Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 04, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Arcadia Biosciences, Inc. | |
Entity Central Index Key | 0001469443 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 8,646,149 | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Extended Transition Period | true | |
Entity File Number | 001-37383 | |
Entity Tax Identification Number | 81-0571538 | |
Entity Address, Address Line One | 202 Cousteau Place | |
Entity Address, Address Line Two | Suite 105 | |
Entity Address, City or Town | Davis | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95618 | |
City Area Code | 530 | |
Local Phone Number | 756-7077 | |
Entity Incorporation, State or Country Code | DE | |
Trading Symbol | RKDA | |
Title of 12(b) Security | Common | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 20,541 | $ 11,998 |
Short-term investments | 10,355 | 9,825 |
Accounts receivable | 127 | 165 |
Unbilled revenue | 3 | |
Inventories — current | 1,843 | 181 |
Prepaid expenses and other current assets | 740 | 704 |
Total current assets | 33,606 | 22,876 |
Property and equipment, net | 1,283 | 395 |
Right of use asset | 1,911 | |
Inventories — noncurrent | 495 | 746 |
Other noncurrent assets | 7 | 7 |
Total assets | 37,302 | 24,024 |
Current liabilities: | ||
Accounts payable and accrued expenses | 5,016 | 2,645 |
Amounts due to related parties | 28 | 29 |
Notes payable - current | 24 | |
Unearned revenue — current | 80 | 96 |
Operating lease liability — current | 609 | |
Other current liabilities | 266 | 284 |
Total current liabilities | 6,023 | 3,054 |
Notes payable — noncurrent | 113 | |
Operating lease liability — noncurrent | 1,450 | |
Common stock warrant liabilities | 12,483 | 5,083 |
Other noncurrent liabilities | 3,000 | 3,072 |
Total liabilities | 23,069 | 11,209 |
Stockholders’ equity: | ||
Common stock, $0.001 par value—150,000,000 shares authorized as of September 30, 2019 and December 31, 2018; 8,646,149 and 4,774,919 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 49 | 45 |
Additional paid-in capital | 214,423 | 191,136 |
Accumulated deficit | (200,928) | (178,366) |
Total Arcadia Biosciences stockholders’ equity | 13,544 | 12,815 |
Non-controlling interest | 689 | |
Total stockholders' equity | 14,233 | 12,815 |
Total liabilities and stockholders’ equity | $ 37,302 | $ 24,024 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 8,646,149 | 4,774,919 |
Common stock, outstanding | 8,646,149 | 4,774,919 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 392 | $ 370 | $ 753 | $ 1,020 |
Operating expenses: | ||||
Research and development | 1,931 | 1,334 | 5,387 | 4,524 |
Selling, general and administrative | 4,477 | 3,011 | 10,434 | 8,581 |
Total operating expenses | 6,585 | 4,469 | 16,145 | 13,536 |
Loss from operations | (6,193) | (4,099) | (15,392) | (12,516) |
Interest expense | (3) | (3) | ||
Other income, net | 119 | 134 | 339 | 266 |
Initial loss on common stock warrant and common stock adjustment feature liabilities | (4,000) | |||
Change in fair value of common stock warrant and common stock adjustment feature liabilities | (7,777) | 8,421 | (6,790) | 5,986 |
Offering costs | (336) | (1) | (702) | (2,544) |
Net (loss) income before income taxes | (14,190) | 4,455 | (22,548) | (12,808) |
Income tax benefit (provision) | 3 | (5) | (14) | (26) |
Net (loss) income | $ (14,187) | $ 4,450 | $ (22,562) | $ (12,834) |
Net (loss) income per share: | ||||
Basic and diluted | $ (2.04) | $ 0.93 | $ (4.03) | $ (3.74) |
Weighted-average number of shares used in per share calculations: | ||||
Basic and diluted | 6,942,612 | 4,774,732 | 5,596,545 | 3,427,799 |
Other comprehensive income, net of tax | ||||
Unrealized losses on available-for-sale securities | $ (1) | $ (2) | $ (1) | |
Other comprehensive loss | (1) | (2) | (1) | |
Comprehensive (loss) income | (14,188) | 4,448 | $ (22,562) | (12,835) |
Product | ||||
Revenues: | ||||
Total revenues | 216 | 144 | 485 | 393 |
Operating expenses: | ||||
Cost of product revenues | 177 | 124 | 324 | 431 |
License | ||||
Revenues: | ||||
Total revenues | 17 | 10 | 17 | 100 |
Contract Research And Government Grants | ||||
Revenues: | ||||
Total revenues | $ 159 | $ 216 | $ 251 | $ 527 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | June 2018 Offering [Member] | June 2019 Offering [Member] | September 2019 Offering [Member] | June 2018 Purchase Agreement [Member] | September 2019 Purchase Agreement [Member] | June 2019 Purchase Agreement [Member] | Common Stock [Member] | Common Stock [Member]June 2019 Offering [Member] | Common Stock [Member]Securities Purchase Agreement [Member] | Common Stock [Member]June 2018 Purchase Agreement [Member] | Common Stock [Member]September 2019 Purchase Agreement [Member] | Common Stock [Member]June 2019 Purchase Agreement [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]June 2018 Offering [Member] | Additional Paid-In Capital [Member]June 2019 Offering [Member] | Additional Paid-In Capital [Member]September 2019 Offering [Member] | Additional Paid-In Capital [Member]Securities Purchase Agreement [Member] | Additional Paid-In Capital [Member]June 2018 Purchase Agreement [Member] | Additional Paid-In Capital [Member]September 2019 Purchase Agreement [Member] | Additional Paid-In Capital [Member]June 2019 Purchase Agreement [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive (Loss) [Member] | Non-Controlling Interest [Member] |
Stockholders Equity, Beginning Balance at Dec. 31, 2017 | $ 8,007 | $ 42 | $ 175,223 | $ (167,257) | $ (1) | |||||||||||||||||||
Stockholders Equity, Beginning Balance, Shares at Dec. 31, 2017 | 2,134,153 | |||||||||||||||||||||||
Impact of adoption of Topic 606 | Topic 606 [Member] | 2,371 | 2,371 | ||||||||||||||||||||||
Issuance of shares related to employee stock option exercises | 963 | 963 | ||||||||||||||||||||||
Issuance of shares related to employee stock option exercises, Shares | 44,354 | |||||||||||||||||||||||
Issuance of shares related to employee stock purchase plan | 6 | 6 | ||||||||||||||||||||||
Issuance of shares related to employee stock purchase plan, Shares | 1,122 | |||||||||||||||||||||||
Issuance of shares | $ 4,978 | $ 1 | $ 2 | $ (1) | $ 4,976 | |||||||||||||||||||
Issuance of shares, Shares | 1,201,634 | 1,392,345 | ||||||||||||||||||||||
Issuance of placement agent warrants | 526 | $ 427 | 526 | $ 427 | ||||||||||||||||||||
Common stock adjustment feature | 8,378 | 8,378 | ||||||||||||||||||||||
Offering costs | $ (912) | $ (912) | ||||||||||||||||||||||
Stock-based compensation | 1,550 | 1,550 | ||||||||||||||||||||||
Issuance of shares related to reverse stock split, Shares | 1,311 | |||||||||||||||||||||||
Other comprehensive income | 1 | $ 1 | ||||||||||||||||||||||
Net loss | (13,480) | (13,480) | ||||||||||||||||||||||
Stockholders Equity, Ending Balance at Dec. 31, 2018 | 12,815 | $ 45 | 191,136 | (178,366) | ||||||||||||||||||||
Stockholders Equity, Ending Balance, Shares at Dec. 31, 2018 | 4,774,919 | |||||||||||||||||||||||
Issuance of shares related to employee stock option exercises | $ 3 | 3 | ||||||||||||||||||||||
Issuance of shares related to employee stock option exercises, Shares | 546 | 546 | ||||||||||||||||||||||
Issuance of shares related to employee stock purchase plan | $ 18 | 18 | ||||||||||||||||||||||
Issuance of shares related to employee stock purchase plan, Shares | 8,536 | |||||||||||||||||||||||
Issuance of shares | $ 6,571 | $ 3,303 | $ 1 | $ 2 | $ 6,570 | $ 3,301 | ||||||||||||||||||
Issuance of shares, Shares | 1,318,828 | 1,489,575 | ||||||||||||||||||||||
Issuance of placement agent warrants | $ 198 | $ 326 | $ 198 | $ 326 | ||||||||||||||||||||
Issuance of shares related to the exercise of warrants issued with June offering | $ 5,269 | $ 1 | $ 5,268 | |||||||||||||||||||||
Issuance of shares related to the exercise of warrants issued with June offering, Shares | 1,053,745 | |||||||||||||||||||||||
Reclassification of common stock warrant liability balance with exercise | 7,016 | 7,016 | ||||||||||||||||||||||
Offering costs | $ (796) | $ (487) | $ (796) | $ (487) | ||||||||||||||||||||
Stock-based compensation | 1,870 | 1,870 | ||||||||||||||||||||||
Non-controlling interest contributions | 689 | $ 689 | ||||||||||||||||||||||
Net loss | (22,562) | (22,562) | ||||||||||||||||||||||
Stockholders Equity, Ending Balance at Sep. 30, 2019 | $ 14,233 | $ 49 | $ 214,423 | $ (200,928) | $ 689 | |||||||||||||||||||
Stockholders Equity, Ending Balance, Shares at Sep. 30, 2019 | 8,646,149 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net loss | $ (14,187) | $ 4,450 | $ (22,562) | $ (12,834) | $ (13,500) |
Adjustments to reconcile net loss to cash used in operating activities: | |||||
Initial loss on common stock warrant and common stock adjustment feature liabilities | 4,000 | ||||
Change in fair value of common stock warrant and common stock adjustment feature liabilities | 7,777 | (8,421) | 6,790 | (5,986) | |
Offering costs | 336 | 1 | 702 | 2,544 | |
Depreciation and amortization | 133 | 123 | |||
Lease amortization | 530 | ||||
Gain (Loss) on disposal of equipment | 1 | (3) | |||
Net amortization of investment premium | (121) | (115) | |||
Stock-based compensation | 1,870 | 998 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 38 | 1,038 | |||
Unbilled revenue | 3 | (164) | |||
Inventories | (1,411) | 301 | |||
Prepaid expenses and other current assets | (36) | (334) | |||
Accounts payable and accrued expenses | 2,425 | (142) | |||
Amounts due to related parties | (1) | (11) | |||
Unearned revenue | (16) | (351) | |||
Other current liabilities | 3 | ||||
Operating lease payments | (534) | ||||
Net cash used in operating activities | (12,186) | (10,936) | (13,600) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Proceeds from sale of property and equipment | 1 | 10 | |||
Purchases of property and equipment | (878) | (89) | |||
Purchases of investments | (18,458) | (22,871) | |||
Proceeds from sales and maturities of investments | 18,050 | 8,950 | |||
Net cash used in investing activities | (1,285) | (14,000) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from issuance of common stock and warrants from Purchase Agreement | 10,000 | ||||
Payments of offering costs relating to Purchase Agreement | (1,308) | ||||
Principal payments on notes payable | (2) | ||||
Proceeds from exercise of warrants | 5,269 | ||||
Proceeds from exercise of stock options and ESPP purchases | 21 | 969 | |||
Capital contributions received from non-controlling interest | 689 | ||||
Net cash provided by financing activities | 22,014 | 22,480 | |||
Net increase (decrease) in cash and cash equivalents | 8,543 | (2,456) | |||
Cash and cash equivalents — beginning of period | 11,998 | 9,125 | 9,125 | ||
Cash and cash equivalents — end of period | $ 20,541 | $ 6,669 | 20,541 | 6,669 | $ 11,998 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||
Cash paid for income taxes | 2 | 24 | |||
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||
Offering costs in accounts payable and accrued expenses at end of period | 21 | ||||
Common stock warrants issued to placement agent and included in offering costs related to Purchase Agreement | 526 | ||||
Reclassification of common stock warrant liability balance with warrant exercises | 7,016 | ||||
Reclassification of common stock adjustment feature liability balance | 8,378 | ||||
Right of use assets obtained in exchange for new operating lease liabilities | 2,328 | ||||
Fixed assets acquired with notes payable | 139 | ||||
Purchases of fixed assets included in accounts payable and accrued expenses | 6 | ||||
June 2019 Offering [Member] | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from issuance of common stock and warrants from Offering | 7,500 | ||||
Payments of offering costs | (663) | ||||
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||
Common stock warrants issued to placement agent and included in offering costs | 86 | ||||
September 2019 Offering [Member] | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from issuance of common stock and warrants from Offering | 10,000 | ||||
Payments of offering costs | (776) | ||||
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||
Common stock warrants issued to placement agent and included in offering costs | 95 | ||||
June 2018 Offering [Member] | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from issuance of common stock and warrants from Offering | 14,000 | ||||
Payments of offering costs | $ (24) | (1,181) | |||
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||
Common stock warrants issued to placement agent and included in offering costs | $ 239 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Organization Arcadia Biosciences, Inc. (the “Company”) was incorporated in Arizona in 2002 and maintains its headquarters in Davis, California, with additional facilities in Phoenix, Arizona, American Falls, Idaho, and Molokai, Hawaii. The Company was reincorporated in Delaware in March 2015. We develop and market high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. We aim to create value across the agricultural production and supply chain beginning with enhanced crop productivity for farmers and ultimately delivering accelerated innovation in nutritional quality consumer foods. We use state of the art gene-editing technology and advanced breeding techniques to naturally enhance the nutritional quality of grains and oilseeds to address the rapidly evolving trends in consumer health and nutrition. In addition, we have developed high value crop productivity traits designed to enhance farm economics and have expanded to optimize and standardize the cannabis plant’s content, quality, resiliency and yield. In February 2012, the Company formed Verdeca LLC (“Verdeca,” see Note 5), which is jointly owned with Bioceres Crop Solutions Corp. (“Bioceres”), a U.S. wholly owned subsidiary of Bioceres, S.A., an Argentine corporation. Bioceres, S.A. is an agricultural investment and development cooperative. Verdeca , On August 9, 2019, the Company entered into a joint venture agreement with Legacy Ventures Hawaii, LLC (“Legacy,” see Note 6) to grow, extract, and sell hemp products. The new partnership, Archipelago Ventures Hawaii, LLC (“Archipelago”), combines the Company’s extensive genetic expertise and resources with Legacy’s experience in hemp extraction and sales. Reverse Stock Split In January 2018, the Company’s board of directors and its shareholders approved a reverse split of 1:20 on the Company’s issued and outstanding common stock which became effective on January 23, 2018. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented. The reverse stock split did not change the total number of authorized shares of common stock which remained at one hundred and fifty million shares. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (the “SEC”) in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the periods indicated. All material intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiary and joint venture, Archipelago, in which the Company has a controlling interest. The Company uses a qualitative approach in assessing the consolidation requirement for variable interest entities (“VIEs”). This approach focuses on determining whether the Company has the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and whether the Company has the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE. For all periods presented, the Company has determined that it is the primary beneficiary of Verdeca, which is a VIE. The Company evaluates its relationships with the VIEs upon the occurrence of certain significant events that affect the design, structure or other factors pertinent to the primary beneficiary determination. Interim results are not necessarily indicative of results for any other interim period or for the full fiscal year. For all periods presented, the Company has determined that it has a controlling interest in Archipelago. The Company has determined that it is the primary beneficiary of the joint venture. Accordingly, the Company consolidates the entity in the condensed consolidated financial statements after eliminating intercompany transactions. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage of Archipelago. The information included in these condensed consolidated financial statements and notes thereto should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations included herein and Management’s Discussion and Analysis of Financial Condition and Results of Operations and the condensed consolidated financial statements and notes thereto for the fiscal year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2019. Liquidity and Capital Resources As of September 30, 2019, the Company had an accumulated deficit of $200.9 million, cash and cash equivalents of $20.5 million and short-term investments of $10.4 million. For the nine months ended September 30, 2019 and the twelve months ended December 31, 2018, the Company had net losses of $22.6 and $13.5 million, and net cash used in operations of $12.2 million and $13.6 million, respectively. With cash and cash equivalents of $20.5 million and short-term investments of $10.4 million as of September 30, 2019, the Company believes that it currently has sufficient cash to fund its operations for at least the look forward period of 12 months from the issuance of these condensed consolidated financial statements. The Company’s ability to continue as a going concern is dependent on its future ability to generate profitable operations and its ability to obtain additional debt or equity financing, as necessary. The Company may seek to raise additional funds through debt or equity financings. The Company may also consider entering into additional partner arrangements. The sale of additional equity would result in dilution to the Company’s stockholders. The incurrence of debt would result in debt service obligations, and the instruments governing such debt could provide for additional operating and financing covenants that could restrict operations. If the Company does require additional funds and is unable to secure adequate additional funding at terms agreeable to the Company, the Company may be forced to reduce spending, extend payment terms with suppliers, liquidate assets, or suspend or curtail planned development programs or operations. Any of these actions could materially harm the business, results of operations and financial condition. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326 Financial Instruments — Credit Losses (Topic 326) — Targeted Transition Relief In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement The Company is currently evaluating the impact of the adoption of ASU No. 2018-13 on its condensed consolidated financial statements. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | 3. Inventory Raw materials costs consist primarily of SONOVA® Gamma Linolenic Acid (“GLA”) Safflower Oil seed production costs incurred by the Company’s contracted cooperators. Goods in process costs consist of GoodWheat TM TM September 30, 2019 December 31, 2018 Raw materials $ 41 $ 41 Goods in process 479 — Finished goods 1,818 886 Inventories $ 2,338 $ 927 |
Investments and Fair Value of F
Investments and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Investments And Fair Value Of Financial Instruments [Abstract] | |
Investments and Fair Value of Financial Instruments | 4. Investments and Fair Value of Financial Instruments Available-for-Sale Investments The Company classified short-term investments as “available-for-sale.” These short-term investments are free of trading restrictions. The investments are carried at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholder’s equity in the Condensed Consolidated Balance Sheets. Gains and losses are recognized when realized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The following tables summarize the amortized cost and fair value of the available-for-sale investment securities portfolio at September 30, 2019 and December 31, 2018, and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income: (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value September 30, 2019 Cash equivalents: Money market funds $ 16,188 $ — $ — $ 16,188 Corporate securities 1,200 — — 1,200 Commercial paper 2,246 — — 2,246 Short-term investments: Corporate securities 2,650 — — 2,650 Treasury bills 1,488 — — 1,488 Commercial paper 6,217 — — 6,217 Total Assets at Fair Value $ 29,989 $ — $ — $ 29,989 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value December 31, 2018 Cash equivalents: Money market funds $ 9,902 $ — $ — $ 9,902 Commercial paper 1,345 — — 1,345 Short-term investments: Corporate Securities 656 — — 656 Treasury Bills 1,195 — — 1,195 Commercial paper 6,776 — — 6,776 U.S. government securities 1,198 — — 1,198 Total Assets at Fair Value $ 21,072 $ — $ — $ 21,072 The Company did not have any investment categories that were in a continuous unrealized loss position for more than three months as of September 30, 2019. Unrealized gains and losses amounts would be included in accumulated other comprehensive income or loss; however, none were reported during the periods presented. As of September 30, 2019, for fixed income securities that were in unrealized loss positions, the Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. The Company anticipates that it will recover the entire amortized cost basis of such fixed income securities and has determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the three and nine months ended September 30, 2019. Fair Value Measurement Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities, are as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. • Level 2 inputs are observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 inputs are unobservable inputs for the asset or liability. The following table sets forth the fair value of the Company’s financial assets as of September 30, 2019 and December 31, 2018: Fair Value Measurements at September 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets at Fair Value Cash equivalents: Money market funds $ 16,188 $ — $ — $ 16,188 Corporate securities — 1,200 — 1,200 Commercial paper — 2,246 — 2,246 Short-term investments: Corporate securities — 2,650 — 2,650 Treasury bills 1,488 — — 1,488 Commercial paper — 6,217 — 6,217 Total Assets at Fair Value $ 17,676 $ 12,313 $ — $ 29,989 Fair Value Measurements at December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets at Fair Value Cash equivalents: Money market funds $ 9,902 $ — $ — $ 9,902 Commercial paper — 1,345 — 1,345 Short-term investments: Corporate Securities — 656 — 656 Treasury Bills 1,195 — — 1,195 Commercial paper — 6,776 — 6,776 U.S. government securities 1,198 — — 1,198 Total Assets at Fair Value $ 12,295 $ 8,777 $ — $ 21,072 The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2019 or 2018. The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, short-term investments and accounts payable and accrued liabilities. For accounts receivable, accounts payable and accrued liabilities, the carrying amounts of these financial instruments as of September 30, 2019 and December 31, 2018 were considered representative of their fair values due to their short term to maturity or repayment. Cash equivalents are carried at cost, which approximates their fair value. The Company’s Level 3 liabilities, which were measured and recorded on a recurring basis, consist of liabilities related to the March 2018 Purchase Agreement, the June 2018 Offering, the June 2019 Offering and the September 2019 Offering described in Note 9. The following table sets forth the establishment of these liabilities, as well as a summary of the changes in the fair value (in thousands): (Level 3) (Dollars in thousands) Common Stock Warrant Liability - March 2018 Purchase Agreement Common Stock Warrant Liability - June 2018 Offering Common Stock Warrant Liability - June 2019 Offering Common Stock Warrant Liability - September 2019 Offering Total Balance as of December 31, 2018 $ 2,354 $ 2,729 $ — $ — $ 5,083 Common stock and warrants issued in conjunction with June 2019 Offering — — 4,198 — 4,198 Common stock and warrants issued in conjunction with September 2019 Offering — — — 3,428 3,428 Change in fair value 1,481 1,810 4,491 (992 ) 6,790 Exercise of warrants — — (7,016 ) — (7,016 ) Balance as of September 30, 2019 $ 3,835 $ 4,539 $ 1,673 $ 2,436 $ 12,483 In determining the fair value, the Company uses various valuation approaches within the fair value measurement framework. The valuation methodologies used for the Company’s instruments measured at fair value and their classification in the valuation hierarchy are summarized below: • Money market funds, treasury bills, and U.S. government securities – Investments in money market funds, treasury bills, and U.S. government securities are classified within Level 1. At September 30, 2019 and December 31, 2018 these investments were included on the condensed consolidated balance sheets in cash and cash equivalents and short-term investments. • Commercial paper, corporate securities – Investments in commercial paper and corporate securities are classified within Level 2. At September 30, 2019 and December 31, 2018, these investments were included on the condensed consolidated balance sheets as short-term investments. At September 30, 2019, corporate securities and commercial paper were included on the condensed consolidated balance sheets as cash and cash equivalents for those purchased with 90 days or less to maturity from the trade date. • March 2018 The Company has outstanding warrants to purchase 1,282,832 shares of common stock that it issued to certain accredited investors and its placement agent on March 22, 2018 (as described in Note 9). The common stock warrants were classified as a liability within Level 3 due to a contingent cash payment feature . The estimated fair value of the common stock warrant liability was remeasured at September 30, 2019 utilizing a Black Scholes Merton Model (“Black Scholes Model”) with the changes recorded on the Company’s condensed consolidated statements of operations and comprehensive income (loss). • June 2018, June 2019, & September 2019 Offering common stock warrant liabilities – The Company had outstanding warrants to purchase 1,392,345, 1,489,575, and 659,414 shares of common stock that it issued to certain accredited investors on June 14, 2018, June 14, 2019, and September 10, 2019, respectively (as described in Note 9). In August and September 2019, investors exercised 1,053,745 warrants issued under the June 2019 Offering. Warrants to purchase 435,830 shares of common stock at September 30, 2019 held by investors remain outstanding. The common stock warrants are classified as a liability within Level 3 due to a contingent cash payment feature . The estimated fair value of the outstanding common stock warrant liabilities was remeasured at September 30, 2019 utilizing a Black Scholes Model with the changes recorded on the Company’s condensed consolidated statements of operations and comprehensive income (loss). |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Variable Interest Entity | 5. Variable Interest Entity In February 2012, the Company formed Verdeca LLC (“Verdeca”), which is equally owned with Bioceres Crop Solutions Corp. (“Bioceres”), a U.S. wholly owned subsidiary of Bioceres, S.A., an Argentine corporation. Bioceres, S.A. is an agricultural investment and development cooperative owned by approximately 300 shareholders, including some of South America’s largest soybean growers. Verdeca was formed to develop and deregulate soybean varieties using both partners’ agricultural technologies. The Company determined that a de facto agency relationship between the Company and Bioceres exists. The Company considers qualitative factors in assessing the primary beneficiary which include understanding the purpose and design of the VIE, associated risks that the VIE creates, activities that could be directed by the Company, and the expected relative impact of those activities on the economic performance of the VIE. Based on an evaluation of these factors, the Company concluded that it is the primary beneficiary of Verdeca. Both the Company and Bioceres incur expenses in support of specific activities, as agreed upon by joint work plans, which apply fair market value to each partner’s activities. Unequal contributions of services are equalized by the partners through cash payments. Verdeca is not the primary obligor for these activities performed by the Company or Bioceres. Under the terms of the joint development agreement, the Company has incurred direct expenses and allocated overhead in the amounts of $340,000 and $ 286,000 |
Consolidated Joint Venture
Consolidated Joint Venture | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Consolidated Joint Venture | 6. Consolidated Joint Venture On August 9, 2019, the Company and Legacy Ventures Hawaii, LLC, a Nevada limited liability company (“Legacy”), formed Archipelago Ventures Hawaii, LLC, a Delaware limited liability company and entered into a Limited Liability Company Operating Agreement (the “Operating Agreement”). The Company and Legacy formed Archipelago to develop, extract and commercialize hemp-derived products from industrial hemp grown in Hawaii. Pursuant to the Operating Agreement, a joint operating committee consisting of two individuals appointed by the Company and two individuals appointed by Legacy will manage Archipelago. The Company and Legacy hold 50.75% and 49.25% percentage interests in Archipelago, respectively, and have made capital contributions to Archipelago of $709,000 and $689,000, respectively, as determined by the joint operating committee. The Operating Agreement includes indemnification rights, non-competition obligations, and certain rights and obligations in connection with the transfer of membership interests, including rights of first refusal. We consolidate Archipelago in our condensed consolidated financial statements after eliminating intercompany transactions. There was no income or loss recorded as other income on the condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2019. Legacy’s equity interests are presented as noncontrolling interests on our condensed consolidated balance sheets. Refer to Note 1 for basis of presentation. |
Collaborative Arrangements
Collaborative Arrangements | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborative Arrangements | 7. Collaborative Arrangements In August 2017, the Company entered into a collaborative arrangement for the research, development and commercialization of an improved wheat quality trait in North America. This collaborative arrangement is a contractual agreement with Corteva AgriScience (“Corteva”) and involves a joint operating activity where both the Company and Corteva are active participants in the activities of the collaboration. The Company and Corteva participate in the research and development, and the Company has the primary responsibility for the intellectual property strategy while Corteva will generally lead the marketing and commercialization efforts. Both parties are exposed to significant risks and rewards of the collaboration and the agreement includes both cost sharing and profit sharing. The activities are performed with no guarantee of either technological or commercial success. The Company accounts for research and development (“R&D”) costs in accordance ASC 730, Research and Development |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Leases | 8. Leases Operating Leases As of September 30, 2019, the Company leases office space in Davis, CA and Phoenix, AZ, as well as additional buildings, land and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis. The Company subleases a portion of the Davis office lease and greenhouse to third parties. The Company does not currently have any finance leases or other material leases that have not yet commenced. Some leases (the warehouse, greenhouse and a copy machine) include one or more options to renew, with renewal terms that can extend the lease term from one to six years. The exercise of lease renewal options is at the Company’s sole discretion. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or material restrictive covenants. Leases consisted of the following (in thousands): Leases Classification September 30, 2019 June 30, 2019 March 31, 2019 Assets Operating lease assets Right of use asset $ 1,911 $ 2,051 $ 2,193 Total leased assets $ 1,911 $ 2,051 $ 2,193 Liabilities Current - Operating Operating lease liability- current $ 609 $ 594 $ 574 Noncurrent - Operating Operating lease liability- noncurrent 1,450 1,609 1,771 Total leased liabilities $ 2,059 $ 2,203 $ 2,345 Lease Cost Classification For the Nine Months Ended September 30, 2019 For the Three Months Ended September 30, 2019 Operating lease cost SG&A and R&D Expenses $ 529 $ 177 Short term lease cost(1) R&D Expenses 138 45 Sublease income(2) SG&A and R&D Expenses (40 ) (13 ) Net lease cost $ 627 $ 209 (1) Short term lease cost consists of field trial lease agreements with a lease term of 12 months or less. (2) Sublease income is recorded as a credit to lease expense. Lease Term and Discount Rate September 30, 2019 June 30, 2019 March 31, 2019 Weighted-average remaining lease term (years) 2.2 2.4 2.6 Weighted-average discount rate 7 % 7 % 7 % |
Private Placement and Register
Private Placement and Registered Direct Offering | 9 Months Ended |
Sep. 30, 2019 | |
Warrants And Rights Note Disclosure [Abstract] | |
Private Placement and Registered Direct Offering Disclosure | 9. Private Placement and Registered Direct Offering Private Placement (2018) On March 22, 2018, the Company issued 300,752 shares of its common stock (“Common Stock”) and warrants to purchase up to 300,752 shares of Common Stock with an initial exercise price equal to $45.75 (the “March 2018 Warrants”), in a private placement (the “March 2018 Private Placement”) in accordance with a securities purchase agreement (the “March 2018 Purchase Agreement”) entered into with certain institutional and accredited investors (collectively, the “Purchasers”) on March 19, 2018. The number of shares of Common Stock, the number and exercise price of the March 2018 Warrants issued to the Purchasers were subject to adjustments as provided in the March 2018 Purchase Agreement. The March 2018 Warrants are immediately exercisable, subject to certain ownership limitations, and expire five years after the date of issuance. Following the adjustments as provided in the March 2018 Purchase Agreement, the number of shares issued to the Purchasers was 1,201,634, the total number of shares issuable upon exercise of the March 2018 Warrants was 1,282,832 and the per share exercise price of the March 2018 Warrants was $10.7258. These condensed consolidated financial statements reflect these additional issuances. The aggregate net proceeds received by the Company from the March 2018 Private Placement was $8.7 million, consisting of gross proceeds of $10.0 million less offering costs of $1.3 million. The adjustment feature for the Common Stock and the March 2018 Warrants were determined to be liabilities based on each instrument’s adjustment features and the contingent cash payment feature of the common stock warrants. The liabilities were accounted for at their respective fair values at inception using a Monte Carlo simulation model with the following assumptions: volatility of 100 percent, stock price of $32.52 and risk-free rate of 2.63%. At inception, the fair values of the Common Stock adjustment feature and the March 2018 Warrant liabilities were $3.8 million and $10.2 million, respectively. As the combined value of the liabilities exceeded the $10.0 million of proceeds, no value was assigned to the Common Stock issued and an initial loss of $4.0 million was recognized. The liabilities are marked-to-market and were valued at $15.9 million at March 31, 2018, resulting in an additional loss of $1.9 million in the first quarter of 2018. In May 2018, following the March 2018 Private Placement’s final adjustment, the terms of the March 2018 Warrants and the number of Common Stock shares issuable in the March 2018 Private Placement became known and fixed. As a result, the Common Stock adjustment feature liability was marked-to-market and valued at $8.4 million at May 7, 2018, resulting in an additional loss of $2.4 million recognized in the second quarter of 2018. The Company subsequently reclassified the Common Stock adjustment feature liability’s balance of $8.4 million to stockholders’ equity. The March 2018 Warrant liability was marked-to-market and valued at $6.3 million at March 31, 2019, resulting in expense of $4.0 million recognized in the first quarter of 2019. The March 2018 Warrant liability was marked-to-market and valued at $2.2 million at June 30, 2019, resulting in income of $4.1 million recognized in the second quarter of 2019. Offering Costs In connection with the March 2018 Private Placement, the Company paid to a placement agent an aggregate fee equal to $850,000. The Company also granted warrants to purchase a total of 15,038 shares of common stock (the “March 2018 Placement Agent Warrants”) that have an exercise price per share equal to $41.5625 and a term of five years. The March 2018 Placement Agent Warrants were issued for services performed by the placement agent as part of the March 2018 Private Placement and were treated as offering costs. The value of the March 2018 Placement Agent Warrants was determined to be $526,000 using the Black-Scholes Model with input assumptions including the Company’s stock price, expected life of the warrants, stock price volatility determined from the Company’s historical stock prices and the volatility of a peer group, and the risk-free interest rate for the term of the warrants. The Company incurred additional offering costs totaling $458,000 that consist of direct incremental legal, advisory, accounting and filing fees relating to the March 2018 Private Placement. The offering costs, inclusive of the March 2018 Placement Agent Warrants, totaled $1.8 million, all of which was expensed in 2018. Registered Direct Offering (2018) On June 11, 2018, the Company entered into agreements with several institutional and accredited investors (the “June 2018 Purchase Agreement”) for the purchase of 1,392,345 shares of its common stock at a purchase price of $9.93 per share for gross proceeds of $13.8 million (the “June 2018 Offering”). The 1,392,345 shares of Common Stock sold in the June 2018 Offering were issued pursuant to a prospectus, dated June 8, 2018, and a prospectus supplement dated June 11, 2018, in connection with a takedown from the Company’s shelf Registration Statement on Form S-3 (File No. 333-224893) . The June 2018 Offering closed on June 14, 2018 Additionally, in a concurrent private placement (the “June 2018 Private Placement”), the Company issued to the investors unregistered warrants to purchase up to 1,392,345 shares of Common Stock at a purchase price per warrant of $0.125, for gross proceeds of $174,000 (the “June 2018 Warrants”). The June 2018 Warrants, and the shares of Common Stock underlying the June 2018 warrants, have not been registered with the SEC and have an exercise price of $9.94 per share. Subject to certain ownership limitations, the June 2018 Warrants are exercisable upon issuance and expire five and one-half years after the date of issuance. The aggregate net proceeds received by the Company for the June 2018 Offering were $12.8 million, consisting of gross proceeds of $14.0 million less offering costs of $1.2 million. The June 2018 Warrants June 2018 Warrants The June 2018 Warrants were marked-to-market and valued at $7.3 million at March 31, 2019, resulting in expense of $4.5 million recognized in the first quarter of 2019. The June 2018 Warrant liability was marked-to-market and valued at $2.6 million at June 30, 2019, resulting in income of $4.6 million recognized in the second quarter of 2019. June 2018 Warrants Offering Costs In connection with the June 2018 Offering, the Company paid to a placement agent an aggregate fee equal to $980,000. The Company also granted warrants to purchase a total of 69,617 shares of common stock (the “June 2018 Placement Agent Warrants”) that have an exercise price per share equal to $12.568 and a term of five years. The June 2018 Placement Agent Warrants were issued for services performed by the placement agent as part of the June 2018 Offering and were treated as offering costs. The value of the June 2018 Placement Agent Warrants was determined to be $427,000 using the Black-Scholes Model with input assumptions including the Company’s stock price, expected life of the warrants, stock price volatility determined from the Company’s historical stock prices and the volatility of a peer group, and the risk-free interest rate for the term of the warrants. The Company incurred additional offering costs totaling $226,000 that consist of direct incremental legal, advisory, accounting and filing fees relating to the June 2018 Offering. The offering costs, inclusive of the June 2018 Placement Agent Warrants, totaled $1.6 million and allocated to the June 2018 Warrants and the Common Stock using their relative fair values. A total of $721,000 was allocated to the June 2018 Warrants which was expensed in 2018. The remaining $912,000 was allocated to the common stock and offset to additional paid in capital. Registered Direct Offering (June 2019) On June 12, 2019, the Company entered into a securities purchase agreement with certain institutional and accredited investors (the “June 2019 Purchase Agreement”) relating to the offering and sale of The 1,489,575 shares of Common Stock sold in the June 2019 Offering were issued pursuant to a prospectus, dated June 8, 2018, and a prospectus supplement dated June 12, 2019, in connection with a takedown from the Company’s shelf Registration Statement on Form S-3 (File No. 333-224893) . The June 2019 Offering closed on June 14, 2019. Additionally, in a concurrent private placement (the “June 2019 Private Placement”), the Company issued to the investors unregistered warrants to purchase up to 1,489,575 shares of Common Stock at a purchase price per warrant of $0.125, for gross proceeds of $186,000 (the “June 2019 Warrants”). The June 2019 Warrants, and the shares of Common Stock underlying the June 2019 warrants, have not been registered with the SEC and have an exercise price of $5.00 per share. Subject to certain ownership limitations, the June 2019 Warrants are exercisable upon issuance and expire five and one-half years after the date of issuance. The aggregate net proceeds received by the Company for the June 2019 Offering were $6.9 million, consisting of gross proceeds of $7.5 million less offering costs of $641,000. The Company intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, hemp germplasm acquisition, breeding and research activities for Arcadia Specialty Genomics TM TM The June 2019 Warrants June 2019 Warrants The June 2019 Warrant liability was marked-to-market and valued at $3.4 million at June 30, 2019, resulting in income of $0.8 million recognized in the second quarter of 2019. June 2019 Warrants Offering Costs In connection with the June 2019 Offering, the Company paid to a placement agent an aggregate fee equal to $525,000. The Company also granted warrants to purchase a total of 74,479 shares of common stock (“June 2019 Placement Agent Warrants”) that have an exercise price per share equal to $6.2938 and a term of five years. The June 2019 Placement Agent Warrants were issued for services performed by the placement agent as part of the June 2019 Offering and were treated as offering costs. The value of the June 2019 Placement Agent Warrants was determined to be $198,000 using the Black-Scholes Model with input assumptions including the Company’s stock price, expected life of the warrants, stock price volatility determined from the Company’s historical stock prices and the volatility of a peer group, and the risk-free interest rate for the term of the warrants. The Company incurred additional offering costs totaling $115,000 that consist of direct incremental legal, advisory and filing fees relating to the June 2019 Offering. The offering costs, inclusive of the June 2019 Placement Agent Warrants, totaled $0.8 million and were allocated to the June 2019 Warrants and the Common Stock using their relative fair values. A total of $375,000 was allocated to the June 2019 Warrants of which $365,000 and $10,000 was expensed in the second and third quarter of 2019, respectively. The remaining $487,000 was allocated to the common stock and offset to additional paid in capital. Registered Direct Offering (September 2019) On September 5, 2019, the Company entered into a securities purchase agreement with certain institutional and accredited investors (the “September 2019 Purchase Agreement”) relating to the offering and sale of September The 1,318,828 shares of Common Stock sold in the September 2019 Offering were issued pursuant to a prospectus, dated June 8, 2018, and a prospectus supplement dated September 9, 2019, in connection with a takedown from the Company’s shelf Registration Statement on Form S-3 (File No. 333-224893) . The September 2019 Offering closed on September 10, 2019. Additionally, in a concurrent private placement (the “ 2019 Private Placement”), the Company issued to the investors unregistered warrants to purchase up to 659,414 shares of Common Stock at a purchase price per warrant of $0.125, for gross proceeds of $82,000 (the “ 2019 Warrants”). The 2019 Warrants, and the shares of Common Stock underlying the 2019 warrants, have not been registered with the SEC and have an exercise price of $7.52 per share. Subject to certain ownership limitations, the September 2019 Warrants are exercisable upon issuance and expire five and one-half years after the date of issuance. The aggregate net proceeds received by the Company for the September TM The September 2019 Warrants September 2019 Warrants September September 2019 Warrants Offering Costs In connection with the September 2019 Offering, the Company paid to a placement agent an aggregate fee equal to $770,000. The Company also granted warrants to purchase a total of 65,942 shares of common stock (“September 2019 Placement Agent Warrants”) that have an exercise price per share equal to $9.4781 and a term of five years. The September 2019 Placement Agent Warrants were issued for services performed by the placement agent as part of the September 2019 Offering and were treated as offering costs. The value of the September 2019 Placement Agent Warrants was determined to be $326,000 using the Black-Scholes Model with input assumptions including the Company’s stock price, expected life of the warrants, stock price volatility determined from the Company’s historical stock prices and the volatility of a peer group, and the risk-free interest rate for the term of the warrants. The Company incurred additional offering costs totaling $97,000 that consist of direct incremental legal, advisory and filing fees relating to the September 2019 Offering. The offering costs, inclusive of the September 2019 Placement Agent Warrants, totaled $1.1 million and were allocated to the September 2019 Warrants and the Common Stock using their relative fair values. A total of $326,000 was allocated to the September 2019 Warrants which was expensed in the third quarter of 2019. The remaining $796,000 was allocated to the common stock and offset to additional paid in capital. |
Stock-Based Compensation and Wa
Stock-Based Compensation and Warrants | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Share Based Payments And Warrants [Abstract] | |
Stock-Based Compensation and Warrants | 10. Stock-Based Compensation and Warrants Stock Incentive Plans The Company has two equity incentive plans: the 2006 Stock Plan (“2006 Plan”) and the 2015 Omnibus Equity Incentive Plan (“2015 Plan”). In 2006, the Company adopted the 2006 Plan, which provided for the granting of stock options to executives, employees, and other service providers under terms and provisions established by the Board of Directors. The Company granted non-statutory stock options (“NSOs”) under the 2006 Plan until May 2015, when the 2006 Plan was terminated for future awards. The 2006 Plan continues to govern the terms of options that remain outstanding and were issued under the 2006 Plan. The 2015 Plan became effective in May 2015 and all shares that were reserved, but not issued, under the 2006 Plan were assumed by the 2015 Plan. Upon effectiveness, the 2015 Plan had 154,387 shares of common stock reserved for future issuance, which included 10,637 shares under the 2006 Plan that were transferred to and assumed by the 2015 Plan. The 2015 Plan provides for automatic annual increases in shares available for grant. In addition, shares subject to awards under the 2006 Plan that are forfeited or canceled will be added to the 2015 Plan. The 2015 Plan provides for the grant of incentive stock options (“ISOs”), NSOs, restricted stock awards, stock units, stock appreciation rights, and other forms of equity compensation, all of which may be granted to employees, officers, non-employee directors, and consultants. The ISOs and NSOs will be granted at a price per share not less than the fair value at the date of grant. Options granted generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting monthly thereafter; however, the options granted in the third quarter of 2018 vest over a two-year period, vesting monthly on a pro-rated basis. Options granted, once vested, are generally exercisable for up to 10 years after grant. In June 2019, the shareholders approved an amendment to the Company’s 2015 Plan for a one-time increase to the number of shares of common stock that may be issued under the 2015 Plan by 120,000 shares. As of September 30, 2019, a total of 659,490 shares of common stock were reserved for issuance under the 2015 Plan, of which 29,568 shares of common stock are available for future grant. As of September 30, 2019, a total of 61,079 and 629,922 options are outstanding under the 2006 and 2015 Plans, respectively. A summary of activity under the stock incentive plans is as follows (in thousands, except share data and price per share): Shares Subject to Outstanding Options Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value Outstanding — Balance at December 31, 2018 530,044 $ 35.53 $ — Options granted 186,571 5.16 Options exercised (546 ) 4.63 Options forfeited (20,718 ) 46.09 Options expired (4,350 ) 7.07 Outstanding — Balance at September 30, 2019 691,001 $ 27.18 $ 24 Vested and expected to vest — September 30, 2019 683,076 $ 27.38 $ 24 Exercisable —September 30, 2019 426,175 $ 37.82 $ 17 As of September 30, 2019, there was $1.2 million of unrecognized compensation cost related to unvested stock-based compensation grants that will be recognized over the weighted-average remaining recognition period of 1.8 years. On August 22, 2019, Rajendra Ketkar provided notice to the Company of his retirement as Arcadia’s president, chief executive officer and director, effective as of September 1, 2019. On August 23, 2019, Arcadia and Mr. Ketkar entered into a Separation and Release Agreement (the “Separation Agreement”) which provides that the vesting of certain options previously issued to Mr. Ketkar will be accelerated pursuant to the terms of the Separation Agreement. In addition, the Separation Agreement extends the post-termination exercise period of the accelerated options from 90 days to up to two years. The stock compensation expense related to the modification of Mr. Ketkar’s stock options was $438,000 and recognized during the third quarter of 2019. The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Model with the following weighted-average assumption. There were 186,571 and 287,577 options granted during the nine months ended September 30, 2019 and 2018, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Expected term (years) 6.24 5.52 7.13 5.97 Expected volatility 99% 100% 99% 99% Risk-free interest rate 1.84% 2.96% 2.05% 2.95% Dividend yield — — — — Employee Stock Purchase Plan The Company’s 2015 Employee Stock Purchase Plan (“ESPP”) became effective on May 14, 2015. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount of up to 15% of their eligible compensation through payroll deductions, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of September 30, 2019, the number of shares of common stock reserved for future issuance under the ESPP is 102,828. The ESPP provides for automatic annual increases in the shares available for purchase on January 1 of each year. As of September 30, 2019, 15,389 shares had been issued under the ESPP. The Company recorded $4,300, $4,000, $12,400 and $ 6,000 Warrants As of September 2019, the Company has 4,170,651 common stock warrants outstanding with a weighted average exercise price of $9.18. The expiration of the warrants ranges from March 2023 to March 2025 On December 2013, the Company issued warrants to Mahyco International to purchase 3,784 shares of common stock, exercisable as of the issuance date, at an exercise price of $330.40 per share. These warrants expired on December 11, 2018. In connection with the Series D preferred stock financing in the first half of 2014, the Company issued warrants, exercisable as of the issuance date, to the Series D preferred stock investors to purchase an aggregate of 61,397 shares of common stock at an exercise price of $363.20 per share and to the placement agents to purchase 1,674 shares of common stock at $268.80. Of the 63,071 warrants issued, 1,759 expired on March 28, 2019 and the remaining 61,312 expired in the second quarter of 2019. As of September 2019, 1,297,870 common stock warrants are outstanding that were issued in the March 2018 Private Placement. Of the total, 1,282,832 shares have a purchase price of $10.7258 and the remaining 15,038 common stock warrants have an exercise price of $41.5625. See Note 9. As of September 2019, 1,461,962 common stock warrants are outstanding in accordance with the June 2018 Offering. Of the total, 1,392,345 shares have a purchase price of $9.94 and the remaining 69,617 common stock warrants have an exercise price of $12.568. See Note 9. In connection with a professional services agreement with a non-affiliated third party, executed in April 2019, the Company issued 45,154 warrants (“Service Warrants”) at an exercise price of $6.18. The Service Warrants vest ratably over 12 months and expire in five years from the date of issuance. The Service Warrants are cancelable immediately prior to a change of control subsequent to the termination/expiration of the advisory agreement. The Company also issued 100,000 performance-based warrants (“Performance Warrants”) at an exercise price of $6.18 and vest in 1/6 increments upon the achievement of a qualifying milestone as defined within the agreement. The Performance Warrants expire in five years from the date of issuance and are cancelable immediately prior to a change of control subsequent to the sixth month anniversary of the termination/expiration of the advisory agreement. The Service and Performance Warrants Service and Performance Warrants In June 2019, concurrent with the June 2019 Offering and pursuant to the June 2019 Purchase Agreement, the Company commenced a private placement whereby it issued and sold warrants (“June 2019 Warrants”) exercisable for an aggregate of 1,489,575 shares of common stock, which represents 100% of the shares of common stock sold in the June 2019 Offering, with a purchase price of $0.125 per underlying warrant share and with an exercise price of $5.00 per share (the “June 2019 Private Placement”). The June 2019 Warrants are exercisable upon issuance and will expire five and a half years from the date of issuance. In August and September 2019, investors exercised a portion of the June 2019 Warrants and purchased 1,053,745 shares of common stock, generating cash proceeds of $5.3 million. The Company also issued warrants to the placement agents to purchase a total of 74,479 shares of common stock with an exercise price equal to $6.2938. The placement agent warrants are exercisable upon issuance and will expire five years from the date of issuance. As of September 2019, the investors and placement agent hold outstanding warrants to purchase 510,309 shares of common stock warrants issued pursuant to the June 2019 Offering. See Note 9. In July 2019, the Company issued warrants to purchase 10,000 shares of common stock to an independent contractor at an exercise price of $2.19 and in August 2019, the Company issued warrants to purchase 20,000 shares of common stock to two affiliated third-parties at an exercise price of $1.92. These warrants were determined to be equity instruments and were measured on the grant date using the Black Scholes Model. The warrants issued in July vest ratably over 12 months and expire two years from the date of issuance. As such, compensation expense associated with these warrants is recognized ratably over the two-year service period. The August warrants vested on the issuance date of August 5, 2019 and expire two years from the date of issuance. As such, compensation expense associated with the warrants was recognized as vested on the issuance date. Stock compensation expense of $1,000 and $23,000 was recognized in the third quarter of 2019 for warrants issued in July and August 2019, respectively. In September 2019, concurrent with the September 2019 Offering and pursuant to the September 2019 Purchase Agreement, the Company commenced a private placement whereby it issued and sold warrants (“September 2019 Warrants”) exercisable for an aggregate of 659,414 shares of common stock, which represents 50% of the shares of common stock sold in the September 2019 Offering, with a purchase price of $0.125 per underlying warrant share and with an exercise price of $7.52 per share (the “September 2019 Private Placement”). The September 2019 Warrants are exercisable upon issuance and will expire five and a half years from the date of issuance. The Company also issued warrants to the placement agents to purchase a total of 65,942 shares of common stock with an exercise price equal to $9.4781. The placement agent warrants are exercisable upon issuance and will expire five years from the date of issuance. As of September 2019, all 725,356 common stock warrants are outstanding that were issued with the September 2019 Offering. See Note 9. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items that are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known, or as the tax environment changes. The interim financial statement provision for income taxes expense is different from the amounts computed by applying the United States federal statutory income tax rate of 21%. The Company’s effective tax rate was 0.0% and -0.1% for the three and nine months ended September 30, 2019 and 0.1% and -0.2% for the three and nine months ended September 30, 2018. The difference between the effective tax rate and the federal statutory rate of 21% was primarily due to the full valuation allowance recorded on the Company’s net deferred tax assets and foreign withholding taxes. The Company may have experienced an ownership change under IRC Section 382 as a result of the common shares issued in connection with the March 2018 Private Placement or in the June 2018 Offering, June 2019 Offering or the September 2019 Offering. Such an ownership change may limit the Company’s ability to utilize its net operating loss carryforwards prior to expiration. Given the full valuation allowance, such a limitation would not impact the deferred tax asset balance as currently recorded. As of September 30, 2019, there have been no material changes to the Company’s uncertain tax positions. |
Contingent Liability and Notes
Contingent Liability and Notes Payable | 9 Months Ended |
Sep. 30, 2019 | |
Contingent Liability And Notes Payable [Abstract] | |
Contingent Liability and Notes Payable | 12. Contingent Liability and Notes Payable On June 15, 2005, the Company completed its agreement and plan of merger and reorganization with Anawah, Inc. (“Anawah”), to purchase the food and agricultural research company through a non-cash stock purchase. Pursuant to the merger with Anawah, and in accordance with the ASC 805 - Business Combinations, the Company incurred a contingent liability not to exceed $5.0 million. This liability represents amounts to be paid to Anawah’s previous stockholders for cash collected on revenue recognized by the Company upon commercial sale of certain products developed using technology acquired in the purchase. As of December 31, 2010, the Company ceased activities relating to three of the six Anawah product programs, thus, the contingent liability was reduced to $3.0 million. During the third quarter of 2016, one of the programs previously accrued for was abandoned and another program previously abandoned was reactivated. As of September 30, 2019, the Company continues to pursue three development programs using this technology and believes that the contingent liability is probable. As a result, $3.0 million remains on the Condensed Consolidated Balance Sheets as an other noncurrent liability. In the third quarter of 2019, the Company entered into notes payable agreements to finance the purchase of company vehicles. The remaining notes payable balance presented on the balance sheet as of September 30, 2019 was $137,000. These notes have an interest rate of 8%, term of five years, and mature in 2024. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 13. Net Loss per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period and excludes any dilutive effects of stock-based awards and warrants. Diluted net loss per share is computed giving effect to all potentially dilutive common shares, including common stock issuable upon exercise of stock options and warrants. For the three and nine months ended September 30, 2019, all potentially dilutive common shares were determined to be anti-dilutive after evaluation. Securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in shares): For the three and nine months ended September 30, 2019 2018 Options to purchase common stock 691,001 525,194 Warrants to purchase common stock 4,170,651 2,826,687 Total 4,861,652 3,351,881 |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 14. Related-Party Transactions The Company’s related parties include Moral Compass Corporation (“MCC”) and the John Sperling Foundation (“JSF”). The rights to the intellectual property owned by Blue Horse Labs, Inc. (“BHL”) were assigned to its sole shareholder, the John Sperling Revocable Trust (“JSRT”) due to BHL’s dissolution and then subsequently to JSF. JSF is deemed a related party of the Company because MCC, the Company’s largest stockholder, and JSF share common officers and directors. JSF receives a single digit royalty from the Company when revenue has been collected on product sales or for license payments from third parties that involve certain intellectual property developed under research funding originally from BHL. Royalty fees due to JSF were $28,000 and $29,000 as of September 30, 2019 and December 31, 2018, respectively, and are included in the Condensed Consolidated Balance Sheets as amounts due to related parties. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events The Company has reviewed and evaluated subsequent events through November 6, 2019, the date the condensed consolidated financial statements were available to be issued. |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization | Organization Arcadia Biosciences, Inc. (the “Company”) was incorporated in Arizona in 2002 and maintains its headquarters in Davis, California, with additional facilities in Phoenix, Arizona, American Falls, Idaho, and Molokai, Hawaii. The Company was reincorporated in Delaware in March 2015. We develop and market high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. We aim to create value across the agricultural production and supply chain beginning with enhanced crop productivity for farmers and ultimately delivering accelerated innovation in nutritional quality consumer foods. We use state of the art gene-editing technology and advanced breeding techniques to naturally enhance the nutritional quality of grains and oilseeds to address the rapidly evolving trends in consumer health and nutrition. In addition, we have developed high value crop productivity traits designed to enhance farm economics and have expanded to optimize and standardize the cannabis plant’s content, quality, resiliency and yield. In February 2012, the Company formed Verdeca LLC (“Verdeca,” see Note 5), which is jointly owned with Bioceres Crop Solutions Corp. (“Bioceres”), a U.S. wholly owned subsidiary of Bioceres, S.A., an Argentine corporation. Bioceres, S.A. is an agricultural investment and development cooperative. Verdeca , On August 9, 2019, the Company entered into a joint venture agreement with Legacy Ventures Hawaii, LLC (“Legacy,” see Note 6) to grow, extract, and sell hemp products. The new partnership, Archipelago Ventures Hawaii, LLC (“Archipelago”), combines the Company’s extensive genetic expertise and resources with Legacy’s experience in hemp extraction and sales. |
Reverse Stock Split | Reverse Stock Split In January 2018, the Company’s board of directors and its shareholders approved a reverse split of 1:20 on the Company’s issued and outstanding common stock which became effective on January 23, 2018. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented. The reverse stock split did not change the total number of authorized shares of common stock which remained at one hundred and fifty million shares. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission (the “SEC”) in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the periods indicated. All material intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company’s subsidiary and joint venture, Archipelago, in which the Company has a controlling interest. The Company uses a qualitative approach in assessing the consolidation requirement for variable interest entities (“VIEs”). This approach focuses on determining whether the Company has the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance and whether the Company has the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE. For all periods presented, the Company has determined that it is the primary beneficiary of Verdeca, which is a VIE. The Company evaluates its relationships with the VIEs upon the occurrence of certain significant events that affect the design, structure or other factors pertinent to the primary beneficiary determination. Interim results are not necessarily indicative of results for any other interim period or for the full fiscal year. For all periods presented, the Company has determined that it has a controlling interest in Archipelago. The Company has determined that it is the primary beneficiary of the joint venture. Accordingly, the Company consolidates the entity in the condensed consolidated financial statements after eliminating intercompany transactions. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint venture is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage of Archipelago. The information included in these condensed consolidated financial statements and notes thereto should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations included herein and Management’s Discussion and Analysis of Financial Condition and Results of Operations and the condensed consolidated financial statements and notes thereto for the fiscal year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K, filed with the SEC on April 1, 2019. |
Liquidity, Capital Resources, and Going Concern | Liquidity and Capital Resources As of September 30, 2019, the Company had an accumulated deficit of $200.9 million, cash and cash equivalents of $20.5 million and short-term investments of $10.4 million. For the nine months ended September 30, 2019 and the twelve months ended December 31, 2018, the Company had net losses of $22.6 and $13.5 million, and net cash used in operations of $12.2 million and $13.6 million, respectively. With cash and cash equivalents of $20.5 million and short-term investments of $10.4 million as of September 30, 2019, the Company believes that it currently has sufficient cash to fund its operations for at least the look forward period of 12 months from the issuance of these condensed consolidated financial statements. The Company’s ability to continue as a going concern is dependent on its future ability to generate profitable operations and its ability to obtain additional debt or equity financing, as necessary. The Company may seek to raise additional funds through debt or equity financings. The Company may also consider entering into additional partner arrangements. The sale of additional equity would result in dilution to the Company’s stockholders. The incurrence of debt would result in debt service obligations, and the instruments governing such debt could provide for additional operating and financing covenants that could restrict operations. If the Company does require additional funds and is unable to secure adequate additional funding at terms agreeable to the Company, the Company may be forced to reduce spending, extend payment terms with suppliers, liquidate assets, or suspend or curtail planned development programs or operations. Any of these actions could materially harm the business, results of operations and financial condition. |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following (in thousands): September 30, 2019 December 31, 2018 Raw materials $ 41 $ 41 Goods in process 479 — Finished goods 1,818 886 Inventories $ 2,338 $ 927 |
Investments and Fair Value of_2
Investments and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments And Fair Value Of Financial Instruments [Abstract] | |
Summary of Amortized Cost and Fair Value of the Available-For-Sale Investment Securities Portfolio | The following tables summarize the amortized cost and fair value of the available-for-sale investment securities portfolio at September 30, 2019 and December 31, 2018, and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income: (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value September 30, 2019 Cash equivalents: Money market funds $ 16,188 $ — $ — $ 16,188 Corporate securities 1,200 — — 1,200 Commercial paper 2,246 — — 2,246 Short-term investments: Corporate securities 2,650 — — 2,650 Treasury bills 1,488 — — 1,488 Commercial paper 6,217 — — 6,217 Total Assets at Fair Value $ 29,989 $ — $ — $ 29,989 (Dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value December 31, 2018 Cash equivalents: Money market funds $ 9,902 $ — $ — $ 9,902 Commercial paper 1,345 — — 1,345 Short-term investments: Corporate Securities 656 — — 656 Treasury Bills 1,195 — — 1,195 Commercial paper 6,776 — — 6,776 U.S. government securities 1,198 — — 1,198 Total Assets at Fair Value $ 21,072 $ — $ — $ 21,072 |
Summary of Fair Value of Financial Assets | The following table sets forth the fair value of the Company’s financial assets as of September 30, 2019 and December 31, 2018: Fair Value Measurements at September 30, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets at Fair Value Cash equivalents: Money market funds $ 16,188 $ — $ — $ 16,188 Corporate securities — 1,200 — 1,200 Commercial paper — 2,246 — 2,246 Short-term investments: Corporate securities — 2,650 — 2,650 Treasury bills 1,488 — — 1,488 Commercial paper — 6,217 — 6,217 Total Assets at Fair Value $ 17,676 $ 12,313 $ — $ 29,989 Fair Value Measurements at December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets at Fair Value Cash equivalents: Money market funds $ 9,902 $ — $ — $ 9,902 Commercial paper — 1,345 — 1,345 Short-term investments: Corporate Securities — 656 — 656 Treasury Bills 1,195 — — 1,195 Commercial paper — 6,776 — 6,776 U.S. government securities 1,198 — — 1,198 Total Assets at Fair Value $ 12,295 $ 8,777 $ — $ 21,072 |
Summary of Changes in Fair Value of Liabilities | The following table sets forth the establishment of these liabilities, as well as a summary of the changes in the fair value (in thousands): (Level 3) (Dollars in thousands) Common Stock Warrant Liability - March 2018 Purchase Agreement Common Stock Warrant Liability - June 2018 Offering Common Stock Warrant Liability - June 2019 Offering Common Stock Warrant Liability - September 2019 Offering Total Balance as of December 31, 2018 $ 2,354 $ 2,729 $ — $ — $ 5,083 Common stock and warrants issued in conjunction with June 2019 Offering — — 4,198 — 4,198 Common stock and warrants issued in conjunction with September 2019 Offering — — — 3,428 3,428 Change in fair value 1,481 1,810 4,491 (992 ) 6,790 Exercise of warrants — — (7,016 ) — (7,016 ) Balance as of September 30, 2019 $ 3,835 $ 4,539 $ 1,673 $ 2,436 $ 12,483 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee Disclosure [Abstract] | |
Schedule of Leases | Leases consisted of the following (in thousands): Leases Classification September 30, 2019 June 30, 2019 March 31, 2019 Assets Operating lease assets Right of use asset $ 1,911 $ 2,051 $ 2,193 Total leased assets $ 1,911 $ 2,051 $ 2,193 Liabilities Current - Operating Operating lease liability- current $ 609 $ 594 $ 574 Noncurrent - Operating Operating lease liability- noncurrent 1,450 1,609 1,771 Total leased liabilities $ 2,059 $ 2,203 $ 2,345 Lease Cost Classification For the Nine Months Ended September 30, 2019 For the Three Months Ended September 30, 2019 Operating lease cost SG&A and R&D Expenses $ 529 $ 177 Short term lease cost(1) R&D Expenses 138 45 Sublease income(2) SG&A and R&D Expenses (40 ) (13 ) Net lease cost $ 627 $ 209 (1) Short term lease cost consists of field trial lease agreements with a lease term of 12 months or less. (2) Sublease income is recorded as a credit to lease expense. Lease Term and Discount Rate September 30, 2019 June 30, 2019 March 31, 2019 Weighted-average remaining lease term (years) 2.2 2.4 2.6 Weighted-average discount rate 7 % 7 % 7 % |
Stock-Based Compensation and _2
Stock-Based Compensation and Warrants (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity Under Stock Incentive Plans | A summary of activity under the stock incentive plans is as follows (in thousands, except share data and price per share): Shares Subject to Outstanding Options Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value Outstanding — Balance at December 31, 2018 530,044 $ 35.53 $ — Options granted 186,571 5.16 Options exercised (546 ) 4.63 Options forfeited (20,718 ) 46.09 Options expired (4,350 ) 7.07 Outstanding — Balance at September 30, 2019 691,001 $ 27.18 $ 24 Vested and expected to vest — September 30, 2019 683,076 $ 27.38 $ 24 Exercisable —September 30, 2019 426,175 $ 37.82 $ 17 |
Weighted-Average Fair Value Assumption of Stock Option Awards | The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Model with the following weighted-average assumption. There were 186,571 and 287,577 options granted during the nine months ended September 30, 2019 and 2018, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Expected term (years) 6.24 5.52 7.13 5.97 Expected volatility 99% 100% 99% 99% Risk-free interest rate 1.84% 2.96% 2.05% 2.95% Dividend yield — — — — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Securities Not Included in Diluted per Share Calculations | Securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in shares): For the three and nine months ended September 30, 2019 2018 Options to purchase common stock 691,001 525,194 Warrants to purchase common stock 4,170,651 2,826,687 Total 4,861,652 3,351,881 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||||
Year of incorporation | 2002 | ||||
Place of reincorporation | Delaware | ||||
Date of reincorporation | 2015-03 | ||||
Reverse split of issued and outstanding common stock | 1:20 | ||||
Accumulated deficit | $ (200,928) | $ (200,928) | $ (178,366) | ||
Cash and cash equivalents | 20,541 | 20,541 | 11,998 | ||
Short-term investments | 10,355 | 10,355 | 9,825 | ||
Net losses | $ (14,187) | $ 4,450 | (22,562) | $ (12,834) | (13,500) |
Net cash used in operations | $ (12,186) | $ (10,936) | $ (13,600) |
Inventory - Summary of Inventor
Inventory - Summary of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 41 | $ 41 |
Goods in process | 479 | |
Finished goods | 1,818 | 886 |
Inventories | $ 2,338 | $ 927 |
Investments and Fair Value of_3
Investments and Fair Value of Financial Instruments - Summary of Amortized Cost and Fair Value of the Available-For-Sale Investment Securities Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 29,989 | $ 21,072 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 29,989 | 21,072 |
Cash Equivalents [Member] | Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,188 | 9,902 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 16,188 | 9,902 |
Cash Equivalents [Member] | Commercial Paper [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,246 | 1,345 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 2,246 | 1,345 |
Cash Equivalents [Member] | Corporate Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,200 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Estimated Fair Value | 1,200 | |
Short-term Investments [Member] | Commercial Paper [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 6,217 | 6,776 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 6,217 | 6,776 |
Short-term Investments [Member] | Treasury Bills [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,488 | 1,195 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 1,488 | 1,195 |
Short-term Investments [Member] | Corporate Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,650 | 656 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 2,650 | 656 |
Short-term Investments [Member] | U.S. Government Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,198 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Estimated Fair Value | $ 1,198 |
Investments and Fair Value of_4
Investments and Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 1 Months Ended | ||||||
Sep. 30, 2019 | Aug. 31, 2019 | Sep. 10, 2019 | Jun. 14, 2019 | Dec. 31, 2018 | Jun. 14, 2018 | Mar. 22, 2018 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Investment in continuous unrealized loss position for more than three months | $ 0 | ||||||
Unrealized gains and losses included in accumulated other comprehensive income or loss | 0 | $ 0 | |||||
Other-than-temporary impairments associated with credit losses required to be recognized | $ 0 | ||||||
Common Stock Warrant Liability [Member] | Securities Purchase Agreement [Member] | Level 3 [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Shares of common stock issued | 435,830 | 1,282,832 | |||||
Common Stock Warrant Liability [Member] | Securities Purchase Agreement [Member] | Level 3 [Member] | June 2018 Offering [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Shares of common stock issued | 1,392,345 | ||||||
Common Stock Warrant Liability [Member] | Securities Purchase Agreement [Member] | Level 3 [Member] | June 2019 Offering [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Shares of common stock issued | 1,489,575 | ||||||
Investors exercised warrants | 1,053,745 | 1,053,745 | |||||
Common Stock Warrant Liability [Member] | Securities Purchase Agreement [Member] | Level 3 [Member] | September 2019 Offering [Member] | |||||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||||
Shares of common stock issued | 659,414 |
Investments and Fair Value of_5
Investments and Fair Value of Financial Instruments - Summary of Fair Value of Financial Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets at Fair Value | ||
Total Assets at Fair Value | $ 29,989 | $ 21,072 |
Money Market Funds [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 16,188 | 9,902 |
Commercial Paper [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 2,246 | 1,345 |
Short-term investments | 6,217 | 6,776 |
Treasury Bills [Member] | ||
Assets at Fair Value | ||
Short-term investments | 1,488 | |
U.S. Government Securities [Member] | ||
Assets at Fair Value | ||
Short-term investments | 1,198 | |
Corporate Securities [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 1,200 | |
Short-term investments | 2,650 | 656 |
Treasury Bills [Member] | ||
Assets at Fair Value | ||
Short-term investments | 1,195 | |
Level 1 [Member] | ||
Assets at Fair Value | ||
Total Assets at Fair Value | 17,676 | 12,295 |
Level 1 [Member] | Money Market Funds [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 16,188 | 9,902 |
Level 1 [Member] | Commercial Paper [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Level 1 [Member] | Treasury Bills [Member] | ||
Assets at Fair Value | ||
Short-term investments | 1,488 | |
Level 1 [Member] | U.S. Government Securities [Member] | ||
Assets at Fair Value | ||
Short-term investments | 1,198 | |
Level 1 [Member] | Corporate Securities [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 0 | |
Short-term investments | 0 | 0 |
Level 1 [Member] | Treasury Bills [Member] | ||
Assets at Fair Value | ||
Short-term investments | 1,195 | |
Level 2 [Member] | ||
Assets at Fair Value | ||
Total Assets at Fair Value | 12,313 | 8,777 |
Level 2 [Member] | Money Market Funds [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 0 | 0 |
Level 2 [Member] | Commercial Paper [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 2,246 | 1,345 |
Short-term investments | 6,217 | 6,776 |
Level 2 [Member] | Treasury Bills [Member] | ||
Assets at Fair Value | ||
Short-term investments | 0 | |
Level 2 [Member] | U.S. Government Securities [Member] | ||
Assets at Fair Value | ||
Short-term investments | 0 | |
Level 2 [Member] | Corporate Securities [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 1,200 | |
Short-term investments | 2,650 | 656 |
Level 2 [Member] | Treasury Bills [Member] | ||
Assets at Fair Value | ||
Short-term investments | 0 | |
Level 3 [Member] | ||
Assets at Fair Value | ||
Total Assets at Fair Value | 0 | 0 |
Level 3 [Member] | Money Market Funds [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 0 | 0 |
Level 3 [Member] | Commercial Paper [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Level 3 [Member] | Treasury Bills [Member] | ||
Assets at Fair Value | ||
Short-term investments | 0 | |
Level 3 [Member] | U.S. Government Securities [Member] | ||
Assets at Fair Value | ||
Short-term investments | 0 | |
Level 3 [Member] | Corporate Securities [Member] | ||
Assets at Fair Value | ||
Cash equivalents | 0 | |
Short-term investments | $ 0 | 0 |
Level 3 [Member] | Treasury Bills [Member] | ||
Assets at Fair Value | ||
Short-term investments | $ 0 |
Investments and Fair Value of_6
Investments and Fair Value of Financial Instruments - Summary of Changes in Fair Value of Liabilities (Detail) - Level 3 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2018 | $ 5,083 |
Change in fair value | 6,790 |
Exercise of warrants | (7,016) |
Balance as of September 30, 2019 | 12,483 |
Common Stock Warrant Liability [Member] | Purchase Agreement [Member] | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2018 | 2,354 |
Common stock and warrants issued | 0 |
Change in fair value | 1,481 |
Exercise of warrants | 0 |
Balance as of September 30, 2019 | 3,835 |
Common Stock Warrant Liability [Member] | June 2018 Offering [Member] | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2018 | 2,729 |
Common stock and warrants issued | 0 |
Change in fair value | 1,810 |
Exercise of warrants | 0 |
Balance as of September 30, 2019 | 4,539 |
Common Stock Warrant Liability [Member] | June 2019 Offering [Member] | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2018 | 0 |
Common stock and warrants issued | 4,198 |
Change in fair value | 4,491 |
Exercise of warrants | (7,016) |
Balance as of September 30, 2019 | 1,673 |
Common Stock Warrant Liability [Member] | September 2019 Offering [Member] | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2018 | 0 |
Common stock and warrants issued | 3,428 |
Change in fair value | (992) |
Exercise of warrants | 0 |
Balance as of September 30, 2019 | $ 2,436 |
Variable Interest Entity - Addi
Variable Interest Entity - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 29, 2012Owner | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Variable Interest Entity [Line Items] | |||||
Direct expenses and allocated overhead amount | $ | $ 340,000 | $ 286,000 | $ 982,000 | $ 799,000 | |
Bioceres, S.A. [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of shareholders owning agricultural investment and development cooperative | Owner | 300 |
Consolidated Joint Venture - Ad
Consolidated Joint Venture - Additional Information (Detail) - Archipelago Ventures Hawaii, LLC [Member] | Aug. 09, 2019USD ($)Individual | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) |
Other Income [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment, income or loss recorded | $ 0 | $ 0 | |
Arcadia Biosciences, Inc [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Number of individuals appointed | Individual | 2 | ||
Joint venture interest percentage | 50.75% | ||
Capital contributions | $ 709,000 | ||
Legacy Ventures Hawaii, LLC [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Number of individuals appointed | Individual | 2 | ||
Joint venture interest percentage | 49.25% | ||
Capital contributions | $ 689,000 |
Collaborative Arrangements - Ad
Collaborative Arrangements - Additional Information (Detail) | 1 Months Ended |
Aug. 31, 2017 | |
Collaborative Arrangements [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Contractual agreement month and year | 2017-08 |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee Lease Description [Line Items] | |
Existence of option to extend | true |
Lease option to extend, description | Some leases (the warehouse, greenhouse and a copy machine) include one or more options to renew, with renewal terms that can extend the lease term from one to six years. |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Option to extend lease, term | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Option to extend lease, term | 6 years |
Leases - Schedule of Leases (De
Leases - Schedule of Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Assets | ||||
Operating lease assets | $ 1,911 | $ 1,911 | $ 2,051 | $ 2,193 |
Total leased assets | 1,911 | 1,911 | 2,051 | 2,193 |
Liabilities | ||||
Current - Operating | 609 | 609 | 594 | 574 |
Noncurrent - Operating | 1,450 | 1,450 | 1,609 | 1,771 |
Total leased liabilities | 2,059 | 2,059 | $ 2,203 | $ 2,345 |
Lease Cost | ||||
Net lease cost | $ 209 | $ 627 | ||
Lease Term and Discount Rate | ||||
Weighted-average remaining lease term (years) | 2 years 2 months 12 days | 2 years 2 months 12 days | 2 years 4 months 24 days | 2 years 7 months 6 days |
Weighted-average discount rate | 7.00% | 7.00% | 7.00% | 7.00% |
SG&A and R&D Expenses [Member] | ||||
Lease Cost | ||||
Operating lease cost | $ 177 | $ 529 | ||
Sublease income | (13) | (40) | ||
R&D Expenses [Member] | ||||
Lease Cost | ||||
Short term lease cost | $ 45 | $ 138 |
Private Placement and Registere
Private Placement and Registered Direct Offering - Additional Information (Detail) | Sep. 05, 2019USD ($)$ / sharesshares | Jun. 12, 2019USD ($)$ / sharesshares | Jun. 11, 2018USD ($)$ / sharesshares | Mar. 22, 2018$ / sharesshares | Mar. 19, 2018 | Sep. 30, 2019USD ($)$ / sharesshares | Aug. 31, 2019USD ($)shares | Jun. 30, 2019USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | May 07, 2018USD ($) |
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 9.18 | $ 9.18 | $ 9.18 | |||||||||||||||
Proceeds from issuance of private placement | $ 10,000,000 | |||||||||||||||||
Offering costs | $ 226,000 | $ 226,000 | $ 226,000 | |||||||||||||||
Stock price | $ / shares | $ 32.52 | $ 32.52 | $ 32.52 | |||||||||||||||
Common stock no par value | $ / shares | ||||||||||||||||||
Initial loss recognized on liabilities | $ 4,000,000 | |||||||||||||||||
Liabilities marked to market value | $ 15,900,000 | |||||||||||||||||
Additional (loss) income on liabilities | $ (1,900,000) | |||||||||||||||||
Offering cost, expense | $ 336,000 | $ 1,000 | 702,000 | $ 2,544,000 | ||||||||||||||
Issuance of placement agent warrants | $ 526,000 | |||||||||||||||||
Fair value of common stock warrants at inception | $ 9,000,000 | $ 9,000,000 | 9,000,000 | |||||||||||||||
Cash proceeds | $ 5,269,000 | |||||||||||||||||
Warrant outstanding | shares | 4,170,651 | 4,170,651 | 4,170,651 | |||||||||||||||
Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Issuance of placement agent warrants | $ 526,000 | |||||||||||||||||
Placement Agent [Member] | Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 15,038 | 15,038 | 15,038 | |||||||||||||||
Warrants issued, exercise price | $ / shares | $ 41.5625 | $ 41.5625 | $ 41.5625 | |||||||||||||||
Offering costs | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 | |||||||||||||||
Warrant, exercisable term | 5 years | |||||||||||||||||
Offering cost, expense | $ 1,800,000 | |||||||||||||||||
June 2018 Placement Agent Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 69,617 | 69,617 | 69,617 | |||||||||||||||
Warrants issued, exercise price | $ / shares | $ 12.568 | $ 12.568 | $ 12.568 | |||||||||||||||
Offering costs | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | |||||||||||||||
Aggregate agent fee paid | $ 980,000 | |||||||||||||||||
Warrant, exercisable term | 5 years | |||||||||||||||||
Offering cost, expense | $ 721,000 | |||||||||||||||||
Issuance of placement agent warrants | $ 427,000 | |||||||||||||||||
Offering costs portion attributable to common stock | $ 912,000 | $ 912,000 | $ 912,000 | |||||||||||||||
June 2019 Placement Agent Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 74,479 | 74,479 | 74,479 | |||||||||||||||
Warrants issued, exercise price | $ / shares | $ 6.2938 | $ 6.2938 | $ 6.2938 | |||||||||||||||
Offering costs | $ 115,000 | $ 115,000 | $ 115,000 | |||||||||||||||
Aggregate agent fee paid | $ 525,000 | |||||||||||||||||
Warrant, exercisable term | 5 years | |||||||||||||||||
Offering cost, expense | $ 375,000 | 10,000 | $ 365,000 | |||||||||||||||
Issuance of placement agent warrants | $ 198,000 | |||||||||||||||||
Offering costs portion attributable to common stock | 487,000 | 487,000 | 487,000 | |||||||||||||||
June 2019 Placement Agent Warrants [Member] | Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Offering costs | $ 800,000 | $ 800,000 | $ 800,000 | |||||||||||||||
September 2019 Placement Agent Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 65,942 | 65,942 | 65,942 | |||||||||||||||
Warrants issued, exercise price | $ / shares | $ 9.4781 | $ 9.4781 | $ 9.4781 | |||||||||||||||
Offering costs | $ 97,000 | $ 97,000 | $ 97,000 | |||||||||||||||
Aggregate agent fee paid | $ 770,000 | |||||||||||||||||
Warrant, exercisable term | 5 years | |||||||||||||||||
Offering cost, expense | $ 326,000 | |||||||||||||||||
Issuance of placement agent warrants | 326,000 | |||||||||||||||||
Offering costs portion attributable to common stock | 796,000 | 796,000 | 796,000 | |||||||||||||||
September 2019 Placement Agent Warrants [Member] | Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Offering costs | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | |||||||||||||||
Measurement Input, Price Volatility [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Volatility rate | 1 | 1 | 1 | |||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Volatility rate | 0.0263 | 0.0263 | 0.0263 | |||||||||||||||
Black Scholes Merton Model [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Stock price | $ / shares | $ 8.20 | $ 8.20 | $ 8.20 | |||||||||||||||
Black Scholes Merton Model [Member] | Measurement Input, Price Volatility [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Volatility rate | 1.08 | 1.08 | 1.08 | |||||||||||||||
Black Scholes Merton Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Volatility rate | 0.0283 | 0.0283 | 0.0283 | |||||||||||||||
Common Stock Adjustment Feature Liability [Member] | Monte Carlo Simulation Model [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Fair value of liabilities | $ 3,800,000 | $ 3,800,000 | $ 3,800,000 | |||||||||||||||
March 2018 Warrant Liability [Member] | Monte Carlo Simulation Model [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Fair value of liabilities | 10,200,000 | 10,200,000 | 10,200,000 | |||||||||||||||
June 2018 Warrant Liability [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Liabilities marked to market value | 4,500,000 | 2,600,000 | 4,500,000 | 2,600,000 | $ 7,300,000 | 4,500,000 | ||||||||||||
Additional (loss) income on liabilities | (1,900,000) | 4,600,000 | (4,500,000) | |||||||||||||||
Proceeds from issuance of common stock | 5,000,000 | |||||||||||||||||
Proceeds from issuance of common stock and warrants gross | 14,000,000 | |||||||||||||||||
June 2019 Warrant Liability [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Liabilities marked to market value | 1,600,000 | 3,400,000 | 1,600,000 | 3,400,000 | 1,600,000 | |||||||||||||
Additional (loss) income on liabilities | 1,200,000 | 800,000 | (6,500,000) | |||||||||||||||
Proceeds from issuance of common stock | 3,300,000 | |||||||||||||||||
Proceeds from issuance of common stock and warrants gross | 7,500,000 | |||||||||||||||||
Fair value of common stock warrants at inception | $ 4,200,000 | $ 4,200,000 | 4,200,000 | |||||||||||||||
Investors exercised warrants | shares | 1,053,745 | 1,053,745 | ||||||||||||||||
Cash proceeds | $ 5,300,000 | 5,300,000 | ||||||||||||||||
Exercised warrants | 7,000,000 | |||||||||||||||||
Unexercised warrants | $ 2,900,000 | |||||||||||||||||
Warrant outstanding | shares | 435,830 | 435,830 | 435,830 | |||||||||||||||
June 2019 Warrant Liability [Member] | Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Liabilities marked to market value | $ 9,900,000 | $ 9,900,000 | $ 9,900,000 | |||||||||||||||
June 2019 Warrant Liability [Member] | Black Scholes Merton Model [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Stock price | $ / shares | $ 3.66 | $ 3.66 | $ 3.66 | |||||||||||||||
June 2019 Warrant Liability [Member] | Black Scholes Merton Model [Member] | Measurement Input, Price Volatility [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Volatility rate | 1.08 | 1.08 | 1.08 | |||||||||||||||
June 2019 Warrant Liability [Member] | Black Scholes Merton Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Volatility rate | 0.0188 | 0.0188 | 0.0188 | |||||||||||||||
September 2019 Warrant Liability [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Liabilities marked to market value | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | |||||||||||||||
Additional (loss) income on liabilities | 1,000,000 | |||||||||||||||||
Proceeds from issuance of common stock | 6,600,000 | |||||||||||||||||
Proceeds from issuance of common stock and warrants gross | 10,000,000 | |||||||||||||||||
Fair value of common stock warrants at inception | $ 3,400,000 | $ 3,400,000 | $ 3,400,000 | |||||||||||||||
September 2019 Warrant Liability [Member] | Black Scholes Merton Model [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Stock price | $ / shares | $ 6.34 | $ 6.34 | $ 6.34 | |||||||||||||||
September 2019 Warrant Liability [Member] | Black Scholes Merton Model [Member] | Measurement Input, Price Volatility [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Volatility rate | 1.16 | 1.16 | 1.16 | |||||||||||||||
September 2019 Warrant Liability [Member] | Black Scholes Merton Model [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Volatility rate | 0.0160 | 0.0160 | 0.0160 | |||||||||||||||
March 2018 Securities Purchase Agreement [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Shares of common stock issued | shares | 1,201,634 | |||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 1,282,832 | |||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 10.7258 | |||||||||||||||||
June 2018 Purchase Agreement [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Offering costs | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | |||||||||||||||
Proceeds from issuance of common stock and warrants gross | 14,000,000 | |||||||||||||||||
Proceeds from issuance of common stock and warrants net | 12,800,000 | |||||||||||||||||
Securities Purchase Agreement [Member] | June 2019 Offering [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Offering costs | 641,000 | 641,000 | 641,000 | |||||||||||||||
Proceeds from issuance of common stock and warrants gross | 7,500,000 | |||||||||||||||||
Proceeds from issuance of common stock and warrants net | 6,900,000 | |||||||||||||||||
Securities Purchase Agreement [Member] | September 2019 Offering [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Offering costs | 797,000 | 797,000 | 797,000 | |||||||||||||||
Proceeds from issuance of common stock and warrants gross | 10,000,000 | |||||||||||||||||
Proceeds from issuance of common stock and warrants net | 9,200,000 | |||||||||||||||||
March 2018 Private Placement [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Proceeds from issuance of private placement | 8,700,000 | |||||||||||||||||
Proceeds from offering costs of private placement, gross | 10,000,000 | |||||||||||||||||
Offering costs | 1,300,000 | 1,300,000 | 1,300,000 | |||||||||||||||
Liabilities marked to market value | $ 8,400,000 | |||||||||||||||||
Additional (loss) income on liabilities | $ (2,400,000) | |||||||||||||||||
Reclassification of financing liabilities to stockholders equity | $ 8,400,000 | |||||||||||||||||
March 2018 Private Placement [Member] | Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Offering costs | 458,000 | 458,000 | 458,000 | |||||||||||||||
March 2018 Private Placement [Member] | Placement Agent [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Aggregate agent fee paid | 850,000 | |||||||||||||||||
March 2018 Private Placement [Member] | March 2018 Warrant Liability [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Liabilities marked to market value | $ 3,800,000 | $ 2,200,000 | 3,800,000 | 2,200,000 | 6,300,000 | 3,800,000 | ||||||||||||
Additional (loss) income on liabilities | $ (1,600,000) | $ 4,100,000 | $ (4,000,000) | |||||||||||||||
March 2018 Private Placement [Member] | March 2018 Securities Purchase Agreement [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Shares of common stock issued | shares | 300,752 | |||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 300,752 | |||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 45.75 | |||||||||||||||||
Warrants expiration period | 5 years | |||||||||||||||||
June 2018 Offering [Member] | June 2018 Purchase Agreement [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Shares of common stock issued | shares | 1,392,345 | |||||||||||||||||
Stock price | $ / shares | $ 9.93 | |||||||||||||||||
Proceeds from issuance of common stock | $ 13,800,000 | |||||||||||||||||
Offering closing period | Jun. 14, 2018 | |||||||||||||||||
June 2018 Offering [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Shares of common stock issued | shares | 1,489,575 | |||||||||||||||||
Stock price | $ / shares | $ 4.91 | |||||||||||||||||
Proceeds from issuance of common stock | $ 7,310,000 | |||||||||||||||||
Offering closing period | Jun. 14, 2019 | |||||||||||||||||
June 2018 Private Placement [Member] | Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 1,392,345 | |||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 9.94 | |||||||||||||||||
Warrants expiration period | 5 years 6 months | |||||||||||||||||
Proceeds from offering costs of private placement, gross | $ 174,000 | |||||||||||||||||
Class of warrant or right number of securities called by warrants or rights, per share | $ / shares | $ 0.125 | |||||||||||||||||
June 2019 Private Placement [Member] | Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 1,489,575 | |||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 5 | |||||||||||||||||
Warrants expiration period | 5 years 6 months | |||||||||||||||||
Proceeds from offering costs of private placement, gross | $ 186,000 | |||||||||||||||||
Class of warrant or right number of securities called by warrants or rights, per share | $ / shares | $ 0.125 | |||||||||||||||||
September 2019 Offering [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Issuance of placement agent warrants | $ 326,000 | |||||||||||||||||
September 2019 Offering [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Shares of common stock issued | shares | 1,318,828 | |||||||||||||||||
Stock price | $ / shares | $ 7.52 | |||||||||||||||||
Proceeds from issuance of common stock | $ 9,920,000 | |||||||||||||||||
Offering closing period | Sep. 10, 2019 | |||||||||||||||||
September 2019 Purchase Agreement [Member] | Warrants [Member] | ||||||||||||||||||
Class Of Warrant Or Right [Line Items] | ||||||||||||||||||
Warrant issued, shares of common stock called by warrant | shares | 659,414 | |||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 7.52 | |||||||||||||||||
Warrants expiration period | 5 years 6 months | |||||||||||||||||
Proceeds from offering costs of private placement, gross | $ 82,000 | |||||||||||||||||
Class of warrant or right number of securities called by warrants or rights, per share | $ / shares | $ 0.125 |
Stock-Based Compensation and _3
Stock-Based Compensation and Warrants - Additional Information (Detail) | Aug. 23, 2019 | Aug. 22, 2019 | Mar. 28, 2019shares | May 20, 2015shares | May 14, 2015 | Sep. 30, 2019USD ($)$ / sharesshares | Aug. 31, 2019$ / sharesshares | Jul. 31, 2019$ / sharesshares | Jun. 30, 2019$ / sharesshares | Apr. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2013$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019$ / sharesshares | Sep. 30, 2018USD ($) | Jun. 30, 2019$ / sharesshares | Sep. 30, 2019USD ($)IncentivePlan$ / sharesshares | Sep. 30, 2018USD ($)shares | Dec. 31, 2018shares | Jun. 30, 2014$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of equity incentive plans | IncentivePlan | 2 | |||||||||||||||||||
Total number of options outstanding | 691,001 | 691,001 | 691,001 | 691,001 | 530,044 | |||||||||||||||
Unrecognized compensation cost related to unvested stock-based compensation grants | $ | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | ||||||||||||||||
Weighted-average remaining recognition period | 1 year 9 months 18 days | |||||||||||||||||||
Stock-based compensation | $ | $ 1,870,000 | $ 998,000 | ||||||||||||||||||
Options granted | 186,571 | 287,577 | ||||||||||||||||||
Number of warrant to purchase common stock issued | 4,170,651 | 4,170,651 | 4,170,651 | 4,170,651 | ||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 9.18 | $ 9.18 | $ 9.18 | $ 9.18 | ||||||||||||||||
Stock price | $ / shares | 32.52 | 32.52 | 32.52 | $ 32.52 | ||||||||||||||||
Cash proceeds | $ | $ 5,269,000 | |||||||||||||||||||
Black Scholes Merton Model [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Stock price | $ / shares | $ 8.20 | $ 8.20 | $ 8.20 | $ 8.20 | ||||||||||||||||
Service Warrants [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 6.18 | |||||||||||||||||||
Warrant issued, shares of common stock called by warrant | 45,154 | |||||||||||||||||||
Warrants vesting period | 12 months | |||||||||||||||||||
Warrant, exercisable term | 5 years | |||||||||||||||||||
Fair value of Warrants | $ | $ 224,000 | |||||||||||||||||||
Compensation expense associated with Warrants, term | 1 year | |||||||||||||||||||
Compensation expense associated with Warrants | $ | $ 56,000 | $ 100,000 | ||||||||||||||||||
Performance Warrants [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 6.18 | |||||||||||||||||||
Warrant issued, shares of common stock called by warrant | 100,000 | |||||||||||||||||||
Warrant, exercisable term | 5 years | |||||||||||||||||||
Fair value of Warrants | $ | $ 497,000 | |||||||||||||||||||
Cumulative adjustment compensation expense associated with warrants | $ | $ 228,000 | |||||||||||||||||||
Service and Performance Warrants [Member] | Black Scholes Merton Model [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Stock price | $ / shares | $ 6.18 | |||||||||||||||||||
Service and Performance Warrants [Member] | Black Scholes Merton Model [Member] | Volatility [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants, measurement input | 1.125 | |||||||||||||||||||
Service and Performance Warrants [Member] | Black Scholes Merton Model [Member] | Risk-Free Rate [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants, measurement input | 0.0237 | |||||||||||||||||||
Series D Redeemable Convertible Preferred Stock [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrant issued, shares of common stock called by warrant | 63,071 | |||||||||||||||||||
Number of warrants expired | 1,759 | 61,312 | ||||||||||||||||||
Series D Redeemable Convertible Preferred Stock [Member] | Placement Agent [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 268.80 | |||||||||||||||||||
Warrant issued, shares of common stock called by warrant | 1,674 | |||||||||||||||||||
Mahyco International [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 330.40 | |||||||||||||||||||
Warrant issued, shares of common stock called by warrant | 3,784 | |||||||||||||||||||
Warrant, expiration date | Dec. 11, 2018 | |||||||||||||||||||
Investor [Member] | Series D Redeemable Convertible Preferred Stock [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 363.20 | |||||||||||||||||||
Warrant issued, shares of common stock called by warrant | 61,397 | |||||||||||||||||||
Independent Contractor [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 2.19 | |||||||||||||||||||
Warrant issued, shares of common stock called by warrant | 10,000 | |||||||||||||||||||
Two Affiliated Third Parties [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 1.92 | |||||||||||||||||||
Warrant issued, shares of common stock called by warrant | 20,000 | |||||||||||||||||||
2015 Employee Stock Purchase Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Total number of shares reserved for issuance under plan | 102,828 | 102,828 | 102,828 | 102,828 | ||||||||||||||||
Stock-based compensation | $ | $ 4,300 | $ 4,000 | $ 12,400 | $ 6,000 | ||||||||||||||||
Percentage in payroll deductions to acquire shares of common stock | 15.00% | |||||||||||||||||||
Purchase plan offering period | 6 months | |||||||||||||||||||
Employees are able to purchase company's common stock on first trading day of offering period, percentage | 85.00% | |||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan | 15,389 | |||||||||||||||||||
July 2019 Offering [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants vesting period | 12 months | |||||||||||||||||||
Warrant, exercisable term | 2 years | |||||||||||||||||||
Compensation expense associated with Warrants, term | 2 years | |||||||||||||||||||
Compensation expense associated with Warrants | $ | 1,000 | |||||||||||||||||||
August 2019 Offering [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrant, exercisable term | 2 years | |||||||||||||||||||
Compensation expense associated with Warrants | $ | 23,000 | |||||||||||||||||||
Warrants issuance date | Aug. 5, 2019 | |||||||||||||||||||
Separation Agreement [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Options exercisable period | 2 years | 90 days | ||||||||||||||||||
Stock-based compensation | $ | $ 438,000 | |||||||||||||||||||
March 2018 Purchase Agreement [Member] | Purchase Agreement [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of warrant to purchase common stock issued | 1,297,870 | 1,297,870 | 1,297,870 | 1,297,870 | ||||||||||||||||
March 2018 Purchase Agreement [Member] | Purchase Agreement [Member] | Purchase Price of $10.7258 [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of warrant to purchase common stock issued | 1,282,832 | 1,282,832 | 1,282,832 | 1,282,832 | ||||||||||||||||
Warrants issued, purchase price of warrants per share | $ / shares | $ 10.7258 | $ 10.7258 | $ 10.7258 | $ 10.7258 | ||||||||||||||||
March 2018 Purchase Agreement [Member] | Purchase Agreement [Member] | Exercise Price of $41.5625 [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of warrant to purchase common stock issued | 15,038 | 15,038 | 15,038 | 15,038 | ||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 41.5625 | $ 41.5625 | $ 41.5625 | $ 41.5625 | ||||||||||||||||
June 2018 Offering [Member] | Purchase Agreement [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of warrant to purchase common stock issued | 1,461,962 | 1,461,962 | 1,461,962 | 1,461,962 | ||||||||||||||||
June 2018 Offering [Member] | Purchase Agreement [Member] | Purchase Price of $9.94 [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of warrant to purchase common stock issued | 1,392,345 | 1,392,345 | 1,392,345 | 1,392,345 | ||||||||||||||||
Warrants issued, purchase price of warrants per share | $ / shares | $ 9.94 | $ 9.94 | $ 9.94 | $ 9.94 | ||||||||||||||||
June 2018 Offering [Member] | Purchase Agreement [Member] | Exercise Price of $12.568 [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of warrant to purchase common stock issued | 69,617 | 69,617 | 69,617 | 69,617 | ||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 12.568 | $ 12.568 | $ 12.568 | $ 12.568 | ||||||||||||||||
June 2019 Purchase Agreement [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of warrant to purchase common stock issued | 510,309 | 510,309 | 510,309 | 510,309 | ||||||||||||||||
June 2019 Purchase Agreement [Member] | Placement Agent [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 6.2938 | $ 6.2938 | $ 6.2938 | |||||||||||||||||
Warrant issued, shares of common stock called by warrant | 74,479 | 74,479 | 74,479 | |||||||||||||||||
Warrant, exercisable term | 5 years | |||||||||||||||||||
June 2019 Purchase Agreement [Member] | Purchase Agreement [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 5 | $ 5 | $ 5 | |||||||||||||||||
Warrant issued, shares of common stock called by warrant | 1,489,575 | 1,489,575 | 1,489,575 | |||||||||||||||||
Warrants issued, purchase price of warrants per share | $ / shares | $ 0.125 | $ 0.125 | $ 0.125 | |||||||||||||||||
Warrant, exercisable term | 5 years 6 months | |||||||||||||||||||
Class of warrant or right, issued percentage in connection with common stock sold | 100.00% | |||||||||||||||||||
Investors exercised warrants and purchase shares of common stock | 1,053,745 | |||||||||||||||||||
Cash proceeds | $ | $ 5,300,000 | |||||||||||||||||||
September 2019 Purchase Agreement [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of warrant to purchase common stock issued | 725,356 | 725,356 | 725,356 | 725,356 | ||||||||||||||||
September 2019 Purchase Agreement [Member] | Placement Agent [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 9.4781 | $ 9.4781 | $ 9.4781 | $ 9.4781 | ||||||||||||||||
Warrant issued, shares of common stock called by warrant | 65,942 | 65,942 | 65,942 | 65,942 | ||||||||||||||||
Warrant, exercisable term | 5 years | |||||||||||||||||||
September 2019 Purchase Agreement [Member] | Purchase Agreement [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants issued, exercise price | $ / shares | $ 7.52 | $ 7.52 | $ 7.52 | $ 7.52 | ||||||||||||||||
Warrant issued, shares of common stock called by warrant | 659,414 | 659,414 | 659,414 | 659,414 | ||||||||||||||||
Warrants issued, purchase price of warrants per share | $ / shares | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | ||||||||||||||||
Warrant, exercisable term | 5 years 6 months | |||||||||||||||||||
Class of warrant or right, issued percentage in connection with common stock sold | 50.00% | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrant, expiration date | 2025-03 | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrant, expiration date | 2023-03 | |||||||||||||||||||
2015 Omnibus Equity Incentive Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Terms under the plan | The 2015 Plan became effective in May 2015 and all shares that were reserved, but not issued, under the 2006 Plan were assumed by the 2015 Plan. Upon effectiveness, the 2015 Plan had 154,387 shares of common stock reserved for future issuance, which included 10,637 shares under the 2006 Plan that were transferred to and assumed by the 2015 Plan. The 2015 Plan provides for automatic annual increases in shares available for grant. In addition, shares subject to awards under the 2006 Plan that are forfeited or canceled will be added to the 2015 Plan. | |||||||||||||||||||
Total number of shares reserved for issuance under plan | 154,387 | 659,490 | 659,490 | 659,490 | 659,490 | |||||||||||||||
Options vesting period | 4 years | 2 years | ||||||||||||||||||
Additional shares authorized for issuance under the plan | 120,000 | |||||||||||||||||||
Common stock available for future grant | 29,568 | 29,568 | 29,568 | 29,568 | ||||||||||||||||
Total number of options outstanding | 629,922 | 629,922 | 629,922 | 629,922 | ||||||||||||||||
2015 Omnibus Equity Incentive Plan [Member] | Maximum [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Options exercisable period | 10 years | |||||||||||||||||||
2015 Omnibus Equity Incentive Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Stock options vesting percentage at end of one year | 25.00% | |||||||||||||||||||
2006 Stock Incentive Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Total number of shares reserved for issuance under plan | 10,637 | |||||||||||||||||||
Total number of options outstanding | 61,079 | 61,079 | 61,079 | 61,079 |
Stock-Based Compensation and _4
Stock-Based Compensation and Warrants - Summary of Activity Under Stock Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares Subject to Outstanding, Beginning Balance | 530,044 | |
Shares Subject to Outstanding, Options granted | 186,571 | 287,577 |
Shares Subject to Outstanding, Options exercised | (546) | |
Shares Subject to Outstanding, Options Forfeited | (20,718) | |
Shares Subject to Outstanding, Options Expired | (4,350) | |
Shares Subject to Outstanding, Ending Balance | 691,001 | |
Shares Subject to Outstanding, Vested and expected to vest | 683,076 | |
Shares Subject to Outstanding, Exercisable | 426,175 | |
Weighted-Average Exercise Price Per Share, Outstanding Beginning Balance | $ 35.53 | |
Weighted-Average Exercise Price Per Share, Options granted | 5.16 | |
Weighted-Average Exercise Price Per Share, Options exercised | 4.63 | |
Weighted-Average Exercise Price Per Share, Options forfeited | 46.09 | |
Weighted-Average Exercise Price Per Share, Options expired | 7.07 | |
Weighted Average Exercise Price Per Share, Outstanding Ending Balance | 27.18 | |
Weighted Average Exercise Price Per Share, Vested and expected to vest | 27.38 | |
Weighted Average Exercise Price Per Share, Exercisable | $ 37.82 | |
Aggregate Intrinsic Value, Outstanding Balance | $ 24 | |
Aggregate Intrinsic Value, Vested and expected to vest | 24 | |
Aggregate Intrinsic Value, Exercisable | $ 17 |
Stock-Based Compensation and _5
Stock-Based Compensation and Warrants - Weighted-Average Fair Value Assumption of Stock Option Awards (Detail) - Employee Stock Option [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (years) | 6 years 2 months 26 days | 5 years 6 months 7 days | 7 years 1 month 17 days | 5 years 11 months 19 days |
Expected volatility | 99.00% | 100.00% | 99.00% | 99.00% |
Risk-free interest rate | 1.84% | 2.96% | 2.05% | 2.95% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Federal statutory tax rate | 21.00% | |||
Effective tax rate | 0.00% | 0.10% | (0.10%) | (0.20%) |
Uncertain tax positions | $ 0 | $ 0 |
Contingent Liability and Note_2
Contingent Liability and Notes Payable - Additional Information (Detail) | Dec. 31, 2010USD ($)Program | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 15, 2005USD ($) |
Contingent Liability And Notes Payable [Line Items] | |||||
Notes payable | $ 137,000 | $ 137,000 | |||
Notes payable interest rate | 8.00% | 8.00% | |||
Notes payable term | 5 years | ||||
Notes payable maturity year | 2024 | ||||
Other noncurrent liability | $ 3,000,000 | $ 3,000,000 | $ 3,072,000 | ||
Anawah, Inc [Member] | |||||
Contingent Liability And Notes Payable [Line Items] | |||||
Contingent liability | $ 3,000,000 | $ 5,000,000 | |||
Date of merger and reorganization | Jun. 15, 2005 | ||||
Restructuring activities, description | As of December 31, 2010, the Company ceased activities relating to three of the six Anawah product programs, | ||||
Number of development programs ceased | Program | 3 | ||||
Number of development programs | Program | 6 | ||||
Other noncurrent liability | $ 3,000,000 | $ 3,000,000 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Securities Not Included in Diluted Per Share Calculations (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities not included in the diluted per share calculations, amount | 4,861,652 | 3,351,881 | 4,861,652 | 3,351,881 |
Option to purchase common stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities not included in the diluted per share calculations, amount | 691,001 | 525,194 | 691,001 | 525,194 |
Warrants to purchase common stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities not included in the diluted per share calculations, amount | 4,170,651 | 2,826,687 | 4,170,651 | 2,826,687 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Royalty fees due | $ 28 | $ 29 |
John Sperling Foundation [Member] | ||
Related Party Transaction [Line Items] | ||
Royalty fees due | $ 28 | $ 29 |