Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MYO | |
Entity Registrant Name | MYOMO INC | |
Entity Central Index Key | 1,369,290 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 12,408,732 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 14,116,430 | $ 12,959,373 |
Accounts receivable | 151,445 | 297,039 |
Inventories, net | 237,879 | 201,155 |
Prepaid expenses and other | 373,093 | 388,275 |
Total Current Assets | 14,878,847 | 13,845,842 |
Restricted cash | 52,000 | 52,000 |
Equipment, net | 155,319 | 77,150 |
Total Assets | 15,086,166 | 13,974,992 |
Current Liabilities: | ||
Accounts payable and other accrued expenses | 949,846 | 1,277,236 |
Derivative liabilities | 24,623 | 39,930 |
Deferred revenue | 142,129 | 168,006 |
Total Current Liabilities | 1,116,598 | 1,485,172 |
Deferred revenue, net of current portion | 45,496 | 44,042 |
Total Liabilities | 1,162,094 | 1,529,214 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock par value $0.0001 per share 100,000,000 shares authorized; 12,406,915 and 11,139,667 shares issued as March 31,2018 and December 31, 2017, respectively, and 12,406,107 and 11,138,859 shares outstanding as of March 31, 2018 and December 31, 2017, respectively. | 1,240 | 1,114 |
Undesignated preferred stock par value $0.0001 per share; 25,000,000 authorized at March 31, 2018 and December 31, 2017, respectively. No shares issued or outstanding | ||
Additional paid-in capital | 51,247,485 | 47,423,915 |
Accumulated deficit | (37,318,189) | (34,972,787) |
Treasury stock, at cost; 808 shares of common stock at March 31, 2018 and December 31, 2017 | (6,464) | (6,464) |
Total Stockholders' Equity | 13,924,072 | 12,445,778 |
Total Liabilities and Stockholders' Equity | $ 15,086,166 | $ 13,974,992 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 12,406,915 | 11,139,667 |
Common stock, shares outstanding | 12,406,107 | 11,138,859 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury shares at cost | 808 | 808 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 313,179 | $ 216,231 |
Cost of revenue | 108,080 | 78,569 |
Gross margin | 205,099 | 137,662 |
Operating expenses: | ||
Research and development | 372,359 | 356,885 |
Selling, general and administrative | 2,235,637 | 1,144,466 |
Total operating expenses | 2,607,996 | 1,501,351 |
Loss from operations | (2,402,897) | (1,363,689) |
Other expense (income) | ||
Change in fair value of derivative liabilities | (15,307) | 24,846 |
Interest income and other expense, net | (42,188) | 167,865 |
Total other expense (income) | (57,495) | 192,711 |
Net loss | (2,345,402) | (1,556,400) |
Deemed dividend - accreted preferred stock | (27,184) | |
Cumulative dividend to Series B-1 preferred stockholders | (161,875) | |
Net loss available to common stockholders | $ (2,345,402) | $ (1,745,459) |
Weighted average number of common shares outstanding: | ||
Basic and diluted | 11,899,456 | 1,125,127 |
Net loss per share available to common stockholders: | ||
Basic and diluted | $ (0.20) | $ (1.55) |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] |
Beginning balance at Dec. 31, 2017 | $ 12,445,778 | $ 1,114 | $ 47,423,915 | $ (34,972,787) | $ (6,464) |
Beginning balance, shares at Dec. 31, 2017 | 11,139,667 | 808 | |||
Common stock issued upon vesting of restricted stock units, net of 17,570 shares withheld for employee taxes | (63,149) | $ 3 | (63,152) | ||
Common stock issued upon vesting of restricted stock units, Shares | 31,152 | ||||
Common stock issued for the exercise of warrants | $ 3,550,490 | $ 120 | 3,550,370 | ||
Common stock issued for the exercise of warrants, shares | 1,203,556 | ||||
Restricted stock vested | $ 3 | (3) | |||
Restricted stock vested, shares | 17,570 | 32,540 | |||
Stock-based compensation | $ 336,355 | 336,355 | |||
Net loss | (2,345,402) | (2,345,402) | |||
Ending balance at Mar. 31, 2018 | $ 13,924,072 | $ 1,240 | $ 51,247,485 | $ (37,318,189) | $ (6,464) |
Ending balance, shares at Mar. 31, 2018 | 12,406,915 | 808 |
Condensed Statement of Changes6
Condensed Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2018shares | |
Statement of Stockholders' Equity [Abstract] | |
Net withheld for employee taxes | 17,570 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||
Net loss | $ (2,345,402) | $ (1,556,400) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation | 14,599 | 2,169 |
Stock-based compensation | 336,355 | 20,139 |
Amortization of debt discount | 2,213 | |
Inventory reserve | (645) | 28,519 |
Change in fair value of derivative liabilities | (15,307) | 24,846 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 145,594 | 66,168 |
Inventories | (63,923) | (43,319) |
Prepaid expenses and other | 15,182 | (20,634) |
Other assets | (97,625) | |
Accounts payable and other accrued expenses | (327,390) | 367,101 |
Accrued interest | 79,123 | |
Deferred revenue | (24,423) | (34,058) |
Net cash used in operating activities | (2,265,360) | (1,161,758) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of equipment | (64,924) | (4,252) |
Net cash used in investing activities | (64,924) | (4,252) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of convertible promissory notes, net | 1,770,000 | |
Net settlement of vested restricted stock units to fund related employee statutory tax withholding | (63,149) | |
Proceeds from exercise of stock options | 2,736 | |
Proceeds from exercise of warrants | 3,550,490 | |
Net cash provided by financing activities | 3,487,341 | 1,772,736 |
Net increase in cash, cash equivalents and restricted cash | 1,157,057 | 606,726 |
Cash, cash equivalents and restricted cash, beginning of period | 13,011,373 | 849,174 |
Cash, cash equivalents and restricted cash, end of period | 14,168,430 | 1,455,900 |
SUPPLEMENTAL DISCLOSURE CASH FLOW INFORMATION | ||
Cash paid during the period for interest | 59,536 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING ACTIVITIES | ||
Inventory capitalized as sales demo equipment | $ 27,844 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Exchange of 2015 convertible promissory notes for 2016 convertible promissory notes | 430,000 | |
Accretion of convertible preferred stock to redemption value | $ 27,184 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1 — Description of Business Myomo Inc. (“Myomo” or the Company”) is a medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro ® |
Going Concern and Management's
Going Concern and Management's Plan | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Going Concern and Management's Plan | Note 2 — Going Concern and Management’s Plan The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company incurred a net loss of approximately $2.3 million during the three months ended March 31, 2018 and $12.1 million during the year ended December 31, 2017 and has an accumulated deficit of approximately $37.3 million at March 31, 2018. Cash used in operating activities was approximately $2.3 million and $1.2 million for the three months ended March 31, 2018 and 2017, respectively. The ability of the Company to continue as a going concern is dependent upon achieving a profitable level of operations and the ability of the Company to obtain necessary financing to fund ongoing operations. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the issuance of these financial statements. Management plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern are primarily focused on raising additional capital in order to meet its obligations and execute its business plan by pursuing its product development initiatives and penetrating markets for the sale of its products. Management believes that the Company has access to capital resources through possible public or private equity offerings, exercises of outstanding warrants, debt financings, or other means; however, the Company cannot provide any assurance that it will be able to raise additional capital or obtain new financing on commercially acceptable terms. If the Company is unable to secure additional capital, it may be required to curtail its operations or delay the execution of its business plan. There can be no assurance the Company will be successful in implementing its plans to alleviate substantial doubt. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 — Summary of Significant Accounting Policies Interim Financial Statements The accompanying unaudited condensed financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These statements have been prepared in accordance with GAAP for interim financial information pursuant to Regulation S-X. Form 10-K Reclassifications Certain prior period amounts included in the statement of cash flows for the three months ending March 31, 2017 have been reclassified to conform to the current year’s presentation in accordance with ASU 2016-18. Recent Accounting Pronouncements”. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist principally of deposit accounts and money market accounts at March 31, 2018 and December 31, 2017. Restricted cash consists of cash deposited with a financial institution as collateral for Company credit cards for sales personnel. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed balance sheets that sum to the total of the same amounts shown in the condensed statements of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 14,116,430 $ 12,959,373 Restricted cash 52,000 52,000 Total cash, cash equivalents, and restricted cash in the condensed balance sheet $ 14,168,430 $ 13,011,373 Equipment Equipment is stated at historical cost, net of accumulated depreciation and is depreciated using the straight-line method over the estimated useful lives of the related assets, generally three years. Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations as incurred, and expenditures which extend the economic life, are capitalized. When assets are retired, or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. Demonstration units are sometimes provided to the Company’s indirect sales channel by the Company for marketing and patient evaluation purposes. These units are manufactured by the Company and are recorded at cost in the statements of operations as part of selling, marketing and general administrative expense. During the three months ended March 31, 2018 and 2017, respectively, the Company charged to operations approximately $58,900 and $3,000, respectively, for these units. Demonstration units provided by the Company to its own sales force are capitalized as equipment on the Company’s balance sheet. Test units represent units provided to research and development staff to use in their development process and to end users who are given free units to act as testers so that research and development staff can evaluate and understand the use by patients. A primary objective of these units is to determine when and under what conditions they fail, at which time they are analyzed for cause of failure and then scrapped. These units are recorded at cost in the statements of operations as part of research and development expense. During the three months ended March 31, 2018 and 2017, the Company charged to operations approximately $4,400 and $14,700, respectively, of these units. Accounts Payable and Other Accrued Expenses: March 31, 2018 December 31, 2017 Trade payables $ 242,711 $ 264,890 Accrued compensation and benefits 492,501 642,425 Accrued directors fees — 100,000 Other 214,634 269,921 $ 949,846 $ 1,277,236 Revenue Recognition The Company derives revenue primarily from the sale of its products to orthotics and prosthetics (“O&P”) practices, the Veterans Health Administration, other hospitals in the United States and through a distribution agreement with Ottobock. The Company recognizes revenue upon shipment, provided that persuasive evidence of an arrangement exists, there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable, and collectability is deemed probable. In certain cases, the Company ships the MyoPro device to O&P practices pending reimbursement from third party payors. As a result of this arrangement, elements of the revenue recognition criteria have not been met upon shipment of the MyoPro. The Company recognizes revenue when payment has been received, as all of the revenue recognition criteria has been met. During 2017, effective with its introduction of its extended product line, the Company provides a standard three-year warranty. This revenue is recognized ratably over the warranty period. The Company allocates revenue to the warranty element of a sale based upon its fair value as determined by referencing the historical selling price of it in similar transactions. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies. As such, we have delayed the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers until January 1, 2019. The Company receives federally-funded grants that require the Company to perform research activities as specified in each respective grant. The Company is paid based on the fees stipulated in the respective grants which approximate the projected costs to be incurred by the Company to perform such activities. The Company’s grant revenue is recognized when persuasive evidence of the arrangement exists, the service has been provided and adherence to specific parameters of the awarded grant have been met, the amount is fixed and determinable and collection is reasonable assured. The Company recognized approximately $4,500 and $18,400, respectively, of grant income in the first three months of 2018 and 2017, respectively. Direct costs related to these grants are reported as a component of research and development costs in the statements of operations except for reimbursable costs which are reported as a component of cost of revenue in the statements of operations. Cost of revenue includes reimbursable costs of approximately $2,500 in the first three months of 2017. Amounts received in advance are deferred. Stock-Based Compensation The Company accounts for stock awards to employees by measuring the cost of services received in exchange for the award of equity instruments based upon the fair value of the award on the date of grant. The fair value of that award is then ratably recognized as expense over the period during which the recipient is required to provide services in exchange for that award. Prior to January 1, 2018, the Company calculated the fair value after estimated forfeitures. As of January 1, 2018, the Company elected to early adopt ASU No. 2016-09, Options and warrants granted to consultants and other non-employees Stock-based compensation expense of approximately $336,400 and $20,100 was recorded in operating expenses in the first three months of 2018 and 2017, respectively. Net Loss per Share Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus potentially dilutive common shares. Convertible debt, preferred stock, restricted stock, restricted stock units, stock options and warrants are excluded from the diluted net loss per share calculation when their impact is antidilutive. The Company reported a net loss for the three months ended March 31, 2018 and 2017, respectively, and as a result, all potentially dilutive common shares are considered antidilutive for these periods. Potential common shares issuable consist of the following at: March 31, 2018 2017 Stock options 573,504 311,366 Restricted stock units 40,001 — Restricted stock 26,876 — Stock warrants 5,073,887 10,782 Series B-1 — 1,662,104 Series A-1 — 960,083 Total 5,714,268 2,944,335 Recent Accounting Pronouncements Revenue Related Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, 2014-09”). 2014-09 2014-09 2014-09 No. 2015-14, No. 2014-09 ASU 2014-09 2016-08 In March 2016, the FASB issued ASU No. 2016-08, ASU No. 2014-09 — 2014-09, ASU 2016-08 On May 2016, the FASB issued ASU No. 2016-12, (“ASU 2016-12”). 2016-12 2014-09. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies. As such, the Company has delayed the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers until January 1, 2019. Other Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, 2016-02”). 2016-02 ASU 2016-02 ASU 2016-02 2016-02 In March 2016, the FASB issued ASU No. 2016-09, In August 2016, the FASB issued ASU 2016-15, In November 2016, the FASB issued ASU 2016-18, In May 2017, the FASB issued ASU No. 2017-09, In September 2017, the FASB issued ASU No. 2017-13, Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued, and determined that, except as disclosed herein, there have been no subsequent events that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4 — Inventories Inventories consist of the following at: March 31, December 31, 2018 2017 Finished goods $ 134,899 $ 122,000 Consigned inventory 100,959 97,980 Parts and components 45,021 23,530 280,879 243,510 Less: excess and obsolete inventory reserves (24,000 ) (23,739 ) Less: consigned inventory reserves (19,000 ) (18,616 ) Inventories, net $ 237,879 $ 201,155 Consigned inventory represents products that have been delivered for which the Company does not have the right to bill. At March 31, 2018 and December 31, 2017, the Company has recorded reserves for consigned inventory for units that will not sold based on historical experience. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5 — Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices available in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quotable prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs. The carrying amounts of the Company’s financial instruments such as cash and cash equivalents, restricted cash, accounts receivable and accounts payable, approximate fair value due to the short-term nature of these instruments. Cash equivalents are a money market fund that limits its investments to only short-term U.S. Treasury securities and repurchase agreements related to these securities. The carrying amounts of the Company’s notes payables approximates fair value, as the notes include contractual interest rates, taken together with other features such as concurrent issuance of warrants, which are comparable to rates of returns for instruments of similar credit risk. Cash equivalents and derivative liabilities measured at fair value on a recurring basis at March 31, 2018 were as follows: In Active Markets Significant Other Inputs Significant Inputs March 31, Cash equivalents $ 13,586,341 — — $ 13,586,341 Common stock warrant liabilities — — $ 24,623 $ 24,623 The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value during the three months ended March 31, 2018: Common stock Balance – January 1, 2018 $ 39,930 Change in fair value of derivative liabilities (15,307 ) Balance – March 31, 2018 $ 24,623 Assumptions utilized in the valuation of Level 3 liabilities, for the three months ended March 31, 2018, were as follows: Risk-free interest rate 2.56% Expected life 4.19 years Expected volatility of underlying stock 62.08% Expected dividend yield — The expected stock price volatility for the Company’s common stock warrant liabilities was determined by the historical volatilities for industry peers and used an average of those volatilities. Risk free interest rates were obtained from U.S. Treasury rates for the applicable periods. The expected term used is the contractual life of the instrument being valued. The expected dividend yield was not considered in the valuation of the common stock liabilities as the Company has never paid, nor has the intention to pay, cash dividends. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Common Stock | Note 6 — Common Stock During the three months ended March 31, 2018, 32,540 restricted stock grants vested and 31,152 (net of 17,570 shares withheld for employee taxes) of restricted stock units vested. |
Treasury Stock
Treasury Stock | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Treasury Stock | Note 7 — Treasury Stock Treasury stock is reported at cost and consists of 808 shares of common stock as of March 31, 2018 and December 31, 2017, respectively. |
Stock Award Plans and Stock-bas
Stock Award Plans and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Award Plans and Stock-based Compensation | Note 8 — Stock Award Plans and Stock-based Compensation Stock Option Awards The Company uses the Black-Scholes option pricing model to estimate the grant date fair value of its stock options. There was no income tax benefit recognized in the financial statements for share-based compensation arrangements for the three months ended March 31, 2018 and 2017. The weighted-average grant date fair value per share was $2.14 and $1.05 for the three months ended March 31, 2018 and 2017, respectively. The assumptions underlying the calculation of grant date fair value are as follows: Three months ended March 31, 2018 2017 Volatility 62.08% 81.00% Risk-free interest rate 2.64% 1.89%-1.99% Weighted-average expected option term (in years) 5.75-6.25 5.25-6.25 Dividend yield 0% 0% The stock price volatility for the Company’s options was determined using historical volatilities for industry peers. The risk-free interest rate was derived from U.S. Treasury rates existing on the date of grant for the applicable expected option term. The expected term represents the period of time that options are expected to be outstanding. Because the Company has only very limited historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its ordinary vesting period. The expected dividend yield assumption is based on the fact that the Company has never paid, nor has any intention to pay, cash dividends. On January 3, 2018, the Company issued 15,228 fully vested shares of restricted stock to members of the Company’s board of directors. The Company recorded a compensation expense for these shares in the amount of $60,000 in the three months ended March 31, 2018. During the first three months of 2018, the Company granted 88,723 restricted stock units to key employees. They were issued with lapsing forfeiture rights extending up to 24 months. At March 31, 2018, 39,999 restricted stock units were subject to forfeiture. The Company determined the fair value of the units based on the closing price of the Company’s common stock on the grant date. The compensation expense is being amortized over the respective vesting periods. The Company recorded a charge in the amount of $178,800 for the three months ended March 31, 2018. Awards of restricted stock units are generally net share settled upon vesting to cover the required employee statutory withholding taxes and the remaining amount is converted into shares based upon their share-value on the date the award vests. These payments of employee withholding taxes are presented in the statements of cash flows as a financing activity. Share-Based Compensation Expense The Company attributes the value of stock-based compensation to operations on the straight-line method such that the expense associated with awards is evenly recognized over the vesting period. The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees, March 31, 2018 2017 Research and development $ 31,658 $ 791 Selling, general and administrative 304,697 19,348 Total $ 336,355 $ 20,139 As of March 31, 2018, there was approximately $681,000 of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted-average period of 2.03 years. As of March 31, 2018, there was approximately $149,000 of unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted-average period of 3.38 years. As of March 31, 2018, there was approximately $150,700 unrecognized compensation expense related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 1.96 years. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Warrants | Note 9 — Warrants During the three months ended March 31, 2018, 1,203,556 of the warrants issued in the Company’s follow-on |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 — Related Party Transactions The Company sells its products to an orthotics and prosthetics practice whose ownership includes an individual who is both a minority shareholder and executive officer of the Company. Sales to this related party are sold at standard list prices. During the three months ended March 31, 2018 and 2017, revenue recognized on sales to this orthotics and prosthetics practice amounted to approximately $75,300 and $24,400, respectively. Included in accounts receivable at March 31, 2018 is approximately $51,700 due from the related party. The Company also obtains consulting and fabrication services from the same related party. Charges for these services amounted to approximately $126,700 and $67,400 during the three months ended March 31, 2018 and 2017, respectively. Included in accounts payable and accrued expenses at March 31, 2018 and 2017 is approximately $34,500 and $28,600, respectively, due to the related party. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 — Commitments and Contingencies Litigation In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Currently, there is no litigation against the Company. Clinical Research Studies The Company has in-process Warranty Liability During the three months ended March 31, 2018 and 2017, warranty expense amounted to $11,800 and $6,300, respectively. Major Customers For the three months ended March 31, 2018 two customers accounted for approximately 41% (24%-$75,300 [related party]; and 17%-$50,800) For the three months ended March 31, 2017 four customers accounted for approximately 68% (23%-$45,000; 20%-$38,700; 13%-$25,700 At March 31, 2018, four customers accounted for approximately 91% (35%-$51,700 [related party]; 22%-$33,200; 17%-$26,100 and 17%-$26,000) of accounts receivable. At March 31, 2017, three customers accounted for approximately 99% (38%-$18,500, 37%-$17,700 and 24%-$11,700) of accounts receivable. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 — Subsequent Events Subsequent to March 31, 2018, the Company issued 625 shares of common stock issued upon vesting of restricted stock awards with an aggregate fair value of $2,000 at the time of vesting. Subsequent to March 31, 2018, the Company issued 2,000 shares of common stock upon the exercise of warrants with an exercise price of $2.95 per share. On April 20, 2018, the Board of Directors of the Company adopted, subject to stockholder approval, the Myomo, Inc. 2018 Stock Option and Incentive Plan (the “2018 Plan”). The number of shares of common stock available for awards under the 2018 Plan will be equal to 706,119 shares, which carries over the remaining 86,119 shares available for grant under the 2016 Plan on April 1, 2018 and increases the share reserve by 620,000 shares, plus on January 1, 2019 and each January 1 thereafter, the number of shares of common stock reserved and available for issuance under the 2018 Plan will be cumulatively increased by 4% of the number of shares of common stock outstanding on the immediately preceding December 31 or such lesser number of shares of common stock determined by management in consultation with members of the Board of Directors, including the compensation committee. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited condensed financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These statements have been prepared in accordance with GAAP for interim financial information pursuant to Regulation S-X. Form 10-K |
Reclassifications | Reclassifications Certain prior period amounts included in the statement of cash flows for the three months ending March 31, 2017 have been reclassified to conform to the current year’s presentation in accordance with ASU 2016-18. Recent Accounting Pronouncements”. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist principally of deposit accounts and money market accounts at March 31, 2018 and December 31, 2017. Restricted cash consists of cash deposited with a financial institution as collateral for Company credit cards for sales personnel. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed balance sheets that sum to the total of the same amounts shown in the condensed statements of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 14,116,430 $ 12,959,373 Restricted cash 52,000 52,000 Total cash, cash equivalents, and restricted cash in the condensed balance sheet $ 14,168,430 $ 13,011,373 |
Equipment | Equipment Equipment is stated at historical cost, net of accumulated depreciation and is depreciated using the straight-line method over the estimated useful lives of the related assets, generally three years. Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations as incurred, and expenditures which extend the economic life, are capitalized. When assets are retired, or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. Demonstration units are sometimes provided to the Company’s indirect sales channel by the Company for marketing and patient evaluation purposes. These units are manufactured by the Company and are recorded at cost in the statements of operations as part of selling, marketing and general administrative expense. During the three months ended March 31, 2018 and 2017, respectively, the Company charged to operations approximately $58,900 and $3,000, respectively, for these units. Demonstration units provided by the Company to its own sales force are capitalized as equipment on the Company’s balance sheet. Test units represent units provided to research and development staff to use in their development process and to end users who are given free units to act as testers so that research and development staff can evaluate and understand the use by patients. A primary objective of these units is to determine when and under what conditions they fail, at which time they are analyzed for cause of failure and then scrapped. These units are recorded at cost in the statements of operations as part of research and development expense. During the three months ended March 31, 2018 and 2017, the Company charged to operations approximately $4,400 and $14,700, respectively, of these units. Accounts Payable and Other Accrued Expenses: March 31, 2018 December 31, 2017 Trade payables $ 242,711 $ 264,890 Accrued compensation and benefits 492,501 642,425 Accrued directors fees — 100,000 Other 214,634 269,921 $ 949,846 $ 1,277,236 |
Revenue Recognition | Revenue Recognition The Company derives revenue primarily from the sale of its products to orthotics and prosthetics (“O&P”) practices, the Veterans Health Administration, other hospitals in the United States and through a distribution agreement with Ottobock. The Company recognizes revenue upon shipment, provided that persuasive evidence of an arrangement exists, there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable, and collectability is deemed probable. In certain cases, the Company ships the MyoPro device to O&P practices pending reimbursement from third party payors. As a result of this arrangement, elements of the revenue recognition criteria have not been met upon shipment of the MyoPro. The Company recognizes revenue when payment has been received, as all of the revenue recognition criteria has been met. During 2017, effective with its introduction of its extended product line, the Company provides a standard three-year warranty. This revenue is recognized ratably over the warranty period. The Company allocates revenue to the warranty element of a sale based upon its fair value as determined by referencing the historical selling price of it in similar transactions. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies. As such, we have delayed the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers until January 1, 2019. The Company receives federally-funded grants that require the Company to perform research activities as specified in each respective grant. The Company is paid based on the fees stipulated in the respective grants which approximate the projected costs to be incurred by the Company to perform such activities. The Company’s grant revenue is recognized when persuasive evidence of the arrangement exists, the service has been provided and adherence to specific parameters of the awarded grant have been met, the amount is fixed and determinable and collection is reasonable assured. The Company recognized approximately $4,500 and $18,400, respectively, of grant income in the first three months of 2018 and 2017, respectively. Direct costs related to these grants are reported as a component of research and development costs in the statements of operations except for reimbursable costs which are reported as a component of cost of revenue in the statements of operations. Cost of revenue includes reimbursable costs of approximately $2,500 in the first three months of 2017. Amounts received in advance are deferred. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock awards to employees by measuring the cost of services received in exchange for the award of equity instruments based upon the fair value of the award on the date of grant. The fair value of that award is then ratably recognized as expense over the period during which the recipient is required to provide services in exchange for that award. Prior to January 1, 2018, the Company calculated the fair value after estimated forfeitures. As of January 1, 2018, the Company elected to early adopt ASU No. 2016-09, Options and warrants granted to consultants and other non-employees Stock-based compensation expense of approximately $336,400 and $20,100 was recorded in operating expenses in the first three months of 2018 and 2017, respectively. |
Net Loss per Share | Net Loss per Share Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus potentially dilutive common shares. Convertible debt, preferred stock, restricted stock, restricted stock units, stock options and warrants are excluded from the diluted net loss per share calculation when their impact is antidilutive. The Company reported a net loss for the three months ended March 31, 2018 and 2017, respectively, and as a result, all potentially dilutive common shares are considered antidilutive for these periods. Potential common shares issuable consist of the following at: March 31, 2018 2017 Stock options 573,504 311,366 Restricted stock units 40,001 — Restricted stock 26,876 — Stock warrants 5,073,887 10,782 Series B-1 — 1,662,104 Series A-1 — 960,083 Total 5,714,268 2,944,335 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue Related Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, 2014-09”). 2014-09 2014-09 2014-09 No. 2015-14, No. 2014-09 ASU 2014-09 2016-08 In March 2016, the FASB issued ASU No. 2016-08, ASU No. 2014-09 — 2014-09, ASU 2016-08 On May 2016, the FASB issued ASU No. 2016-12, (“ASU 2016-12”). 2016-12 2014-09. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies. As such, the Company has delayed the adoption of Accounting Standards Codification (“ASC”) No. 606, Revenue from Contracts with Customers until January 1, 2019. Other Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, 2016-02”). 2016-02 ASU 2016-02 ASU 2016-02 2016-02 In March 2016, the FASB issued ASU No. 2016-09, In August 2016, the FASB issued ASU 2016-15, In November 2016, the FASB issued ASU 2016-18, In May 2017, the FASB issued ASU No. 2017-09, In September 2017, the FASB issued ASU No. 2017-13, |
Subsequent Events | Subsequent Events The Company evaluated subsequent events through the date the financial statements were issued, and determined that, except as disclosed herein, there have been no subsequent events that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed balance sheet that sum to the total of the same amounts shown in the condensed statement of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 14,116,430 $ 12,959,373 Restricted cash 52,000 52,000 Total cash, cash equivalents, and restricted cash in the condensed balance sheet $ 14,168,430 $ 13,011,373 |
Summary of Accounts Payable and Other Accrued Expenses | Accounts Payable and Other Accrued Expenses: March 31, 2018 December 31, 2017 Trade payables $ 242,711 $ 264,890 Accrued compensation and benefits 492,501 642,425 Accrued directors fees — 100,000 Other 214,634 269,921 $ 949,846 $ 1,277,236 |
Summary of Potential Common Shares Issuable | Potential common shares issuable consist of the following at: March 31, 2018 2017 Stock options 573,504 311,366 Restricted stock units 40,001 — Restricted stock 26,876 — Stock warrants 5,073,887 10,782 Series B-1 — 1,662,104 Series A-1 — 960,083 Total 5,714,268 2,944,335 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following at: March 31, December 31, 2018 2017 Finished goods $ 134,899 $ 122,000 Consigned inventory 100,959 97,980 Parts and components 45,021 23,530 280,879 243,510 Less: excess and obsolete inventory reserves (24,000 ) (23,739 ) Less: consigned inventory reserves (19,000 ) (18,616 ) Inventories, net $ 237,879 $ 201,155 |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Cash Equivalents and Derivative Liabilities Measured at Fair Value on Recurring Basis | Cash equivalents and derivative liabilities measured at fair value on a recurring basis at March 31, 2018 were as follows: In Active Markets Significant Other Inputs Significant Inputs March 31, Cash equivalents $ 13,586,341 — — $ 13,586,341 Common stock warrant liabilities — — $ 24,623 $ 24,623 |
Schedule of Fair Value Reconciliation of Level 3 Liabilities Measured | The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value during the three months ended March 31, 2018: Common stock Balance – January 1, 2018 $ 39,930 Change in fair value of derivative liabilities (15,307 ) Balance – March 31, 2018 $ 24,623 |
Significant Unobservable Inputs (Level 3) [Member] | |
Schedule of Fair Value Assumptions | Assumptions utilized in the valuation of Level 3 liabilities, for the three months ended March 31, 2018, were as follows: Risk-free interest rate 2.56% Expected life 4.19 years Expected volatility of underlying stock 62.08% Expected dividend yield — |
Stock Award Plans and Stock-b24
Stock Award Plans and Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Grant Date Fair Value | The assumptions underlying the calculation of grant date fair value are as follows: Three months ended March 31, 2018 2017 Volatility 62.08% 81.00% Risk-free interest rate 2.64% 1.89%-1.99% Weighted-average expected option term (in years) 5.75-6.25 5.25-6.25 Dividend yield 0% 0% |
Schedule of Stock-based Compensation Expense | The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees, March 31, 2018 2017 Research and development $ 31,658 $ 791 Selling, general and administrative 304,697 19,348 Total $ 336,355 $ 20,139 |
Going Concern and Management'25
Going Concern and Management's Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Going Concern And Managements Liquidity Plan [Abstract] | |||
Net loss | $ (2,345,402) | $ (1,556,400) | $ (12,100,000) |
Accumulated deficit | (37,318,189) | $ (34,972,787) | |
Cash used in operating activities | $ (2,265,360) | $ (1,161,758) |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 14,116,430 | $ 12,959,373 | ||
Restricted cash | 52,000 | 52,000 | ||
Total cash, cash equivalents, and restricted cash in the condensed balance sheet | $ 14,168,430 | $ 13,011,373 | $ 1,455,900 | $ 849,174 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Equipment estimated useful lives | 3 years | |
Standard warranty period | Three-year | |
Reimbursable costs | $ 2,500 | |
Stock-based compensation expense | $ 336,355 | 20,139 |
Grant Income [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Grant income recognized | 4,500 | 18,400 |
Selling, General and Administrative Expenses [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Demonstration units, expenses | 58,900 | 3,000 |
Stock-based compensation expense | 304,697 | 19,348 |
Research and Development Expense [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Test units, expenses | 4,400 | 14,700 |
Stock-based compensation expense | $ 31,658 | $ 791 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Summary of Accounts Payable and Other Accrued Expenses (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 242,711 | $ 264,890 |
Accrued compensation and benefits | 492,501 | 642,425 |
Accrued directors fees | 100,000 | |
Other | 214,634 | 269,921 |
Total | $ 949,846 | $ 1,277,236 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Summary of Potential Common Shares Issuable (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 5,714,268 | 2,944,335 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 40,001 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 26,876 | |
Series B-1 Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,662,104 | |
Series A-1 Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 960,083 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 573,504 | 311,366 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 5,073,887 | 10,782 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 134,899 | $ 122,000 |
Consigned inventory | 100,959 | 97,980 |
Parts and components | 45,021 | 23,530 |
Total cost | 280,879 | 243,510 |
Less: excess and obsolete inventory reserves | (24,000) | (23,739) |
Less: consigned inventory reserves | (19,000) | (18,616) |
Inventories, net | $ 237,879 | $ 201,155 |
Fair Value of Financial Instr31
Fair Value of Financial Instruments - Schedule of Cash Equivalents and Derivative Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 13,586,341 | |
Common stock warrant liabilities | 24,623 | $ 39,930 |
In Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 13,586,341 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Common stock warrant liabilities | $ 24,623 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments - Schedule of Fair Value Reconciliation of Level 3 Liabilities Measured (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Fair Value Disclosures [Abstract] | |
Beginning balance | $ 39,930 |
Change in fair value of derivative liabilities | (15,307) |
Ending balance | $ 24,623 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments - Schedule of Assumptions Utilized in Valuation of Level 3 Liabilities (Detail) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] | ||
Risk-free interest rate | 2.56% | |
Expected life | 4 years 2 months 8 days | |
Expected volatility of underlying stock | 62.08% | |
Expected dividend yield | 0.00% | 0.00% |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - shares | Jan. 03, 2018 | Mar. 31, 2018 |
Class of Stock [Line Items] | ||
Shares withheld for employee taxes | 17,570 | |
Restricted Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of shares, Vested | 15,228 | 32,540 |
Restricted Stock Units (RSUs) [Member] | ||
Class of Stock [Line Items] | ||
Number of shares, Vested | 31,152 | |
Shares withheld for employee taxes | 17,570 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Treasury Stock, Shares [Abstract] | ||
Treasury stock, common, shares | 808 | 808 |
Stock Award Plans and Stock-b36
Stock Award Plans and Stock-based Compensation - Additional Information (Detail) - USD ($) | Mar. 31, 2018 | Jan. 03, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Income tax benefit recognized | $ 0 | $ 0 | ||
weighted-average grant date fair value per share | $ 2.14 | $ 1.05 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock, vested | 15,228 | 32,540 | ||
Compensation expense | $ 60,000 | |||
Unrecognized compensation cost | $ 149,000 | $ 149,000 | ||
Weighted-average remaining contractual term | 3 years 4 months 17 days | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 681,000 | $ 681,000 | ||
Weighted-average remaining contractual term | 2 years 11 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock, vested | 31,152 | |||
Compensation expense | $ 178,800 | |||
Restricted stock, granted | 88,723 | |||
Restricted Stock Units subject to forfeiture | 39,999 | |||
Provisions for lapsing forfeiture rights extended period | 24 months | |||
Unrecognized compensation cost | $ 150,700 | $ 150,700 | ||
Weighted-average remaining contractual term | 1 year 11 months 15 days |
Stock Award Plans and Stock-b37
Stock Award Plans and Stock-based Compensation - Schedule of Grant Date Fair Value (Detail) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Option Indexed to Issuer's Equity [Line Items] | ||
Volatility | 62.08% | 81.00% |
Risk-free interest rate | 2.64% | |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Risk-free interest rate | 1.89% | |
Weighted-average expected option term (in years) | 5 years 9 months | 5 years 2 months 30 days |
Maximum [Member] | ||
Option Indexed to Issuer's Equity [Line Items] | ||
Risk-free interest rate | 1.99% | |
Weighted-average expected option term (in years) | 6 years 2 months 30 days | 6 years 2 months 30 days |
Stock Award Plans and Stock-b38
Stock Award Plans and Stock-based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | $ 336,355 | $ 20,139 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | 31,658 | 791 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share based compensation expense | $ 304,697 | $ 19,348 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) | Dec. 04, 2017 | Mar. 31, 2018 |
Class of Warrant or Right [Line Items] | ||
Prooceeds from warrants exercised | $ 3,550,490 | |
FPO [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants issued | 1,203,556 | |
Prooceeds from warrants exercised | $ 3,550,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Revenue recognized from related party | $ 75,300 | $ 24,400 |
Accounts receivable | 51,700 | |
Charges for services | 126,700 | 67,400 |
Accounts payable and accrued expenses | $ 34,500 | $ 28,600 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 31, 2018USD ($)Customer | Mar. 31, 2017USD ($)Customer | Mar. 31, 2018USD ($)Customer | Mar. 31, 2017USD ($)Customer |
Commitments And Contingencies [Line Items] | ||||
Warranty expense | $ 11,800 | $ 6,300 | ||
Revenue | $ 313,179 | $ 216,231 | ||
Sales Revenue, Net [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of customers | Customer | 2 | 4 | ||
Sales Revenue, Net [Member] | One Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue | $ 75,300 | $ 45,000 | ||
Sales Revenue, Net [Member] | Two Customers [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue | $ 50,800 | 38,700 | ||
Sales Revenue, Net [Member] | Three Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue | 25,700 | |||
Sales Revenue, Net [Member] | Four Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue | $ 24,400 | |||
Accounts Receivable [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of customers | Customer | 4 | 3 | ||
Accounts Receivable [Member] | One Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue | $ 51,700 | $ 18,500 | ||
Accounts Receivable [Member] | Two Customers [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue | 33,200 | 17,700 | ||
Accounts Receivable [Member] | Three Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue | 26,100 | $ 11,700 | ||
Accounts Receivable [Member] | Four Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Revenue | $ 26,000 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 41.00% | 68.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | One Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 24.00% | 23.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Two Customers [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 17.00% | 20.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Three Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 13.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Four Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 12.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 91.00% | 99.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 35.00% | 38.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 22.00% | 37.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 17.00% | 24.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Four Customer [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Concentration risk, percentage | 17.00% | |||
Clinical Research Studies [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Contractual amount payable | $ 182,600 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Apr. 20, 2018 | Mar. 31, 2018 | Apr. 01, 2018 |
Restricted Stock [Member] | |||
Subsequent Event [Line Items] | |||
Shares of common stock issued upon vesting of stock awards | 625 | ||
Shares of common stock issued upon vesting of stock awards, aggregate fair value | $ 2,000 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares of common stock issued to warrant holders | 2,000 | ||
Common stock warrants, exercise price per share | $ 2.95 | ||
Subsequent Event [Member] | 2018 Stock Option and Incentive Plan [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares of common stock available for grant | 706,119 | ||
Number of common shares reserved for issuance | 620,000 | ||
Percentage increase in number of shares of common stock reserved and available for issuance | 4.00% | ||
Subsequent Event [Member] | 2016 Equity Incentive Plan [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares of common stock available for grant | 86,119 |