Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'BGMD | ' |
Entity Registrant Name | 'BG MEDICINE, INC. | ' |
Entity Central Index Key | '0001407038 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 34,417,249 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $9,538 | $7,751 |
Accounts receivable | 353 | 319 |
Inventory | 554 | 459 |
Prepaid expenses and other current assets | 352 | 306 |
Total current assets | 10,797 | 8,835 |
Property and equipment, net | 154 | 192 |
Intangible assets, net | 163 | 192 |
Deposits and other assets | 126 | 134 |
Total assets | 11,240 | 9,353 |
Current liabilities | ' | ' |
Term loan, current portion | 4,406 | 4,353 |
Accounts payable | 1,012 | 965 |
Accrued expenses | 924 | 1,993 |
Other current liabilities | 69 | 39 |
Total current liabilities | 6,411 | 7,350 |
Term loan, net of current portion | 745 | 2,961 |
Other liabilities | 102 | 111 |
Total liabilities | 7,258 | 10,422 |
Commitments and contingencies (Note 5) | ' | ' |
Stockholders' equity (deficit) | ' | ' |
Common stock; $.001 par value; 100,000,000 shares authorized at June 30, 2014 and December 31, 2013; 34,417,249 and 27,936,222 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 34 | 28 |
Additional paid-in capital | 161,234 | 151,841 |
Accumulated deficit | -157,286 | -152,938 |
Total stockholders' equity (deficit) | 3,982 | -1,069 |
Total liabilities and stockholders' equity (deficit) | $11,240 | $9,353 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,417,249 | 27,936,222 |
Common stock, shares outstanding | 34,417,249 | 27,936,222 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Product revenues | $799 | $972 | $1,538 | $1,792 |
Service revenues | ' | 34 | ' | 102 |
Total revenues | 799 | 1,006 | 1,538 | 1,894 |
Costs and operating expenses: | ' | ' | ' | ' |
Product costs | 281 | 353 | 529 | 633 |
Service costs | ' | 34 | ' | 102 |
Research and development | 573 | 1,117 | 1,133 | 2,493 |
Selling and marketing | 733 | 1,782 | 1,421 | 3,926 |
General and administrative | 1,183 | 2,269 | 2,373 | 4,090 |
Total costs and operating expenses | 2,770 | 5,555 | 5,456 | 11,244 |
Loss from operations | -1,971 | -4,549 | -3,918 | -9,350 |
Non-cash consideration associated with stock purchase agreement | ' | ' | ' | -329 |
Interest income | ' | 6 | 2 | 10 |
Interest expense | -199 | -295 | -432 | -584 |
Other income | 1 | 1 | ' | 4 |
Net loss | ($2,169) | ($4,837) | ($4,348) | ($10,249) |
Net loss per share - basic and diluted | ($0.06) | ($0.18) | ($0.14) | ($0.39) |
Weighted-average common shares outstanding used in computing per share amounts - basic and diluted | 33,915,465 | 27,649,879 | 30,942,514 | 26,490,682 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($4,348) | ($10,249) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Depreciation and amortization | 67 | 100 |
Stock-based compensation | 380 | 633 |
Non-cash interest expense | 116 | 99 |
Non-cash consideration associated with stock purchase agreement | ' | 329 |
Gain on sale of property and equipment | ' | -53 |
Changes in operating assets and liabilities | ' | ' |
Restricted cash | ' | 102 |
Accounts receivable | -34 | -7 |
Inventory | -95 | 178 |
Prepaid expenses and other assets | -38 | -115 |
Accounts payable, accrued expenses and other liabilities | -1,067 | 275 |
Deferred revenue and customer deposits | 27 | -100 |
Net cash flows used in operating activities | -4,992 | -8,808 |
Cash flows from investing activities | ' | ' |
Proceeds from the sale of property and equipment | ' | 80 |
Net cash flows provided by investing activities | ' | 80 |
Cash flows from financing activities | ' | ' |
Proceeds from public offering | 9,238 | 13,058 |
Costs related to public offering | -243 | -287 |
Payments on term loan | -2,240 | -666 |
Proceeds from ESPP purchases | 2 | 13 |
Proceeds from the exercise of stock options | 22 | 27 |
Net cash flows provided by financing activities | 6,779 | 12,145 |
Net increase in cash | 1,787 | 3,417 |
Cash, beginning of period | 7,751 | 12,786 |
Cash, end of period | 9,538 | 16,203 |
Supplemental disclosure of cash flow information | ' | ' |
Cash paid for interest | 319 | 455 |
Supplemental disclosure of non-cash activities | ' | ' |
Issuance of common stock warrants accounted for as debt discount | ' | $163 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Description of Business and Basis of Presentation | ' | |
1 | Description of Business and Basis of Presentation | |
Description of Business | ||
BG Medicine, Inc. (“BG Medicine” or the “Company”) is a commercial stage company that is focused on the development and delivery of diagnostic solutions to aid in the clinical management of heart failure and related disorders. The Company has one diagnostic test that is U.S. Food and Drug Administration, or FDA, cleared and CE marked, the BGM Galectin-3® Test, an in vitro diagnostic device that quantitatively measures galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of chronic heart failure. It is currently available as a blood test in the United States and the European Union, or EU. The Company is also developing a pipeline of diagnostic products including the CardioSCORE™ Test, a biomarker-based blood test designed as an aid in the assessment of near-term risk for significant cardiovascular events, such as heart attack and stroke. | ||
Basis of Presentation | ||
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. The interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position at June 30, 2014 and results of operations and cash flows for the interim periods ended June 30, 2014 and 2013. | ||
The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates and to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. The results for the six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014 or for any other interim period or for any other future year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||
At June 30, 2014, the Company had cash totaling $9.5 million, an outstanding balance of $5.2 million under a secured term loan facility, and stockholder’s equity of $4.0 million. During the six months ended June 30, 2014, the Company incurred a net loss of $4.3 million and used cash in operating activities totaling $5.0 million. The Company expects to continue to incur losses and use cash in operating activities during the remainder of 2014 and beyond. | ||
On April 8, 2014, the Company closed a follow-on underwritten public offering of 6,452,000 shares of its common stock, at an offering price of $1.55 per share, for gross proceeds of $10.0 million. The net offering proceeds received by the Company, after deducting underwriting discounts and commissions and expenses incurred in connection with the offering, were approximately $9.0 million. | ||
Effective January 1, 2014, the payment rate at which the Company’s BGM Galectin-3 Test is reimbursed by the Centers for Medicare and Medicaid Services (“CMS”), was increased to $30.01 from $17.80 per test. The Company expects to increase its revenues through higher reimbursement levels and by engaging additional laboratory providers and expects to decrease its operating expenses. However, the Company is in the early stages of commercializing its BGM Galectin-3 Test. Interest in the BGM Galectin-3 Test is increasing as a result of the Company’s market development activities, although it has not yet translated into significant revenue. In order to achieve profitability, the Company will need to generate significant product revenues. | ||
As further described in Note 4, the Company’s term loan is secured by substantially all of the Company’s assets. The loan and security agreement contains customary events of default that entitle the lenders to cause any or all of the Company’s indebtedness under the loan and security agreement to become immediately due and payable and could cause the lenders to foreclose on the collateral securing the indebtedness, including the Company’s cash. The events of default include, among others, the occurrence of a material adverse effect which could cause the lender to accelerate the payments by the Company under the term loan. The Company has determined that the risk of a subjective acceleration under the material adverse effect clause, absent acceleration under other enumerated events of default, is remote. | ||
The Company believes that its existing cash and availability of up to $12.0 million under its common stock purchase agreement with Aspire Capital Fund, LLC (“Aspire”), (Note 6) pursuant to which approximately $4.1 million would have been available to the Company through the sale of available shares over the purchase period ending June 30, 2014, will be sufficient to fund its operations and service its debt into the second quarter of 2015. The Company has not yet sold any shares under its common stock purchase agreement with Aspire, which expires in May 2015. In order for the Company to sell shares to Aspire under the Purchase Agreement, the Company’s common stock must trade above the $1.00 minimum floor price set forth in the Purchase Agreement. Until the Company generates significant product revenues to reach cash breakeven, the Company will need to raise additional funds to finance its operations and service its existing debt beyond the second quarter of 2015. The Company may not be able to obtain adequate financing to do so when necessary, and the terms of any financings may not be advantageous to it. | ||
The above circumstances along with the Company’s history and near term forecast of incurring net losses and negative operating cash flows raise substantial doubt regarding its ability to continue as a going concern beyond the second quarter of 2015. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||
2 | Significant Accounting Policies | ||||||||||||||||
Product Revenues | |||||||||||||||||
Product revenues are recognized when the following criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred and risk of loss has passed; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. | |||||||||||||||||
The Company sells its products through supply agreements with laboratory testing services and diagnostic testing distributors and directly to hospitals and clinics. The Company recognizes revenue when products are received by customers, at which time both title and risk of loss have passed to the customers. The Company negotiates credit terms on a customer-by-customer basis and products are shipped at an agreed-upon price. | |||||||||||||||||
Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Freight costs billed to customers are recorded as revenue. | |||||||||||||||||
The Company does not currently provide an allowance for doubtful accounts or a reserve for sales returns as the Company has not experienced any credit losses, and returns are only allowed for defects in workmanship. | |||||||||||||||||
Service Revenues | |||||||||||||||||
Service revenues are primarily attributable to the activities from the High Risk Plaque initiative, for which all revenue has been recorded as of December 31, 2013. The Company does not expect to record service revenues in 2014 or beyond. | |||||||||||||||||
Inventory | |||||||||||||||||
Inventory is stated at the lower of cost or market. Costs are determined under the first-in, first-out (FIFO) method. Inventories consisted of the following: | |||||||||||||||||
(in thousands) | June 30, 2014 | December 31, 2013 | |||||||||||||||
Raw materials | $ | 86 | $ | 107 | |||||||||||||
Finished goods | 468 | 352 | |||||||||||||||
Total inventories | $ | 554 | $ | 459 | |||||||||||||
Net Loss Per Share | |||||||||||||||||
Basic and diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods presented. | |||||||||||||||||
The following table summarizes the computation of basic and diluted net loss per share for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||
Net loss | $ | (2,169 | ) | $ | (4,837 | ) | $ | (4,348 | ) | $ | (10,249 | ) | |||||
Weighted average number of shares - basic and diluted | 33,915,465 | 27,649,879 | 30,942,514 | 26,490,682 | |||||||||||||
Net loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.18 | ) | $ | (0.14 | ) | $ | (0.39 | ) | |||||
For the three and six months ended June 30, 2014 and 2013, the following potential common shares were excluded from the computation of diluted net loss per share because they had an antidilutive impact due to the losses reported: | |||||||||||||||||
Three and Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Options to purchase common stock | 3,042,661 | 2,913,192 | |||||||||||||||
Warrants to purchase common stock | 864,555 | 864,555 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | |
Jun. 30, 2014 | ||
Fair Value of Financial Instruments | ' | |
3 | Fair Value of Financial Instruments | |
At June 30, 2014, the Company’s financial instruments consist of cash, accounts receivable, accounts payable and debt. The carrying amounts of accounts receivable, accounts payable and short-term debt are considered reasonable estimates of their fair value, due to the short maturity of these instruments. The carrying amount of the long term debt was considered a reasonable estimate of fair value because the Company’s effective interest rate is near current market rates for instruments with similar characteristics. |
Term_Loan
Term Loan | 6 Months Ended | |
Jun. 30, 2014 | ||
Term Loan | ' | |
4 | Term Loan | |
On February 10, 2012, the Company entered into a secured term loan facility, and a term loan in the aggregate principal amount of $10.0 million was funded upon the closing of the transaction. | ||
The term loan accrues interest at a rate of 8% per annum plus the higher of (a) the 3-month LIBOR rate or (b) 1.25%. The interest rate in effect at June 30, 2014 was 9.25%. Interest only payments were made for the first twelve months of the loan term. Following that initial twelve month period, principal and interest payments are required to be paid on a monthly basis through maturity at September 2015. The term loan is secured by substantially all of the Company’s assets, other than its intellectual property, for which the Company has provided a negative pledge. The loan and security agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur indebtedness, merge or consolidate, dispose of assets, make acquisitions, pay dividends or make distributions, or repurchase stock. In addition, the loan and security agreement contains customary events of default that entitle the lenders to cause any or all of the Company’s indebtedness under the loan and security agreement to become immediately due and payable and could cause the lenders to foreclose on the collateral securing the indebtedness, including the Company’s cash. The events of default include, among others, non-payment of principal and interest when due, inaccuracy of representations and warranties, covenant defaults, bankruptcy and insolvency and the occurrence of a material adverse effect (as defined in the loan and security agreement). | ||
May 2013 Loan Amendment | ||
In May 2013, the Company amended its loan and security agreement to allow for a three month deferral of principal payments beginning May 1, 2013 and to allow for up to an additional three months of deferral based on the Company meeting certain minimum liquidity requirements, as defined in the amendment. The Company made principal payments in March and April 2013 prior to the signing of the amendment. The Company did not meet the additional liquidity requirements, as defined in the amendment, and, accordingly, principal payments resumed on August 1, 2013. The amendment also increased certain loan fees by $50,000, and amended the terms of the warrants, as discussed below. | ||
Warrants | ||
In connection with the loan facility, the Company initially issued to the lenders warrants to purchase 36,657 shares of its common stock with an exercise price of $6.82 per share. The warrants expire ten years from the date of issuance. The warrants were valued using the Black-Scholes option pricing model using the following assumptions: fair value of the underlying common stock of $8.51 per share; volatility of 70%; no dividend yield; risk free interest rate of 1.96%; and an expected life of ten years. The relative fair value of the warrants, aggregating $240,000, has been accounted for as a debt discount and is being recognized as interest expense over the term of the loan using the effective interest method. These warrants have been classified as equity instruments and are included within additional paid-in capital. As part of the May 2013 amendment to the loan and security agreement, the number of shares for which the warrants were exercisable increased by 110,401 shares and the exercise price of the warrants was adjusted to $1.70 per share. At the loan modification date, the Company valued the warrants using the Black-Scholes option pricing model and recorded the incremental value of the increased number of shares for which the warrants are exercisable as additional debt discount in the amount of $163,000, which is being recognized as additional interest expense over the remaining term of the loan using the effective interest method. | ||
At June 30, 2014, the Company had $5.2 million outstanding under the term loan. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies | ' | |
5 | Commitments and Contingencies | |
From time to time, the Company may be subject to various legal proceedings and claims arising in the ordinary course of business. The Company assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its financial statements. An estimated loss contingency is accrued in the financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. | ||
The Company was involved in litigation with a former research collaborator resulting from the Company’s termination of its participation in the collaboration. In April 2014, the Company settled this matter for an amount that had been accrued at December 31, 2013. No further losses are expected related to this matter. No other amounts related to contingencies are accrued at June 30, 2014. |
Common_Stock_Purchase_Agreemen
Common Stock Purchase Agreement | 6 Months Ended | |
Jun. 30, 2014 | ||
Common Stock Purchase Agreement | ' | |
6 | Common Stock Purchase Agreement | |
On January 24, 2013, the Company entered into a Common Stock Purchase Agreement (“Purchase Agreement”), with Aspire Capital Fund, LLC to purchase, at the Company’s option, up to an aggregate of $12.0 million of shares of its common stock over a two-year term, which expires in May 2015. Under the Purchase Agreement, the Company initially issued 132,743 shares of its common stock as a commitment fee. The Company’s sales to Aspire will be made subject to market conditions, in light of its capital needs and under various limitations contained in the Purchase Agreement, including a floor price of $1.00 per share required by the Purchase Agreement. The Company has not yet sold any shares under the Purchase Agreement, which expires in May 2015. | ||
Over the term of the Purchase Agreement, assuming the Company’s common stock is trading above the $1.00 floor price that is required to use the facility, the Company has two ways to elect to sell common stock to Aspire on any business day the Company selects: (1) through a regular purchase of up to 100,000 shares at prices based on the market price of the Company’s common stock prior to the time of each sale, and (2) through a volume weighted average price (“VWAP”), purchase of a number of shares up to 30% of the volume traded on the purchase date at a price equal to the lesser of the closing sale price or 95% of the VWAP for such purchase date. | ||
The Company also entered into a Registration Rights Agreement with Aspire, which requires, among other things, that the Company maintain the effectiveness of the Company’s registration statement that registered the shares issued and issuable to Aspire under the Purchase Agreement. |
Followon_Public_Offerings
Follow-on Public Offerings | 6 Months Ended | |
Jun. 30, 2014 | ||
Follow-on Public Offerings | ' | |
7 | Follow-on Public Offerings | |
On January 30, 2013, the Company closed a follow-on underwritten public offering of 6,900,000 shares of its common stock, at an offering price of $2.00 per share, for gross proceeds of $13.8 million. The net offering proceeds received by the Company, after deducting underwriting discounts and commissions and expenses incurred in connection with the offering, were approximately $12.8 million. | ||
On April 8, 2014, the Company closed a follow-on underwritten public offering of 6,452,000 shares of its common stock, at an offering price of $1.55 per share, for gross proceeds of $10.0 million. The net offering proceeds received by the Company, after deducting underwriting discounts and commissions and expenses incurred in connection with the offering, were approximately $9.0 million. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Product Revenues | |||||||||||||||||
Product revenues are recognized when the following criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred and risk of loss has passed; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured. | |||||||||||||||||
The Company sells its products through supply agreements with laboratory testing services and diagnostic testing distributors and directly to hospitals and clinics. The Company recognizes revenue when products are received by customers, at which time both title and risk of loss have passed to the customers. The Company negotiates credit terms on a customer-by-customer basis and products are shipped at an agreed-upon price. | |||||||||||||||||
Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Freight costs billed to customers are recorded as revenue. | |||||||||||||||||
The Company does not currently provide an allowance for doubtful accounts or a reserve for sales returns as the Company has not experienced any credit losses, and returns are only allowed for defects in workmanship. | |||||||||||||||||
Service Revenues | |||||||||||||||||
Service revenues are primarily attributable to the activities from the High Risk Plaque initiative, for which all revenue has been recorded as of December 31, 2013. The Company does not expect to record service revenues in 2014 or beyond. | |||||||||||||||||
Inventory | ' | ||||||||||||||||
Inventory | |||||||||||||||||
Inventory is stated at the lower of cost or market. Costs are determined under the first-in, first-out (FIFO) method. Inventories consisted of the following: | |||||||||||||||||
(in thousands) | June 30, 2014 | December 31, 2013 | |||||||||||||||
Raw materials | $ | 86 | $ | 107 | |||||||||||||
Finished goods | 468 | 352 | |||||||||||||||
Total inventories | $ | 554 | $ | 459 | |||||||||||||
Net Loss Per Share | ' | ||||||||||||||||
Net Loss Per Share | |||||||||||||||||
Basic and diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods presented. | |||||||||||||||||
The following table summarizes the computation of basic and diluted net loss per share for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||
Net loss | $ | (2,169 | ) | $ | (4,837 | ) | $ | (4,348 | ) | $ | (10,249 | ) | |||||
Weighted average number of shares - basic and diluted | 33,915,465 | 27,649,879 | 30,942,514 | 26,490,682 | |||||||||||||
Net loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.18 | ) | $ | (0.14 | ) | $ | (0.39 | ) | |||||
For the three and six months ended June 30, 2014 and 2013, the following potential common shares were excluded from the computation of diluted net loss per share because they had an antidilutive impact due to the losses reported: | |||||||||||||||||
Three and Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Options to purchase common stock | 3,042,661 | 2,913,192 | |||||||||||||||
Warrants to purchase common stock | 864,555 | 864,555 |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Inventories | ' | ||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
(in thousands) | June 30, 2014 | December 31, 2013 | |||||||||||||||
Raw materials | $ | 86 | $ | 107 | |||||||||||||
Finished goods | 468 | 352 | |||||||||||||||
Total inventories | $ | 554 | $ | 459 | |||||||||||||
Summary of Computation of Basic and Diluted Net Loss per Share | ' | ||||||||||||||||
The following table summarizes the computation of basic and diluted net loss per share for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||
Net loss | $ | (2,169 | ) | $ | (4,837 | ) | $ | (4,348 | ) | $ | (10,249 | ) | |||||
Weighted average number of shares - basic and diluted | 33,915,465 | 27,649,879 | 30,942,514 | 26,490,682 | |||||||||||||
Net loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.18 | ) | $ | (0.14 | ) | $ | (0.39 | ) | |||||
Common Shares Excluded from Computation of Diluted Net Loss per Share Attributable to Common Stockholders | ' | ||||||||||||||||
following potential common shares were excluded from the computation of diluted net loss per share because they had an antidilutive impact due to the losses reported: | |||||||||||||||||
Three and Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Options to purchase common stock | 3,042,661 | 2,913,192 | |||||||||||||||
Warrants to purchase common stock | 864,555 | 864,555 |
Description_of_Business_and_Ba1
Description of Business and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 08, 2014 | Jan. 30, 2013 | Apr. 08, 2014 | Jan. 30, 2013 | Jan. 24, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 10, 2012 | |
Underwritten Public Offering | Underwritten Public Offering | Underwritten Public Offering | Underwritten Public Offering | Common Stock Purchase Agreement | Common Stock Purchase Agreement | Centers for Medicare And Medicaid Services | Centers for Medicare And Medicaid Services | Term loans | Term loans | |||||||
Aspire Capital Fund LLC | Aspire Capital Fund LLC | |||||||||||||||
Description Of Business Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $9,538,000 | $16,203,000 | $9,538,000 | $16,203,000 | $7,751,000 | $12,786,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance of term loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 10,000,000 |
Stockholders' equity | 3,982,000 | ' | 3,982,000 | ' | -1,069,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -2,169,000 | -4,837,000 | -4,348,000 | -10,249,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash flows used in operating activities | ' | ' | -4,992,000 | -8,808,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock under public offering | ' | ' | ' | ' | ' | ' | 6,452,000 | 6,900,000 | ' | ' | 132,743 | ' | ' | ' | ' | ' |
Common stock Offering price | ' | ' | ' | ' | ' | ' | ' | ' | $1.55 | $2 | ' | ' | ' | ' | ' | ' |
Gross proceeds offering | ' | ' | ' | ' | ' | ' | 10,000,000 | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Offering proceeds net of underwriting discounts, commissions and expenses | ' | ' | ' | ' | ' | ' | 9,000,000 | 12,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursed price per test | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.01 | 17.8 | ' | ' |
Common stock sale amount under purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 12,000,000 | ' | ' | ' | ' |
Common stock purchase agreement, expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015-05 | ' | ' | ' | ' |
Common stock available for sale amount under purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Available fund pursuant to common stock purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,100,000 | ' | ' | ' | ' |
Minimum floor price of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' |
Common stock purchase agreement, conditions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'In order for the Company to sell shares to Aspire under the Purchase Agreement, the Company's common stock must trade above the $1.00 minimum floor price set forth in the Purchase Agreement. | ' | ' | ' | ' |
Summary_of_Inventories_Detail
Summary of Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $86 | $107 |
Finished goods | 468 | 352 |
Total inventories | $554 | $459 |
Summary_of_Computation_of_Basi
Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ' | ' | ' | ' |
Net loss | ($2,169) | ($4,837) | ($4,348) | ($10,249) |
Weighted average number of shares - basic and diluted | 33,915,465 | 27,649,879 | 30,942,514 | 26,490,682 |
Net loss per share - basic and diluted | ($0.06) | ($0.18) | ($0.14) | ($0.39) |
Common_Shares_Excluded_From_Co
Common Shares Excluded From Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Options to purchase common stock | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 3,042,661 | 2,913,192 | 3,042,661 | 2,913,192 |
Warrants to purchase common stock | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 864,555 | 864,555 | 864,555 | 864,555 |
Term_Loan_Additional_Informati
Term Loan - Additional Information (Detail) (Term loans, USD $) | 1 Months Ended | 6 Months Ended | |
31-May-13 | Jun. 30, 2014 | Feb. 10, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Loan facility amount borrowed | ' | $5,200,000 | $10,000,000 |
Line of credit, interest rate | ' | 8.00% | ' |
Principal and interest payments maturity date | ' | 30-Sep-15 | ' |
Interest rate description | ' | 'The term loan accrues interest at a rate of 8% per annum plus the higher of (a) the 3-month LIBOR rate or (b) 1.25%. The interest rate in effect at June 30, 2014 was 9.25%. | ' |
Line of credit, current interest rate | ' | 9.25% | ' |
Increase in loan fee | 50,000 | ' | ' |
Warrant issued to purchase common stock | 110,401 | 36,657 | ' |
Exercise price of common stock | ' | 6.82 | ' |
Warrant expiration period | ' | '10 years | ' |
Fair value of the underlying common stock | ' | $8.51 | ' |
Warrant, volatility | ' | 70.00% | ' |
Warrant, weighted average risk-free interest rate | ' | 1.96% | ' |
Warrant fair value | ' | 240,000 | ' |
Additional debt discount | $163,000 | ' | ' |
Adjusted | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Exercise price of common stock | 1.7 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Jun. 30, 2014 |
Commitments and Contingencies [Line Items] | ' |
Accrued other contingencies | $0 |
Common_Stock_Purchase_Agreemen1
Common Stock Purchase Agreement - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended |
Jan. 24, 2013 | Jun. 30, 2014 | |
Maximum | ' | ' |
Schedule Of Common Share Purchase [Line Items] | ' | ' |
Additional purchase of common stock | ' | 100,000 |
Common Stock Purchase Agreement | Aspire Capital Fund LLC | ' | ' |
Schedule Of Common Share Purchase [Line Items] | ' | ' |
Common stock sale amount under purchase agreement | $12,000,000 | $12,000,000 |
Common shares issued as consideration for common stock purchase agreement | 132,743 | ' |
Common stock sale period | '2 years | ' |
Common stock purchase agreement, company's floor price per share | ' | $1 |
Common stock available for sale amount under purchase agreement | ' | $0 |
Common stock purchase agreement, expiration period | ' | '2015-05 |
Closing Sale Price | Maximum | ' | ' |
Schedule Of Common Share Purchase [Line Items] | ' | ' |
Percentage of shares to purchase | ' | 30.00% |
VWAP | ' | ' |
Schedule Of Common Share Purchase [Line Items] | ' | ' |
Percentage of closing sale price | ' | 95.00% |
Followon_Public_Offerings_Addi
Follow-on Public Offerings - Additional Information (Detail) (Underwritten Public Offering, USD $) | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Apr. 08, 2014 | Jan. 30, 2013 | Apr. 08, 2014 | Jan. 30, 2013 |
Underwritten Public Offering | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Shares of common stock under public offering | 6,452,000 | 6,900,000 | ' | ' |
Common stock Offering price | ' | ' | $1.55 | $2 |
Gross proceeds offering | $10 | $13.80 | ' | ' |
Offering proceeds net of underwriting discounts, commissions and expenses | $9 | $12.80 | ' | ' |