Everspin (MRAM) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	EVERSPIN TECHNOLOGIES INC
Entity Central Index Key	0001438423
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		18,664,804
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 13,950	$ 14,487
Accounts receivable, net	6,320	5,799
Inventory	7,944	7,863
Prepaid expenses and other current assets	518	539
Total current assets	28,732	28,688
Property and equipment, net	3,077	3,479
Right-of-use assets	2,770	3,132
Other assets	73	73
Total assets	34,652	35,372
Current liabilities:
Accounts payable	1,761	2,873
Accrued liabilities	1,965	2,727
Current portion of long-term debt	1,271	670
Operating lease liabilities	1,613	1,582
Other liabilities	34	42
Total current liabilities	6,644	7,894
Long-term debt, net of current portion	6,621	7,149
Operating lease liabilities, net of current portion	1,426	1,840
Total liabilities	14,691	16,883
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2020 and December 31, 2018
Common stock, $0.0001 par value per share; 100,000,000 shares authorized; 18,638,555 and 18,081,753 shares issued and outstanding as of March 31, 2020 and December 31, 2019	2	2
Additional paid-in capital	170,353	167,149
Accumulated deficit	(150,394)	(148,662)
Total stockholders’ equity	19,961	18,489
Total liabilities and stockholders’ equity	$ 34,652	$ 35,372

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Balance Sheets
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	18,638,555	18,081,753
Common stock, shares outstanding	18,638,555	18,081,753

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total revenue	$ 10,108	$ 10,026
Cost of sales	4,757	5,241
Gross profit	5,351	4,785
Operating expenses:
Research and development	3,030	3,998
General and administrative	2,800	3,595
Sales and marketing	1,103	1,364
Total operating expenses	6,933	8,957
Loss from operations	(1,582)	(4,172)
Interest expense	(172)	(211)
Other income, net	22	127
Net loss and comprehensive loss	$ (1,732)	$ (4,256)
Net loss per common share, basic and diluted	$ (0.10)	$ (0.25)
Weighted-average shares used to compute net loss per common share, basic and diluted	18,055,693	17,097,999
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	$ 805	$ 704
Research and development
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	162	147
General and administrative
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	585	509
Sales and marketing
Operating expenses include stock-based compensation as follows:
Total stock-based compensation	58	48
Product sales
Total revenue	9,635	9,023
Product sales
Total revenue	9,635	9,023
Licensing, royalty and other revenue
Total revenue	$ 473	$ 1,003

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	At-the-Market Sales Agreement	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2018		$ 2	$ 158,912	$ (133,993)	$ 24,921
Balance (in shares) at Dec. 31, 2018		17,095,456
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock incentive plans			13		13
Issuance of common stock under stock incentive plans (in shares)		12,607
Stock-based compensation expense			704		704
Net loss				(4,256)	(4,256)
Balance at Mar. 31, 2019		$ 2	159,629	(138,249)	21,382
Balance (in shares) at Mar. 31, 2019		17,108,063
Balance at Dec. 31, 2019		$ 2	167,149	(148,662)	18,489
Balance (in shares) at Dec. 31, 2019		18,081,753
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in at-the-market offering, net of issuance costs			2,084		2,084
Issuance of common stock (in shares)	468,427	468,427
Issuance of common stock under stock incentive plans			315		315
Issuance of common stock under stock incentive plans (in shares)		88,375
Stock-based compensation expense			805		805
Net loss				(1,732)	(1,732)
Balance at Mar. 31, 2020		$ 2	$ 170,353	$ (150,394)	$ 19,961
Balance (in shares) at Mar. 31, 2020		18,638,555

Statement of Cash Flows

Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (1,732)	$ (4,256)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	409	393
Loss on disposal of property and equipment		20
Stock-based compensation	805	704
Non-cash gain on warrant revaluation	(6)
Non-cash interest expense	73	81
Changes in operating assets and liabilities:
Accounts receivable	(521)	1,540
Inventory	(81)	(562)
Prepaid expenses and other current assets	21	93
Accounts payable	(1,067)	(955)
Accrued liabilities	(435)	(187)
Lease liabilities	(21)	(20)
Net cash used in operating activities	(2,555)	(3,149)
Cash flows from investing activities
Purchases of property and equipment	(64)	(225)
Net cash used in investing activities	(64)	(225)
Cash flows from financing activities
Payments on debt		(1,500)
Payments on finance lease obligation	(2)	(3)
Proceeds from exercise of stock options and purchase of shares in employee stock purchase plan		13
Proceeds from issuance of common stock in at-the-market offering, net of issuance costs	2,084
Net cash provided by (used in) financing activities	2,082	(1,490)
Net decrease in cash and cash equivalents	(537)	(4,864)
Cash and cash equivalents at beginning of period	14,487	23,379
Cash and cash equivalents at end of period	13,950	18,515
Supplementary cash flow information:
Interest paid	99	135
Operating cash flows paid for operating leases	486	416
Financing cash flows paid for finance leases	2	3
Non-cash investing and financing activities:
Purchase of property and equipment in accounts payable and accrued liabilities		$ 20
Bonus settled in shares of common stock	$ 315

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2020
Organization and Nature of Business
Organization and Nature of Business	1. Organization and Nature of Business Everspin Technologies, Inc. (the Company) was incorporated in Delaware on May 16, 2008. The Company’s magnetoresistive random-access memory (MRAM) solutions offer the persistence of non-volatile memory with the speed and endurance of random-access memory (RAM) and enable the protection of mission critical data particularly in the event of power interruption or failure. The Company’s MRAM solutions allow its customers in the industrial, automotive, transportation, and enterprise storage markets to design high performance, power efficient and reliable systems without the need for bulky batteries or capacitors. Ability to continue as a going concern The Company believes that its existing cash and cash equivalents as of March 31, 2020, coupled with its anticipated growth and sales levels will be sufficient to meet its anticipated cash requirements for at least the next twelve months from the financial statement issuance date. The Company’s future capital requirements will depend on many factors, including its growth rate, the timing and extent of its spending to support research and development activities, the timing and cost of establishing additional sales and marketing capabilities, and the introduction of new products. The Company may be required at some point in the future to seek additional equity or debt financing, to sustain operations beyond that point, and such additional financing may not be available on acceptable terms or at all. If the Company is unable to raise additional capital or generate sufficient cash from operations to adequately fund its operations, it will need to curtail planned activities to reduce costs. Doing so will likely harm its ability to execute on its business plan.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period or for any other future year. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2019, included in the Company’s Annual Report on Form 10-K filed with the SEC. Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory reserves, product warranty reserves, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates. Accounts receivable, net The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales returns. Returns are processed as credits on future purchases, as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company establishes an allowance for estimated price concessions related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales. Accounts receivable, net consisted of the following (in thousands): March 31, December 31, 2020 2019 Trade accounts receivable $ 5,780 $ 5,454 Unbilled accounts receivable 653 576 Allowance for product returns and price concessions (113) (231) Accounts receivable, net $ 6,320 $ 5,799 Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, minimal credit risk exists with respect to the financial institutions. Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows: Revenue Accounts Receivable, net Three Months Ended As of March 31, March 31, December 31, Customers 2020 2019 2020 2019 Customer A 22 % * 35 % 41 % Customer B 12 % * 11 % 11 % Customer C 11 % 12 % * * Customer D 11 % 15 % * * Customer E * 11 % * * Customer F * 11 % * * Customer G * * 10 % * * Fair Value of Financial Instruments Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows: Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions As of March 31, 2020, based on Level 2 inputs and the borrowing rates available to the Company for loans with similar terms and consideration of the Company’s credit risk, the carrying value of the Company’s variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value. The Company’s financial instruments consist of Level 1 assets and a Level 3 liability. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents. The Company’s Level 3 liability consists of warrants issued in connection with the 2019 Credit Facility (Note 6). The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,144 $ — $ — $ 14,144 Total assets measured at fair value $ 14,144 $ — $ — $ 14,144 Liabilities: Warrant liability $ — $ — $ 27 $ 27 Total liabilities measured at fair value $ — $ — $ 27 $ 27 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 12,367 $ — $ — $ 12,367 Total assets measured at fair value $ 12,367 $ — $ — $ 12,367 Liabilities: Warrant liability $ — $ — $ 33 $ 33 Total liabilities measured at fair value $ — $ — $ 33 $ 33 Recently Issued Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. As the Company is a smaller reporting company, ASU 2016-13 is effective for the Company’s annual reporting periods, and interim periods within those years, beginning after December 15, 2022, and requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements Financial Instruments-Credit Losses (Topic 326) . The new ASU provides narrow-scope amendments to help apply ASU No. 2016-13. The Company is evaluating the impact of the adoption of ASU 2016-13 on its financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue.
Revenue	3. Revenue The Company sells the majority of its products to its distributors, but also to original equipment manufacturers (OEMs). The Company also recognizes revenue under licensing and royalty agreements with some customers. The following table presents the Company’s revenues disaggregated by sales channel (in thousands): Three Months Ended March 31, 2020 2019 Distributor $ 6,990 $ 7,185 Non-distributor 3,118 2,841 Total revenue $ 10,108 $ 10,026 The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands): Three Months Ended March 31, 2020 2019 Point in time $ 10,043 $ 9,451 Over time 65 575 Total revenue $ 10,108 $ 10,026 The following table presents the Company’s revenues disaggregated by type (in thousands): Three Months Ended March 31, 2020 2019 Product sales $ 9,635 $ 9,023 Royalties 408 428 Other revenue 65 575 Total revenue $ 10,108 $ 10,026 The Company recognizes revenue in three primary geographic regions: North America; Europe, Middle East and Africa (EMEA); and Asia-Pacific and Japan (APJ). The following table presents the Company’s revenues disaggregated by the geographic region to which the product is delivered or licensee is located (in thousands): Three Months Ended March 31, 2020 2019 North America $ 1,104 $ 2,189 EMEA 2,108 2,634 APJ 6,896 5,203 Total revenue $ 10,108 $ 10,026

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2020
Balance Sheet Components
Balance Sheet Components	4. Balance Sheet Components Inventory Inventory consisted of the following (in thousands): March 31, December 31, 2020 2019 Raw materials $ 490 $ 119 Work-in-process 5,757 6,329 Finished goods 1,697 1,415 Total inventory $ 7,944 $ 7,863 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2020 2019 Accrued payroll-related expenses $ 819 $ 1,236 Accrued joint development agreement expenses — 170 Accrued inventory 267 87 Restructuring expenses 409 782 Other 470 452 Total accrued liabilities $ 1,965 $ 2,727 As of March 31, 2020, the Company completed the corporate restructuring activity initiated during the year ended December 31, 2019. Cash paid for employee severance and benefit arrangements in connection with the restructuring activity were $373,000 during the period ended March 31, 2020.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases
Leases	5. Leases Operating leases consist primarily of office space expiring at various dates through 2022. The undiscounted future non-cancellable lease payments under the Company’s operating leases were as follows (in thousands): As of March 31, 2020 Amount 2020 (remaining nine months) $ 1,305 2021 1,763 2022 133 Total undiscounted lease payments 3,201

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt
Debt	6. Debt 2019 Credit Facility In August 2019, the Company executed an Amended and Restated Loan and Security Agreement (the 2019 Credit Facility), which amended and restated the 2017 Credit Facility, providing for a formula revolving line of credit (Line of Credit) and a term loan (2019 Term Loan) with Silicon Valley Bank (SVB) to refinance in full the outstanding principal balance of $8.0 million under the 2017 Credit Facility. In August 2019, the Company paid the final payment of $0.8 million, which was due upon the refinancing of the 2017 Credit Facility. The Line of Credit allows for a maximum draw of $5.0 million, subject to a formula borrowing base, has a two-year term and bears interest at a floating rate equal to the Wall Street Journal (WSJ) prime rate plus 1.5%, per annum, subject to a floor of 6.75%. As of March 31, 2020, the interest rate was 6.75%. The Line of Credit provides for a commitment fee of 1.6% of the maximum availability of the Line of Credit, which was paid in August 2019 upon closing, and was accounted for as a debt discount. The Line of Credit also provides for a termination fee equal to 1% of the maximum availability under the Line of Credit, which is due in case of a termination of the Line of Credit prior to the scheduled maturity date, and an unused facility fee equal to 0.125% per annum of the average unused portion of the Line of Credit, which is expensed as incurred. At execution, $2.0 million from the Line of Credit was used to refinance a portion of the outstanding balance of the 2017 Credit Facility, and $3.0 million remains available under the Line of Credit, subject to borrowing base availability. As of March 31, 2020, the effective interest rate under the Line of Credit was 10.57% and the outstanding balance was $2.0 million. The 2019 Term Loan provides for a $6.0 million term loan, which was used to refinance the remaining balance of the 2017 Credit Facility. The 2019 Term Loan has a term of 42 months, and a 12-month interest only period followed by 30 months of equal principal payments, plus accrued interest. The 2019 Term Loan bears interest at a floating rate equal to the WSJ prime rate minus 0.75%, subject to a floor of 4.75%. As of March 31, 2020, the interest rate was 4.75%. A final payment of 7% of the original principal amount of the 2019 Term Loan must be made when the 2019 Term Loan is prepaid or repaid, whether at maturity or as a result of a prepayment or acceleration or otherwise. The additional payment, which is accounted for as a debt discount, is being accreted using the effective interest method. The 2019 Term Loan has a prepayment fee equal to 2% of the total commitment, which is due only if the 2019 Term Loan is prepaid prior to the scheduled maturity date for any reason. As of March 31, 2020, the effective interest rate under the 2019 Term Loan was 8.66%. In conjunction with entering into the 2019 Credit Facility, on August 5, 2019, the Company and SVB amended and restated the warrant issued to SVB in connection with the First Amendment, which was a warrant to purchase 9,375 shares of the Company’s common stock at $8.91 per share, to add an option by SVB to put the warrant back to the Company for $50,000 upon expiration or a liquidity event, to be prorated if SVB exercises a portion of the warrant. The warrant expires on July 6, 2023. As of August 5, 2019, the warrant was classified as a liability and recorded at fair value within other liabilities in the Company’s condensed balance sheet. Due to the put right, the warrant is subject to fair value remeasurement at each subsequent reporting date until the exercise or expiration of the warrant. Any resulting change in the fair value of the warrant will be recorded as other income, net in the Company’s condensed statement of operations and comprehensive loss. Collateral for the 2019 Credit Facility includes all of the Company’s assets except for intellectual property. The Company is required to comply with certain covenants under the 2019 Credit Facility, including requirements to maintain a minimum liquidity ratio, and restrictions on certain actions without the consent of the lender, such as limitations on its ability to engage in mergers or acquisitions, sell assets, incur indebtedness or grant liens or negative pledges on its assets, make loans or make other investments. Under these covenants, the Company is prohibited from paying cash dividends with respect to its capital stock. The Company was in compliance with all covenants at March 31, 2020. The 2019 Credit Facility contains a material adverse effect clause which provides that an event of default will occur if, among other triggers, an event occurs that could reasonably be expected to result in a material adverse effect on the Company’s business, operations or condition, or on the Company’s ability to perform its obligations under the term loan. As of March 31, 2020, management does not believe that it is probable that the clause will be triggered within the next 12 months, and therefore the term loan is classified as long-term. The carrying value of the Company’s 2019 Credit Facility at March 31, 2020 was as follows (in thousands): Current Long-Term Portion Debt Total Credit Facility $ 1,400 $ 7,020 $ 8,420 Unamortized debt discounts (129) (399) (528) Net carrying value $ 1,271 $ 6,621 $ 7,892 The carrying value of the Company’s 2019 Credit Facility at December 31, 2019 was as follows (in thousands): Current Long-Term Portion Debt Total Credit Facility $ 800 $ 7,620 $ 8,420 Unamortized debt discounts (130) (471) (601) Net carrying value $ 670 $ 7,149 $ 7,819 The table below includes the principal repayments due under the 2019 Credit Facility (in thousands): Principal Repayment as of March 31, 2020 2020 (remaining nine months) $ 800 2021 4,400 2022 2,400 2023 820 Total principal repayments $ 8,420

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders’ Equity
Stockholders’ Equity	7. Stockholders’ Equity At-the-Market Sales Agreement In August 2019, the Company entered into an Open Market Sale Agreement, or the 2019 Sales Agreement, with Jefferies, LLC, or Jefferies, for the offer and sale of shares of its common stock having an aggregate offering of up to $25.0 million from time to time through Jefferies, acting as the Company’s sales agent. The issuance and sale of these shares by the Company pursuant to the 2019 Sales Agreement are deemed an “at-the-market” offering under the Securities Act of 1933, as amended. Under the 2019 Sales Agreement, the Company agreed to pay Jefferies a commission of up to 3% of the gross proceeds of any sales made pursuant to the Sales Agreement. During the three months ended March 31, 2020, the Company received net proceeds of $2.1 million after deducting commissions and expenses payable by the Company, from the sale of 468,427 shares of common stock pursuant to the 2019 Sales Agreement. As of March 31, 2020, the Company had an aggregate of $17.7 million available for future sales under the 2019 Sales Agreement.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation The following table summarizes the stock option and award activity for the three months ended March 31, 2020: Options Outstanding Weighted- Weighted- Options and Average Average Awards Exercise Remaining Aggregate Available for Number of Price Per Contractual Intrinsic Grant Options Share Life (years) Value (In thousands) Balance—December 31, 2019 638,227 1,931,903 $ 7.17 6.5 $ 188 Authorized 542,452 RSUs granted (228,013) RSUs cancelled/forfeited 24,697 Options granted (631,055) 631,055 $ 2.30 Options cancelled/forfeited 120,313 (125,834) $ 8.08 Balance—March 31, 2020 466,621 2,437,124 $ 5.86 7.5 $ 225 Options exercisable—March 31, 2020 1,133,244 $ 7.08 5.6 $ — The total grant date fair value of options vested was $799,000 and $710,000 during the three months ended March 31, 2020 and 2019, respectively. The weighted-average grant date fair value of employee options granted was $1.52 and $4.00 per share during the three months ended March 31, 2020 and 2019, respectively. 2016 Employee Stock Purchase Plan In January 2020, there was an increase of 180,817 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP). The Company had 576,817 shares available for future issuance under the Company’s ESPP as of March 31, 2020. Employees did not purchase any shares during the three months ended March 31, 2020 and 2019. Restricted Stock Units The following table summarizes Restricted Stock Units (RSUs) activity for the three months ended March 31, 2020: RSUs Outstanding Weighted- Average Number of Grant Date Restricted Stock Fair Value Per Units Share Balance—December 31, 2019 211,962 $ 6.97 Granted 228,013 3.08 Vested (88,375) 5.90 Cancelled/forfeited (24,697) 7.59 Balance—March 31, 2020 326,903 $ 4.50 The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date. As of March 31, 2020, there was $1.1 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.9 years. Stock-based Compensation Expense As of March 31, 2020, there was $4.2 million of total unrecognized compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 3.1 years. Compensation cost capitalized within inventory at March 31, 2020 and at December 31, 2019 was not material.

Significant Agreements

Significant Agreements	3 Months Ended
	Mar. 31, 2020
Significant Agreements
Significant Agreements	9. Significant Agreements GLOBALFOUNDRIES, Inc. Joint Development Agreement Since October 17, 2014, the Company has participated in a joint development agreement with GLOBALFOUNDRIES Inc., a semiconductor foundry, for the joint development of STT-MRAM technology to produce of a family of discrete and embedded MRAM technologies. The term of the agreement is until the completion, termination, or expiration of the last statement of work entered into pursuant to the joint development agreement. The agreement was extended on December 31, 2019 to include a new phase of support for 12nm MRAM development. Under the current JDA extension terms, each party licenses its relevant intellectual property to the other party. For certain jointly developed works, the parties have agreed to follow an invention allocation procedure to determine ownership. In addition, GF possesses the exclusive right to manufacture the Company’s discrete and embedded STT-MRAM devices developed pursuant to the agreement until the earlier of three years after the qualification of the MRAM device for a particular technology node or four years after the completion of the relevant statement of work under which the device was developed. For the same exclusivity period associated with the relevant device, GF agreed not to license intellectual property developed in connection with the JDA to named competitors of the Company. Generally, unless otherwise specified in the agreement or a statement of work, the Company and GF share project costs, which do not include personnel or production qualification costs, under the JDA. If GF manufactures, sells or transfers to customers wafers containing production quantified STT-MRAM devices that utilize certain design information, GF will be required to pay the Company a royalty. The Company incurred project costs of $0.8 million for the three months ended March 31, 2019, which were recognized in research and development expense. No project costs were incurred during the three months ended March 31, 2020. The Company entered into a Statement of Work (SOW) and an Amendment to the SOW, under the JDA with GF effective August 2016 and June 2018, respectively. The Company is entitled to revenues under the SOW and its Amendment upon delivery and acceptance of product. The Company did not recognize any revenue from GF during the three months ended March 31, 2020 and 2019. Silterra Malaysia Sdn. Bhd. Joint Collaboration Agreement In September 2018, the Company entered into a Joint Collaboration Agreement (JCA) with Silterra Malaysia Sdn. Bhd. (Silterra), and another third party. The JCA will create additional manufacturing capacity for the Company’s Toggle MRAM products. Initial production is expected to start in 2020. Under the JCA the Company will pay non-recurring engineering costs of $1.0 million. As of March 31, 2020, the Company has paid $600,000 of JCA costs. There were no JCA costs paid for during the three months ended March 31, 2020.

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2020
Net Loss Per Common Share
Net Loss Per Common Share	10. Net Loss Per Common Share The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per common share for the periods presented, because their inclusion would be anti-dilutive: Three Months Ended March 31, 2020 2019 Options to purchase common stock 2,437,124 1,796,103 Restricted stock units 326,903 168,408 Common stock warrants 27,836 27,836 Total 2,791,863 1,992,347

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period or for any other future year. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2019, included in the Company’s Annual Report on Form 10-K filed with the SEC.
Use of Estimates	Use of Estimates The preparation of the condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, fair value of assets and liabilities, inventory reserves, product warranty reserves, deferred tax assets and related valuation allowances, and stock-based compensation. The Company believes its estimates and assumptions are reasonable; however, actual results may differ from the Company’s estimates.
Accounts Receivable	Accounts receivable, net The Company establishes an allowance for product returns. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of products when evaluating the adequacy of sales returns. Returns are processed as credits on future purchases, as a result, the allowance is recorded against the balance of trade accounts receivable. In addition, the Company establishes an allowance for estimated price concessions related to its distributor agreements. The Company estimates credits to distributors based on the historical rate of credits provided to distributors relative to sales. Accounts receivable, net consisted of the following (in thousands): March 31, December 31, 2020 2019 Trade accounts receivable $ 5,780 $ 5,454 Unbilled accounts receivable 653 576 Allowance for product returns and price concessions (113) (231) Accounts receivable, net $ 6,320 $ 5,799
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents that are held by a financial institution in the United States and accounts receivable. Amounts on deposit with a financial institution may at times exceed federally insured limits. The Company maintains its cash accounts with high credit quality financial institutions and, accordingly, minimal credit risk exists with respect to the financial institutions. Significant customers are those which represent more than 10% of the Company’s total revenue or net accounts receivable balance at each respective balance sheet date. For the purposes of this disclosure, the Company defines “customer” as the entity that is purchasing the products or licenses directly from the Company, which includes the distributors of the Company’s products in addition to end customers that the Company sells to directly. For each significant customer, revenue as a percentage of total revenue and accounts receivable as a percentage of total accounts receivable, net are as follows: Revenue Accounts Receivable, net Three Months Ended As of March 31, March 31, December 31, Customers 2020 2019 2020 2019 Customer A 22 % * 35 % 41 % Customer B 12 % * 11 % 11 % Customer C 11 % 12 % * * Customer D 11 % 15 % * * Customer E * 11 % * * Customer F * 11 % * * Customer G * * 10 % * *
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows: Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets; Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions As of March 31, 2020, based on Level 2 inputs and the borrowing rates available to the Company for loans with similar terms and consideration of the Company’s credit risk, the carrying value of the Company’s variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value. The Company’s financial instruments consist of Level 1 assets and a Level 3 liability. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents. The Company’s Level 3 liability consists of warrants issued in connection with the 2019 Credit Facility (Note 6). The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,144 $ — $ — $ 14,144 Total assets measured at fair value $ 14,144 $ — $ — $ 14,144 Liabilities: Warrant liability $ — $ — $ 27 $ 27 Total liabilities measured at fair value $ — $ — $ 27 $ 27 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 12,367 $ — $ — $ 12,367 Total assets measured at fair value $ 12,367 $ — $ — $ 12,367 Liabilities: Warrant liability $ — $ — $ 33 $ 33 Total liabilities measured at fair value $ — $ — $ 33 $ 33
Recently Adopted Pronouncements and Recently Issued Pronouncements	Recently Issued Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. As the Company is a smaller reporting company, ASU 2016-13 is effective for the Company’s annual reporting periods, and interim periods within those years, beginning after December 15, 2022, and requires a cumulative effect adjustment to the balance sheet as of the beginning of the first reporting period in which the guidance is effective. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements Financial Instruments-Credit Losses (Topic 326) . The new ASU provides narrow-scope amendments to help apply ASU No. 2016-13. The Company is evaluating the impact of the adoption of ASU 2016-13 on its financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Schedule of accounts receivable net	Accounts receivable, net consisted of the following (in thousands): March 31, December 31, 2020 2019 Trade accounts receivable $ 5,780 $ 5,454 Unbilled accounts receivable 653 576 Allowance for product returns and price concessions (113) (231) Accounts receivable, net $ 6,320 $ 5,799
Schedule of revenue and accounts receivable for each significant customer	Revenue Accounts Receivable, net Three Months Ended As of March 31, March 31, December 31, Customers 2020 2019 2020 2019 Customer A 22 % * 35 % 41 % Customer B 12 % * 11 % 11 % Customer C 11 % 12 % * * Customer D 11 % 15 % * * Customer E * 11 % * * Customer F * 11 % * * Customer G * * 10 % * *
Schedule of fair value of financial assets and liabilities measured on recurring basis	The following tables sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 14,144 $ — $ — $ 14,144 Total assets measured at fair value $ 14,144 $ — $ — $ 14,144 Liabilities: Warrant liability $ — $ — $ 27 $ 27 Total liabilities measured at fair value $ — $ — $ 27 $ 27 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 12,367 $ — $ — $ 12,367 Total assets measured at fair value $ 12,367 $ — $ — $ 12,367 Liabilities: Warrant liability $ — $ — $ 33 $ 33 Total liabilities measured at fair value $ — $ — $ 33 $ 33

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue.
Schedule of disaggregation of revenue	The following table presents the Company’s revenues disaggregated by sales channel (in thousands): Three Months Ended March 31, 2020 2019 Distributor $ 6,990 $ 7,185 Non-distributor 3,118 2,841 Total revenue $ 10,108 $ 10,026 The following table presents the Company’s revenues disaggregated by timing of recognition (in thousands): Three Months Ended March 31, 2020 2019 Point in time $ 10,043 $ 9,451 Over time 65 575 Total revenue $ 10,108 $ 10,026 The following table presents the Company’s revenues disaggregated by type (in thousands): Three Months Ended March 31, 2020 2019 Product sales $ 9,635 $ 9,023 Royalties 408 428 Other revenue 65 575 Total revenue $ 10,108 $ 10,026 The Company recognizes revenue in three primary geographic regions: North America; Europe, Middle East and Africa (EMEA); and Asia-Pacific and Japan (APJ). The following table presents the Company’s revenues disaggregated by the geographic region to which the product is delivered or licensee is located (in thousands): Three Months Ended March 31, 2020 2019 North America $ 1,104 $ 2,189 EMEA 2,108 2,634 APJ 6,896 5,203 Total revenue $ 10,108 $ 10,026

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2020
Balance Sheet Components
Schedule of Inventory	Inventory consisted of the following (in thousands): March 31, December 31, 2020 2019 Raw materials $ 490 $ 119 Work-in-process 5,757 6,329 Finished goods 1,697 1,415 Total inventory $ 7,944 $ 7,863
Schedule of accrued liabilities	Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2020 2019 Accrued payroll-related expenses $ 819 $ 1,236 Accrued joint development agreement expenses — 170 Accrued inventory 267 87 Restructuring expenses 409 782 Other 470 452 Total accrued liabilities $ 1,965 $ 2,727

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases
Schedule of future lease payments	The undiscounted future non-cancellable lease payments under the Company’s operating leases were as follows (in thousands): As of March 31, 2020 Amount 2020 (remaining nine months) $ 1,305 2021 1,763 2022 133 Total undiscounted lease payments 3,201

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt
Summary of debt	The carrying value of the Company’s 2019 Credit Facility at March 31, 2020 was as follows (in thousands): Current Long-Term Portion Debt Total Credit Facility $ 1,400 $ 7,020 $ 8,420 Unamortized debt discounts (129) (399) (528) Net carrying value $ 1,271 $ 6,621 $ 7,892 The carrying value of the Company’s 2019 Credit Facility at December 31, 2019 was as follows (in thousands): Current Long-Term Portion Debt Total Credit Facility $ 800 $ 7,620 $ 8,420 Unamortized debt discounts (130) (471) (601) Net carrying value $ 670 $ 7,149 $ 7,819
Summary of principal repayments of credit facility	The table below includes the principal repayments due under the 2019 Credit Facility (in thousands): Principal Repayment as of March 31, 2020 2020 (remaining nine months) $ 800 2021 4,400 2022 2,400 2023 820 Total principal repayments $ 8,420

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Stock-Based Compensation
Summary of stock option activity	Options Outstanding Weighted- Weighted- Options and Average Average Awards Exercise Remaining Aggregate Available for Number of Price Per Contractual Intrinsic Grant Options Share Life (years) Value (In thousands) Balance—December 31, 2019 638,227 1,931,903 $ 7.17 6.5 $ 188 Authorized 542,452 RSUs granted (228,013) RSUs cancelled/forfeited 24,697 Options granted (631,055) 631,055 $ 2.30 Options cancelled/forfeited 120,313 (125,834) $ 8.08 Balance—March 31, 2020 466,621 2,437,124 $ 5.86 7.5 $ 225 Options exercisable—March 31, 2020 1,133,244 $ 7.08 5.6 $ —
Schedule of restricted stock unit activity	RSUs Outstanding Weighted- Average Number of Grant Date Restricted Stock Fair Value Per Units Share Balance—December 31, 2019 211,962 $ 6.97 Granted 228,013 3.08 Vested (88,375) 5.90 Cancelled/forfeited (24,697) 7.59 Balance—March 31, 2020 326,903 $ 4.50

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Net Loss Per Common Share
Schedule of potentially dilutive securities excluded from diluted net loss per common share	Three Months Ended March 31, 2020 2019 Options to purchase common stock 2,437,124 1,796,103 Restricted stock units 326,903 168,408 Common stock warrants 27,836 27,836 Total 2,791,863 1,992,347

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts receivable
Trade accounts receivable	$ 5,780	$ 5,454
Unbilled accounts receivable	653	576
Allowance for product returns and price concessions	(113)	(231)
Accounts receivable, net	$ 6,320	$ 5,799

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Revenue and Accounts Receivable for Each Significant Customer (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue | Customer A
Concentration risk
Concentration risk percentage	22.00%
Revenue | Customer A | Maximum
Concentration risk
Concentration risk percentage		10.00%
Revenue | Customer B
Concentration risk
Concentration risk percentage	12.00%
Revenue | Customer B | Maximum
Concentration risk
Concentration risk percentage		10.00%
Revenue | Customer C
Concentration risk
Concentration risk percentage	11.00%	12.00%
Revenue | Customer D
Concentration risk
Concentration risk percentage	11.00%	15.00%
Revenue | Customer E
Concentration risk
Concentration risk percentage		11.00%
Revenue | Customer E | Maximum
Concentration risk
Concentration risk percentage	10.00%
Revenue | Customer F
Concentration risk
Concentration risk percentage		11.00%
Revenue | Customer F | Maximum
Concentration risk
Concentration risk percentage	10.00%
Revenue | Customer G | Maximum
Concentration risk
Concentration risk percentage	10.00%	10.00%
Accounts Receivable | Customer A
Concentration risk
Concentration risk percentage	35.00%		41.00%
Accounts Receivable | Customer B
Concentration risk
Concentration risk percentage	11.00%		11.00%
Accounts Receivable | Customer C | Maximum
Concentration risk
Concentration risk percentage	10.00%		10.00%
Accounts Receivable | Customer D | Maximum
Concentration risk
Concentration risk percentage	10.00%		10.00%
Accounts Receivable | Customer E | Maximum
Concentration risk
Concentration risk percentage	10.00%		10.00%
Accounts Receivable | Customer F | Maximum
Concentration risk
Concentration risk percentage	10.00%		10.00%
Accounts Receivable | Customer G
Concentration risk
Concentration risk percentage	10.00%
Accounts Receivable | Customer G | Maximum
Concentration risk
Concentration risk percentage			10.00%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Level 3
Fair Value
Warrant liability		$ 33
Total liabilities measured at fair value		33
Recurring
Fair Value
Total assets measured at fair value	$ 14,144	12,367
Warrant liability	27	33
Total liabilities measured at fair value	27	33
Recurring | Level 1
Fair Value
Total assets measured at fair value	14,144	12,367
Recurring | Level 3
Fair Value
Warrant liability	27
Total liabilities measured at fair value	27
Recurring | Money market funds
Fair Value
Money market funds	14,144	12,367
Recurring | Money market funds | Level 1
Fair Value
Money market funds	$ 14,144	$ 12,367

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Recently issued pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Recently Issued Pronouncement
Right-of-use assets	$ 2,770	$ 3,132

Revenue - Disaggregated by Sale

Revenue - Disaggregated by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue
Revenue	$ 10,108	$ 10,026
Distributor
Disaggregation of Revenue
Revenue	6,990	7,185
Non-distributor
Disaggregation of Revenue
Revenue	$ 3,118	$ 2,841

Revenue - Disaggregated by Timi

Revenue - Disaggregated by Timing of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue
Revenue	$ 10,108	$ 10,026
Point in time
Disaggregation of Revenue
Revenue	10,043	9,451
Over time
Disaggregation of Revenue
Revenue	$ 65	$ 575

Revenue - Disaggregated by Type

Revenue - Disaggregated by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue
Revenue	$ 10,108	$ 10,026
Product sales
Disaggregation of Revenue
Revenue	9,635	9,023
Royalties
Disaggregation of Revenue
Revenue	408	428
Other revenue
Disaggregation of Revenue
Revenue	$ 65	$ 575

Revenue - Disaggregated by Geog

Revenue - Disaggregated by Geographic Region (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)region	Mar. 31, 2019USD ($)
Disaggregation of Revenue
Number of primary geographic regions | region	3
Revenue	$ 10,108	$ 10,026
North America
Disaggregation of Revenue
Revenue	1,104	2,189
EMEA
Disaggregation of Revenue
Revenue	2,108	2,634
APJ
Disaggregation of Revenue
Revenue	$ 6,896	$ 5,203

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory
Raw materials	$ 490	$ 119
Work-in-process	5,757	6,329
Finished goods	1,697	1,415
Total inventory	$ 7,944	$ 7,863

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accrued liabilities
Accrued payroll-related expenses	$ 819	$ 1,236
Accrued joint development agreement expenses		170
Accrued inventory	267	87
Restructuring expenses	409	782
Other	470	452
Total accrued liabilities	1,965	$ 2,727
Payment of employee severance and benefit arrangements	$ 373

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Future operating lease payments
2020 (remaining nine months)	$ 1,305
2021	1,763
2022	133
Total undiscounted lease payments	3,201
Less: Current portion of operating lease liabilities	(1,613)	$ (1,582)
Total operating lease liabilities, net of current portion	$ 1,426	$ 1,840

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 05, 2019	Aug. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Jul. 31, 2019
Debt
Outstanding balance			$ 2,000
2017 Credit Facility
Debt
Repayment of credit facility		$ 800
Principal amount					$ 8,000
2019 Credit Facility
Debt
Number of shares the warrant can be converted to	9,375
Warrant exercise price	$ 8.91
Amount bank could receive if takes the option to put the warrants upon expiration or a liquidity event	$ 50
Principal amount			$ 8,420	$ 8,420
2019 Credit Facility | Prime Rate
Debt
Effective interest rate			4.75%
2019 Credit Facility - Revolving Line Of Credit
Debt
Loan agreement amount		$ 5,000
Agreement term		2 years
Interest rate, basis spread percentage		1.50%
Effective interest rate			10.57%
Commitment fee (as a percentage)		1.60%
Termination fee (as a percentage)		1.00%
Unused facility fee (as a percentage)		0.125%
Debt amount		$ 2,000
Remaining availability		$ 3,000
2019 Credit Facility - Revolving Line Of Credit | Prime Rate | Minimum
Debt
Interest rate, basis spread percentage		6.75%
Effective interest rate			6.75%
2019 Credit Facility - Term Loan
Debt
End-of-term fee (as a percent)		7.00%
Agreement term		42 months
Effective interest rate			8.66%
Prepayment fee (as a percentage)		2.00%
Debt amount		$ 6,000
Number of months of interest only payment		12 months
Number of months of equal principal payments plus accrued interest		30 months
2019 Credit Facility - Term Loan | Prime Rate
Debt
Interest rate, negative basis spread percentage		0.75%
Effective interest rate		4.75%

Debt - Carrying Value (Details)

Debt - Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt
Net carrying value of debt, Current Portion	$ 1,271	$ 670
Net carrying value of debt, Long-term debt	6,621	7,149
2019 Credit Facility
Debt
Debt, Current Portion	1,400	800
Less: Debt issuance costs, Current Portion	(129)	(130)
Net carrying value of debt, Current Portion	1,271	670
Debt, including end of term fee, Long-term debt	7,020	7,620
Less: Unamortized debt discounts, Long-term debt	(399)	(471)
Net carrying value of debt, Long-term debt	6,621	7,149
Total principal amount	8,420	8,420
Less: Discount attributable to warrants, end of term fee and debt issuance costs, Total	(528)	(601)
Net carrying value of debt, Total	$ 7,892	$ 7,819

Debt - Summary of Principal Rep

Debt - Summary of Principal Repayments of 2019 Credit Facility (Details) - 2019 Credit Facility - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt
2020 (remaining nine months)	$ 800
2021	4,400
2022	2,400
2023	820
Total principal amount	$ 8,420	$ 8,420

Stockholders' Equity - (Details

Stockholders' Equity - (Details) - At-the-Market Sales Agreement - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Aug. 31, 2019	Mar. 31, 2020
Common stock reserved
Maximum amount of shares for offering	$ 25
Maximum commission percentage	3.00%
Net proceeds		$ 2.1
Number of shares sold		468,427
Shares available for future issuance		$ 17.7

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Options and Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Stock-based compensation
Options and Awards Available for Grant, Outstanding, Beginning balance	638,227
Options and Awards Available for Grant, Options authorized	542,452
Options and Awards Available for Grant, RSUs granted	(228,013)
Options Available for Grant, RSUs cancelled/forfeited	24,697
Options and Awards Available for Grant, Options granted	(631,055)
Options and Awards Available for Grant, Options cancelled/forfeited	120,313
Options and Awards Available for Grant, Outstanding, Ending balance	466,621	638,227
Number of Options, Outstanding, Beginning balance	1,931,903
Number of Options, Options granted	631,055
Number of Options, Options cancelled/forfeited	(125,834)
Number of Options, Outstanding, Ending balance	2,437,124	1,931,903
Number of Options, exercisable	1,133,244
Weighted - Average Exercise Price Per Share, Options outstanding, Beginning balance	$ 7.17
Weighted - Average Exercise Price Per Share, Options granted	2.30
Weighted - Average Exercise Price Per Share, Options cancelled/forfeited	8.08
Weighted - Average Exercise Price Per Share, Options outstanding, Ending balance	5.86	$ 7.17
Weighted - Average Exercise Price Per Share, Options exercisable	$ 7.08
Weighted - Average Remaining Contractual Life, Options outstanding	7 years 6 months	6 years 6 months
Weighted - Average Remaining Contractual Life, Options exercisable	5 years 7 months 6 days
Aggregate Intrinsic Value, Options outstanding	$ 225	$ 188

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share-based Compensation
Total grant date fair value of options vested		$ 799	$ 710
Shares available for future issuance (in shares)		466,621		638,227
Value of share issued		$ 315	$ 13
Weighted-average exercise price (per share)		$ 5.86		$ 7.17
Number of stock options granted (in shares)		631,055
Options remained outstanding		2,437,124		1,931,903
Employees
Share-based Compensation
Weighted-average grant date fair value of options granted		$ 1.52	$ 4
2016 Employee Stock Purchase Plan
Share-based Compensation
Increase in number of shares available for grant	180,817
Shares available for future issuance (in shares)		576,817

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense | $	$ 4.2
Unrecognized compensation expense, weighted-average period expected to be recognized	3 years 1 month 6 days
Restricted stock units
Number of Restricted Stock Units
Balance, beginning of period | shares	211,962
Granted | shares	228,013
Vested | shares	(88,375)
Cancelled/forfeited | shares	(24,697)
Balance, end of period | shares	326,903
Weighted Average Exercise Price Per Share
Balance, beginning of period (price per share) | $ / shares	$ 6.97
Granted (price per share) | $ / shares	3.08
Vested (price per share) | $ / shares	5.90
Cancelled/forfeited (price per share) | $ / shares	7.59
Balance, end of period (price per share) | $ / shares	$ 4.50
2016 Employee Incentive Plan | Restricted stock units
Weighted Average Exercise Price Per Share
Unrecognized stock-based compensation expense | $	$ 1.1
Unrecognized compensation expense, weighted-average period expected to be recognized	2 years 10 months 24 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Stock-Based Compensation
Unrecognized stock-based compensation expense	$ 4.2
Unrecognized compensation expense, weighted-average period expected to be recognized	3 years 1 month 6 days

Significant Agreements (Details

Significant Agreements (Details) - USD ($) $ in Thousands	Oct. 17, 2014	Sep. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020
Joint development agreement
Research and development expense			$ 3,030	$ 3,998
Common Stock
Joint development agreement
Number of shares sold			468,427
Joint Development Agreement | Global Foundries, Inc.
Joint development agreement
Period of possession of exclusive right to manufacture after qualification of device	3 years
Period of possession of exclusive right to manufacture after completion of device development work	4 years
Research and development expense			$ 0	800
Milestone revenue			0	$ 0
Collaborative Agreement | Silterra
Joint development agreement
Non-recurring engineering cost obligation		$ 1,000
JCA costs			$ 0		$ 600

Net Loss Per Common Share - Com

Net Loss Per Common Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss	$ (1,732)	$ (4,256)
Denominator:
Weighted-average common shares outstanding used to calculate net loss per common share, basic and diluted	18,055,693	17,097,999
Net loss per common share, basic and diluted	$ (0.10)	$ (0.25)

Net Loss Per Common Share - Sch

Net Loss Per Common Share - Schedule of Potentially Dilutive Securities Excluded from Diluted Net Loss Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	2,791,863	1,992,347
Options to purchase common stock
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	2,437,124	1,796,103
Restricted stock units
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	326,903	168,408
Common stock warrants
Antidilutive Securities
Potentially dilutive securities excluded from diluted net loss per common share	27,836	27,836