Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 10, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IOTS | |
Entity Registrant Name | ADESTO TECHNOLOGIES CORP | |
Entity Central Index Key | 1,395,848 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,980,271 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 19,170 | $ 23,089 | |
Accounts receivable, net | 5,417 | 6,536 | |
Inventories | 8,579 | 7,368 | |
Prepaid expenses | 1,006 | 1,155 | |
Other current assets | 1,202 | 1,186 | |
Total current assets | 35,374 | 39,334 | |
Property and equipment, net | 1,029 | 909 | |
Intangible assets, net | 9,250 | 9,559 | |
Other non-current assets | 115 | 114 | |
Goodwill | 22 | 22 | |
Total assets | 45,790 | 49,938 | |
Current liabilities: | |||
Accounts payable | 7,034 | 9,680 | |
Income taxes payable | 66 | 52 | |
Accrued compensation and benefits | 1,247 | 893 | |
Accrued expenses and other current liabilities | 1,669 | 1,413 | |
Term loan, current | 5,660 | 5,606 | |
Total current liabilities | 15,676 | 17,644 | |
Term loan, non-current | 6,378 | 7,814 | |
Deferred tax liability, non-current | 1 | 1 | |
Total liabilities | $ 22,055 | $ 25,459 | |
Commitments and contingencies (See Note 7) | |||
Stockholders' equity: | |||
Common stock, $0.0001 par value, 100,000,000 shares authorized as of March 31, 2016 and December 31, 2015; 14,974,718 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | $ 2 | $ 2 | |
Additional paid-in capital | 107,976 | 107,167 | |
Accumulated other comprehensive loss | (159) | (146) | |
Accumulated deficit | (84,084) | (82,544) | |
Total stockholders' equity | 23,735 | 24,479 | |
Total liabilities and stockholders' equity | $ 45,790 | $ 49,938 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 | [1] |
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 | 14,974,718 | 14,974,718 | |
Common stock, shares outstanding | 14,974,718 | 14,974,718 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenue | $ 10,176 | $ 9,690 |
Cost of revenue | 5,180 | 5,830 |
Gross profit | 4,996 | 3,860 |
Operating expenses: | ||
Research and development | 3,937 | 2,964 |
Sales and marketing | 2,603 | 1,977 |
General and administrative | 1,708 | 848 |
Gain from settlement with former foundry supplier | (1,962) | |
Total operating expenses | 6,286 | 5,789 |
Loss from operations | (1,290) | (1,929) |
Other income (expense): | ||
Interest expense, net | (258) | (181) |
Other income (expense), net | 22 | (118) |
Total other income (expense), net | (236) | (299) |
Loss before provision for income taxes | (1,526) | (2,228) |
Provision for income taxes | 14 | 49 |
Net loss | $ (1,540) | $ (2,277) |
Net loss per share | ||
Basic and diluted | $ (0.10) | $ (4.07) |
Weighted average number of shares used in computing net loss per share | ||
Basic and diluted | 14,974,718 | 559,554 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (1,540) | $ (2,277) |
Other comprehensive loss, net of tax: | ||
Foreign currency translation adjustment | (13) | (209) |
Comprehensive loss, net of tax | $ (1,553) | $ (2,486) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Cash flows from operating activities: | |||
Net loss | $ (1,540) | $ (2,277) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Stock-based compensation expense | 809 | 42 | |
Depreciation and amortization | 230 | 431 | |
Amortization of intangible assets | 309 | 309 | |
Amortization of debt discount | 118 | 26 | |
Deferred income taxes | 0 | 3 | |
Gain from settlement with former foundry supplier | (1,962) | ||
Changes in fair value of preferred stock warrant liability | 0 | (9) | |
Changes in assets and liabilities: | |||
Accounts receivable | 1,119 | (611) | |
Inventories | (1,211) | 1,373 | |
Prepaid expenses and other current assets | 137 | (457) | |
Accounts payable | (684) | 1,228 | |
Income tax payable | 14 | ||
Accrued compensation and benefits | 354 | 75 | |
Accrued expenses and other liabilities | 256 | 163 | |
Net cash provided by (used in) operating activities | (2,051) | 296 | |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (350) | (31) | |
Net cash used in investing activities | (350) | (31) | |
Cash flows from financing activities: | |||
Payments on revolving line of credit | (608) | ||
Payments on term loan | (1,500) | (900) | |
Net cash used in financing activities | (1,500) | (1,508) | |
Effect of exchange rates on cash and equivalents | (18) | (175) | |
Net decrease in cash and cash equivalents | (3,919) | (1,418) | |
Cash and cash equivalents - beginning of period | 23,089 | [1] | 5,972 |
Cash and cash equivalents - end of period | 19,170 | 4,554 | |
Supplemental disclosures of other cash flow information: | |||
Cash paid for interest expense | $ 272 | $ 164 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies. | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies. | Note 1. Organization and Summary of Significant Accounting Policies. Organization and Nature of Operations. Adesto Technologies Corporation (together with its subsidiaries; “Adesto”, “we”, “our”, “us” or the “Company”) was incorporated in the state of California in January 2006 and reincorporated in Delaware in October 2015. We are a leading provider of application-specific and ultra-low power non-volatile memory (“NVM”) products. Our corporate headquarters are located in Sunnyvale, California. On September 28, 2012, we purchased certain flash memory product assets from Atmel Corporation and our financial results include the operating results of those assets from the date of acquisition. The Company completed its initial public offering (“IPO”) of common stock on October 30, 2015. The Company sold 5,192,184 shares, including 192,184 shares for the underwriters’ option to purchase additional shares. The shares were sold at an initial public offering price of $5.00 per share for net proceeds of $22.1 million to the Company, after deducting underwriting discounts and commissions and offering expenses. Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP to complete annual financial statements. In the opinion of our management, all adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016, for any other interim period or for any other future year. The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures required by U.S. GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 30, 2016. The consolidated financial statements include the results of our operations, and the operations of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. There have been no material changes to our significant accounting policies described in Note 1, Organization and Summary of Significant Accounting Policies , in Notes to Consolidated Financial Statements in Item 8 of Part II of our for the year ended December 31, 2015 Reverse Stock Split. On October 1, 2015, we effected a 1-for-33 reverse stock split of our common stock and convertible preferred stock (collectively, “Capital Stock”). On the effective date of the reverse stock split, (i) each 33 shares of outstanding Capital Stock were reduced to one share of Capital Stock; (ii) the number of shares of Capital Stock into which each outstanding warrant or option to purchase Capital Stock is exercisable were proportionately reduced on a 33-to-1 basis; (iii) the exercise price of each outstanding warrant or option to purchase Capital Stock were proportionately increased on a 1-to-33 basis; and (iv) each 33 shares of authorized Capital Stock were reduced to one share of Capital Stock. All of the share numbers, share prices, and exercise prices have been adjusted, on a retroactive basis, to reflect this 1-for-33 reverse stock split. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, we evaluate those estimates, including those related to allowances for doubtful accounts, reserves for sales, warranty accrual, inventory write-downs, valuation of long-lived assets, including property and equipment and identifiable intangible assets and goodwill, loss on purchase commitments, valuation of deferred taxes and contingencies. In addition, we use assumptions when employing the Black-Scholes option-pricing model to calculate the fair value of stock options granted. We base our estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. Actual results could differ from these estimates. Revenue Recognition and Accounts Receivable Allowances. We recognize revenue from product sales when persuasive evidence of an arrangement exists, the selling price is fixed or determinable, transfer of title occurs, and the collectibility of the resulting receivable is reasonably assured. Due to the historical immaterial level of product returns under warranty, we do not record a reserve for estimated returns under warranty at the time of revenue recognition. Generally, we meet product sale revenue recognition conditions upon shipment because, in most cases, title and risk of loss passes to the customer at that time. In addition, we estimate and record provisions for future returns and other charges against revenue at the time of shipment, consistent with the terms of sale. We sell products to distributors at the price listed in our distributor price book. At the time of sale, we record a sales reserve for ship from stock and debits (“SSDs”), stock rotation rights and any special programs approved by management. We offset the sales reserve against recorded revenues, producing the revenue amount reported in our consolidated statements of operations. The market price for our products can differ significantly from the book price at which we sold the product to the distributor. When the market price of a particular distributor’s sales opportunity to their customers would result in low or negative margins for the distributor, as compared to our original book price, we negotiate SSDs with the distributor. Management analyzes our SSD history to develop current SSD rates that form the basis of the SSD revenue reserve recorded each period. We obtain the historical SSD rates from the distributor’s records and our internal records. We typically grant payment terms of between 30 and 60 days to our customers. Our customers generally pay within those terms. Distributors are invoiced for shipments at listed book price. When the distributors pay the invoice, they may claim debits for SSDs previously authorized by us when appropriate. Once claimed, we process the requests against prior authorizations and adjust reserves previously established for that customer. The revenue we record for sales to our distributors is net of estimated provisions for these programs. Determining net revenue requires significant judgments and estimates on our part. We base our estimates on historical experience rates, the levels of inventory held by our distributors, current trends and other related factors. Because of the inherent nature of estimates, there is a risk actual amounts may differ materially from our estimates. Our consolidated financial condition and operating results depend on our ability to make reliable estimates. We believe that such estimates are reasonable. We also monitor collectibility of accounts receivable primarily through review of our accounts receivable aging. When facts and circumstances indicate the collection of specific amounts or from specific customers is at risk, we assess the impact on amounts recorded for bad debts and, if necessary, record a charge in the period such determination is made. As of March 31, 2016 and December 31, 2015, there was no allowance for doubtful accounts. Shipping Costs. We charge shipping costs to cost of revenue as incurred. Product Warranty. Our products are sold with a limited warranty for a period of one year, warranting that the product conforms to specifications and is free from material defects in design, materials and workmanship. To date, we have had insignificant returns of any defective production parts. During the year ended December 31, 2015, we recorded $250,000 for a specific potential warranty claim. As of March 31, 2016, approximately $41,000 has been incurred relating to this potential warranty claim. Income Taxes. We account for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements, but have not been reflected in our taxable income. Valuation allowances are established to reduce deferred tax assets as necessary when in management’s estimate, based on available objective evidence, it is more likely than not that we will not generate sufficient taxable income in future periods to realize the benefit of our deferred tax assets. We include interest and penalties related to unrecognized tax benefits in income tax expense. We recognize in our consolidated financial statements the impact of a tax position that based on its technical merits is more likely than not to be sustained upon examination. Foreign Currency Translation. The functional currency of our foreign subsidiaries is the local currency. In consolidation, we translate assets and liabilities at exchange rates in effect at the consolidated balance sheet date. We translate revenue and expense accounts at the average exchange rates during the period in which the transaction takes place. Net gains or losses from foreign currency translation of assets and liabilities were a loss of $13,000 and a loss of $0.2 million for the three months ended March 31, 2016 and 2015, respectively, and are included in the cumulative translation adjustment component of accumulated other comprehensive loss, net of tax, a component of stockholders’ equity. Net gains and losses arising from transactions denominated in currencies other than the functional currency were a $22,000 gain and a $0.1 million loss for the three months ended March 31, 2016 and 2015, respectively, and are included in other income (expense), net. Cash and Cash Equivalents. We consider all highly liquid investments with an initial maturity of 90 days or less at the date of purchase to be cash equivalents. We maintain such funds in overnight cash deposits. Property and Equipment. Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the term of the related lease, whichever is shorter. Estimates of useful lives are as follows: Estimated useful lives Machinery and equipment 2-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of lease term or 5 years Computer software 3 years Inventories. We record inventories at the lower of standard cost (which generally approximates actual cost on a first-in, first-out basis) or market value. On a quarterly basis, we analyze inventories on a part-by-part basis. The carrying value of inventory is adjusted for excess and obsolete inventory based on inventory age, shipment history and the forecast of demand over a specific future period. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that new cost basis. The semiconductor markets that we serve are volatile and actual results may vary from forecast or other assumptions, potentially affecting our assessment of excess and obsolete inventory which could have a material effect on our results of operations. Long-Lived Assets. We evaluate our long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. We recognize an impairment loss when the net book value of such assets exceeds the estimated future undiscounted cash flows attributable to the asset. If impairment is indicated, we write the asset down to its estimated fair value. For all periods presented, we have not recognized any impairment losses on our long-lived assets. Purchased Intangible Assets. Purchased intangible assets are amortized over their useful lives unless these lives are determined to be indefinite. Purchased intangible assets with definite lives are carried at cost less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets as follows: Years Developed technology 10 Customer relationships 12 Customer backlog 1 Non-compete agreement 5 Goodwill. Goodwill represents the excess of the cost of an acquisition over the sum of the amounts assigned to tangible and identifiable intangible assets acquired less liabilities assumed. We evaluate our goodwill, at a minimum, on an annual basis and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We perform our annual goodwill impairment test as of November 1 of each year. We last conducted our annual goodwill impairment analysis in the fourth quarter of 2015 and no goodwill impairment was indicated. When evaluating goodwill for impairment, we may initially perform a qualitative assessment which includes a review and analysis of certain quantitative factors to estimate if a reporting unit’s fair value significantly exceeds its carrying value. When the estimate of a reporting unit’s fair value appears more likely than not to be less than its carrying value based on this qualitative assessment, we continue to the first step of two steps impairment test. The first step requires a comparison of the fair value of the reporting unit to its net book value, including goodwill. The fair value of the reporting unit is determined based on a weighting of income and market approaches. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. Under the market approach, we estimate the fair value based on market multiples of revenue or earnings for comparable companies. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, and future economic and market conditions and determination of appropriate market comparables. We base these fair value estimates on reasonable assumptions that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair values of the reporting unit’s net assets, other than goodwill, and the fair value of the reporting unit, and, if the difference is less than the net book value of goodwill, an impairment charge is recorded. In the event that we determine that the value of goodwill has become impaired, we record a charge for the amount of impairment during the fiscal quarter in which the determination is made. We operate in one reporting unit. Research and Development Expenses. Research and development expenditures are expensed as incurred. Stock-based Compensation. We account for stock-based compensation using the fair value method. We determine fair value for stock options awarded to employees at the grant date using the Black-Scholes option-pricing model, which requires us to make various assumptions, including the fair value of the underlying common stock, expected future share price volatility and expected term. We determine the fair value of stock options awarded to non-employees at each vesting date using the Black-Scholes option-pricing model, and re-measure fair value at each reporting period until the services required under the arrangement are completed. Fair value is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. We are required to estimate the expected forfeiture rate and only recognize expense for those stock-based awards expected to vest. We estimate the forfeiture rate based on historical experience of our stock-based awards that are granted, exercised and cancelled. If the actual forfeiture rate is materially different from our estimate, stock-based compensation expense in future periods could be significantly different from what was recorded in the current period. Concentration of Risk. Our products are primarily manufactured, assembled and tested by third-party foundries and other contractors in Asia and we are heavily dependent on a single foundry in Taiwan for the manufacture of wafers and a single contractor in the Philippines for assembly and testing of our products. We do not have long-term agreements with either of these suppliers. A significant disruption in the operations of these parties would adversely impact the production of our products for a substantial period of time, which could have a material adverse effect on our business, financial condition, operating results and cash flows. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. We place substantially all of our cash and cash equivalents on deposit with a reputable, high credit quality financial institution in the United States of America. We believe that the bank that holds substantially all of our cash and cash equivalents is financially sound and, accordingly, subject to minimal credit risk. Deposits held with the bank may exceed the amount of insurance provided on such deposits. We generally do not require collateral or other security in support of accounts receivable. We periodically review the need for an allowance for doubtful accounts by considering factors such as historical experience, credit quality, the age of the accounts receivable balances and current economic conditions that may affect a customer’s ability to pay. As a result of our favorable collection experience and customer concentration, there was no allowance for doubtful accounts as of March 31, 2016 and December 31, 2015. Customer concentrations as a percentage of total revenue were as follows: Three Months Ended March 31, 2016 2015 Customer A 16 % 17 % Customer B 14 % * Customer C 11 % * * less than 10% Customer concentrations as a percentage of gross accounts receivable were as follows: March 31, March 31, 2016 2015 Customer A 17 % 21 % Customer B 15 % 19 % Customer C 12 % 11 % * less than 10% Net Loss per Share. Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and potentially dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, common stock options, restricted stock units, and warrants are considered to be potentially dilutive securities. Loss Contingencies. We are or have been subject to claims arising in the ordinary course of business. We evaluate contingent liabilities, including threatened or pending litigation, for potential losses. If the potential loss from any claim or legal proceedings is considered probable and the amount can be estimated, we accrue a liability for the estimated loss. Because of uncertainties related to these matters, accruals are based upon the best information available. For potential losses for which there is a reasonable possibility (meaning the likelihood is more than remote but less than probable) that a loss exists, we will disclose an estimate of the potential loss or range of such potential loss or include a statement that an estimate of the potential loss cannot be made. As additional information becomes available, we reassess the potential liability related to pending claims and litigation and may revise our estimates, which could materially impact our consolidated financial statements. Recent Accounting Pronouncements. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The amendments require management to perform interim and annual assessments of an entity’s ability to continue as a going concern and provide guidance on determining when and how to disclose going concern uncertainties in the financial statements. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. We are currently evaluating the impact that this new guidance will have on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which simplifies the presentation of debt issuance costs. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those years, with early adoption permitted. We adopted this guidance on our consolidated financial statements with no effect in the first three months of 2016. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, amending Accounting Standards Codification (“ASC 740”). Upon adoption, this topic supersedes the existing guidance under ASC 740 and aims to simplify the accounting for income taxes. Currently, U.S. GAAP requires an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts in a classified statement of financial position. This amendment requires that deferred tax assets and liabilities be classified as noncurrent. This ASU is effective for annual periods beginning after December 15, 2016 (including interim reporting periods within those periods), or the first quarter 2017 for Adesto. We early adopted this ASU at the beginning of our fourth quarter of 2015 and applied it prospectively. No prior periods were retrospectively adjusted. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, amending ASC 330. Upon adoption, this topic supersedes the existing guidance under ASC 330 and aims to simplify the subsequent measurement of inventory. Currently, inventory can be measured at the lower of cost or market, which could result in several potential outcomes, as market could be replacement cost, net realizable value or net realizable value less an approximately normal profit margin. The major amendments would be as follows: 1. Inventory should be measured at the lower of cost or net realizable value. 2. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. 3. The amendment does not apply to inventory measured under LIFO or the retail inventory method. 4. The amendment does apply to all other inventory, which includes inventory measured via FIFO or average cost. We plan to adopt this guidance effective for periods beginning after December 15, 2016 (including interim reporting periods within those fiscal years), or the first quarter of 2017, and do not expect it to have a material effect on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, creating ASC Topic 606. Upon adoption, this topic supersedes the existing guidance under ASC 605 and aims to simplify the number of requirements to follow for revenue recognition and make revenue recognition more comparable across various entities, industries, jurisdictions and capital markets. There are 5 core principles: 1. Identify the contract(s) with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfies a performance obligation. Additional considerations under this update include: accounting for costs to obtain or fulfill a contract with a customer and additional quantitative and qualitative disclosures. We plan to adopt this guidance effective for periods beginning after December 15, 2017 (including interim reporting periods within those periods), or the first quarter of 2018, and are currently evaluating the impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. This ASU requires lease assets and lease liabilities arising from leases, including operating leases, to be recognized on the balance sheet, ASU 2016-02 will become effective for us on January 1, 2019. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Balance Sheet Components.
Balance Sheet Components. | 3 Months Ended |
Mar. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components. | Note 2. Balance Sheet Components. Accounts Receivable, Net. Accounts receivable, net consisted of the following (in thousands): March 31, December 31, 2016 2015 Accounts receivable $ 9,128 $ 10,936 Allowance for SSD, price protection, right of return and other activities (3,711 ) (4,400 ) Total accounts receivable, net $ 5,417 $ 6,536 Inventories. Inventories consisted of the following (in thousands): March 31, December 31, 2016 2015 Raw materials $ 1,307 $ 1,149 Work-in-process 5,842 4,844 Finished goods 1,430 1,375 Total inventories $ 8,579 $ 7,368 For the three months ended March 31, 2016 and 2015 we realized benefits of $0.1 million and $0.7 million, respectively, from the sales of previously reserved products. Other current assets. Other current assets consisted of the following (in thousands): March 31, December 31, 2016 2015 Foreign research credit receivable $ 1,069 $ 1,063 Other current assets 133 123 Total other current assets $ 1,202 $ 1,186 Property and Equipment, Net. Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2016 2015 Machinery and equipment $ 6,939 $ 6,627 Furniture and fixtures 77 77 Leasehold improvements 141 141 Computer software 668 668 Construction in progress 90 52 Property and equipment, at cost 7,915 7,565 Accumulated depreciation and amortization (6,886 ) (6,656 ) Property and equipment, net $ 1,029 $ 909 Depreciation and amortization expense of property and equipment for the three months ended March 31, 2016 and 2015 was $0.2 million and $0.4 million, respectively. Accrued Expenses and Other Current Liabilities. Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2016 2015 Accrued sales commission payable $ 326 $ 300 Accrued manufacturing expenses 314 271 Deferred rent 475 196 Other accrued liabilities 554 646 Total accrued expenses and other current liabilities $ 1,669 $ 1,413 |
Fair Value Measurements.
Fair Value Measurements. | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements. | Note 3. Fair Value Measurements. Fair value is defined as the exchange price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We measure financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1. Quoted prices in active markets for identical assets or liabilities. Level 2 . Quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. Level 3. Unobservable inputs which are supported by little or no market activity and which are significant to the fair value of the assets or liabilities. Financial assets measured at fair value on a recurring basis were as follows: Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) As of March 31, 2016 Assets: Money market funds $ — $ 17,021 $ — $ 17,021 As of December 31, 2015 Assets: Money market funds $ — $ 20,007 $ — $ 20,007 As of March 31, 2016 and December 31, 2015, we had no financial liabilities measured at fair value on a recurring basis. |
Purchased Intangible Assets.
Purchased Intangible Assets. | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Purchased Intangible Assets. | Note 4. Purchased Intangible Assets. In 2012, in connection with our purchase of the serial flash memory product line assets from Atmel Corporation, we recorded $16.4 million of intangible assets. Intangible assets were as follows (in thousands): March 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (unaudited) Developed technology $ 4,282 $ 1,499 $ 2,783 Customer relationships 9,011 2,628 6,383 Customer backlog 2,779 2,779 — Non-compete agreement 282 198 84 Total intangible assets subject to amortization $ 16,354 $ 7,104 $ 9,250 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 4,282 $ 1,392 $ 2,890 Customer relationships 9,011 2,440 6,571 Customer backlog 2,779 2,779 — Non-compete agreement 282 184 98 Total intangible assets subject to amortization $ 16,354 $ 6,795 $ 9,559 We recorded amortization expense related to the acquisition-related intangible assets as follows (in thousands): Three Months Ended March 31, 2016 2015 (unaudited) Operating expense category: Research and development $ 121 $ 121 Sales and marketing 188 188 Total $ 309 $ 309 The estimated future amortization expense of acquisition-related intangible assets subject to amortization after March 31, 2016 is as follows (in thousands): Year Ended December 31, 2016 (remaining 9 months) $ 927 2017 1,221 2018 1,179 2019 1,179 2020 1,179 Thereafter 3,565 Total $ 9,250 |
Borrowings.
Borrowings. | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings. | Note 5. Borrowings. Bridge Bank Loan. In October 2013, we entered into the Business Financing Agreement (the “BFA”) with Bridge Bank N.A. The BFA consisted of both a revolving credit facility under which we were permitted to borrow up to 80% of eligible accounts receivable but not to exceed $7.5 million and a term loan in the amount of $9.0 million. Interest on the revolving credit facility accrued at the bank’s prime rate, which under the BFA could not have been less than 3.25%, plus 1.25% while interest on the term loan accrues at the bank’s prime rate plus 3%. Under the term loan, we were required to make interest only payments through April 2014 and principal payments of $300,000 monthly thereafter plus interest. Borrowings under the BFA were secured by all of our assets and were subject to certain financial covenants, including maintaining minimum levels of EBITDA on a quarterly basis and a certain minimum asset coverage ratio based on the ratio of unrestricted cash plus certain accounts receivable to total outstanding under the agreement. In October 2014, we were not in compliance with certain financial covenants. As a result, in October 2014, we entered into the First Business Financing Modification Agreement (the “BFA Modification”) under which the covenant defaults were waived. The BFA Modification (i) increased the interest rate charged on the term loan from the bank’s prime rate plus 3% to the bank’s prime rate plus 4% and would have declined to the bank’s prime rate plus 3% upon the raising of additional equity of not less than $2.5 million, (ii) required us to continue to maintain certain minimum levels of EBITDA and asset coverage ratios, (iii) required us to maintain unrestricted cash of not less than $4.25 million until that point at which we either receive additional equity of not less than $5.0 million or maintain a debt service coverage ratio of not less than 1.00 to 1.00 (based on the ratio of EBITDA to current portion of total amounts outstanding under the BFA Modification plus period-to-date interest expense payments) for two consecutive quarters. In addition, under the BFA the bank was paid a facility fee of $82,500 at closing. Under the BFA Modification, the bank was paid an additional facility fee of $50,000 and received a warrant to purchase 1,488 shares of our Series E convertible preferred stock. The facility fees and the value of the warrant, $0.1 million, were recorded as a debt discount and have been amortized over the life of the agreement. Amortization of debt discount was $0.1 million in 2015. Borrowings of $10.9 million under this facility were repaid in full in April 2015. Opus Bank Term Loan. In April 2015, we entered into a three-year $15.0 million credit agreement, or the new term loan facility, which replaced our prior senior secured revolving credit and term loan facility. The agreement provides for a senior secured term loan facility, in an aggregate principal amount of up to $15.0 million to be used for general corporate purposes including working capital, to repay certain indebtedness and for capital expenditures and other expenses. Interest will accrue on any outstanding borrowings at a rate equal to (a) the higher of (i) the prime rate (as publicly announced from time to time by the Wall Street Journal) and (ii) 3.25% plus (b) (i) 1.00% if our cash equivalents are greater than 125% of the outstanding principal of our borrowings under the new term loan facility, or (ii) 2.00% if our cash and cash equivalents are less than or equal to 125% of such borrowings. Indebtedness we incur under this agreement is secured by substantially all of our assets and contains financial covenants requiring us to maintain a monthly asset coverage ratio after September 30, 2015 of not less than 1.10 to 1.00, and quarterly adjusted EBITDA (measured on a trailing three-month basis) of $1 through March 31, 2016 and increasing to higher levels thereafter. Under the agreement, the quarterly EBITDA covenant is not applicable if the asset coverage ratio is met at all times during any particular quarter. The agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our ability to, among other things, incur additional indebtedness, grant liens, make investments, repurchase stock, pay dividends, transfer assets, merge or consolidate and make acquisitions. Upon an occurrence of an event of default, we could be required to pay interest on all outstanding obligations under the agreement at a rate of five percent above the otherwise applicable interest rate, and the lender may accelerate our obligations under the agreement. As of March 31, 2016, we were in compliance with all financial covenants and restrictions and had borrowings of $12.5 million outstanding. We may not draw additional funds under the new term loan facility and our borrowings mature on April 30, 2018. In connection with the new term loan facility, Opus Bank received a warrant to purchase 31,897 shares of Series E convertible preferred stock. Upon the completion of our IPO on October 30, 2015 the preferred stock warrants were converted into 315,282 of our common stock warrants. In addition, we paid financing costs of $0.1 million. The financing costs and the value of the warrant, $0.9 million, were recorded as a debt discount and are being amortized over the life of the agreement. Amortization of debt discount was $0.1 million for the three months ended in March 31, 2016. As of March 31, 2016, the remaining unamortized debt discount was $0.5 million. Outstanding borrowings consisted of the following (in thousands): March 31, December 31, 2016 2015 Term loan, current $ 5,660 $ 5,606 Term loan, non-current 6,378 7,814 Total $ 12,038 $ 13,420 Future repayments on outstanding borrowings (excluding unamortized discount of $0.5 million as of March 31, 2016) are as follows (in thousands): Year ending December 31, 2016 (remaining 9 months) $ 4,500 2017 6,000 2018 2,000 $ 12,500 Interest expense incurred under our borrowings was $0.3 million and $0.2 million for the three months ended March 31, 2016 and March 31, 2015, respectively. |
Segment Information.
Segment Information. | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information. | Note 6. Segment Information. We operate in one business segment, application-specific and feature-rich, ultra-low power NVM products. Our chief decision-maker, the President and Chief Executive Officer, evaluates our performance based on company-wide consolidated results. Revenue is evaluated based on product category and by geographic region. Product revenue from customers is designated based on the geographic region to which the product is delivered. Revenue by geographic region was as follows (in thousands): Three Months Ended March 31, 2016 2015 (unaudited) United States $ 1,710 $ 2,174 Rest of Americas 204 158 Europe 1,544 1,470 Asia Pacific 6,598 5,789 Rest of world 120 99 Total $ 10,176 $ 9,690 Long-lived assets are attributed to the geographic region were they are located. Long-lived assets by geographic region were as follows (in thousands): March 31, December 31, 2016 2015 (unaudited) United States $ 398 $ 369 Asia Pacific 629 538 Europe 2 2 Total property and equipment, net $ 1,029 $ 909 |
Commitments and Contingencies.
Commitments and Contingencies. | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies. | Note 7. Commitments and Contingencies. Operating Leases. On November 2, 2015, the Company extended the lease for its headquarters by six months to July 2016 by entering into that certain Amendment to Commercial Sublease, dated November 2, 2015, between the Company and eGain Corporation. The Amendment provides for a base rent during the extension period of $47,087 per month. Additionally, on November 2, 2015, the Company entered into a lease with Peterson Ridge LLC pursuant to which the Company has leased a new headquarters facility, consisting of an aggregate of approximately 34,000 square feet of space in Santa Clara, California. The initial term of the lease commenced on November 2, 2015 and is scheduled to end on July 31, 2023 and may be extended, at the Company’s option, for an additional five-year period following the initial lease term. Pursuant to the lease, monthly base rental payments due under the lease are expected to be approximately $93,000 per month between August 1, 2016 and February 27, 2017, with annual increases of approximately 3% thereafter. The Company must also pay for certain other operating costs under the lease, including operating expenses, taxes, assessments, insurance, utilities, securities and property management fees. Peterson Ridge LLC is obligated to reimburse the Company for up to $2,521,051 of the Company’s out-of-pocket costs associated with any tenant improvements, as defined in the lease. Rent expense under operating leases for three months ended March 31, 2016 was $0.5 million. Total Remaining 2016 2017 2018 2019 2020 Thereafter (in thousands) Operating leases $ 8,897 $ 699 $ 1,154 $ 1,177 $ 1,213 $ 1,249 $ 3,405 Capital Leases. We have entered into various lease agreements for equipment and software under capital leases with terms of between 24 to 48 months. The equipment and software under the leases are collateral for the lease obligations and are included within property and equipment, net, on the condensed consolidated balance sheets. Future minimum commitments for capital leases as of March 31, 2016 are as follows (in thousands): Payments due remainder of 2016 $ 9 Total minimum lease payments 9 Less: Amounts representing interest (1 ) Present value of capital lease obligations and current portion of capital lease obligations $ 8 Obligations under capital leases are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Equipment acquired under capital leases is included in property and equipment, net and consisted of the following (in thousands): March 31, December 31, 2016 2015 (unaudited) Computer software $ 108 $ 108 Office equipment 49 49 Production equipment 44 44 Total 201 201 Accumulated depreciation and amortization (198 ) (189 ) Property and equipment, net $ 3 $ 12 Purchase Commitments. As of March 31, 2016 we had purchase commitments due within one year with our third-party foundries of $3.6 million and $3.0 million in conjunction with an agreement with TowerJazz Panasonic Semiconductor Company. Litigation. Although we are not currently subject to any litigation, and no litigation is currently threatened against us, we may be subject to legal proceedings, claims and litigation, including intellectual property litigation, arising in the ordinary course of business. Such matters are subject to many uncertainties and outcomes and are not predictable with assurance. We accrue amounts that we believe are adequate to address any liabilities related to legal proceedings and other loss contingencies that we believe will result in a probable loss that is reasonably estimable Indemnification. During the normal course of business, we may make certain indemnities, commitments and guarantees which may include intellectual property indemnities to certain of our customers in connection with the sales of our products and indemnities for liabilities associated with the infringement of other parties’ technology based upon our products. Our exposure under these indemnification provisions is generally limited to the total amount paid by a customer under the agreement. However, certain agreements include indemnification provisions that could potentially expose us to losses in excess of the amount received under the agreement. In addition, we indemnify our officers, directors and certain key employees while they are serving in good faith in such capacities. We have not recorded any liability for these indemnities, commitments and guarantees in the accompanying consolidated balance sheets. Where necessary, we accrue for losses for any known contingent liabilities, including those that may arise from indemnification provisions, when future payment is probable. |
Common Stock, Common Stock Warr
Common Stock, Common Stock Warrants and Stock Option Plan. | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Common Stock, Common Stock Warrants and Stock Option Plan. | Note 8. Common Stock, Common Stock Warrants and Stock Option Plan. Common Stock. We were authorized to issue 100,000,000 shares of common stock with $0.0001 par value per share as of December 31, 2015 and 6,666,666 shares of common stock with no par value per share as of December 31, 2014. Each holder of common stock is entitled to one vote per share. The holders of common stock are also entitled to receive dividends, when and if declared by our Board of Directors. Common Stock Reserved for Future Issuance. As of March 31, 2016 and December 31, 2015, we had reserved shares of common stock for future issuances as follows: March 31, December 31, 2016 2015 Warrants to purchase common stock 411,514 411,514 Stock option plan: Options outstanding 793,416 796,356 Options available for future grants 1,817,786 1,814,846 Shares available for ESPP 149,747 149,747 Total 3,172,463 3,172,463 Upon completion of our IPO on October 30, 2015 all outstanding shares of our preferred stock were converted into 9,114,739 shares of common stock. Common Stock Warrants. The following common stock warrants were outstanding as of March 31, 2016 and December 31, 2015 and were the result of a conversion of preferred stock warrants upon the completion of our IPO on October 30, 2015. Total amount of securities issuable under the outstanding warrants Exercise Price Issuance Date Expiration Date 7,378 $ 12.20 2010 2017 74,141 $ 31.35 2012-2013 2019 329,995 $ 2.38 2014-2015 2022-2024 411,514 Common stock warrants are exercisable at the option of the holder any time after the date of issuance into shares of our common stock. The aggregate amount of shares of common stock that would be issued is determined by dividing the exercisable price by the conversion price applicable on the date of conversion multiplied by the number of warrants exercised. Employee Benefit Plans 2007 Equity Incentive Plan. In 2007, our Board of Directors and shareholders approved the 2007 Equity Incentive Plan (the “2007 Plan”) under which 272,727 shares of common stock were reserved and available for the issuance of stock options and restricted stock to eligible participants. The 2007 Plan was subsequently amended to increase the number of shares of common stock reserved for issuance under the 2007 Plan to 787,878 and during the year ended December 31, 2015, the number of shares reserved for issuance under the 2007 Plan was increased to 2,651,515. Options and restricted stock awards were granted at a price per share not less than the 85% of the fair value at the date of grant or award, respectively. Restricted stock awarded to persons controlling more than 10% of our stock were granted at a price per share not less than the 100% of the fair value at the date of the award. Options that were granted to new employees generally vest over a four-year period with 25% vesting at the end of one year and the remaining to vest monthly thereafter, while options that were granted to existing employees generally vest over a four-year period. Options granted generally are exercisable up to 10 years from the date of grant. As of October 26, 2015, no shares were available for grant under the 2007 Plan and all outstanding options continue to be governed and remain outstanding in accordance with their existing terms under the 2007 Plan. In addition, any shares subject to outstanding awards under the 2007 Plan that are issuable upon the exercise of options that expire or become unexercisable for any reason without having been exercised in full will be available for future grant and issuance under the 2015 Plan (as defined below). 2015 Equity Incentive Plan In September 2015, our Board of Directors adopted, and in October 2015 our stockholders approved, our 2015 Equity Incentive Plan. The 2015 Equity Incentive Plan became effective on the date immediately prior to the date of our initial public offering. As a result, 1,813,272 shares of common stock previously reserved but unissued under the 2007 Plan on the effective date of the 2015 Equity Incentive Plan became reserved for issuance under our 2015 Equity Incentive Plan, and we ceased granting awards under our 2007 Plan. The number of shares reserved for issuance under our 2015 Equity Incentive Plan will increase automatically on the first day of January of each of 2016 through 2025 by the number of shares equal to 4% of the total outstanding shares of our common stock as of the immediately preceding December 31. However, our Board of Directors may reduce the amount of the increase in any particular year. Our 2015 Equity Incentive Plan authorizes the award of stock options, restricted stock awards, stock appreciation rights, restricted stock units (“RSU’s”), performance awards and stock bonuses. No person will be eligible to receive more than 2,000,000 shares in any calendar year under our 2015 Equity Incentive Plan other than a new employee of ours, who will be eligible to receive no more than 4,000,000 shares under the plan in the calendar year in which the employee commences employment. The aggregate number of shares of our common stock that may be subject to awards granted to any single non-employee director pursuant to the 2015 Equity Incentive Plan in any calendar year shall not exceed 300,000. Our 2015 Equity Incentive Plan provides that no more than 25,000,000 shares will be issued as incentive stock options. 2015 Employee Stock Purchase Plan In September 2015, our Board of Directors adopted, and in October 2015 our stockholders approved, our 2015 Employee Stock Purchase Plan (“ESPP”). The 2015 Employee Stock Purchase Plan became effective on the date of our initial public offering. We reserved 150,000 shares of our common stock for issuance under our 2015 Employee Stock Purchase Plan. The number of shares reserved for issuance under our 2015 Employee Stock Purchase Plan will increase automatically on the first day of January following the first offering date by the number of shares equal to 1% of the total outstanding shares of our common stock as of the immediately preceding December 31 (rounded to the nearest whole share). However, our Board of Directors may reduce the amount of the increase in any particular year. The aggregate number of shares issued over the term of our 2015 Employee Stock Purchase Plan will not exceed 2,250,000 shares of our common stock. Under our 2015 Employee Stock Purchase Plan, eligible employees will be able to acquire shares of our common stock by accumulating funds through payroll deductions. Eligible employees will be able to select a rate of payroll deduction up to 15% of their base cash compensation. The purchase price for shares of our common stock purchased under our 2015 Employee Stock Purchase Plan will be 85% of the lesser of the fair market value of our common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the applicable offering period. Except for the first offering period, each offering period will run for no more than six months, with purchases occurring every six months. The first offering period began upon the effective date of our IPO and will end on June 30, 2016. No participant will have the right to purchase shares of our common stock in an amount that has a fair market value greater than $25,000, determined as of the first day of the applicable purchase period, for each calendar year in which that right is outstanding. In addition, no participant will be permitted to purchase more than 2,500 shares during any one purchase period or a lesser amount as determined by our compensation committee. Our 2015 Employee Stock Purchase Plan will continue until the earlier to occur of its termination by our Board of Directors, the issuance of all shares reserved for issuance under it or the tenth anniversary of its effective date. A summary of stock option and restricted stock units activity under the 2007 Plan and the 2015 Plan is as follows: Stock Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregrate Instrinsic Value (aggregate intrinsic value in thousands) Outstanding as of December 31, 2013 565,265 $ 3.60 5.9 $ — Granted 110,085 1.65 Exercised (20,398 ) 1.66 Canceled (50,540 ) 3.96 Outstanding as of December 31, 2014 604,412 $ 1.57 6.8 $ — Granted 202,662 5.18 Exercised (5,952 ) 1.67 Canceled (4,766 ) 2.31 Outstanding as of December 31, 2015 796,356 $ 2.49 6.5 $ 4,157 Granted - Exercised - Canceled (2,940 ) Outstanding as of March 31, 2016 793,416 $ 2.49 6.3 $ 2,483 Options vested and expected to vest as of March 31, 2016 760,357 $ 2.41 6.4 $ 2,438 Options vested and exercisable as of March 31, 2016 545,690 $ 1.84 5.1 $ 2,065 Restricted stock units Shares Weighted- Average Grant Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregrate Instrinsic Value (aggregate intrinsic value in thousands) Outstanding as of December 31, 2014 — — — — Granted 880,072 5.95 — — Released — — — — Forfeited/expired (5,564 ) 5.95 — — Outstanding as of December 31, 2015 874,508 $ 5.95 1.8 $ 6,742 Granted 34,950 6.00 — — Released — — — — Forfeited/expired (6,468 ) 5.95 — — Outstanding as of March 31, 2016 902,990 $ 5.95 1.6 $ 5,075 |
Stock-based Compensation.
Stock-based Compensation. | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation. | Note 9. Stock-based Compensation. We record stock-based compensation based on fair value as of the grant date using the Black-Scholes option-pricing model. We recognize such costs as compensation expense on a straight-line basis over the employee’s requisite service period, which is generally four years. Our valuation assumptions are as follows: Fair value of common stock. Prior to our IPO in October 2015, we estimated the fair value of our common stock using various valuation methodologies, including valuation analyses performed by third-party valuation firms. After the initial public offering, we used the publicly quoted price as the fair value of our common stock. Risk-free interest rate. We base the risk-free interest rate used in the Black-Scholes option-pricing model on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent expected term of the options for each option group. Expected term. The expected term represents the period that our stock-based awards are expected to be outstanding. The expected term assumption is based on the simplified method in which the expected term is equal to the average of the stock-based award’s weighted-average vesting period and its contractual term. We expect to continue using the simplified method until sufficient information about historical behavior is available. Volatility. We determine volatility based on the historical stock volatilities of a group of publicly listed guideline companies over a period equal to the expected terms of the options, as we do not have sufficient trading history to determine the volatility of our common stock. Dividend yield. We have never declared or paid any cash dividend and do not currently plan to pay a cash dividend in the foreseeable future. Consequently, we used an expected dividend yield of zero. The following table summarizes the weighted-average assumptions used in the Black-Scholes option-pricing model to determine fair value of stock options: We did not make any new grants of stock options during the first three months of 2016 and 2015. The following table presents the effects of stock-based compensation for stock options, RSU’s and ESPP shares during the periods (in thousands): Three Months Ended March 31, 2016 2015 (unaudited) Cost of revenue $ 18 $ 1 Research and development 255 14 Sales and marketing 169 7 General and administrative 367 20 Total $ 809 $ 42 Stock-based compensation expense capitalized to inventories was not material during the three months ended March 31, 2016 and 2015, respectively. We did not realize any income tax benefit from stock option exercises in either of the periods presented due to recurring losses and valuation allowances. As of March 31, 2016, the total unrecognized compensation cost related to stock options, net of estimated forfeitures, was approximately $0.5 million, and this amount is expected to be recognized over a weighted-average period of approximately 2 years. As of March 31, 2016, the total unrecognized compensation cost related to RSU’s and ESPP was $4.4 million and $62,000, respectively, and there amounts are expected to be recognized over 1.6 years and 0.3 years, respectively. |
Income Taxes.
Income Taxes. | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes. | Note 10. Income Taxes. We recorded an income tax provision of $14,000 and $49,000 for the three months ended March 31, 2016 and March 31, 2015, respectively. The income tax provision is comprised of estimates of current taxes due in domestic and foreign jurisdictions. The income tax provision reflects tax expense associated with state income tax, foreign taxes, uncertain tax positions and tax expense related to the recording of a deferred tax liability that results from the amortization for income tax purposes of acquisition-related goodwill. The decrease in the tax provision between 2016 and 2015 As of March 31, 2016, our deferred tax assets are fully offset by a valuation allowance except in those jurisdictions where it is determined that a valuation allowance is not required. Accounting for income taxes (ASC 740), Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Based on the weight of available evidence, which includes historical operating performance, reported cumulative net losses since inception and difficulty in accurately forecasting our future results, we provided a full valuation allowance against our net U.S. deferred tax assets. We reassess the need for our valuation allowance on a quarterly basis. If it is later determined that a portion or all of the valuation allowance is not required, it generally will be a benefit to the income tax provision in the period that such determination is made. We evaluate tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. We believe that we have provided adequate reserves for our income tax uncertainties in all open tax years. The Company does not anticipate a material change in the total amount or composition of its unrecognized tax benefits within the 12 months of March 31, 2016. We file tax returns in the United States for federal, California, and other states. All tax years remain open to examination for both federal and state purposes as a result of our net operating loss and credit carryforwards. We file foreign tax returns in the United Kingdom, France, China, Hong Kong, and Taiwan. These tax years remain open to examination, except for 2011 and prior years in France. |
Net Loss Per Share.
Net Loss Per Share. | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share. | Note 11. Net Loss Per Share. The following outstanding common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Three Months Ended March 31, 2016 2015 (unaudited) Shares not used in computing net loss per share attributable to common stockholders as considered anti-dilutive: Preferred stock - 9,114,739 Stock options 793,416 604,174 Preferred stock warrants - 82,018 Common stock warrants 411,514 218,618 Restricted stock units 902,990 - |
Other Income (Expense), Net.
Other Income (Expense), Net. | 3 Months Ended |
Mar. 31, 2016 | |
Other Income And Expenses [Abstract] | |
Other Income (Expense), Net. | Note 12. Other Income (Expense), Net. Other income (expense), net consisted of the following (in thousands): March 31, March 31, 2016 2015 Revaluation of convertible preferred stock warrant liability $ - $ 9 Other income (expense) 22 (127 ) Other income (expense), net $ 22 $ (118 ) |
Subsequent Events.
Subsequent Events. | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events. | Note 13. Subsequent Events. None. |
Organization and Summary of S20
Organization and Summary of Significant Accounting Policies. (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Nature of Operations. | Organization and Nature of Operations. Adesto Technologies Corporation (together with its subsidiaries; “Adesto”, “we”, “our”, “us” or the “Company”) was incorporated in the state of California in January 2006 and reincorporated in Delaware in October 2015. We are a leading provider of application-specific and ultra-low power non-volatile memory (“NVM”) products. Our corporate headquarters are located in Sunnyvale, California. On September 28, 2012, we purchased certain flash memory product assets from Atmel Corporation and our financial results include the operating results of those assets from the date of acquisition. The Company completed its initial public offering (“IPO”) of common stock on October 30, 2015. The Company sold 5,192,184 shares, including 192,184 shares for the underwriters’ option to purchase additional shares. The shares were sold at an initial public offering price of $5.00 per share for net proceeds of $22.1 million to the Company, after deducting underwriting discounts and commissions and offering expenses. |
Basis of Presentation. | Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP to complete annual financial statements. In the opinion of our management, all adjustments (consisting of normal recurring adjustments) considered necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016, for any other interim period or for any other future year. The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures required by U.S. GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 30, 2016. The consolidated financial statements include the results of our operations, and the operations of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. There have been no material changes to our significant accounting policies described in Note 1, Organization and Summary of Significant Accounting Policies , in Notes to Consolidated Financial Statements in Item 8 of Part II of our for the year ended December 31, 2015 |
Reverse Stock Split. | Reverse Stock Split. On October 1, 2015, we effected a 1-for-33 reverse stock split of our common stock and convertible preferred stock (collectively, “Capital Stock”). On the effective date of the reverse stock split, (i) each 33 shares of outstanding Capital Stock were reduced to one share of Capital Stock; (ii) the number of shares of Capital Stock into which each outstanding warrant or option to purchase Capital Stock is exercisable were proportionately reduced on a 33-to-1 basis; (iii) the exercise price of each outstanding warrant or option to purchase Capital Stock were proportionately increased on a 1-to-33 basis; and (iv) each 33 shares of authorized Capital Stock were reduced to one share of Capital Stock. All of the share numbers, share prices, and exercise prices have been adjusted, on a retroactive basis, to reflect this 1-for-33 reverse stock split. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. |
Use of Estimates. | Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. On an on-going basis, we evaluate those estimates, including those related to allowances for doubtful accounts, reserves for sales, warranty accrual, inventory write-downs, valuation of long-lived assets, including property and equipment and identifiable intangible assets and goodwill, loss on purchase commitments, valuation of deferred taxes and contingencies. In addition, we use assumptions when employing the Black-Scholes option-pricing model to calculate the fair value of stock options granted. We base our estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. Actual results could differ from these estimates. |
Revenue Recognition and Accounts Receivable Allowances. | Revenue Recognition and Accounts Receivable Allowances. We recognize revenue from product sales when persuasive evidence of an arrangement exists, the selling price is fixed or determinable, transfer of title occurs, and the collectibility of the resulting receivable is reasonably assured. Due to the historical immaterial level of product returns under warranty, we do not record a reserve for estimated returns under warranty at the time of revenue recognition. Generally, we meet product sale revenue recognition conditions upon shipment because, in most cases, title and risk of loss passes to the customer at that time. In addition, we estimate and record provisions for future returns and other charges against revenue at the time of shipment, consistent with the terms of sale. We sell products to distributors at the price listed in our distributor price book. At the time of sale, we record a sales reserve for ship from stock and debits (“SSDs”), stock rotation rights and any special programs approved by management. We offset the sales reserve against recorded revenues, producing the revenue amount reported in our consolidated statements of operations. The market price for our products can differ significantly from the book price at which we sold the product to the distributor. When the market price of a particular distributor’s sales opportunity to their customers would result in low or negative margins for the distributor, as compared to our original book price, we negotiate SSDs with the distributor. Management analyzes our SSD history to develop current SSD rates that form the basis of the SSD revenue reserve recorded each period. We obtain the historical SSD rates from the distributor’s records and our internal records. We typically grant payment terms of between 30 and 60 days to our customers. Our customers generally pay within those terms. Distributors are invoiced for shipments at listed book price. When the distributors pay the invoice, they may claim debits for SSDs previously authorized by us when appropriate. Once claimed, we process the requests against prior authorizations and adjust reserves previously established for that customer. The revenue we record for sales to our distributors is net of estimated provisions for these programs. Determining net revenue requires significant judgments and estimates on our part. We base our estimates on historical experience rates, the levels of inventory held by our distributors, current trends and other related factors. Because of the inherent nature of estimates, there is a risk actual amounts may differ materially from our estimates. Our consolidated financial condition and operating results depend on our ability to make reliable estimates. We believe that such estimates are reasonable. We also monitor collectibility of accounts receivable primarily through review of our accounts receivable aging. When facts and circumstances indicate the collection of specific amounts or from specific customers is at risk, we assess the impact on amounts recorded for bad debts and, if necessary, record a charge in the period such determination is made. As of March 31, 2016 and December 31, 2015, there was no allowance for doubtful accounts. |
Shipping Costs. | Shipping Costs. We charge shipping costs to cost of revenue as incurred. |
Product Warranty. | Product Warranty. Our products are sold with a limited warranty for a period of one year, warranting that the product conforms to specifications and is free from material defects in design, materials and workmanship. To date, we have had insignificant returns of any defective production parts. During the year ended December 31, 2015, we recorded $250,000 for a specific potential warranty claim. As of March 31, 2016, approximately $41,000 has been incurred relating to this potential warranty claim. |
Income Taxes. | Income Taxes. We account for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements, but have not been reflected in our taxable income. Valuation allowances are established to reduce deferred tax assets as necessary when in management’s estimate, based on available objective evidence, it is more likely than not that we will not generate sufficient taxable income in future periods to realize the benefit of our deferred tax assets. We include interest and penalties related to unrecognized tax benefits in income tax expense. We recognize in our consolidated financial statements the impact of a tax position that based on its technical merits is more likely than not to be sustained upon examination. |
Foreign Currency Translation. | Foreign Currency Translation. The functional currency of our foreign subsidiaries is the local currency. In consolidation, we translate assets and liabilities at exchange rates in effect at the consolidated balance sheet date. We translate revenue and expense accounts at the average exchange rates during the period in which the transaction takes place. Net gains or losses from foreign currency translation of assets and liabilities were a loss of $13,000 and a loss of $0.2 million for the three months ended March 31, 2016 and 2015, respectively, and are included in the cumulative translation adjustment component of accumulated other comprehensive loss, net of tax, a component of stockholders’ equity. Net gains and losses arising from transactions denominated in currencies other than the functional currency were a $22,000 gain and a $0.1 million loss for the three months ended March 31, 2016 and 2015, respectively, and are included in other income (expense), net. |
Cash and Cash Equivalents. | Cash and Cash Equivalents. We consider all highly liquid investments with an initial maturity of 90 days or less at the date of purchase to be cash equivalents. We maintain such funds in overnight cash deposits. |
Property and Equipment. | Property and Equipment. Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the term of the related lease, whichever is shorter. Estimates of useful lives are as follows: Estimated useful lives Machinery and equipment 2-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of lease term or 5 years Computer software 3 years |
Inventories. | Inventories. We record inventories at the lower of standard cost (which generally approximates actual cost on a first-in, first-out basis) or market value. On a quarterly basis, we analyze inventories on a part-by-part basis. The carrying value of inventory is adjusted for excess and obsolete inventory based on inventory age, shipment history and the forecast of demand over a specific future period. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that new cost basis. The semiconductor markets that we serve are volatile and actual results may vary from forecast or other assumptions, potentially affecting our assessment of excess and obsolete inventory which could have a material effect on our results of operations. |
Long-Lived Assets. | Long-Lived Assets. We evaluate our long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. We recognize an impairment loss when the net book value of such assets exceeds the estimated future undiscounted cash flows attributable to the asset. If impairment is indicated, we write the asset down to its estimated fair value. For all periods presented, we have not recognized any impairment losses on our long-lived assets. |
Purchased Intangible Assets. | Purchased Intangible Assets. Purchased intangible assets are amortized over their useful lives unless these lives are determined to be indefinite. Purchased intangible assets with definite lives are carried at cost less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets as follows: Years Developed technology 10 Customer relationships 12 Customer backlog 1 Non-compete agreement 5 |
Goodwill. | Goodwill. Goodwill represents the excess of the cost of an acquisition over the sum of the amounts assigned to tangible and identifiable intangible assets acquired less liabilities assumed. We evaluate our goodwill, at a minimum, on an annual basis and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We perform our annual goodwill impairment test as of November 1 of each year. We last conducted our annual goodwill impairment analysis in the fourth quarter of 2015 and no goodwill impairment was indicated. When evaluating goodwill for impairment, we may initially perform a qualitative assessment which includes a review and analysis of certain quantitative factors to estimate if a reporting unit’s fair value significantly exceeds its carrying value. When the estimate of a reporting unit’s fair value appears more likely than not to be less than its carrying value based on this qualitative assessment, we continue to the first step of two steps impairment test. The first step requires a comparison of the fair value of the reporting unit to its net book value, including goodwill. The fair value of the reporting unit is determined based on a weighting of income and market approaches. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. Under the market approach, we estimate the fair value based on market multiples of revenue or earnings for comparable companies. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, and future economic and market conditions and determination of appropriate market comparables. We base these fair value estimates on reasonable assumptions that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. A potential impairment exists if the fair value of the reporting unit is lower than its net book value. The second step of the process is only performed if a potential impairment exists, and it involves determining the difference between the fair values of the reporting unit’s net assets, other than goodwill, and the fair value of the reporting unit, and, if the difference is less than the net book value of goodwill, an impairment charge is recorded. In the event that we determine that the value of goodwill has become impaired, we record a charge for the amount of impairment during the fiscal quarter in which the determination is made. We operate in one reporting unit. |
Research and Development Expenses. | Research and Development Expenses. Research and development expenditures are expensed as incurred. |
Stock-based Compensation. | Stock-based Compensation. We account for stock-based compensation using the fair value method. We determine fair value for stock options awarded to employees at the grant date using the Black-Scholes option-pricing model, which requires us to make various assumptions, including the fair value of the underlying common stock, expected future share price volatility and expected term. We determine the fair value of stock options awarded to non-employees at each vesting date using the Black-Scholes option-pricing model, and re-measure fair value at each reporting period until the services required under the arrangement are completed. Fair value is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. We are required to estimate the expected forfeiture rate and only recognize expense for those stock-based awards expected to vest. We estimate the forfeiture rate based on historical experience of our stock-based awards that are granted, exercised and cancelled. If the actual forfeiture rate is materially different from our estimate, stock-based compensation expense in future periods could be significantly different from what was recorded in the current period. |
Concentration of Risk. | Concentration of Risk. Our products are primarily manufactured, assembled and tested by third-party foundries and other contractors in Asia and we are heavily dependent on a single foundry in Taiwan for the manufacture of wafers and a single contractor in the Philippines for assembly and testing of our products. We do not have long-term agreements with either of these suppliers. A significant disruption in the operations of these parties would adversely impact the production of our products for a substantial period of time, which could have a material adverse effect on our business, financial condition, operating results and cash flows. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables. We place substantially all of our cash and cash equivalents on deposit with a reputable, high credit quality financial institution in the United States of America. We believe that the bank that holds substantially all of our cash and cash equivalents is financially sound and, accordingly, subject to minimal credit risk. Deposits held with the bank may exceed the amount of insurance provided on such deposits. We generally do not require collateral or other security in support of accounts receivable. We periodically review the need for an allowance for doubtful accounts by considering factors such as historical experience, credit quality, the age of the accounts receivable balances and current economic conditions that may affect a customer’s ability to pay. As a result of our favorable collection experience and customer concentration, there was no allowance for doubtful accounts as of March 31, 2016 and December 31, 2015. Customer concentrations as a percentage of total revenue were as follows: Three Months Ended March 31, 2016 2015 Customer A 16 % 17 % Customer B 14 % * Customer C 11 % * * less than 10% Customer concentrations as a percentage of gross accounts receivable were as follows: March 31, March 31, 2016 2015 Customer A 17 % 21 % Customer B 15 % 19 % Customer C 12 % 11 % * less than 10% |
Net Loss per Share. | Net Loss per Share. Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and potentially dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, common stock options, restricted stock units, and warrants are considered to be potentially dilutive securities. |
Loss Contingencies. | Loss Contingencies. We are or have been subject to claims arising in the ordinary course of business. We evaluate contingent liabilities, including threatened or pending litigation, for potential losses. If the potential loss from any claim or legal proceedings is considered probable and the amount can be estimated, we accrue a liability for the estimated loss. Because of uncertainties related to these matters, accruals are based upon the best information available. For potential losses for which there is a reasonable possibility (meaning the likelihood is more than remote but less than probable) that a loss exists, we will disclose an estimate of the potential loss or range of such potential loss or include a statement that an estimate of the potential loss cannot be made. As additional information becomes available, we reassess the potential liability related to pending claims and litigation and may revise our estimates, which could materially impact our consolidated financial statements. |
Recent Accounting Pronouncements. | Recent Accounting Pronouncements. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The amendments require management to perform interim and annual assessments of an entity’s ability to continue as a going concern and provide guidance on determining when and how to disclose going concern uncertainties in the financial statements. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. We are currently evaluating the impact that this new guidance will have on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which simplifies the presentation of debt issuance costs. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those years, with early adoption permitted. We adopted this guidance on our consolidated financial statements with no effect in the first three months of 2016. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, amending Accounting Standards Codification (“ASC 740”). Upon adoption, this topic supersedes the existing guidance under ASC 740 and aims to simplify the accounting for income taxes. Currently, U.S. GAAP requires an entity to separate deferred income tax assets and liabilities into current and noncurrent amounts in a classified statement of financial position. This amendment requires that deferred tax assets and liabilities be classified as noncurrent. This ASU is effective for annual periods beginning after December 15, 2016 (including interim reporting periods within those periods), or the first quarter 2017 for Adesto. We early adopted this ASU at the beginning of our fourth quarter of 2015 and applied it prospectively. No prior periods were retrospectively adjusted. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, amending ASC 330. Upon adoption, this topic supersedes the existing guidance under ASC 330 and aims to simplify the subsequent measurement of inventory. Currently, inventory can be measured at the lower of cost or market, which could result in several potential outcomes, as market could be replacement cost, net realizable value or net realizable value less an approximately normal profit margin. The major amendments would be as follows: 1. Inventory should be measured at the lower of cost or net realizable value. 2. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. 3. The amendment does not apply to inventory measured under LIFO or the retail inventory method. 4. The amendment does apply to all other inventory, which includes inventory measured via FIFO or average cost. We plan to adopt this guidance effective for periods beginning after December 15, 2016 (including interim reporting periods within those fiscal years), or the first quarter of 2017, and do not expect it to have a material effect on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, creating ASC Topic 606. Upon adoption, this topic supersedes the existing guidance under ASC 605 and aims to simplify the number of requirements to follow for revenue recognition and make revenue recognition more comparable across various entities, industries, jurisdictions and capital markets. There are 5 core principles: 1. Identify the contract(s) with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfies a performance obligation. Additional considerations under this update include: accounting for costs to obtain or fulfill a contract with a customer and additional quantitative and qualitative disclosures. We plan to adopt this guidance effective for periods beginning after December 15, 2017 (including interim reporting periods within those periods), or the first quarter of 2018, and are currently evaluating the impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases. This ASU requires lease assets and lease liabilities arising from leases, including operating leases, to be recognized on the balance sheet, ASU 2016-02 will become effective for us on January 1, 2019. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Organization and Summary of S21
Organization and Summary of Significant Accounting Policies. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Property and Equipment Estimated Useful Lives | Estimates of useful lives are as follows: Estimated useful lives Machinery and equipment 2-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of lease term or 5 years Computer software 3 years |
Schedule of Purchased Intangible Assets Estimated Useful Lives | Amortization is computed over the estimated useful lives of the respective assets as follows: Years Developed technology 10 Customer relationships 12 Customer backlog 1 Non-compete agreement 5 |
Schedule of Customer Concentration as Percentage of Total Revenue and Gross Receivable | Customer concentrations as a percentage of total revenue were as follows: Three Months Ended March 31, 2016 2015 Customer A 16 % 17 % Customer B 14 % * Customer C 11 % * * less than 10% Customer concentrations as a percentage of gross accounts receivable were as follows: March 31, March 31, 2016 2015 Customer A 17 % 21 % Customer B 15 % 19 % Customer C 12 % 11 % * less than 10% |
Balance Sheet Components. (Tabl
Balance Sheet Components. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net consisted of the following (in thousands): March 31, December 31, 2016 2015 Accounts receivable $ 9,128 $ 10,936 Allowance for SSD, price protection, right of return and other activities (3,711 ) (4,400 ) Total accounts receivable, net $ 5,417 $ 6,536 |
Schedule of Inventories | Inventories consisted of the following (in thousands): March 31, December 31, 2016 2015 Raw materials $ 1,307 $ 1,149 Work-in-process 5,842 4,844 Finished goods 1,430 1,375 Total inventories $ 8,579 $ 7,368 |
Schedule of Other Current Assets | Other current assets consisted of the following (in thousands): March 31, December 31, 2016 2015 Foreign research credit receivable $ 1,069 $ 1,063 Other current assets 133 123 Total other current assets $ 1,202 $ 1,186 |
Property and Equipment | Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2016 2015 Machinery and equipment $ 6,939 $ 6,627 Furniture and fixtures 77 77 Leasehold improvements 141 141 Computer software 668 668 Construction in progress 90 52 Property and equipment, at cost 7,915 7,565 Accumulated depreciation and amortization (6,886 ) (6,656 ) Property and equipment, net $ 1,029 $ 909 |
Schedule of Accrued Expenses and Other Liabilities | Accrued Expenses and Other Current Liabilities. Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2016 2015 Accrued sales commission payable $ 326 $ 300 Accrued manufacturing expenses 314 271 Deferred rent 475 196 Other accrued liabilities 554 646 Total accrued expenses and other current liabilities $ 1,669 $ 1,413 |
Fair Value Measurements. (Table
Fair Value Measurements. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | Financial assets measured at fair value on a recurring basis were as follows: Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) As of March 31, 2016 Assets: Money market funds $ — $ 17,021 $ — $ 17,021 As of December 31, 2015 Assets: Money market funds $ — $ 20,007 $ — $ 20,007 |
Purchased Intangible Assets. (T
Purchased Intangible Assets. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets were as follows (in thousands): March 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (unaudited) Developed technology $ 4,282 $ 1,499 $ 2,783 Customer relationships 9,011 2,628 6,383 Customer backlog 2,779 2,779 — Non-compete agreement 282 198 84 Total intangible assets subject to amortization $ 16,354 $ 7,104 $ 9,250 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 4,282 $ 1,392 $ 2,890 Customer relationships 9,011 2,440 6,571 Customer backlog 2,779 2,779 — Non-compete agreement 282 184 98 Total intangible assets subject to amortization $ 16,354 $ 6,795 $ 9,559 |
Schedule of Amortization Expense of Intangible Assets | We recorded amortization expense related to the acquisition-related intangible assets as follows (in thousands): Three Months Ended March 31, 2016 2015 (unaudited) Operating expense category: Research and development $ 121 $ 121 Sales and marketing 188 188 Total $ 309 $ 309 |
Schedule of Finite-Lived Intangible Assets, Annual Expected Amortization Expense | The estimated future amortization expense of acquisition-related intangible assets subject to amortization after March 31, 2016 is as follows (in thousands): Year Ended December 31, 2016 (remaining 9 months) $ 927 2017 1,221 2018 1,179 2019 1,179 2020 1,179 Thereafter 3,565 Total $ 9,250 |
Borrowings. (Tables)
Borrowings. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Borrowings | Outstanding borrowings consisted of the following (in thousands): March 31, December 31, 2016 2015 Term loan, current $ 5,660 $ 5,606 Term loan, non-current 6,378 7,814 Total $ 12,038 $ 13,420 |
Schedule of Future Repayments Of Outstanding Borrowing | Future repayments on outstanding borrowings (excluding unamortized discount of $0.5 million as of March 31, 2016) are as follows (in thousands): Year ending December 31, 2016 (remaining 9 months) $ 4,500 2017 6,000 2018 2,000 $ 12,500 |
Segment Information. (Tables)
Segment Information. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Product Revenue from Customers Based on Geographic Region | Product revenue from customers is designated based on the geographic region to which the product is delivered. Revenue by geographic region was as follows (in thousands): Three Months Ended March 31, 2016 2015 (unaudited) United States $ 1,710 $ 2,174 Rest of Americas 204 158 Europe 1,544 1,470 Asia Pacific 6,598 5,789 Rest of world 120 99 Total $ 10,176 $ 9,690 |
Schedule of Long-Lived Assets by Geographic Region | Long-lived assets are attributed to the geographic region were they are located. Long-lived assets by geographic region were as follows (in thousands): March 31, December 31, 2016 2015 (unaudited) United States $ 398 $ 369 Asia Pacific 629 538 Europe 2 2 Total property and equipment, net $ 1,029 $ 909 |
Commitments and Contingencies.
Commitments and Contingencies. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Operating Leases | Total Remaining 2016 2017 2018 2019 2020 Thereafter (in thousands) Operating leases $ 8,897 $ 699 $ 1,154 $ 1,177 $ 1,213 $ 1,249 $ 3,405 |
Schedule of Future Minimum Commitments for Capital Leases | Future minimum commitments for capital leases as of March 31, 2016 are as follows (in thousands): Payments due remainder of 2016 $ 9 Total minimum lease payments 9 Less: Amounts representing interest (1 ) Present value of capital lease obligations and current portion of capital lease obligations $ 8 |
Schedule of Capital Leased Assets | Equipment acquired under capital leases is included in property and equipment, net and consisted of the following (in thousands): March 31, December 31, 2016 2015 (unaudited) Computer software $ 108 $ 108 Office equipment 49 49 Production equipment 44 44 Total 201 201 Accumulated depreciation and amortization (198 ) (189 ) Property and equipment, net $ 3 $ 12 |
Common Stock, Common Stock Wa28
Common Stock, Common Stock Warrants and Stock Option Plan. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Stock Reserved for Future Issuance | As of March 31, 2016 and December 31, 2015, we had reserved shares of common stock for future issuances as follows: March 31, December 31, 2016 2015 Warrants to purchase common stock 411,514 411,514 Stock option plan: Options outstanding 793,416 796,356 Options available for future grants 1,817,786 1,814,846 Shares available for ESPP 149,747 149,747 Total 3,172,463 3,172,463 |
Summary of Outstanding Common Stock Warrants | The following common stock warrants were outstanding as of March 31, 2016 and December 31, 2015 and were the result of a conversion of preferred stock warrants upon the completion of our IPO on October 30, 2015. Total amount of securities issuable under the outstanding warrants Exercise Price Issuance Date Expiration Date 7,378 $ 12.20 2010 2017 74,141 $ 31.35 2012-2013 2019 329,995 $ 2.38 2014-2015 2022-2024 411,514 |
Summary of Stock Option Activity | A summary of stock option and restricted stock units activity under the 2007 Plan and the 2015 Plan is as follows: Stock Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregrate Instrinsic Value (aggregate intrinsic value in thousands) Outstanding as of December 31, 2013 565,265 $ 3.60 5.9 $ — Granted 110,085 1.65 Exercised (20,398 ) 1.66 Canceled (50,540 ) 3.96 Outstanding as of December 31, 2014 604,412 $ 1.57 6.8 $ — Granted 202,662 5.18 Exercised (5,952 ) 1.67 Canceled (4,766 ) 2.31 Outstanding as of December 31, 2015 796,356 $ 2.49 6.5 $ 4,157 Granted - Exercised - Canceled (2,940 ) Outstanding as of March 31, 2016 793,416 $ 2.49 6.3 $ 2,483 Options vested and expected to vest as of March 31, 2016 760,357 $ 2.41 6.4 $ 2,438 Options vested and exercisable as of March 31, 2016 545,690 $ 1.84 5.1 $ 2,065 |
Summary of Restricted Stock Units Activity | A summary of stock option and restricted stock units activity under the 2007 Plan and the 2015 Plan is as follows: Restricted stock units Shares Weighted- Average Grant Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregrate Instrinsic Value (aggregate intrinsic value in thousands) Outstanding as of December 31, 2014 — — — — Granted 880,072 5.95 — — Released — — — — Forfeited/expired (5,564 ) 5.95 — — Outstanding as of December 31, 2015 874,508 $ 5.95 1.8 $ 6,742 Granted 34,950 6.00 — — Released — — — — Forfeited/expired (6,468 ) 5.95 — — Outstanding as of March 31, 2016 902,990 $ 5.95 1.6 $ 5,075 |
Stock-based Compensation. (Tabl
Stock-based Compensation. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation for Stock Options, RSU's and ESPP Shares | The following table presents the effects of stock-based compensation for stock options, RSU’s and ESPP shares during the periods (in thousands): Three Months Ended March 31, 2016 2015 (unaudited) Cost of revenue $ 18 $ 1 Research and development 255 14 Sales and marketing 169 7 General and administrative 367 20 Total $ 809 $ 42 |
Net Loss Per Share. (Tables)
Net Loss Per Share. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Three Months Ended March 31, 2016 2015 (unaudited) Shares not used in computing net loss per share attributable to common stockholders as considered anti-dilutive: Preferred stock - 9,114,739 Stock options 793,416 604,174 Preferred stock warrants - 82,018 Common stock warrants 411,514 218,618 Restricted stock units 902,990 - |
Other Income (Expense), Net. (T
Other Income (Expense), Net. (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Income (Expense) Net | Other income (expense), net consisted of the following (in thousands): March 31, March 31, 2016 2015 Revaluation of convertible preferred stock warrant liability $ - $ 9 Other income (expense) 22 (127 ) Other income (expense), net $ 22 $ (118 ) |
Organization and Summary of S32
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | Oct. 30, 2015USD ($)$ / sharesshares | Oct. 01, 2015 | Mar. 31, 2016USD ($)Reporting_Unit | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Organization And Nature Of Operations [Line Items] | |||||
Date of Acquisition | Sep. 28, 2012 | ||||
Reverse split of common stock and convertible preferred stock, conversion ratio | 0.03030303 | ||||
Reverse split of common stock and convertible preferred stock | 1-for-33 reverse stock split | ||||
Allowance for doubtful accounts | $ 0 | $ 0 | |||
Product warranty claim recorded | $ 250,000 | ||||
Product warranty claim incurred | $ 41,000 | ||||
Product warranty period | Our products are sold with a limited warranty for a period of one year, warranting that the product conforms to specifications and is free from material defects in design, materials and workmanship. | ||||
Foreign currency translation adjustment | $ (13,000) | $ (209,000) | |||
Net gains and losses arising from transactions denominated in currencies other than the functional currency | $ 22,000 | $ (100,000) | |||
Cash equivalents maturity period, maximum | 90 days | ||||
Goodwill impairment | $ 0 | ||||
Number of reporting units | Reporting_Unit | 1 | ||||
IPO [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | shares | 5,192,184 | ||||
Shares Issued, Price Per Share | $ / shares | $ 5 | ||||
Net proceeds from initial public offering | $ 22,100,000 | ||||
Overallotment Option [Member] | |||||
Organization And Nature Of Operations [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | shares | 192,184 |
Organization and Summary of S33
Organization and Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Furniture and Fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, Estimated useful lives | 3 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, Estimated useful lives | 5 years |
Property and equipment, Estimated useful lives | Shorter of lease term or 5 years |
Computer Software [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, Estimated useful lives | 3 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, Estimated useful lives | 2 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, Estimated useful lives | 5 years |
Organization and Summary of S34
Organization and Summary of Significant Accounting Policies - Schedule of Purchased Intangible Assets Estimated Useful Lives (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Developed Technology [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Purchased intangible assets, Estimated useful life | 10 years |
Customer Relationships [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Purchased intangible assets, Estimated useful life | 12 years |
Customer Backlog [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Purchased intangible assets, Estimated useful life | 1 year |
Non-compete Agreement [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Purchased intangible assets, Estimated useful life | 5 years |
Organization and Summary of S35
Organization and Summary of Significant Accounting Policies - Concentrations Risk (Detail) - Customer Concentration Risk [Member] | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Sales Revenue, Net [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 16.00% | 17.00% | |
Sales Revenue, Net [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.00% | 0.00% | [1] |
Sales Revenue, Net [Member] | Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.00% | 0.00% | [1] |
Accounts Receivable [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 17.00% | 21.00% | |
Accounts Receivable [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.00% | 19.00% | |
Accounts Receivable [Member] | Customer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12.00% | 11.00% | |
[1] | less than 10% |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Accounts receivable | $ 9,128 | $ 10,936 | |
Allowance for SSD, price protection, right of return and other activities | (3,711) | (4,400) | |
Total accounts receivable, net | $ 5,417 | $ 6,536 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Balance Sheet Components - Co37
Balance Sheet Components - Components of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 1,307 | $ 1,149 | |
Work-in-process | 5,842 | 4,844 | |
Finished goods | 1,430 | 1,375 | |
Total inventories | $ 8,579 | $ 7,368 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | ||
Realized benefit from sales of previously reserved products | $ 0.1 | $ 0.7 |
Depreciation and amortization | $ 0.2 | $ 0.4 |
Balance Sheet Components - Co39
Balance Sheet Components - Components of Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |||
Foreign research credit receivable | $ 1,069 | $ 1,063 | |
Other current assets | 133 | 123 | |
Total other current assets | $ 1,202 | $ 1,186 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Balance Sheet Components - Co40
Balance Sheet Components - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Line Items] | |||
Property and equipment, at cost | $ 7,915 | $ 7,565 | |
Accumulated depreciation and amortization | (6,886) | (6,656) | |
Property and equipment, net | 1,029 | 909 | [1] |
Machinery and Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, at cost | 6,939 | 6,627 | |
Furniture and Fixtures [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, at cost | 77 | 77 | |
Leasehold Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, at cost | 141 | 141 | |
Computer Software [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, at cost | 668 | 668 | |
Construction in Progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, at cost | $ 90 | $ 52 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Balance Sheet Components - Co41
Balance Sheet Components - Components of Accrued Expenses and Other current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |||
Accrued sales commission payable | $ 326 | $ 300 | |
Accrued manufacturing expenses | 314 | 271 | |
Deferred rent | 475 | 196 | |
Other accrued liabilities | 554 | 646 | |
Total accrued expenses and other current liabilities | $ 1,669 | $ 1,413 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Money market funds | $ 17,021 | $ 20,007 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Money market funds | $ 17,021 | $ 20,007 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Financial liabilities, fair value at recurring basis | $ 0 | $ 0 |
Purchased Intangible Assets - A
Purchased Intangible Assets - Additional Information (Detail) $ in Millions | Sep. 30, 2012USD ($) |
Finite Lived Intangible Assets Net [Abstract] | |
Finite-lived intangible assets | $ 16.4 |
Purchased Intangible Assets - S
Purchased Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Finite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 16,354 | $ 16,354 | |
Accumulated amortization | 7,104 | 6,795 | |
Net carrying amount | 9,250 | 9,559 | [1] |
Developed Technology [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 4,282 | 4,282 | |
Accumulated amortization | 1,499 | 1,392 | |
Net carrying amount | 2,783 | 2,890 | |
Customer Relationships [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 9,011 | 9,011 | |
Accumulated amortization | 2,628 | 2,440 | |
Net carrying amount | 6,383 | 6,571 | |
Customer Backlog [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 2,779 | 2,779 | |
Accumulated amortization | 2,779 | 2,779 | |
Non-compete Agreement [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 282 | 282 | |
Accumulated amortization | 198 | 184 | |
Net carrying amount | $ 84 | $ 98 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Purchased Intangible Assets -46
Purchased Intangible Assets - Schedule of Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense, acquisition related intangible assets | $ 309 | $ 309 |
Research and Development [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense, acquisition related intangible assets | 121 | 121 |
Sales and Marketing [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense, acquisition related intangible assets | $ 188 | $ 188 |
Purchased Intangible Assets -47
Purchased Intangible Assets - Schedule of Finite-Lived Intangible Assets, Annual Expected Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | [1] |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |||
2016 (remaining 9 months) | $ 927 | ||
2,017 | 1,221 | ||
2,018 | 1,179 | ||
2,019 | 1,179 | ||
2,020 | 1,179 | ||
Thereafter | 3,565 | ||
Net carrying amount | $ 9,250 | $ 9,559 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015 | Oct. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Oct. 30, 2015 | |
Debt Instrument [Line Items] | |||||||
Unamortized debt discount | $ 500,000 | ||||||
Amortization of debt discount | 118,000 | $ 26,000 | |||||
Borrowing outstanding prior to accounting for debt discount | 12,500,000 | ||||||
Interest expense | $ 258,000 | $ 181,000 | |||||
Bridge Bank Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayment amount of borrowing capacity | $ 10,900,000 | ||||||
Bridge Bank Loans [Member] | BFA Modification [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, modification description | (i) increased the interest rate charged on the term loan from the bank’s prime rate plus 3% to the bank’s prime rate plus 4% and would have declined to the bank’s prime rate plus 3% upon the raising of additional equity of not less than $2.5 million, (ii) required us to continue to maintain certain minimum levels of EBITDA and asset coverage ratios, (iii) required us to maintain unrestricted cash of not less than $4.25 million until that point at which we either receive additional equity of not less than $5.0 million or maintain a debt service coverage ratio of not less than 1.00 to 1.00 (based on the ratio of EBITDA to current portion of total amounts outstanding under the BFA Modification plus period-to-date interest expense payments) for two consecutive quarters | ||||||
Debt Instrument, Fee Amount | $ 82,500 | ||||||
Debt Instrument Additional Fee | 50,000 | ||||||
Unamortized debt discount | $ 100,000 | ||||||
Amortization of debt discount | $ 100,000 | ||||||
Bridge Bank Loans [Member] | BFA Modification [Member] | Series E Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of warrants to purchase preferred stock shares | 1,488 | ||||||
Bridge Bank Loans [Member] | Prime Rate [Member] | BFA Modification [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 4.00% | ||||||
Bridge Bank Loans [Member] | Prime Rate [Member] | Upon the raising of additional equity of not less than $2.5 million [Member] | BFA Modification [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||
Bridge Bank Loans [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 7,500,000 | ||||||
Debt instrument, prime rate, minimum | 3.25% | ||||||
Bridge Bank Loans [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.25% | ||||||
Bridge Bank Loans [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity as a percentage of eligible accounts receivable | 80.00% | ||||||
Bridge Bank Loans [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 9,000,000 | ||||||
Debt instrument, monthly payment, principal | $ 300,000 | ||||||
Bridge Bank Loans [Member] | Term Loan [Member] | Prime Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||
Opus Bank Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | 15,000,000 | ||||||
Unamortized debt discount | $ 900,000 | 500,000 | |||||
Amortization of debt discount | $ 100,000 | ||||||
Debt instrument, agreement period | 3 years | ||||||
Debt instrument, description of variable rate basis | (a) the higher of (i) the prime rate (as publicly announced from time to time by the Wall Street Journal) and (ii) 3.25% plus (b) (i) 1.00% if our cash equivalents are greater than 125% of the outstanding principal of our borrowings under the new term loan facility, or (ii) 2.00% if our cash and cash equivalents are less than or equal to 125% of such borrowings. | ||||||
Debt instrument, variable rate | 3.25% | ||||||
Debt service coverage ratio, after September 30, 2015 | 110.00% | ||||||
Quarterly adjusted EBITDA | $ 1 | ||||||
Borrowings mature date | Apr. 30, 2018 | ||||||
Borrowing outstanding prior to accounting for debt discount | $ 12,500,000 | ||||||
Payment for financing costs | $ 100,000 | ||||||
Opus Bank Term Loan [Member] | IPO [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of warrants to purchase preferred stock shares | 315,282 | ||||||
Opus Bank Term Loan [Member] | Series E Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of warrants to purchase preferred stock shares | 31,897 | ||||||
Opus Bank Term Loan [Member] | If our cash and cash equivalents are greater than 125% of the outstanding principal of our borrowings under the new term loan facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||
Opus Bank Term Loan [Member] | If our cash and cash equivalents are less than or equal to 125% of such borrowings [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||
Opus Bank Term Loan [Member] | Upon an occurrence of an event of default [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 5.00% |
Borrowings - Schedule of Outsta
Borrowings - Schedule of Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 12,038 | $ 13,420 |
Term Loan, Current [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | 5,660 | 5,606 |
Term Loan, Non-current [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 6,378 | $ 7,814 |
Borrowings - Schedule of Future
Borrowings - Schedule of Future Repayments of Outstanding Borrowing (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Long Term Debt By Maturity [Abstract] | |
2016 (remaining 9 months) | $ 4,500 |
2,017 | 6,000 |
2,018 | 2,000 |
Borrowing outstanding prior to accounting for debt discount | $ 12,500 |
Segment Information - Schedule
Segment Information - Schedule of Revenue by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 10,176 | $ 9,690 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 1,710 | 2,174 |
Rest of Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 204 | 158 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 1,544 | 1,470 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 6,598 | 5,789 |
Rest of World [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 120 | $ 99 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | $ 1,029 | $ 909 | [1] |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | 398 | 369 | |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | 629 | 538 | |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | $ 2 | $ 2 | |
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Nov. 02, 2015USD ($)ft² | Mar. 31, 2016USD ($) |
Commitment And Contingencies [Line Items] | ||
Rent expense under operating leases | $ 500,000 | |
Supply Commitment [Member] | ||
Commitment And Contingencies [Line Items] | ||
Purchase commitments | $ 3,600,000 | |
Purchase commitments due period | 1 year | |
TowerJazz Panasonic Semiconductor Company [Member] | Supply Commitment [Member] | ||
Commitment And Contingencies [Line Items] | ||
Purchase commitments | $ 3,000,000 | |
Minimum [Member] | ||
Commitment And Contingencies [Line Items] | ||
Equipment and software under capital leases terms | 24 months | |
Maximum [Member] | ||
Commitment And Contingencies [Line Items] | ||
Equipment and software under capital leases terms | 48 months | |
Lease Agreements [Member] | ||
Commitment And Contingencies [Line Items] | ||
Lease extension term | 6 months | |
Base monthly rent during the extension period | $ 47,087 | |
Additional area leased | ft² | 34,000 | |
Lease Expiration Date | Jul. 31, 2023 | |
Optional Lease Extension Term | 5 years | |
Base monthly rent during the extension period | $ 93,000 | |
Annual increase of monthly rent after February 27, 2017 | 3.00% | |
Reimbursement for out-of-pocket costs associated with any tenant improvements | $ 2,521,051 |
Commitments and Contingencies54
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Total | $ 8,897 |
Remaining 2,016 | 699 |
2,017 | 1,154 |
2,018 | 1,177 |
2,019 | 1,213 |
2,020 | 1,249 |
Thereafter | $ 3,405 |
Commitments and Contingencies55
Commitments and Contingencies - Schedule of Future Minimum Commitments for Capital Leases (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Capital Leases Future Minimum Payments Due [Abstract] | |
Payments due remainder of 2016 | $ 9 |
Total minimum lease payments | 9 |
Less: Amounts representing interest | (1) |
Present value of capital lease obligations and current portion of capital lease obligations | $ 8 |
Commitments and Contingencies56
Commitments and Contingencies - Schedule of Capital Leased Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Capital leased assets, gross | $ 201 | $ 201 |
Accumulated depreciation and amortization | (198) | (189) |
Property and equipment, net | 3 | 12 |
Software Development [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital leased assets, gross | 108 | 108 |
Office Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital leased assets, gross | 49 | 49 |
Machinery and Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital leased assets, gross | $ 44 | $ 44 |
Common Stock, Common Stock Wa57
Common Stock, Common Stock Warrants and Stock Option Plan - Additional Information (Detail) - USD ($) | Dec. 31, 2007 | Oct. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | [1] | 6,666,666 | |||
Common stock, no par value | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | [1] | ||||
Voting right common stock holder | Each holder of common stock is entitled to one vote per share. | ||||||
Shares of common stock reserved and available for the issuance | 3,172,463 | 3,172,463 | |||||
Maximum fair market value, that would permit employee to purchase common stock under plan | $ 25,000 | ||||||
2007 Plan [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Shares of common stock reserved and available for the issuance of stock options and restricted stock to eligible participants | 272,727 | ||||||
Shares of common stock reserved and available for the issuance of stock options and restricted stock to eligible participants | 787,878 | 2,651,515 | |||||
Vesting period | 4 years | ||||||
Option Exercisable Period After Grant Date | 10 years | ||||||
Number of shares available for grant | 0 | ||||||
2007 Plan [Member] | Minimum [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payment Grants As Percentage Of Fair Value | 85.00% | ||||||
2007 Plan [Member] | Persons controlling more than 10% of Company's stock [Member] | Restricted Stock [Member] | Minimum [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payment Grants As Percentage Of Fair Value | 100.00% | ||||||
2007 Plan [Member] | New Employee [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Vesting period | 4 years | ||||||
Percentage Of Performance Based Awards Allowed To Vest Within Year | 25.00% | ||||||
2015 Equity Incentive Plan [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Shares of common stock reserved and available for the issuance | 1,813,272 | ||||||
Percentage threshold of outstanding shares increased annually under the plan | 4.00% | ||||||
Stock option grants description | The number of shares reserved for issuance under our 2015 Equity Incentive Plan will increase automatically on the first day of January of each of 2016 through 2025 by the number of shares equal to 4% of the total outstanding shares of our common stock as of the immediately preceding December 31. | ||||||
Common stock shares authorized for issuance | 25,000,000 | ||||||
2015 Equity Incentive Plan [Member] | New Employee [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Common stock shares authorized for issuance | 4,000,000 | ||||||
2015 Equity Incentive Plan [Member] | Existing Employee [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Common stock shares authorized for issuance | 2,000,000 | ||||||
2015 Equity Incentive Plan [Member] | Non Employee Director [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Common stock shares authorized for issuance | 300,000 | ||||||
2015 Employee Stock Purchase Plan [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Shares of common stock reserved and available for the issuance | 150,000 | ||||||
Percentage threshold of outstanding shares increased annually under the plan | 1.00% | ||||||
Stock option grants description | The number of shares reserved for issuance under our 2015 Employee Stock Purchase Plan will increase automatically on the first day of January following the first offering date by the number of shares equal to 1% of the total outstanding shares of our common stock as of the immediately preceding December 31 (rounded to the nearest whole share). | ||||||
Common stock shares authorized for issuance | 2,250,000 | ||||||
Options to purchase shares of common stock, discount percentage | 15.00% | ||||||
Percentage of fair market value of common stock | 85.00% | ||||||
Common Stock [Member] | |||||||
Common Stock Options Restricted Stock Warrants And Changes In Capitalization [Line Items] | |||||||
Conversion of outstanding convertible preferred stock upon completion of initial public offering | 9,114,739 | ||||||
[1] | The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements as of that date. |
Common Stock, Common Stock Wa58
Common Stock, Common Stock Warrants and Stock Option Plan - Schedule of Stock Reserved for Future Issuance (Detail) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
Common Stock And Warrant Liability [Line Items] | ||
Common stock, capital shares reserved for future issuance | 3,172,463 | 3,172,463 |
Warrants To Purchase Common Stock [Member] | ||
Common Stock And Warrant Liability [Line Items] | ||
Common stock, capital shares reserved for future issuance | 411,514 | 411,514 |
Stock Options Outstanding [Member] | ||
Common Stock And Warrant Liability [Line Items] | ||
Common stock, capital shares reserved for future issuance | 793,416 | 796,356 |
Stock Options Available For Future Grants [Member] | ||
Common Stock And Warrant Liability [Line Items] | ||
Common stock, capital shares reserved for future issuance | 1,817,786 | 1,814,846 |
ESPP [Member] | ||
Common Stock And Warrant Liability [Line Items] | ||
Common stock, capital shares reserved for future issuance | 149,747 | 149,747 |
Common Stock, Common Stock Wa59
Common Stock, Common Stock Warrants and Stock Option Plan - Outstanding Common Stock Warrants (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Common Stock Warrants One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total amount of securities issuable under the outstanding warrants | 7,378 | 7,378 |
Exercise Price | $ 12.20 | $ 12.20 |
Issuance Date | 2,010 | 2,010 |
Expiration Date | 2,017 | 2,017 |
Common Stock Warrants Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total amount of securities issuable under the outstanding warrants | 74,141 | 74,141 |
Exercise Price | $ 31.35 | $ 31.35 |
Expiration Date | 2,019 | 2,019 |
Common Stock Warrants Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total amount of securities issuable under the outstanding warrants | 329,995 | 329,995 |
Exercise Price | $ 2.38 | $ 2.38 |
Common Stock Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total amount of securities issuable under the outstanding warrants | 411,514 | 411,514 |
Minimum [Member] | Common Stock Warrants Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuance Date | 2,012 | 2,012 |
Minimum [Member] | Common Stock Warrants Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuance Date | 2,014 | 2,014 |
Expiration Date | 2,022 | 2,022 |
Maximum [Member] | Common Stock Warrants Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuance Date | 2,013 | 2,013 |
Maximum [Member] | Common Stock Warrants Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuance Date | 2,015 | 2,015 |
Expiration Date | 2,024 | 2,024 |
Common Stock, Common Stock Wa60
Common Stock, Common Stock Warrants and Stock Option And Restricted Stock Units Activity Under 2007 Plan And 2015 Plan (Detail) - Stock Option And Restricted Stock Units [Member] - Two Thousand Seven And Two Thousand Fifteen Equity Incentive Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | ||||
Outstanding, beginning of period | 796,356 | 604,412 | 565,265 | |
Granted | 202,662 | 110,085 | ||
Exercised | (5,952) | (20,398) | ||
Canceled | (2,940) | (4,766) | (50,540) | |
Outstanding, beginning of period | 793,416 | 796,356 | 604,412 | 565,265 |
Options vested and expected to vest, end of period | 760,357 | |||
Options vested and exercisable, end of period | 545,690 | |||
Weighted Average Exercise Price | ||||
Outstanding, beginning of period | $ 2.49 | $ 1.57 | $ 3.60 | |
Granted | 5.18 | $ 1.65 | ||
Exercised | 1.67 | 1.66 | ||
Canceled | 2.31 | 3.96 | ||
Outstanding, end of period | 2.49 | $ 2.49 | $ 1.57 | $ 3.60 |
Options vested and expected to vest, end of period | 2.41 | |||
Options vested and exercisable, end of period | $ 1.84 | |||
Weighted Average Remaining Contractual Term (years) | ||||
Weighted Average Remaining Contractual Term | 6 years 3 months 18 days | 6 years 6 months | 6 years 9 months 18 days | 5 years 10 months 24 days |
Options vested and expected to vest | 6 years 4 months 24 days | |||
Options vested and exercisable | 5 years 1 month 6 days | |||
Aggregate Intrinsic Value | ||||
Outstanding aggregate intrinsic value | $ 2,483 | $ 4,157 | ||
Options vested and expected to vest as of March 31, 2016 | 2,438 | |||
Options vested and exercisable as of March 31, 2016 | $ 2,065 |
Common Stock, Common Stock Wa61
Common Stock, Common Stock Warrants and Stock Option Plan - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Outstanding, beginning of period | 874,508 | 0 | |
Granted | 34,950 | 880,072 | |
Released | 0 | 0 | |
Forfeited/expired | (6,468) | (5,564) | |
Outstanding, end of period | 902,990 | 874,508 | 0 |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period | $ 5.95 | $ 0 | |
Granted | 6 | 5.95 | |
Released | 0 | 0 | |
Forfeited/expired | 5.95 | 5.95 | |
Outstanding, end of period | $ 5.95 | $ 5.95 | $ 0 |
Weighted Average Remaining Contractual Term (Years) | |||
Weighted Average Remaining Contractual Term (Years) | 1 year 7 months 6 days | 1 year 9 months 18 days | 0 years |
Aggregate Intrinsic Value | |||
Outstanding aggregate Intrinsic Value | $ 5,075 | $ 6,742 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Expense [Line Items] | ||
Employee's requisite service period | 4 years | |
Expected dividend yield | $ 0 | |
New grants of stock options | 0 | 0 |
Unrecognized compensation cost | $ 500,000 | |
Expected to be recognized over a weighted-average period | 2 years | |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Expense [Line Items] | ||
Unrecognized compensation cost | $ 4,400,000 | |
Expected to be recognized over a weighted-average period | 1 year 7 months 6 days | |
ESPP [Member] | ||
Share Based Compensation Expense [Line Items] | ||
Unrecognized compensation cost | $ 62,000 | |
Expected to be recognized over a weighted-average period | 3 months 18 days |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Employee Service Share-based Compensation for Stock Options, RSU's and ESPP Shares (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation expense | $ 809 | $ 42 |
Stock Option RSU And ESPP [Member] | Cost of Revenue [Member] | ||
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation expense | 18 | 1 |
Stock Option RSU And ESPP [Member] | Research and Development [Member] | ||
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation expense | 255 | 14 |
Stock Option RSU And ESPP [Member] | Sales and Marketing [Member] | ||
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation expense | 169 | 7 |
Stock Option RSU And ESPP [Member] | General and Administrative [Member] | ||
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation expense | $ 367 | $ 20 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 14 | $ 49 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Outstanding Common Stock Equivalents Excluded From Computation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 9,114,739 |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 793,416 | 604,174 |
Preferred Stock Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 82,018 |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 411,514 | 218,618 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 902,990 | 0 |
Other Income (Expense), Net - S
Other Income (Expense), Net - Schedule of Other Income (Expense) Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Income And Expenses [Abstract] | ||
Revaluation of convertible preferred stock warrant liability | $ 0 | $ 9 |
Other income (expense) | 22 | (127) |
Other income (expense), net | $ 22 | $ (118) |