015 is as follows (in thousands): Amount Accounts receivable $ 344 Prepaid expenses and other current assets 561 Fixed assets 2,254 Intangible assets 1,246 Goodwill 8,842 Current liabilities (194 ) Obligations under capital lease (122 ) Total purchase price $ 12,931 |
Significant Accounting Polici29
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Goodwill | Goodwill (in thousands) Balance, December 31, 2013 $ — Purchased through acquisitions of Gentris and BioServe 3,187 Balance, December 31, 2014 3,187 Purchased through acquisition of Response Genetics 8,842 Balance, December 31, 2015 $ 12,029 |
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 (in thousands, except per share amounts): 2015 2014 2013 Numerator: Net (loss) for basic earnings per share $ (20,184 ) $ (16,643 ) $ (12,373 ) Less change in fair value of warrant liability 35 417 4,633 Net (loss) for diluted earnings per share $ (20,219 ) $ (17,060 ) $ (17,006 ) Denominator: Weighted-average basic common shares outstanding 10,298 9,449 4,665 Assumed conversion of dilutive securities: Common stock purchase warrants 1 13 11 Potentially dilutive common shares 1 13 11 Denominator for diluted earnings per share—adjusted weighted-average shares 10,299 9,462 4,676 Basic net loss per share $ (1.96 ) $ (1.76 ) $ (2.65 ) Diluted net loss per share $ (1.96 ) $ (1.80 ) $ (3.64 ) |
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 (in thousands): 2015 2014 2013 Common stock purchase warrants 4,372 1,061 1,702 Stock options 1,961 1,839 874 Restricted shares of common stock 121 133 7 6,454 3,033 2,583 |
Revenue and Accounts Receivab30
Revenue and Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Revenue by Service Type | Revenue by service type for each of the years ended December 31 is comprised of the following (in thousands): 2015 2014 2013 Biopharma Services $ 11,564 $ 5,606 $ 2,650 Clinical Services 5,651 4,432 3,663 Discovery Services 825 161 — Grants — — 297 $ 18,040 $ 10,199 $ 6,610 |
Schedule of Accounts Receivable | Accounts receivable by service type at December 31, 2015 and 2014 consists of the following (in thousands): 2015 2014 Biopharma Services $ 3,238 $ 3,203 Clinical Services 3,733 1,925 Discovery Services 314 151 Allowance for doubtful accounts (664 ) (251 ) $ 6,621 $ 5,028 Allowance for Doubtful Accounts (in thousands) Balance, December 31, 2013 $ 36 Additions to allowance for doubtful accounts 215 Balance, December 31, 2014 251 Additions to allowance for doubtful accounts 413 Balance, December 31, 2015 $ 664 |
Schedule of Clinical Services Revenue by Payor | The breakdown of our Clinical Services revenue (as a percent of total revenue) is as follows: 2015 2014 2013 Medicare 10 % 11 % 13 % Other insurers 12 % 16 % 25 % Other healthcare facilities 9 % 16 % 18 % Total Clinical Services 31 % 43 % 56 % |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | At December 31, 2015 and 2014 , other current assets consisted of the following (in thousands): 2015 2014 Inventory $ 133 $ 280 Prepaid expenses 1,985 893 $ 2,118 $ 1,173 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 are as follows (in thousands): Capital Leases Operating Leases Total December 31, 2016 $ 143 $ 1,396 $ 1,539 2017 78 936 1,014 2018 75 397 472 2019 70 342 412 2020 59 135 194 Thereafter 24 — 24 Total minimum lease payments $ 449 $ 3,206 $ 3,655 Less amount representing interest 51 Present value of net minimum obligations 398 Less current obligation under capital lease 122 Long-term obligation under capital lease $ 276 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | The following is a summary of long-term debt as of December 31, 2015 (in thousands): Term Note, principal balance $ 6,000 Less unamortized debt issuance costs 25 Term Note, net 5,975 Less current maturities $ 1,333 Long-term portion $ 4,642 |
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 (in thousands): Converted Amount Common Shares December 2011 Financing Transaction $ 4,500 450 2012 Convertible Debt Financing Transaction 3,000 300 December 2012 Bridge Financing Transaction 1,000 100 Business Lines of Credit (DAM) 1,000 100 Other Note Payable and accrued interest 134 13 $ 9,634 963 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets are summarized by major classifications as follows (in thousands): 2015 2014 Equipment $ 8,442 $ 5,777 Furniture and fixtures 1,083 548 Leasehold improvements 932 870 10,457 7,195 Less accumulated depreciation (4,388 ) (2,885 ) Net fixed assets $ 6,069 $ 4,310 |
Patents and Other Intangible 35
Patents and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Patents and Other Intangible Assets | Patents and other intangible assets consist of the following at December 31, 2015 and 2014: Weighted-Average (in thousands) (in thousands) Amortization 2015 2014 Period Patents $ 724 $ 587 10 years Patents - Response Genetics acquisition 800 — 7 years Software - Response Genetics acquisition 446 — 2 years 1,970 587 Less accumulated amortization (243 ) (84 ) Net patent and other intangible assets $ 1,727 $ 503 |
Schedule of Future Amortization Expense for Patents and Other Intangible Assets | Future amortization expense for legally approved patents (excluding patent applications in progress) and other intangible assets, is estimated as follows (in thousands): 2016 $ 344 2017 290 2018 202 2019 151 2020 140 2021 and thereafter 282 Total $ 1,409 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Reconciliation | The provision for income taxes for the years ended December 31, 2015 , 2014 and 2013 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 (in thousands): For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 For the Year Ended December 31, 2013 Amount % of Amount % of Amount % of Income tax benefit at federal statutory rate $ (7,479 ) 35.0 % $ (6,648 ) 35.0 % $ (4,563 ) 35.0 % State tax provision, net of federal tax benefit (878 ) 4.1 % (807 ) 4.2 % (359 ) 2.8 % Tax credits (232 ) 1.1 % (154 ) 0.8 % (126 ) 1.0 % Stock based compensation 201 (0.9 )% 207 (1.1 )% 229 (1.8 )% Derivative warrants (12 ) 0.1 % (146 ) 0.8 % (1,622 ) 12.4 % Investor consideration (110 ) 0.5 % (69 ) 0.4 % — — % Debt and warrant conversion costs — — % — — % 3,454 (26.5 )% Change in valuation allowance 6,617 (31.0 )% 5,255 (27.7 )% 2,356 (18.1 )% Foreign operations 283 (1.3 )% — — % — — % Other 426 (2.1 )% 12 — % (33 ) 0.3 % Income tax (benefit) provision $ (1,184 ) 5.5 % $ (2,350 ) 12.4 % $ (664 ) 5.1 % |
Components of Approximate Deferred Tax | Approximate deferred taxes consist of the following components as of December 31, 2015 and 2014 (in thousands): 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 25,085 $ 20,982 Accruals and reserves 1,100 773 Non-qualified stock options 3,357 1,912 Research and development tax credits 989 758 Derivative warrant liability 26 26 Investment in joint venture 251 163 Goodwill 283 23 Fixed assets 78 — Other 6 6 Total deferred tax assets 31,175 24,643 Less valuation allowance (31,175 ) (24,558 ) Net deferred tax assets — 85 Deferred tax liabilities: Fixed assets — (85 ) Net deferred taxes $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 is as follows: Options Outstanding Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Number of Shares (in thousands) Weighted- Average Exercise Price Outstanding January 1, 2013 553 $ 12.76 7.13 $ 1,142 Granted 427 14.57 Canceled or expired (106 ) 20.46 Outstanding December 31, 2013 874 $ 10.83 7.75 $ 3,139 Granted 1,154 10.41 Exercised (30 ) 6.61 Canceled or expired (159 ) 11.45 Outstanding December 31, 2014 1,839 $ 10.58 8.49 $ 618 Granted 312 $ 9.77 Exercised (4 ) $ 5.37 Canceled or expired (186 ) $ 9.69 Outstanding December 31, 2015 1,961 $ 10.55 7.68 $ — Exercisable, December 31, 2015 958 $ 10.09 6.61 $ — |
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, 2015 2014 2013 Volatility 70.38 % 71.76 % 75.68 % Risk free interest rate 2.10 % 2.44 % 1.53 % Dividend yield — — — Term (years) 8.73 9.68 7.68 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, 2015 2014 2013 Volatility 60.69 % 70.17 % 76.60 % Risk free interest rate 1.63 % 1.78 % 1.79 % Dividend yield — — — Term (years) 6.13 5.98 6.14 Weighted-average fair value of options granted during the period $ 5.54 $ 5.29 $ 9.85 |
Nonvested Restricted Stock Shares Activity | The following table summarizes the activities for our non-vested restricted stock awards for the years ended December 31, 2015 , 2014 and 2013 : Non-vested Restricted Stock Awards Number of Shares (in thousands) Weighted-Average Grant Date Fair Value Non-vested at January 1, 2013 $ — $ — Granted 8 13.50 Vested (3 ) 15.39 Non-vested at December 31, 2013 $ 5 $ 12.55 Granted 220 9.01 Vested (80 ) 10.19 Forfeited/canceled (12 ) 12.04 Non-vested at December 31, 2014 $ 133 $ 8.14 Granted 48 9.50 Vested (47 ) 9.09 Forfeited/canceled (13 ) 9.03 Non-vested at December 31, 2015 121 8.25 |
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 (in thousands): Year Ended December 31, 2015 2014 2013 Cost of revenues $ 233 $ 149 $ 41 Research and development 360 473 114 General and administrative 2,106 3,058 516 Sales and marketing 135 155 64 Total stock-based compensation $ 2,834 $ 3,835 $ 735 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Warrants and Rights Note Disclosure [Abstract] | |
Summary of Warrant Activity | The following table summarizes the warrant activity for the years ending December 31, 2015 , 2014 and 2013 (in thousands, except exercise price): Issued With / For Exercise Warrants 2013 2013 2013 IPO Warrants 2014 2014 Warrants 2015 2015 Offering Adjustments (F) 2015 2015 Warrants Non-Derivative Warrants: Financing $ 10.00 — — — — 243 243 — — 243 — — — — 243 Financing 15.00 — — — — 436 436 — — 436 — — — — 436 Debt Guarantee 4.00 228 — (54 ) — — 174 (174 ) — — — — — — — Debt Guarantee 10.00 — — — — 238 238 — (238 ) — — — — — — Debt Guarantee 15.00 — — — — 586 586 — (233 ) 353 — — — (120 ) 233 Series A Pref. Stock 14.10 66 — (30 ) (36 ) — — — — — — — — — — Consulting 10.00 — — — — 29 29 — — 29 — — — (19 ) 10 2015 Offering 5.00 — — — — — — — — — 3,450 — — — 3,450 $ 6.82 G 294 — (84 ) (36 ) 1,532 1,706 (174 ) (471 ) 1,061 3,450 — — (139 ) 4,372 Derivative Warrants: Financing 4.00 B — — — — — — — — — — 60 — — 60 Financing 10.00 B — — — — 60 60 — — 60 — (60 ) — — — Financing 25.00 B 60 — — — (60 ) — — — — — — — — — Financing 42.50 BCD 75 — — — (75 ) — — — — — — — — — Financing 42.50 AD 55 3 — — (58 ) — — — — — — — — — Financing 42.50 ACD 121 6 — — (127 ) — — — — — — — — — Debt Guarantee 10.00 A — — — — 13 13 (13 ) — — — — — — — Debt Guarantee 25.00 ACD 212 — — — (212 ) — — — — — — — — — Debt Guarantee 25.00 AD 100 — — — (100 ) — — — — — — — — — Debt Guarantee 32.45 AC 40 — — — (40 ) — — — — — — — — — Debt Guarantee 42.50 ACD 38 — — — (38 ) — — — — — — — — — Debt Guarantee 42.50 BCD 37 — — — (37 ) — — — — — — — — — Series B Pref. Stock 4.00 B — — — — — — — — — — 15 — (15 ) — Series B Pref. Stock 10.00 B — — (34 ) — 52 18 (3 ) — 15 — (15 ) — — — Series B Pref. Stock 25.00 B 52 — — — (52 ) — — — — — — — — — Consulting 12.50 AD 4 — — — (4 ) — — — — — — — — — Consulting 14.10 AD 10 — — — (10 ) — — — — — — — — — Consulting 25.00 AD 4 — — — (4 ) — — — — — — — — — $ 4.00 G 808 9 (34 ) — (692 ) 91 (16 ) — 75 — — — (15 ) 60 $ 6.78 G 1,102 9 (118 ) (36 ) 840 1,797 (190 ) (471 ) 1,136 3,450 — — (154 ) 4,432 ________________________ A These warrants are subject to fair value accounting and contain exercise price and number of share adjustment features. See Note 14. B These warrants are subject to fair value accounting and contain an exercise price adjustment feature. See Note 14. 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 On November 12, 2015 the Company completed the 2015 Offering and the exercise price of certain derivative warrants were adjusted to $4.00 . G Weighted average exercise prices are as of December 31, 2015. |
Fair Value of Warrants (Tables)
Fair Value of Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 and at December 31, 2015 , 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 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 IPO Date April 5, 2013 Exercise Price $ 10.00 $ 13.56 Expected life (years) 0.60 2.42 Expected volatility 49.01 % 66.37 % Risk-free interest rate 0.08 % 0.32 % Expected dividend yield 0.00 % 0.00 % Exercised During the Year Ended December 31, As of December 31, 2014 Series B 2015 2014 Exercise Price $ 4.00 $ 10.00 $ 10.00 Expected life (years) 0.01 1.72 0.88 Expected volatility 12.33 % 46.60 % 49.95 % Risk-free interest rate 0.07 % 0.33 % 0.25 % Expected dividend yield 0.00 % 0.00 % 0.00 % As of December 31, IPO Date Consulting 2015 2014 Exercise Price $ 4.00 $ 10.00 $ 10.00 Expected life (years) 0.14 1.14 2.33 Expected volatility 57.39 % 49.25 % 63.20 % Risk-free interest rate 0.16 % 0.25 % 0.27 % Expected dividend yield 0.00 % 0.00 % 0.00 % Issued During the Year Ended December 31, 2013 As of December 31, IPO Date Financing 2015 2014 Exercise Price $ 13.34 $ 4.00 $ 10.00 $ 13.21 Expected life (years) 9.78 0.23 1.23 8.30 Expected volatility 74.70 % 70.82 % 50.23 % 73.22 % Risk-free interest rate 1.95 % 0.16 % 0.25 % 1.44 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % |
Summary of Derivative Warrant Activity | The following table summarizes the derivative warrant activity subject to fair value accounting for the years ended December 31, 2015 , 2014 and 2013 (in thousands): Issued with Issued For Issued For Issued For Total Fair value of warrants outstanding as of January 1, 2013 $ 230 $ 5,679 $ 147 $ 6,493 $ 12,549 Fair value of warrants issued — — — 268 268 Fair value of warrants exercised (420 ) — — — (420 ) Reclassification to equity in IPO — (2,514 ) (108 ) (4,548 ) (7,170 ) Change in fair value of warrants 307 (3,101 ) (38 ) (1,801 ) (4,633 ) Fair value of warrants outstanding as of December 31, 2013 117 64 1 412 594 Fair value of warrants exercised (38 ) (87 ) — — (125 ) Change in fair value of warrants (71 ) 23 (1 ) (368 ) (417 ) Fair value of warrants outstanding as of December 31, 2014 8 — — 44 52 Change in fair value of warrants (8 ) — — (27 ) (35 ) Fair value of warrants outstanding as of December 31, 2015 $ — $ — $ — $ 17 $ 17 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 (in thousands): 2015 Total Quoted Prices in Significant Other Significant Warrant liability $ 17 — — $ 17 Notes payable 266 — — 266 $ 283 — — $ 283 2014 Total Quoted Prices in Significant Other Significant Warrant liability $ 52 — — $ 52 Gentris contingent consideration 293 — — 293 Notes payable 535 — — 535 $ 880 — — $ 880 |
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 (in thousands): Note Payable Gentris Contingent to VenturEast Consideration Fair value at January 1, 2014 $ — $ — Fair value at issuance 733 293 Change in fair value (198 ) — Fair value at December 31, 2014 $ 535 $ 293 Change in fair value (269 ) (207 ) Settlement of liability — (86 ) Fair value at December 31, 2015 $ 266 $ — |
Organization, Acquisitions, D41
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Additional Information (Detail) | Oct. 09, 2015USD ($)shares | Aug. 18, 2014USD ($)agreementshares | Jul. 16, 2014USD ($) | Mar. 01, 2013 | Feb. 08, 2013 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||
Change in fair value of acquisition note payable | $ 269,000 | $ 198,000 | $ 0 | |||||
Number of agreements (agreement) | agreement | 2 | |||||||
Consideration transferred, cash | 7,495,000 | 0 | 0 | |||||
Pro forma revenue of acquiree since acquisition date | 8,771,000 | 3,296,465 | ||||||
Reverse stock split ratio | 0.4 | 0.5 | ||||||
Gentris Corporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Change in fair value of acquisition note payable | 207,000 | 0 | 0 | |||||
Settlement of contingent consideration | 86,400 | |||||||
Acquisition related costs | $ 147,500 | |||||||
Total purchase price | 4,815,000 | |||||||
Consideration transferred, cash | $ 3,250,000 | |||||||
BioServe | ||||||||
Business Acquisition [Line Items] | ||||||||
Change in fair value of acquisition note payable | (269,000) | 198,000 | $ 0 | |||||
Purchase accounting adjustment, increase in goodwill | 193,000 | |||||||
Purchase accounting adjustment, decrease in fixed assets | 136,000 | |||||||
Purchase accounting adjustment, decrease in other assets | 38,000 | |||||||
Purchase accounting adjustment, decrease in other current assets | 19,000 | |||||||
Total purchase price | $ 1,074,000 | |||||||
Consideration transferred, cash | $ 73,000 | |||||||
BioServe | Ventureast Trustee Company Pvt Ltd | ||||||||
Business Acquisition [Line Items] | ||||||||
Change in fair value of acquisition note payable | 269,000 | $ 198,000 | ||||||
Business combination, consideration transferred, notes payable in shares | shares | 84,278 | |||||||
Response Genetics | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition related costs | $ 890,000 | |||||||
Total purchase price | $ 12,900,000 | |||||||
Consideration transferred, cash | $ 7,495,193 | |||||||
Consideration transferred, stock (in shares) | shares | 788,584 | |||||||
Consideration transferred, stock | $ 5,436,104 |
Organization, Acquisitions, D42
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Acquisition Purchase Price (Details) - USD ($) $ in Thousands | Aug. 18, 2014 | Jul. 16, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Cash paid at closing | $ 7,495 | $ 0 | $ 0 | ||
Issuance of shares | $ 0 | $ 1,516 | $ 0 | ||
Gentris Corporation | |||||
Business Acquisition [Line Items] | |||||
Cash paid at closing | $ 3,250 | ||||
Issuance of shares | 1,272 | ||||
Estimated fair value of contingent consideration | 293 | ||||
Total purchase price | $ 4,815 | ||||
Gentris Corporation | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Equity interest number of shares (in shares) | 147,843 | ||||
BioServe | |||||
Business Acquisition [Line Items] | |||||
Cash paid at closing | $ 73 | ||||
Issuance of shares | 244 | ||||
Estimated fair value of contingent consideration | 24 | ||||
Total purchase price | 1,074 | ||||
BioServe | Ventureast Trustee Company Pvt Ltd | |||||
Business Acquisition [Line Items] | |||||
Estimated fair value of contingent consideration | $ 733 | ||||
Business combination, consideration transferred, notes payable in shares | 84,278 | ||||
BioServe | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Equity interest number of shares (in shares) | 31,370 |
Organization, Acquisitions, D43
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Oct. 09, 2015 | Dec. 31, 2014 | Aug. 18, 2014 | Jul. 16, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 12,029 | $ 3,187 | $ 0 | |||
Gentris Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | $ 1,869 | |||||
Other current assets | 266 | |||||
Current liabilities | (785) | |||||
Deferred revenue, long-term | (938) | |||||
Fixed assets | 1,951 | |||||
Goodwill | 2,452 | |||||
Total purchase price | $ 4,815 | |||||
BioServe | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | $ 151 | |||||
Other current assets | 102 | |||||
Current liabilities | (759) | |||||
Other assets | 378 | |||||
Fixed assets | 489 | |||||
Goodwill | 735 | |||||
Other liabilities | (22) | |||||
Total purchase price | $ 1,074 | |||||
Response Genetics | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | $ 344 | |||||
Prepaid expenses and other current assets | 561 | |||||
Current liabilities | (194) | |||||
Fixed assets | 2,254 | |||||
Intangible assets | 1,246 | |||||
Goodwill | 8,842 | |||||
Obligations under capital lease | (122) | |||||
Total purchase price | $ 12,931 |
Organization, Acquisitions, D44
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Proforma (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition, Pro Forma Information [Abstract] | |||
Revenue | $ 28,528 | $ 34,167 | $ 32,488 |
Net loss | $ (33,237) | $ (26,427) | $ (26,712) |
Basic net loss per share (in dollars per share) | $ (3.05) | $ (2.56) | $ (4.74) |
Dilutive net loss per share (in dollars per share) | $ (3.05) | $ (2.59) | $ (5.55) |
Organization, Acquisitions, D45
Organization, Acquisitions, Description of Business, Reverse Stock Split and Charter Amendment - Public Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 12, 2015 | Oct. 28, 2013 | Aug. 19, 2013 | Apr. 10, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 18, 2015 | Nov. 11, 2015 | Oct. 31, 2013 | Sep. 05, 2013 |
Public Offerings [Abstract] | |||||||||||
Common stock, shares issued (in shares) | 3,286,700 | 690,000 | 13,652,000 | 9,821,000 | 10,000 | ||||||
Public offering price per share (in dollars per share) | $ 14 | $ 10 | |||||||||
Gross proceeds from public offering | $ 46,000 | $ 6,900 | |||||||||
Net proceeds from initial public offering | $ 42,300 | $ 10,353 | $ 0 | $ 61,517 | |||||||
Aggregate number of Series A and Series B convertible preferred stock converted into common stock (in shares) | 1,287,325 | ||||||||||
Reclassification of derivative warrants | $ 7,200 | 0 | 0 | 7,170 | |||||||
Value of debt converted | $ 9,634 | $ 0 | $ 0 | $ 9,634 | |||||||
Conversion of debt into common stock (in shares) | 963,430 | ||||||||||
Underwriter's overallotment shares (shares) | 428,700 | 90,000 | |||||||||
Warrants to purchase common stock, issued (shares) | 75,215 | 350 | |||||||||
Exercise price of warrant (usd per share) | $ 4 | $ 4 | $ 10 | ||||||||
IPO | |||||||||||
Public Offerings [Abstract] | |||||||||||
Common stock, shares issued (in shares) | 690,000 | ||||||||||
Public offering price per share (in dollars per share) | $ 10 | ||||||||||
Gross proceeds from public offering | $ 6,900 | ||||||||||
Net proceeds from initial public offering | $ 5,000 | ||||||||||
Secondary Offering | |||||||||||
Public Offerings [Abstract] | |||||||||||
Common stock, shares issued (in shares) | 1,500,000 | ||||||||||
Public offering price per share (in dollars per share) | $ 10 | ||||||||||
Gross proceeds from public offering | $ 15,000 | ||||||||||
Net proceeds from secondary public offering | 13,300 | ||||||||||
Amount used for repayment of certain indebtedness | $ 3,500 | ||||||||||
Additional common stock sold at public offering (in shares) | 105,000 | ||||||||||
Additional gross proceeds from issuance of shares | $ 1,100 | ||||||||||
Additional net proceeds from issuance of shares | $ 947 | ||||||||||
2015 Offering | |||||||||||
Public Offerings [Abstract] | |||||||||||
Common stock, shares issued (in shares) | 3,000,000 | ||||||||||
Gross proceeds from public offering | $ 12,000 | ||||||||||
Net proceeds from secondary public offering | $ 10,300 | ||||||||||
Warrants to purchase common stock, issued (shares) | 3,000,000 | ||||||||||
Combined price for common stock and warrants issued (in dollars per share) | $ 4 | ||||||||||
Exercise price of warrant (usd per share) | $ 5 | ||||||||||
Over-Allotment Option | |||||||||||
Public Offerings [Abstract] | |||||||||||
Warrants to purchase common stock, issued (shares) | 450,000 |
Significant Accounting Polici46
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of operating segments (segment) | Segment | 1 | ||
Unrecognized tax benefits, income tax penalties and interest expense | $ 0 | $ 0 | $ 0 |
Uncertain tax positions | 0 | 0 | |
Accrual for interest or penalties | 0 | 0 | |
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 | 707,000 | 940,000 | 12,000 |
Other Assets | |||
Significant Accounting Policies [Line Items] | |||
Net receivable due from the joint venture | 10,000 | 10,000 | |
Patents | |||
Significant Accounting Policies [Line Items] | |||
Impairment of intangible assets | 0 | 0 | 0 |
Research and development | |||
Significant Accounting Policies [Line Items] | |||
Loss in equity-method investment | $ 707,000 | $ 940,000 | $ 12,000 |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Fixed assets, estimated useful lives | 5 years | ||
Minimum | Software | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, useful life | 3 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Fixed assets, estimated useful lives | 7 years | ||
Maximum | Software | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, useful life | 5 years | ||
Letter of Credit | Restricted Cash | |||
Significant Accounting Policies [Line Items] | |||
Line of credit | $ 300,000 |
Significant Accounting Polici47
Significant Accounting Policies - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 3,187 | $ 0 |
Purchased through acquisitions | 8,842 | 3,187 |
Ending Balance | $ 12,029 | $ 3,187 |
Significant Accounting Polici48
Significant Accounting Policies - Computation of Basic Net Income (Loss) and Diluted Net Loss per Share Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||
Net (loss) | $ (20,184) | $ (16,643) | $ (12,373) |
Change in fair value of warrant liability | 35 | 417 | 4,633 |
Net (loss) for diluted earnings per share | $ (20,219) | $ (17,060) | $ (17,006) |
Denominator: | |||
Weighted-average basic common shares outstanding (in shares) | 10,298 | 9,449 | 4,665 |
Assumed conversion of dilutive securities: | |||
Common stock purchase warrants (in shares) | 1 | 13 | 11 |
Potentially dilutive common shares (in shares) | 1 | 13 | 11 |
Denominator for diluted earnings per share-adjusted weighted-average shares (in shares) | 10,299 | 9,462 | 4,676 |
Basic net income (loss) per share (usd per share) | $ (1.96) | $ (1.76) | $ (2.65) |
Diluted net loss per share (usd per share) | $ (1.96) | $ (1.80) | $ (3.64) |
Significant Accounting Polici49
Significant Accounting Policies - Summary of Potentially Dilutive Adjustments to Weighted Average Number of Common Shares Excluded from Calculation (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (shares) | 6,454 | 3,033 | 2,583 |
Common stock purchase warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (shares) | 4,372 | 1,061 | 1,702 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (shares) | 1,961 | 1,839 | 874 |
Restricted shares of common stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (shares) | 121 | 133 | 7 |
Revenue and Accounts Receivab50
Revenue and Accounts Receivable - Schedule of Revenue by Service Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | $ 18,040 | $ 10,199 | $ 6,610 |
Biopharma Services | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | 11,564 | 5,606 | 2,650 |
Clinical Services | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | 5,651 | 4,432 | 3,663 |
Discovery Services | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | 825 | 161 | 0 |
Grants | |||
Health Care Organization, Receivable and Revenue Disclosures [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 297 |
Revenue and Accounts Receivab51
Revenue and Accounts Receivable - Schedule of Accounts Receivable by Service Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts | $ (664) | $ (251) | $ (36) |
Accounts receivable, net | 6,621 | 5,028 | |
Biopharma Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | 3,238 | 3,203 | |
Clinical Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | 3,733 | 1,925 | |
Discovery Services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, gross | $ 314 | $ 151 |
Revenue and Accounts Receivab52
Revenue and Accounts Receivable - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning of the period | $ 251 | $ 36 | |
Additions to allowance for doubtful accounts | 413 | 215 | $ 0 |
End of the period | $ 664 | $ 251 | $ 36 |
Revenue and Accounts Receivab53
Revenue and Accounts Receivable - Schedule of Clinical Services Revenue by Payor (Details) - Payor - Sales Revenue, Net | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Product Information [Line Items] | |||
Percentage of revenue | 31.00% | 43.00% | 56.00% |
Medicare | |||
Product Information [Line Items] | |||
Percentage of revenue | 10.00% | 11.00% | 13.00% |
Other insurers | |||
Product Information [Line Items] | |||
Percentage of revenue | 12.00% | 16.00% | 25.00% |
Other healthcare facilities | |||
Product Information [Line Items] | |||
Percentage of revenue | 9.00% | 16.00% | 18.00% |
Revenue and Accounts Receivab54
Revenue and Accounts Receivable - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)client | Dec. 31, 2014USD ($)client | Dec. 31, 2013USD ($)client | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenue | $ 18,040 | $ 10,199 | $ 6,610 | |
Sites accounted for approximately 10% or more of our revenue (client) | client | 1 | 2 | 1 | |
Payor | Sales | 10% or More Clinical Revenue | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of revenue | 40.00% | |||
Biopharma Services | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenue | $ 11,564 | $ 5,606 | $ 2,650 | |
Biopharma Services | Payor | Sales | 10% or More Clinical Revenue | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of revenue | 19.00% | |||
Clinical Services | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenue | $ 5,651 | $ 4,432 | $ 3,663 | |
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 | 49.00% | 56.00% | 69.00% | |
Community Hospitals | Payor | Testing Volume | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of revenue | 18.00% | 38.00% | 36.00% | |
Response Genetics | Biopharma Services | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenue | $ 486 | |||
Response Genetics | Clinical Services | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenue | $ 1,265 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Inventory | $ 133 | $ 280 |
Prepaid expenses | 1,985 | 893 |
Other assets, current | $ 2,118 | $ 1,173 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft²$ / ft² | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Lease Disclosure [Line Items] | |||
Security deposit for lease | $ | $ 300,000 | ||
Equipment under these capital leases, cost | $ | 706,154 | ||
Equipment under these capital leases, accumulated depreciation | $ | 311,855 | ||
Rent expense | $ | $ 1,136,778 | $ 692,324 | $ 550,882 |
Minimum | |||
Lease Disclosure [Line Items] | |||
Periodic rent increases per square foot per year | $ / ft² | 1 | ||
Maximum | |||
Lease Disclosure [Line Items] | |||
Periodic rent increases per square foot per year | $ / ft² | 2 | ||
Rutherford, New Jersey Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area (sqft) | ft² | 17,900 | ||
Security deposit for lease | $ | $ 300,000 | ||
Morrisville, North Carolina Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area (sqft) | ft² | 24,900 | ||
Los Angeles, California Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area (sqft) | ft² | 27,400 | ||
Hyderabad, India Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area (sqft) | ft² | 10,000 | ||
Shanghai, China Office and Laboratory Space | |||
Lease Disclosure [Line Items] | |||
Operating leases, office space area (sqft) | ft² | 2,700 |
Lease Commitments - Minimum Fut
Lease Commitments - Minimum Future Lease Payments Under All Capital and Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Operating And Capital Leased Assets [Line Items] | ||
2,016 | $ 1,539 | |
2,017 | 1,014 | |
2,018 | 472 | |
2,019 | 412 | |
2,020 | 194 | |
Thereafter | 24 | |
Total minimum lease payments | 3,655 | |
Obligations under capital leases, current portion | 122 | $ 59 |
Obligations under capital leases | 276 | $ 300 |
Capital Leases | ||
Schedule Of Operating And Capital Leased Assets [Line Items] | ||
2,016 | 143 | |
2,017 | 78 | |
2,018 | 75 | |
2,019 | 70 | |
2,020 | 59 | |
Thereafter | 24 | |
Total minimum lease payments | 449 | |
Less amount representing interest | 51 | |
Present value of net minimum obligations | 398 | |
Obligations under capital leases, current portion | 122 | |
Obligations under capital leases | 276 | |
Operating Leases | ||
Schedule Of Operating And Capital Leased Assets [Line Items] | ||
2,016 | 1,396 | |
2,017 | 936 | |
2,018 | 397 | |
2,019 | 342 | |
2,020 | 135 | |
Thereafter | 0 | |
Total minimum lease payments | $ 3,206 |
Debt - Term Note, Additional In
Debt - Term Note, Additional Information (Details) - USD ($) | May. 07, 2015 | Aug. 19, 2013 | Jan. 28, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 6.25% | ||||
Effective interest rate (as a percent) | 9.50% | ||||
Line of credit | $ 0 | $ 6,000,000 | |||
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Term note, principal balance | $ 6,000,000 | ||||
Periodic principal payments | $ 167,000 | ||||
Stated interest rate, minimum (as a percent) | 5.25% | ||||
Effective interest rate (as a percent) | 5.50% | ||||
Balloon payment | $ 180,000 | ||||
Debt outstanding, gross | $ 6,000,000 | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
2,016 | 1,333,333 | ||||
2,017 | 2,000,000 | ||||
2,018 | 2,000,000 | ||||
2,019 | $ 666,667 | ||||
Secured Debt | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 2.00% | ||||
Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 4,000,000 | ||||
Line of credit, maximum borrowing capacity, percentage of accounts receivable | 80.00% | ||||
Effective interest rate (as a percent) | 5.00% | ||||
Line of credit | $ 0 | ||||
Line of Credit | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Additional equity requirement before additional funds may be drawn | $ 13,000,000 | ||||
Line of Credit | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.50% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 19, 2013 | Apr. 10, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 07, 2013 | Feb. 22, 2013 |
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate (as a percent) | 6.25% | ||||||
IPO or merger price (USD per share) | $ 10 | ||||||
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 | $ 9,634,000 | $ 0 | $ 0 | $ 9,634,000 | |||
Conversion of debt into common stock (in shares) | 963,430 | ||||||
Outstanding balance, repaid | $ 1,500,000 | ||||||
IPO | |||||||
Debt Instrument [Line Items] | |||||||
IPO or merger price (USD per share) | $ 10 | ||||||
NNJCA | |||||||
Debt Instrument [Line Items] | |||||||
Conversion of outstanding debt to common stock | $ 500,000 | ||||||
Conversion of debt into common stock (in shares) | 50,000 | ||||||
NNJCA | IPO | |||||||
Debt Instrument [Line Items] | |||||||
Conversion price of notes (USD per share) | $ 10 | ||||||
Wells Fargo Bank | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings from utilization of line of credit | $ 6,000,000 | ||||||
Basis spread on variable rate (as a percent) | 1.75% | ||||||
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 | ||||||
Conversion of debt into common stock (in shares) | 450,000 | ||||||
December 2011 Financing Transaction | IPO | |||||||
Debt Instrument [Line Items] | |||||||
Conversion price of notes (USD per share) | $ 10 | ||||||
December 2011 Financing Transaction | John Pappajohn | |||||||
Debt Instrument [Line Items] | |||||||
Debt outstanding, gross | $ 4,000,000 | ||||||
Conversion of outstanding debt to common stock | 4,000,000 | ||||||
December 2011 Financing Transaction | NNJCA | |||||||
Debt Instrument [Line Items] | |||||||
Debt outstanding, gross | 1,500,000 | ||||||
December 2011 Financing Transaction | Dr. Pecora | |||||||
Debt Instrument [Line Items] | |||||||
Debt outstanding, gross | 500,000 | ||||||
Conversion of outstanding debt to common stock | $ 500,000 | ||||||
Conversion of debt into common stock (in shares) | 450,000 | ||||||
2012 Convertible Debt Financing Transaction | |||||||
Debt Instrument [Line Items] | |||||||
Debt outstanding, gross | $ 3,000,000 | ||||||
Conversion of outstanding debt to common stock | $ 3,000,000 | ||||||
Conversion of debt into common stock (in shares) | 300,000 | ||||||
2012 Convertible Debt Financing Transaction | IPO | |||||||
Debt Instrument [Line Items] | |||||||
IPO or merger price (USD per share) | $ 10 | ||||||
Conversion price of notes (USD per share) | $ 10 | ||||||
2012 Convertible Debt Financing Transaction | John Pappajohn | |||||||
Debt Instrument [Line Items] | |||||||
Debt outstanding, gross | $ 1,750,000 | ||||||
2012 Convertible Debt Financing Transaction | Mr. Mark Oman | |||||||
Debt Instrument [Line Items] | |||||||
Debt outstanding, gross | 1,250,000 | ||||||
December 2012 Bridge Financing Transaction | |||||||
Debt Instrument [Line Items] | |||||||
Conversion of outstanding debt to common stock | $ 1,000,000 | ||||||
Conversion of debt into common stock (in shares) | 100,000 | ||||||
December 2012 Bridge Financing Transaction | IPO | |||||||
Debt Instrument [Line Items] | |||||||
IPO or merger price (USD per share) | $ 10 | ||||||
Conversion price of notes (USD per share) | $ 10 | ||||||
December 2012 Bridge Financing Transaction | John Pappajohn | |||||||
Debt Instrument [Line Items] | |||||||
Debt outstanding, gross | $ 1,000,000 | ||||||
Business Lines of Credit (DAM) | |||||||
Debt Instrument [Line Items] | |||||||
Conversion of outstanding debt to common stock | $ 1,000,000 | ||||||
Conversion of debt into common stock (in 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 (USD per share) | $ 10 | ||||||
Other Note Payable | |||||||
Debt Instrument [Line Items] | |||||||
Conversion of debt into common stock (in shares) | 13,430 | ||||||
Conversion price of notes (USD per share) | $ 10 | ||||||
Notes payable, Long-Term | $ 100,000 |
Debt - Summary of Long-Term Deb
Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Apr. 10, 2013 |
Debt Instrument [Line Items] | ||
Less unamortized debt issuance costs | $ 3,500 | |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Term Note, principal balance | $ 6,000 | |
Less unamortized debt issuance costs | 25 | |
Term Note, net | 5,975 | |
Less current maturities | 1,333 | |
Long-term portion | $ 4,642 |
Debt - Conversion of Indebtedne
Debt - Conversion of Indebtedness into Shares of Common Stock (Detail) - USD ($) $ in Thousands | Apr. 10, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Conversion [Line Items] | ||||
Converted Amount | $ 9,634 | $ 0 | $ 0 | $ 9,634 |
Common shares (shares) | 963,430 | |||
December 2011 Financing Transaction | ||||
Debt Conversion [Line Items] | ||||
Converted Amount | $ 4,500 | |||
Common shares (shares) | 450,000 | |||
2012 Convertible Debt Financing Transaction | ||||
Debt Conversion [Line Items] | ||||
Converted Amount | $ 3,000 | |||
Common shares (shares) | 300,000 | |||
December 2012 Bridge Financing Transaction | ||||
Debt Conversion [Line Items] | ||||
Converted Amount | $ 1,000 | |||
Common shares (shares) | 100,000 | |||
Business Lines of Credit (DAM) | ||||
Debt Conversion [Line Items] | ||||
Converted Amount | $ 1,000 | |||
Common shares (shares) | 100,000 | |||
Other Note Payable and accrued interest | ||||
Debt Conversion [Line Items] | ||||
Converted Amount | $ 134 | |||
Common shares (shares) | 13,000 |
Letter of Credit - Additional I
Letter of Credit - Additional Information (Detail) | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Stand-by letter of credit | $ 300,000 |
Fixed Assets - Fixed Assets Sum
Fixed Assets - Fixed Assets Summary by Major Classifications (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Equipment | $ 8,442 | $ 5,777 |
Furniture and fixtures | 1,083 | 548 |
Leasehold improvements | 932 | 870 |
Gross | 10,457 | 7,195 |
Less accumulated depreciation | (4,388) | (2,885) |
Net fixed assets | $ 6,069 | $ 4,310 |
Patents and Other Intangible 64
Patents and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,970 | $ 587 |
Less accumulated amortization | (243) | (84) |
Total | 1,727 | 503 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 724 | 587 |
Weighted Average Amortization Period | 10 years | |
Response Genetics | Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 800 | 0 |
Weighted Average Amortization Period | 7 years | |
Response Genetics | Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 446 | $ 0 |
Weighted Average Amortization Period | 2 years |
Patents and Other Intangible 65
Patents and Other Intangible Assets - Schedule of Future Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 1,727 | $ 503 |
Finite-Lived Intangible Assets, Excluding Patents In Application Process | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,016 | 344 | |
2,017 | 290 | |
2,018 | 202 | |
2,019 | 151 | |
2,020 | 140 | |
2021 and thereafter | 282 | |
Total | $ 1,409 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax benefit at federal statutory rate | $ (7,479) | $ (6,648) | $ (4,563) |
State tax provision, net of federal tax benefit | (878) | (807) | (359) |
Tax credits | (232) | (154) | (126) |
Stock based compensation | 201 | 207 | 229 |
Derivative warrants | (12) | (146) | (1,622) |
Investor consideration | (110) | (69) | 0 |
Debt and warrant conversion costs | 0 | 0 | 3,454 |
Change in valuation allowance | 6,617 | 5,255 | 2,356 |
Foreign operations | $ 283 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (1.30%) | 0.00% | 0.00% |
Other | $ 426 | $ 12 | $ (33) |
Income tax (benefit) provision | $ (1,184) | $ (2,350) | $ (664) |
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 | 4.10% | 4.20% | 2.80% |
Tax credits | 1.10% | 0.80% | 1.00% |
Stock based compensation | (0.90%) | (1.10%) | (1.80%) |
Derivative warrants | 0.10% | 0.80% | 12.40% |
Investor consideration | 0.50% | 0.40% | 0.00% |
Debt and warrant conversion costs | 0.00% | 0.00% | (26.50%) |
Change in valuation allowance | (31.00%) | (27.70%) | (18.10%) |
Other | (2.10%) | 0.00% | 0.30% |
Income tax (benefit) provision | 5.50% | 12.40% | 5.10% |
Income Taxes - Components of Ap
Income Taxes - Components of Approximate Deferred Tax (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 25,085 | $ 20,982 |
Accruals and reserves | 1,100 | 773 |
Non-qualified stock options | 3,357 | 1,912 |
Research and development tax credits | 989 | 758 |
Derivative warrant liability | 26 | 26 |
Investment in joint venture | 251 | 163 |
Goodwill | 283 | 23 |
Fixed assets | 78 | 0 |
Other | 6 | 6 |
Total deferred tax assets | 31,175 | 24,643 |
Less valuation allowance | (31,175) | (24,558) |
Net deferred tax assets | 0 | 85 |
Deferred tax liabilities: | ||
Fixed assets | 0 | (85) |
Net deferred taxes | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Income Tax [Line Items] | ||||
Proceeds from sale of operating loss carryforwards and tax credits | $ 1,183,564 | |||
Federal | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforward | $ 69,000,000 | |||
New Jersey | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforward | 15,990,475 | $ 28,640,223 | $ 8,018,107 | |
Proceeds from sale of operating loss carryforwards and tax credits | $ 2,350,185 | $ 663,900 | ||
Research and Development | ||||
Income Tax [Line Items] | ||||
Research and development tax credits | $ 289,978 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 12, 2015 | Oct. 28, 2013 | Aug. 19, 2013 | Apr. 10, 2013 | Jul. 31, 2015 | Dec. 31, 2015 | Nov. 18, 2015 | Nov. 11, 2015 | Dec. 31, 2014 | Oct. 31, 2013 | Sep. 05, 2013 |
Class of Stock [Line Items] | |||||||||||
Common stock, shares issued (in shares) | 3,286,700 | 690,000 | 13,652,000 | 9,821,000 | 10,000 | ||||||
Underwriter's overallotment shares (shares) | 428,700 | 90,000 | |||||||||
Public offering price per share (in dollars per share) | $ 14 | $ 10 | |||||||||
Gross proceeds from public offering | $ 46,000 | $ 6,900 | |||||||||
Number of shares converted to common stock (in shares) | 1,287,325 | ||||||||||
Issuance of common stock (in shares) | 2,800 | ||||||||||
Proceeds from issuance of common stock | $ 34 | ||||||||||
Warrants to purchase common stock, issued (shares) | 75,215 | 350 | |||||||||
Exercise price of warrant (usd per share) | $ 4 | $ 4 | $ 10 | ||||||||
Preferred stock, shares authorized (in shares) | 9,764,000 | 9,764,000 | |||||||||
Secondary Offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock, shares issued (in shares) | 1,500,000 | ||||||||||
Public offering price per share (in dollars per share) | $ 10 | ||||||||||
Gross proceeds from public offering | $ 15,000 | ||||||||||
Net proceeds from secondary public offering | $ 13,300 | ||||||||||
Additional common stock sold at public offering (in shares) | 105,000 | ||||||||||
Gross proceeds from issuance of shares | $ 1,100 | ||||||||||
Additional net proceeds from issuance of shares | $ 947 | ||||||||||
Follow-On Offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock, shares issued (in shares) | 3,286,700 | ||||||||||
Underwriter's overallotment shares (shares) | 428,700 | ||||||||||
Public offering price per share (in dollars per share) | $ 14 | ||||||||||
Gross proceeds from public offering | $ 46,000 | ||||||||||
Net proceeds from secondary public offering | $ 42,300 | ||||||||||
Equity Offering, Cantor Sales Agreement | |||||||||||
Class of Stock [Line Items] | |||||||||||
Issuance of common stock (in shares) | 2,800 | ||||||||||
Proceeds from issuance of common stock | $ 34 | ||||||||||
2015 Offering | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock, shares issued (in shares) | 3,000,000 | ||||||||||
Gross proceeds from public offering | $ 12,000 | ||||||||||
Net proceeds from secondary public offering | $ 10,300 | ||||||||||
Warrants to purchase common stock, issued (shares) | 3,000,000 | ||||||||||
Combined price for common stock and warrants issued (in dollars per share) | $ 4 | ||||||||||
Exercise price of warrant (usd per share) | $ 5 | ||||||||||
Over-Allotment Option | |||||||||||
Class of Stock [Line Items] | |||||||||||
Warrants to purchase common stock, issued (shares) | 450,000 | ||||||||||
Series A Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of shares converted to common stock (in shares) | 376,525 | ||||||||||
Series B Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of shares converted to common stock (in shares) | 910,800 | ||||||||||
Cleveland Clinic | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock, shares issued (in shares) | 2,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Apr. 05, 2013$ / sharesshares | May. 31, 2014$ / sharesshares | Oct. 31, 2013$ / sharesshares | Apr. 30, 2013$ / shares | Dec. 31, 2015USD ($)entityStock_Planshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Dec. 31, 2010$ / sharesshares | May. 14, 2015shares | May. 22, 2014shares | Apr. 29, 2013$ / shares | Apr. 10, 2013$ / shares | Jun. 30, 2011shares | Apr. 01, 2010shares | Apr. 29, 2008shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of equity incentive plans (stock_plan) | Stock_Plan | 2 | ||||||||||||||
Options granted maximum exercisable period | 10 years | ||||||||||||||
Issuance of shares under stock options plans (shares) | 48,000 | ||||||||||||||
Stock appreciation rights (shares) | 0 | ||||||||||||||
Restricted stock awarded under Stock Option Plans (shares) | 275,500 | ||||||||||||||
IPO price (usd per share) | $ / shares | $ 10 | ||||||||||||||
Outstanding stock options (shares) | 336,300 | ||||||||||||||
Initial public offering exercisable lower price range (USD per share) | $ / shares | $ 12.50 | ||||||||||||||
Initial public offering exercisable upper price range (USD per share) | $ / shares | $ 33.80 | ||||||||||||||
Initial offering, options exchanged (shares) | 242,070 | ||||||||||||||
Exercise price option (USD per share) | $ / shares | $ 10 | ||||||||||||||
Approved options issued (shares) | 53,500 | ||||||||||||||
Proceeds from option exercises | $ | $ 23,480 | $ 79,018 | $ 1,640 | ||||||||||||
Stock options exercise price (USD per share) | $ / shares | $ 10 | ||||||||||||||
Number of entities used to calculate volatility rate (entity) | entity | 3 | ||||||||||||||
Options exchanged (in shares) | 4,000 | 30,000 | |||||||||||||
IPO | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
IPO price (usd per share) | $ / shares | $ 10 | ||||||||||||||
Option Holder | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Options forfeitures in period (shares) | 11,429 | ||||||||||||||
Options net shares issued (shares) | 571 | ||||||||||||||
Options exchanged (in shares) | 12,000 | ||||||||||||||
Employee | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Unrecognized compensation cost | $ | $ 4,782,125 | ||||||||||||||
Unrecognized compensation cost, period for recognition | 3 years 1 month 6 days | ||||||||||||||
Non-Employee | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of shares under stock options plans (shares) | 80,000 | ||||||||||||||
Stock options strike price (USD per share) | $ / shares | $ 25 | $ 25 | |||||||||||||
Unrecognized compensation cost | $ | $ 150,000 | ||||||||||||||
Unrecognized compensation cost, period for recognition | 2 years 4 days | ||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||
Options exchanged (in shares) | 48,000 | 10,000 | |||||||||||||
Exercise price of options exchanged (USD per share) | $ / shares | $ 10 | $ 15.39 | |||||||||||||
Director | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Issuance of shares under stock options plans (shares) | 200,000 | ||||||||||||||
Exercise price of options exchanged (USD per share) | $ / shares | $ 15.89 | ||||||||||||||
2011 Equity Incentive Plan | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares of common stock reserved for issuance (shares) | 350,000 | ||||||||||||||
Number of common stock shares authorized for issuance (shares) | 2,650,000 | 2,000,000 | |||||||||||||
Shares available for future awards (shares) | 853,504 | ||||||||||||||
2008 Stock Option Plan | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares of common stock reserved for issuance (shares) | 550,000 | 251,475 | |||||||||||||
Shares available for future awards (shares) | 110,749 | ||||||||||||||
Restricted Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Unrecognized compensation cost, period for recognition | 2 years 5 months 19 days | ||||||||||||||
Compensation cost not yet recognized, equity instruments other than options | $ | $ 720,934 | ||||||||||||||
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% | ||||||||||||||
Strike Price of $25.00 or More | IPO | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
IPO price (usd per share) | $ / shares | $ 10 | ||||||||||||||
Strike Price of $12.50 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock options strike price (USD per share) | $ / shares | $ 12.50 | ||||||||||||||
Exchange options for number of options held with exercise price equal to initial public offering price, Percentage | 80.00% | ||||||||||||||
Strike Price of $12.50 | IPO | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
IPO price (usd per share) | $ / shares | $ 10 | ||||||||||||||
Employee Stock Option | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||
Expected forfeitures | 0.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Employee and Nonemployee Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Options Outstanding, Number of Shares Outstanding | ||||
Outstanding, beginning balance (shares) | 1,839,000 | 874,000 | 553,000 | |
Granted (shares) | 312,000 | 1,154,000 | 427,000 | |
Exercised (in shares) | (4,000) | (30,000) | ||
Canceled or expired (shares) | (186,000) | (159,000) | (106,000) | |
Outstanding, ending balance (shares) | 1,961,000 | 1,839,000 | 874,000 | 553,000 |
Exercisable (shares) | 958,000 | |||
Options Outstanding, Weighted Average Exercise Price | ||||
Outstanding, beginning balance (USD per share) | $ 10.58 | $ 10.83 | $ 12.76 | |
Granted (USD per share) | 9.77 | 10.41 | 14.57 | |
Exercised (USD per share) | 5.37 | 6.61 | ||
Canceled or expired (USD per share) | 9.69 | 11.45 | 20.46 | |
Outstanding, ending balance (USD per share) | 10.55 | $ 10.58 | $ 10.83 | $ 12.76 |
Exercisable (USD per share) | $ 10.09 | |||
Weighted-Average Remaining Contractual Term (in years) | ||||
Outstanding | 7 years 8 months 5 days | 8 years 5 months 27 days | 7 years 9 months | 7 years 1 month 17 days |
Exercisable | 6 years 7 months 10 days | |||
Aggregate Intrinsic Value | ||||
Outstanding | $ 0 | $ 618 | $ 3,139 | $ 1,142 |
Exercisable | $ 0 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-Average Assumptions Used to Estimate Fair Value of Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 70.38% | 71.76% | 75.68% |
Risk free interest rate | 2.10% | 2.44% | 1.53% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Term (years) | 8 years 8 months 23 days | 9 years 8 months 5 days | 7 years 8 months 5 days |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 60.69% | 70.17% | 76.60% |
Risk free interest rate | 1.63% | 1.78% | 1.79% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Term (years) | 6 years 1 month 17 days | 5 years 11 months 23 days | 6 years 1 month 21 days |
Weighted-average fair value of options granted during the period (usd per share) | $ 5.54 | $ 5.29 | $ 9.85 |
Stock-Based Compensation - Su73
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares (in shares): | |||
Non-vested, beginning balance (shares) | 133,000 | 5,000 | 0 |
Granted (shares) | 48,000 | 220,000 | 8,000 |
Vested (shares) | (47,000) | (80,000) | (3,000) |
Forfeited/canceled (shares) | (13,000) | (12,000) | |
Non-vested, ending balance (shares) | 121,000 | 133,000 | 5,000 |
Weighted-Average Grant Date Fair Value (in dollars per share): | |||
Non-vested, weighted average grant date fair value, beginning balance (USD per share) | $ 8.14 | $ 12.55 | $ 0 |
Granted, weighted average grant date fair value (USD per share) | 9.50 | 9.01 | 13.50 |
Vested, weighted average grant date fair value (USD per share) | 9.09 | 10.19 | 15.39 |
Forfeited/canceled, weighted average grant date fair value (USD per share) | 9.03 | 12.04 | |
Non-vested, weighted average grant date fair value, ending balance (USD per share) | $ 8.25 | $ 8.14 | $ 12.55 |
Stock-Based Compensation - Effe
Stock-Based Compensation - Effects of Stock-Based Compensation Related to Stock Option and Restricted Stock Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock-based compensation | $ 2,834 | $ 3,835 | $ 735 |
Cost of revenues | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock-based compensation | 233 | 149 | 41 |
Research and development | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock-based compensation | 360 | 473 | 114 |
General and administrative | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock-based compensation | 2,106 | 3,058 | 516 |
Sales and marketing | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock-based compensation | $ 135 | $ 155 | $ 64 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) | Dec. 09, 2015 | Nov. 18, 2015 | Apr. 01, 2015 | 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 | Mar. 07, 2013 | Feb. 22, 2013 | Oct. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 12, 2015 | Nov. 11, 2015 | Feb. 11, 2013 | Dec. 31, 2012 |
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
IPO price (usd per share) | $ 10 | ||||||||||||||||||||||||||
Warrants exercise price (usd per share) | $ 6.78 | ||||||||||||||||||||||||||
Warrants to purchase common stock, issued (shares) | 350 | 75,215 | |||||||||||||||||||||||||
Shares issuable on exercise of warrants (shares) | 838,889 | 0 | 840,000 | ||||||||||||||||||||||||
Number of warrants effected with adjusted exercise price (shares) | 1,656,860 | ||||||||||||||||||||||||||
Proceeds form warrants exercised | $ 1,400 | $ 96,000 | $ 96,000 | $ 177,154 | $ 950 | $ 1,000 | $ 178,000 | $ 192,000 | |||||||||||||||||||
Warrants exercised to purchase common stock (shares) | 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 (usd per share) | $ 10 | $ 4 | $ 4 | $ 4 | $ 4 | $ 4 | $ 10 | $ 10 | $ 10 | ||||||||||||||||||
Warrants surrendered (shares) | 23,188 | 23,188 | 14,313 | 2,072 | 45,894 | 7,230 | 1,661 | ||||||||||||||||||||
Warrants issued (shares) | 10,680 | 10,680 | 15,721 | 3,928 | 84,106 | 5,270 | 3,320 | 3,450,000 | 9,000 | ||||||||||||||||||
Warrant outstanding (shares) | 42,468 | 42,468 | 4,432,000 | 1,136,000 | 1,797,000 | 1,102,000 | |||||||||||||||||||||
Extended expiration date of warrant | 11 days | 17 days | |||||||||||||||||||||||||
Class of warrant or right, expired (shares) | 14,665 | 19,138 | 154,000 | 471,000 | 36,000 | ||||||||||||||||||||||
Exercise price of warrant (usd per share) | $ 4 | $ 4 | $ 10 | ||||||||||||||||||||||||
Maximum | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Common stock per share value on warrant exercised (usd per share) | $ 14.10 | $ 14.10 | |||||||||||||||||||||||||
Minimum | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Common stock per share value on warrant exercised (usd per share) | $ 10 | $ 10 | |||||||||||||||||||||||||
2012 Convertible Debt Financing Transaction | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Term of warrants | 10 years | ||||||||||||||||||||||||||
Warrants exercise price (usd per share) | $ 15 | ||||||||||||||||||||||||||
Fair value of warrants at the date of issue | $ 221,000 | ||||||||||||||||||||||||||
December 2012 Bridge Financing Transaction | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Warrants granted (shares) | 2,353 | ||||||||||||||||||||||||||
Term of warrants | 10 years | ||||||||||||||||||||||||||
Fair value of warrants at the date of issue | $ 47,000 | ||||||||||||||||||||||||||
John Pappajohn | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Final IPO price to determine exercise price of the warrants (usd per share) | $ 15 | ||||||||||||||||||||||||||
Adjusted exercise price of warrants on IPO (usd per share) | $ 15 | ||||||||||||||||||||||||||
Class of warrant or right, expired (shares) | 120,000 | ||||||||||||||||||||||||||
John Pappajohn | Debt Guarantee | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Warrants granted (shares) | 1,051,506 | ||||||||||||||||||||||||||
John Pappajohn | 2012 Convertible Debt Financing Transaction | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Warrants granted (shares) | 4,118 | ||||||||||||||||||||||||||
Mr. Mark Oman | 2012 Convertible Debt Financing Transaction | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Warrants granted (shares) | 2,941 | ||||||||||||||||||||||||||
Certain Warrant Holders | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Warrants to purchase common stock, issued (shares) | 114,030 | ||||||||||||||||||||||||||
Financial Guarantee | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Class of warrant or right, expired (shares) | 470,833 | ||||||||||||||||||||||||||
Financial Guarantee | John Pappajohn | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Class of warrant or right, expired (shares) | 233,333 | ||||||||||||||||||||||||||
IPO | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
IPO price (usd per share) | $ 10 | ||||||||||||||||||||||||||
Class of warrant issued (in shares) | 530,022 | ||||||||||||||||||||||||||
IPO | 2012 Convertible Debt Financing Transaction | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
IPO price (usd per share) | $ 10 | ||||||||||||||||||||||||||
IPO | December 2012 Bridge Financing Transaction | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
IPO price (usd per share) | $ 10 | ||||||||||||||||||||||||||
2015 Offering | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Warrants to purchase common stock, issued (shares) | 3,000,000 | ||||||||||||||||||||||||||
Exercise price of warrant (usd per share) | $ 5 | ||||||||||||||||||||||||||
Over-Allotment Option | |||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||
Warrants to purchase common stock, issued (shares) | 450,000 |
Warrants - Summary of Warrant A
Warrants - Summary of Warrant Activity (Detail) - $ / shares | Nov. 18, 2015 | Apr. 01, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 12, 2015 | Nov. 11, 2015 | Feb. 11, 2013 |
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 6.78 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 1,136,000 | 1,797,000 | 1,102,000 | |||||||||||||
Warrants Issued (shares) | 10,680 | 10,680 | 15,721 | 3,928 | 84,106 | 5,270 | 3,320 | 3,450,000 | 9,000 | |||||||
Warrants Exercised (shares) | 0 | (190,000) | (118,000) | |||||||||||||
Warrants Expired (shares) | (14,665) | (19,138) | (154,000) | (471,000) | (36,000) | |||||||||||
Warrant Adjustments (shares) | 838,889 | 0 | 840,000 | |||||||||||||
Warrants Outstanding, Ending Balance (shares) | 4,432,000 | 1,136,000 | 1,797,000 | |||||||||||||
Common stock issued upon closing initial public offering fair value (usd per share) | $ 10 | |||||||||||||||
Common shares issuable upon exercise of warrants or rights (shares) | 838,889 | |||||||||||||||
Number of warrants effected with adjusted exercise price (shares) | 1,656,860 | |||||||||||||||
Amended exercise price per warrant (usd per share) | $ 4 | $ 4 | $ 10 | |||||||||||||
Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 6.82 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 1,061,000 | 1,706,000 | 294,000 | |||||||||||||
Warrants Issued (shares) | 3,450,000 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | (174,000) | (84,000) | |||||||||||||
Warrants Expired (shares) | (139,000) | (471,000) | (36,000) | |||||||||||||
Warrant Adjustments (shares) | 0 | 1,532,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 4,372,000 | 1,061,000 | 1,706,000 | |||||||||||||
Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 4 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 75,000 | 91,000 | 808,000 | |||||||||||||
Warrants Issued (shares) | 0 | 9,000 | ||||||||||||||
Warrants Exercised (shares) | 0 | (16,000) | (34,000) | |||||||||||||
Warrants Expired (shares) | (15,000) | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (692,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 60,000 | 75,000 | 91,000 | |||||||||||||
Debt Guarantee | Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 4 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 174,000 | 228,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | (174,000) | (54,000) | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | 0 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 174,000 | |||||||||||||
Debt Guarantee | Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 10 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 238,000 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | (238,000) | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | 238,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 238,000 | |||||||||||||
Debt Guarantee | Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 15 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 353,000 | 586,000 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | (120,000) | (233,000) | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | 586,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 233,000 | 353,000 | 586,000 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 10 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 13,000 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | (13,000) | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | 13,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 13,000 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 25 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 212,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (212,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 25 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 100,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (100,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 32.45 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 40,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (40,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 42.50 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 38,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (38,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Debt Guarantee | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 42.50 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 37,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (37,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Series A Preferred Stock | Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 14.10 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 66,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | (30,000) | |||||||||||||
Warrants Expired (shares) | 0 | 0 | (36,000) | |||||||||||||
Warrant Adjustments (shares) | 0 | 0 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Series B Preferred Stock | Instrument Type One | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 4 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | (15,000) | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 15,000 | 0 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Series B Preferred Stock | Instrument Type Two | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 10 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 15,000 | 18,000 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | (3,000) | (34,000) | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | (15,000) | 52,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 15,000 | 18,000 | |||||||||||||
Series B Preferred Stock | Instrument Type Three | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 25 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 52,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (52,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Financing | Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 10 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 243,000 | 243,000 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | 243,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 243,000 | 243,000 | 243,000 | |||||||||||||
Financing | Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 15 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 436,000 | 436,000 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | 436,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 436,000 | 436,000 | 436,000 | |||||||||||||
Consulting | Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 10 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 29,000 | 29,000 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | (19,000) | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | 29,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 10,000 | 29,000 | 29,000 | |||||||||||||
Financing | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 4 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 60,000 | 0 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 60,000 | 0 | 0 | |||||||||||||
Financing | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 10 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 60,000 | 60,000 | 0 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | (60,000) | 60,000 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 60,000 | 60,000 | |||||||||||||
Financing | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 25 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 60,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (60,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Financing | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 42.50 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 75,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (75,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Financing | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 42.50 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 55,000 | |||||||||||||
Warrants Issued (shares) | 0 | 3,000 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (58,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Financing | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 42.50 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 121,000 | |||||||||||||
Warrants Issued (shares) | 0 | 6,000 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (127,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Consulting | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 12.50 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 4,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (4,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Consulting | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 14.10 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 10,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (10,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
Consulting | Warrant Issued For | Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 25 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 4,000 | |||||||||||||
Warrants Issued (shares) | 0 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | (4,000) | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 0 | 0 | 0 | |||||||||||||
IPO | ||||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Price of warrants issued to related party adjustment for IPO (usd per share) | $ 15 | |||||||||||||||
Class of warrant issued (in shares) | 530,022 | |||||||||||||||
2015 Offering | ||||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Amended exercise price per warrant (usd per share) | $ 5 | |||||||||||||||
2015 Offering | Warrant Issued With | Non-Derivative Warrants | ||||||||||||||||
Class of Warrant or Right [Line Items] | ||||||||||||||||
Warrants exercise price (usd per share) | $ 5 | |||||||||||||||
Class of Warrants Outstanding [Roll Forward] | ||||||||||||||||
Warrants Outstanding, Beginning Balance (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Issued (shares) | 3,450,000 | 0 | ||||||||||||||
Warrants Exercised (shares) | 0 | 0 | 0 | |||||||||||||
Warrants Expired (shares) | 0 | 0 | 0 | |||||||||||||
Warrant Adjustments (shares) | 0 | 0 | ||||||||||||||
Warrants Outstanding, Ending Balance (shares) | 3,450,000 | 0 | 0 |
Fair Value of Warrants - Assump
Fair Value of Warrants - Assumptions Used in Computing Fair Value of Derivative Warrants (Detail) - $ / shares | Dec. 31, 2014 | Apr. 05, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Series B Preferred Stock | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise Price (USD per share) | $ 10 | $ 4 | $ 10 | ||
Expected life (years) | 10 months 17 days | 4 days | 1 year 8 months 19 days | ||
Expected volatility | 49.95% | 12.33% | 46.60% | ||
Risk-free interest rate | 0.25% | 0.07% | 0.33% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||
Debt Guarantee | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise Price (USD per share) | $ 13.56 | $ 10 | |||
Expected life (years) | 2 years 5 months 1 day | 7 months 6 days | |||
Expected volatility | 66.37% | 49.01% | |||
Risk-free interest rate | 0.32% | 0.08% | |||
Expected dividend yield | 0.00% | 0.00% | |||
Consulting | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise Price (USD per share) | $ 10 | $ 4 | $ 10 | ||
Expected life (years) | 2 years 3 months 29 days | 1 month 21 days | 1 year 1 month 21 days | ||
Expected volatility | 63.20% | 57.39% | 49.25% | ||
Risk-free interest rate | 0.27% | 0.16% | 0.25% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||
Financing | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise Price (USD per share) | $ 13.21 | $ 4 | $ 10 | $ 13.34 | |
Expected life (years) | 8 years 3 months 18 days | 2 months 23 days | 1 year 2 months 23 days | 9 years 9 months 11 days | |
Expected volatility | 73.22% | 70.82% | 50.23% | 74.70% | |
Risk-free interest rate | 1.44% | 0.16% | 0.25% | 1.95% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Fair Value of Warrants - Additi
Fair Value of Warrants - Additional Information (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Warrant or Right [Line Items] | |||
Fair value of warrants issue price (USD per share) | $ 3.30 | $ 6.68 | |
Minimum | |||
Class of Warrant or Right [Line Items] | |||
Fair value of stock prices in computing fair value for warrants issued (USD per share) | 3.30 | 6.68 | $ 9.6 |
Maximum | |||
Class of Warrant or Right [Line Items] | |||
Fair value of stock prices in computing fair value for warrants issued (USD per share) | $ 11.76 | $ 19.86 | $ 20.26 |
Fair Value of Warrants - Summar
Fair Value of Warrants - Summary of Derivative Warrant Activity (Detail) - USD ($) $ in Thousands | Apr. 10, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | $ 52 | $ 594 | $ 12,549 | |
Fair value of warrants issued | 268 | |||
Fair value of warrants exercised | (125) | (420) | ||
Reclassification to equity in IPO | $ (7,200) | 0 | 0 | (7,170) |
Change in fair value of warrants | (35) | (417) | (4,633) | |
Ending balance | 17 | 52 | 594 | |
Debt Guarantee | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 0 | 64 | 5,679 | |
Fair value of warrants issued | 0 | |||
Fair value of warrants exercised | (87) | 0 | ||
Reclassification to equity in IPO | (2,514) | |||
Change in fair value of warrants | 0 | 23 | (3,101) | |
Ending balance | 0 | 0 | 64 | |
Consulting | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 0 | 1 | 147 | |
Fair value of warrants issued | 0 | |||
Fair value of warrants exercised | 0 | 0 | ||
Reclassification to equity in IPO | (108) | |||
Change in fair value of warrants | 0 | (1) | (38) | |
Ending balance | 0 | 0 | 1 | |
Financing | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 44 | 412 | 6,493 | |
Fair value of warrants issued | 268 | |||
Fair value of warrants exercised | 0 | 0 | ||
Reclassification to equity in IPO | (4,548) | |||
Change in fair value of warrants | (27) | (368) | (1,801) | |
Ending balance | 17 | 44 | 412 | |
Series B Preferred Stock | ||||
Class of Warrants Outstanding [Roll Forward] | ||||
Beginning balance | 8 | 117 | 230 | |
Fair value of warrants issued | 0 | |||
Fair value of warrants exercised | (38) | (420) | ||
Reclassification to equity in IPO | 0 | |||
Change in fair value of warrants | (8) | (71) | 307 | |
Ending balance | $ 0 | $ 8 | $ 117 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | $ 17 | $ 52 |
Total liabilities | 283 | 880 |
Gentris Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 293 | |
BioServe | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 266 | 535 |
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 | 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) | BioServe | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 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 | 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) | BioServe | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 17 | 52 |
Total liabilities | 283 | 880 |
Significant Unobservable Inputs (Level 3) | Gentris Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 293 | |
Significant Unobservable Inputs (Level 3) | BioServe | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 266 | $ 535 |
Fair Value Measurements - Sum81
Fair Value Measurements - Summary of Fair Value of Notes Payable (Details) - Recurring - Significant Unobservable Inputs (Level 3) - Contingent Consideration Liability - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
BioServe | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value beginning balance | $ 535 | $ 0 |
Fair value at issuance | 733 | |
Change in fair value | (269) | (198) |
Settlement of liability | 0 | |
Fair value ending balance | 266 | 535 |
Gentris Corporation | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value beginning balance | 293 | 0 |
Fair value at issuance | 293 | |
Change in fair value | (207) | 0 |
Settlement of liability | (86) | |
Fair value ending balance | $ 0 | $ 293 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Aug. 18, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of acquisition note payable | $ 269,000 | $ 198,000 | $ 0 | |
Gentris Corporation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of acquisition note payable | 207,000 | 0 | 0 | |
Settlement of contingent consideration | 86,400 | |||
BioServe | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of acquisition note payable | (269,000) | 198,000 | $ 0 | |
BioServe | Ventureast Trustee Company Pvt Ltd | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value of acquisition note payable | $ 269,000 | $ 198,000 | ||
Business combination, consideration transferred, notes payable in shares | 84,278 |
Joint Venture Agreement (Detail
Joint Venture Agreement (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2013 | Jun. 30, 2016 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 28, 2013 | Apr. 10, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Capital contribution in exchange of membership interests | $ 0 | $ 1,000,000 | $ 1,000,000 | ||||||
Common stock, shares issued (in shares) | 10,000 | 13,652,000 | 9,821,000 | 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) | Nov. 18, 2015shares | Nov. 12, 2015shares | Oct. 14, 2015installmentshares | Apr. 01, 2015shares | Apr. 01, 2014USD ($) | Jan. 06, 2014USD ($)installmentshares | Aug. 19, 2013USD ($) | Apr. 10, 2013USD ($)$ / sharesshares | Dec. 21, 2011USD ($) | Sep. 15, 2010 | May. 19, 2006USD ($)$ / sharesshares | Feb. 28, 2015USD ($) | Oct. 31, 2014shares | Aug. 31, 2010USD ($) | Mar. 31, 2014extensionshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)patentshares | Dec. 31, 2013USD ($)patentshares | Oct. 31, 2013shares | Oct. 28, 2013shares |
Related Party Transaction [Line Items] | ||||||||||||||||||||
Number of revolving line of credit extensions facility (extension) | extension | 8 | |||||||||||||||||||
Common stock exercised (shares) | 0 | 190,000 | 118,000 | |||||||||||||||||
Class of warrant or right, expired (shares) | 14,665 | 19,138 | 154,000 | 471,000 | 36,000 | |||||||||||||||
Convertible shares issued to common stock (in shares) | 690,000 | 13,652,000 | 9,821,000 | 10,000 | 3,286,700 | |||||||||||||||
Employee stock option purchased (shares) | 312,000 | 1,154,000 | 427,000 | |||||||||||||||||
Consulting agreement period | 3 years | |||||||||||||||||||
Conversion of outstanding indebtedness to common stock | $ | $ 9,634,000 | $ 0 | $ 0 | $ 9,634,000 | ||||||||||||||||
Common shares (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 | |||||||||||||||||||
Issuance of common stock (in shares) | 2,800 | |||||||||||||||||||
Warrants to purchase common stock, issued (shares) | 350 | 75,215 | ||||||||||||||||||
Financial Guarantee | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Common stock purchased (shares) | 284,000 | |||||||||||||||||||
Common stock exercised (shares) | 440,113 | |||||||||||||||||||
Class of warrant or right, expired (shares) | 470,833 | |||||||||||||||||||
IPO | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Convertible shares issued to common stock (in shares) | 690,000 | |||||||||||||||||||
John Pappajohn | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Common stock purchased (shares) | 202,630 | |||||||||||||||||||
Warrants adjusted in conjunction with IPO (shares) | 436,079 | |||||||||||||||||||
Warrants outstanding per share (USD per share) | $ / shares | $ 15 | |||||||||||||||||||
Additional amount of loan received | $ | $ 6,750,000 | |||||||||||||||||||
Issuance of common stock (in shares) | 100,000 | |||||||||||||||||||
Warrants to purchase common stock, issued (shares) | 100,000 | |||||||||||||||||||
John Pappajohn | Financial Guarantee | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Common stock purchased (shares) | 1,051,506 | |||||||||||||||||||
Class of warrant or right, expired (shares) | 353,333 | |||||||||||||||||||
Warrants adjusted in conjunction with IPO (shares) | 232,312 | |||||||||||||||||||
Warrants outstanding per share (USD per share) | $ / shares | $ 15 | |||||||||||||||||||
John Pappajohn | IPO | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Convertible shares issued to common stock (in shares) | 675,000 | |||||||||||||||||||
Conversion price of notes (USD per share) | $ / shares | $ 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 (shares) | 50,000 | |||||||||||||||||||
NNJCA | IPO | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Conversion price of notes (USD per share) | $ / shares | $ 10 | |||||||||||||||||||
Dr. Pecora | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Additional amount of loan received | $ | $ 500,000 | |||||||||||||||||||
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 (shares) | 100,000 | |||||||||||||||||||
Equity Dynamics, Inc. | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Related party consulting fees | $ | $ 10,000 | $ 10,000 | ||||||||||||||||||
Agreement with related party, consulting fee | $ | $ 120,000 | 120,000 | 120,000 | |||||||||||||||||
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 | |||||||||||||||||||
Convertible number of common shares | 13,430 | |||||||||||||||||||
Common stock issued upon conversion (usd per share) | $ / shares | $ 10 | |||||||||||||||||||
Agreement with related party, fee | $ | 5,000 | |||||||||||||||||||
Agreement with related party, consulting fee | $ | $ 60,000 | $ 60,000 | $ 60,000 | |||||||||||||||||
Dr. Chaganti | 2011 Equity Plan | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Employee stock option purchased (shares) | 200,000 | |||||||||||||||||||
Common stock, vesting period | 4 years | |||||||||||||||||||
Common stock, shares purchased price per share (usd per share) | $ / shares | $ 15.89 | |||||||||||||||||||
Edward Sitar, Chief Financial Officer | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Issuance of common stock (in shares) | 5,000 | |||||||||||||||||||
Warrants to purchase common stock, issued (shares) | 5,000 | |||||||||||||||||||
Restricted Stock | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Equity instruments granted in period (shares) | 48,000 | 220,000 | 8,000 | |||||||||||||||||
Restricted Stock | Board of Directors Chairman | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Equity instruments granted in period (shares) | 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 (installment) | installment | 2 | |||||||||||||||||||
Compensation for Serving as Chairman of Board | Restricted Stock | Board of Directors Chairman | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Equity instruments granted in period (shares) | 2,500 | |||||||||||||||||||
Employee stock option purchased (shares) | 10,000 | |||||||||||||||||||
Common stock, vesting period | 1 year | |||||||||||||||||||
Compensation for Serving as Chairman of Board | Stock options | Board of Directors Chairman | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Number of vesting installments (installment) | installment | 2 | |||||||||||||||||||
Consulting and Advisory Agreement | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Stock options issued to purchase shares of common stock (shares) | 36,000 | |||||||||||||||||||
Common stock price (usd per share) | $ / shares | $ 10 | |||||||||||||||||||
Common stock, vesting period | 2 years | |||||||||||||||||||
Consulting and advisory agreement expenses under stock option plan | $ | $ 76,220 | |||||||||||||||||||
Renewed Consulting and Advisory Agreement | Dr. Chaganti | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Consulting and advisory agreement expenses under stock option plan | $ | $ 239,375 | $ 341,000 | $ 0 | |||||||||||||||||
USPTO Patent Issuance Agreement | Dr. Chaganti | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Agreement with related party, consulting fee | $ | $ 150,000 | $ 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 (patent) | patent | 3 | 3 | ||||||||||||||||||
First Installment | Compensation for Serving as Chairman of Board | Board of Directors Chairman | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Common stock, vesting period | 1 year | |||||||||||||||||||
First Installment | Compensation for Serving as Chairman of Board | Stock options | Board of Directors Chairman | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Common stock, vesting period | 1 year | |||||||||||||||||||
Second Installment | Compensation for Serving as Chairman of Board | Board of Directors Chairman | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Common stock, vesting period | 2 years | |||||||||||||||||||
Second Installment | Compensation for Serving as Chairman of Board | Stock options | Board of Directors Chairman | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Common stock, vesting period | 2 years |
Cantor Sales Agreement - Additi
Cantor Sales Agreement - Additional Information (Details) - USD ($) | Jul. 15, 2015 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Issuance of common stock (in shares) | 2,800 | |
Proceeds from issuance of common stock | $ 34,000 | |
Lock up agreement term | 90 days | |
Cantor Sales Agreement | ||
Class of Stock [Line Items] | ||
Common stock maximum offering price (up to) | $ 20,000,000 | |
Sales agent commission rate | 3.00% |