Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 25, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GenMark Diagnostics, Inc. | |
Entity Central Index Key | 1,487,371 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 42,993,890 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 29,561,000 | $ 35,385,000 |
Marketable securities | 7,939,000 | 10,080,000 |
Accounts receivable, net of allowances of $2,751 and $2,727, respectively | 5,417,000 | 6,847,000 |
Inventories | 2,614,000 | 3,054,000 |
Prepaid expenses and other current assets | 1,315,000 | 591,000 |
Total current assets | 46,846,000 | 55,957,000 |
Property and equipment, net | 12,654,000 | 11,396,000 |
Intangible assets, net | 2,188,000 | 2,376,000 |
Restricted cash | 758,000 | 758,000 |
Other long-term assets | 177,000 | 180,000 |
Total assets | 62,623,000 | 70,667,000 |
Current liabilities | ||
Accounts payable | 6,106,000 | 4,376,000 |
Accrued compensation | 4,616,000 | 3,861,000 |
Long-term Debt, Current Maturities | 2,920,000 | (373,000) |
Other current liabilities | 2,238,000 | 2,725,000 |
Liabilities, Current | 15,880,000 | 10,589,000 |
Long-term liabilities | ||
Deferred rent | 1,378,000 | 1,257,000 |
Long-term Debt, Excluding Current Maturities | 16,737,000 | 9,890,000 |
Other non-current liabilities | 183,000 | 334,000 |
Total liabilities | 34,178,000 | 22,070,000 |
Stockholders’ equity | ||
Preferred stock, $0.0001 par value; 5,000 authorized, none issued | 0 | 0 |
Common stock, $0.0001 par value; 100,000 authorized; 42,994 and 42,551 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively | 4,000 | 4,000 |
Additional paid-in capital | 358,938,000 | 353,233,000 |
Accumulated deficit | (330,535,000) | (304,669,000) |
Accumulated other comprehensive income | 38,000 | 29,000 |
Total stockholders’ equity | 28,445,000 | 48,597,000 |
Total liabilities and stockholders’ equity | $ 62,623,000 | $ 70,667,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable - net of allowance | $ 2,751 | $ 2,727 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 42,994,000 | 42,551,000 |
Common stock, outstanding | 42,994,000 | 42,551,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | $ (34) | $ 0 | $ 13 | $ 9 |
Revenue | ||||
Product revenue | 12,425 | 7,550 | 23,384 | 17,562 |
License and other revenue | 87 | 96 | 192 | 191 |
Total revenue | 12,512 | 7,646 | 23,576 | 17,753 |
Cost of revenue | 4,720 | 3,286 | 9,095 | 7,278 |
Gross profit | 7,792 | 4,360 | 14,481 | 10,475 |
Operating expenses | ||||
Sales and marketing | 3,300 | 3,704 | 7,009 | 7,397 |
General and administrative | 3,876 | 3,662 | 7,296 | 7,332 |
Research and development | 13,204 | 8,924 | 25,472 | 17,703 |
Total operating expenses | 20,380 | 16,290 | 39,777 | 32,432 |
Loss from operations | (12,588) | (11,930) | (25,296) | (21,957) |
Other income (expense) | ||||
Interest income | 26 | 33 | 55 | 69 |
Interest expense | (308) | (245) | (585) | (317) |
Other income | (42) | (11) | (9) | 206 |
Total other income (expense) | (324) | (223) | (539) | (42) |
Loss before provision for income taxes | (12,912) | (12,153) | (25,835) | (21,999) |
Income tax (benefit) expense | (5) | (1) | 31 | 22 |
Net loss | $ (12,907) | $ (12,152) | $ (25,866) | $ (22,021) |
Net loss per share, basic and diluted | $ (0.30) | $ (0.29) | $ (0.60) | $ (0.53) |
Weighted average number of shares outstanding, basic and diluted | 42,864 | 42,091 | 42,768 | 41,934 |
Other comprehensive loss | ||||
Net loss | $ (12,907) | $ (12,152) | $ (25,866) | $ (22,021) |
Net unrealized losses on marketable securities, net of tax | (5) | 1 | (21) | (16) |
Comprehensive loss | $ (12,946) | $ (12,151) | $ (25,874) | $ (22,028) |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities | ||
Net loss | $ (25,866) | $ (22,021) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,791 | 1,632 |
Amortization of premiums on investments | 35 | 126 |
Amortization of Debt Issuance Costs and Discounts | 169 | 116 |
Gain (Loss) on Sale of Other Investments | 0 | (223) |
Stock-based compensation | 4,540 | 4,823 |
Provision for bad debt | 23 | 0 |
Non-cash inventory adjustments | 92 | 543 |
Other Operating Activities, Cash Flow Statement | 19 | 15 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,406 | 1,331 |
Inventories | 306 | (246) |
Prepaid expenses and other assets | (721) | (472) |
Accounts payable | 1,289 | (1,212) |
Accrued compensation | 1,119 | (231) |
Other liabilities | 303 | (39) |
Net cash used in operating activities | (15,495) | (15,858) |
Investing activities | ||
Payments for intellectual property licenses | (800) | (550) |
Purchases of property and equipment | (2,404) | (2,243) |
Purchases of available-for-sale securities | (2,532) | (14,797) |
Proceeds from sales of marketable securities | 0 | 223 |
Maturities of marketable securities | 4,650 | 17,850 |
Net cash provided by (used in) investing activities | (1,086) | 483 |
Financing activities | ||
Proceeds from issuance of common stock | 449 | 427 |
Principal repayment of borrowings | (17) | (10) |
Proceeds from borrowings | 10,000 | 10,000 |
Payments of Debt Issuance Costs | (30) | (718) |
Proceeds from stock option exercises | (352) | (894) |
Net cash provided by financing activities | 10,754 | 10,593 |
Effect of Exchange Rate on Cash and Cash Equivalents | 3 | 2 |
Net decrease in cash and cash equivalents | (5,824) | (4,780) |
Cash and cash equivalents at beginning of period | 35,385 | |
Cash and cash equivalents at end of period | 29,561 | |
Non-cash investing and financing activities | ||
Transfer of instruments from property and equipment to inventory | 42 | 127 |
Property and equipment costs included in accounts payable | 588 | 303 |
Supplemental cash flow disclosures | ||
Cash paid for income taxes, net | 13 | 15 |
Cash received for interest | 51 | 196 |
Cash paid for interest | $ 408 | $ 317 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | asis of Presentation The Company has incurred net losses from operations since its inception and had an accumulated deficit of $330,535,000 as of June 30, 2016 . Management expects operating losses to continue for the foreseeable future. The Company's ability to transition to profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure through expanding its product offerings and consequently increasing its product revenues. Cash, cash equivalents and marketable securities as of June 30, 2016 were $37,500,000 . The Company has prepared cash flow forecasts which indicate, based on the Company’s current cash resources available, that the Company will have sufficient resources to fund its business for at least the next 12 months . The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or U.S. GAAP, and applicable regulations of the U.S. Securities and Exchange Commission, or the SEC, and should be read in conjunction with the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC on February 23, 2016. These unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for the full year or any future period. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes thereto. The Company’s significant estimates included in the preparation of the financial statements are related to accounts receivable, inventories, property and equipment, intangible assets, employee-related compensation accruals, warranty liabilities, tax valuation accounts and stock-based compensation. Actual results could differ from those estimates. Segment Information The Company currently operates in one reportable business segment, which encompasses the development, manufacturing, sales and support of instruments and molecular tests based on its proprietary eSensor® detection technology. Substantially all of the Company’s operations and assets are in the United States of America. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or the FASB, or other standard setting bodies that the Company adopts as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial condition or results of operations upon adoption. In March 2016, the FASB issued Accounting Standards Update, or ASU, 2016-09, Improvements to Employee Share-Based Payment Accounting. This guidance identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification on the statement of cash flows, and an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur. The new standard requires the immediate recognition of all excess tax benefits and deficiencies in the income statement, and requires classification of excess tax benefits as an operating activity as opposed to a financing activity in the statements of cash flows. This guidance is effective for the Company beginning January 1, 2017, with early adoption permitted. The Company is currently evaluating the impact of ASU 2016-09 on its consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases. This ASU outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. The new guidance must be adopted using the modified retrospective approach and will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted, The Company is in the process of determining the effects the adoption will have on its consolidated financial statements as well as whether to adopt the new guidance early but does not anticipate a material impact on its financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported by companies while also improving comparability in the financial statements of companies reporting using International Financial Reporting Standards or GAAP. The main purpose of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which a company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which deferred the effective date of the new revenue standard for periods beginning after December 15, 2016 to December l5, 2017, with early adoption permitted but not earlier than the original effective date. Accordingly, the updated standard is effective for the Company in the first quarter of fiscal 2018. The Company is evaluating the impact of implementation and transition approach of this standard on its financial statements but does not anticipate a material impact on its financial statements. Cash, Cash Equivalents and Marketable Securities Cash and cash equivalents consist of cash on deposit with banks, money market instruments and certificates of deposit with original maturities of three months or less at the date of purchase. Marketable securities consist of certificates of deposits that mature in greater than three months. Marketable securities are accounted for as "available-for-sale" with the carrying amounts reported in the balance sheets stated at cost, which approximates their fair market value, with unrealized gains and losses, if any, reported as a separate component of stockholders' equity and included in comprehensive loss. Restricted Cash Restricted cash represents amounts designated for uses other than current operations and included $758,000 as of June 30, 2016 , held as security for the Company’s letter of credit with Banc of California. Receivables Accounts receivable consist of amounts due to the Company for sales to customers and are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is determined based on an assessment of the collectability of specific customer accounts, the aging of accounts receivable, and a reserve for unknown items based upon the Company’s historical experience. Product Warranties The Company generally offers a one -year warranty for its instruments sold to customers and typically up to a 60 day warranty for consumables. Factors that affect the Company’s warranty reserves include the number of units sold, historical and anticipated rates of warranty repairs, and the cost per repair. The Company periodically assesses the adequacy of its warranty reserve and adjusts the amount as appropriate. Intangible Assets Intangible assets are comprised of licenses or sublicenses to technology covered by patents owned by third parties, and are amortized on a straight-line basis over the expected useful lives of these assets, which is generally 10 years . Amortization of licenses typically begins upon the Company obtaining access to the licensed technology and is recorded in cost of revenues for licenses supporting commercialized products. The amortization of licenses to technology supporting products in development is recorded in research and development expenses. Impairment of Long-Lived Assets The Company assesses the recoverability of long-lived assets, including intangible assets, by periodically evaluating the carrying value whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If impairment is indicated, the Company writes down the carrying value of the asset to its estimated fair value. This fair value is primarily determined based on estimated discounted cash flows. Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value and include direct labor, materials, and manufacturing overhead. The Company periodically reviews inventory for evidence of slow-moving or obsolete parts, and writes inventory down to net realizable value, as needed. This write down is based on management’s review of inventories on hand, compared to estimated future usage and sales, shelf-life assumptions, and assumptions about the likelihood of obsolescence. If actual market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Inventory impairment charges establish a new cost basis for inventory and charges are not reversed subsequently to income, even if circumstances later suggest that increased carrying amounts are recoverable. Property and Equipment, net Property, equipment and leasehold improvements are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets, which are identified below. Repair and maintenance costs are expensed as incurred. Machinery and laboratory equipment 3 - 5 years Instruments 4 - 5 years Office equipment 5 years Leasehold improvements over the shorter of the remaining life of the lease or the useful economic life of the asset Income Taxes Current income tax expense is the amount of income taxes expected to be payable for the current year. A deferred income tax liability or asset is established for the expected future tax consequences resulting from the differences in financial reporting and tax bases of assets and liabilities. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. A full valuation allowance has been recorded against the Company’s net deferred tax assets due to the uncertainty surrounding the Company’s ability to utilize these assets in the future. The Company provides for uncertain tax positions when such tax positions do not meet the recognition thresholds or measurement standards prescribed by the authoritative guidance on income taxes. Amounts for uncertain tax positions are adjusted in periods when new information becomes available or when positions are effectively settled. The Company recognizes accrued interest related to uncertain tax positions as a component of income tax expense. A tax position that is more likely than not to be realized is measured at the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the taxing authority that has full knowledge of all relevant information. Measurement of a tax position that meets the more likely than not threshold considers the amounts and probabilities of the outcomes that could be realized upon settlement using the facts, circumstances and information available at the reporting date. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Compensation Related Costs [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense related to stock options, restricted stock awards, restricted stock units, and market-based stock units granted to employees and directors in exchange for services under the Company's 2010 Equity Incentive Plan, or the 2010 Plan, and employee stock purchases under the Company's 2013 Employee Stock Purchase Plan, or the ESPP. Employee participation in the 2010 Plan is at the discretion of the Compensation Committee of the Board of Directors of the Company. Each equity award grant reduces the number of shares available for grant under the 2010 Plan. Stock-based compensation expense is based on the fair value of the applicable award utilizing various assumptions regarding the underlying attributes of the applicable award. The estimated fair value, net of forfeitures expected to occur during the vesting period, is amortized as compensation expense on a straight-line basis to reflect vesting as it occurs. Stock-based compensation expense is recorded in cost of sales, sales and marketing, research and development, and/or general and administrative expenses based on the employee's respective function. During the six months ended June 30, 2016 and 2015 , aggregate stock-based compensation expense was $4,540,000 and $4,823,000 , respectively. The fair value of stock options granted is derived from the Black-Scholes Option Pricing Model, which uses several judgment-based variables to calculate the expense. The inputs include the expected term of the stock option, the expected volatility and other factors. • Expected Term. Expected term represents the period that the stock-based awards are expected to be outstanding and is determined by using the simplified method. • Expected Volatility . Expected volatility represents the estimated volatility in the Company’s stock price over the expected term of the stock option and is determined by review of the Company’s and similar companies’ historical experience. • Expected Dividend . The Black-Scholes Option Pricing Model calls for a single expected dividend yield as an input. The Company has assumed no dividends as it has never paid dividends and has no current plans to do so. • Risk-Free Interest Rate. The risk-free interest rate used in the Black-Scholes Option Pricing Model is based on published U.S. Treasury rates in effect at the time of grant for periods corresponding with the expected term of the option. All stock options granted under the 2010 Plan are exercisable at a per share price equal to the closing quoted market price of a share of the Company’s common stock on the NASDAQ Global Market on the grant date and generally vest over a period of between one and four years . Stock options are generally exercisable for a period of up to 10 years after grant and are typically forfeited if employment is terminated before the options vest. The following table summarizes stock option activity during the six months ended June 30, 2016 : Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 3,004,011 $ 9.74 Granted 5,000 4.70 Exercised (56,747) 6.21 Cancelled (204,841) 11.56 Outstanding at June 30, 2016 2,747,423 9.67 Vested and expected to vest at June 30, 2016 2,604,691 9.55 Exercisable at June 30, 2016 1,822,545 $ 8.57 Options that were exercisable as of June 30, 2016 had a remaining weighted average contractual term of 5.60 years, and an aggregate intrinsic value of $3,105,000 . As of June 30, 2016 , there were 2,747,423 stock options outstanding, which had a remaining weighted average contractual term of 6.48 years and an aggregate intrinsic value of $3,214,000 . The following table presents the weighted average assumptions used by the Company to estimate the fair value of stock options granted, as well as the resulting weighted average fair values for the six months ended June 30, 2016 : Six Months Ended June 30, 2016 2015 Expected volatility 51 % 50 % Expected life (years) 5.90 6.08 Risk-free interest rate 1.35 % 1.69 % Expected dividend — % — % Weighted average fair value $2.27 $6.42 Restricted stock awards or units may be granted in connection with the hiring or retention of personnel and are subject to certain conditions. In March 2013, the Company transitioned to granting restricted stock units under the 2010 Plan in lieu of granting restricted stock awards. The compensation expense related to the restricted stock awards or units is calculated as the fair market value of the stock on the grant date and is adjusted for estimated forfeitures. The Company’s restricted stock award and restricted stock unit activity for the six months ended June 30, 2016 was as follows: Restricted Stock Awards Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 32,837 $ 5.00 934,977 $ 12.66 Granted — — 1,334,023 4.90 Vested (29,774) 4.64 (311,162) 11.93 Cancelled — — (225,874) 7.47 Unvested at June 30, 2016 3,063 $ 8.50 1,731,964 $ 7.06 As of June 30, 2016 , there was $ 26,000 of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over a weighted average period of 0.33 years. The total fair value of restricted stock awards that vested during the six months ended June 30, 2016 and 2015 was $138,000 and $954,000 , respectively. As of June 30, 2016 , there was $8,851,000 of unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted average period of 3.14 years. The total fair value of restricted stock units that vested during the six months ended June 30, 2016 and 2015 was $ 3,712,000 and $3,441,000 , respectively. The Company issued market-based stock units in February 2015 and February 2016, which may result in the recipient receiving shares of stock equal to 200% of the target number of units granted. The vesting and issuance of Company stock depends on the Company's stock performance as compared to the NASDAQ Composite Index over a three-year period following the grant. As of June 30, 2016 , there was $1,130,000 of unrecognized stock-based compensation expense related to these awards, which is expected to be recognized over a weighted average period of 2.17 years. The Company’s market-based stock unit activity for the six months ended June 30, 2016 was as follows: Market-Based Stock Units Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 136,730 $ 18.07 Target units granted 263,351 4.94 Vested — — Cancelled (56,269) 9.81 Unvested at June 30, 2016 343,812 $ 9.43 The fair value of these market-based stock units was estimated on the date of grant using the Monte Carlo Simulation Valuation Model, which estimates the potential outcome of achieving the market condition based on simulated future stock prices, with the following assumptions for the six months ended June 30, 2016 : Six Months Ended June 30, 2016 2015 Expected volatility 49 % 45 % Risk-free interest rate 0.90 % 1.10 % Expected dividend — % — % Weighted average fair value $ 4.94 $ 18.07 The Company issued 43,200 performance-based restricted stock units in March 2014 with a grant date fair value of $12.30 per share. The vesting and issuance of Company stock pursuant to these awards depends on obtaining regulatory clearance of various products within a defined time. Stock-based compensation expense for performance-based awards is recognized when it is probable that the applicable performance criteria will be satisfied. The probability of achieving the relevant performance criteria is evaluated on a quarterly basis. As of June 30, 2016 , there was $266,000 of unrecognized stock-based compensation expense related to these awards. Employee Stock Purchase Plan The Company's stockholders approved the ESPP in May 2013. A total of 650,000 shares of the Company’s common stock were originally reserved for issuance under the ESPP, which permits eligible employees to purchase common stock at a discount through payroll deductions. The price at which stock is purchased under the ESPP is equal to 85% of the fair market value of the Company's common stock on the first or the last day of the offering period, whichever is lower. Generally, each offering under the ESPP will be for a period of six months as determined by the Company's Board of Directors; provided that no offering period may exceed 27 months. Employees may invest up to 10% of their qualifying gross compensation through payroll deductions. In no event may an employee purchase more than 1,500 shares of common stock during any six-month offering period. As of June 30, 2016 , there were 335,807 shares of common stock available for issuance under the ESPP. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation; therefore, stock-based compensation expense related to the ESPP has been recorded during the six months ended June 30, 2016 . |
Net Loss per Common Share
Net Loss per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per share is calculated by dividing loss available to stockholders of the Company's common stock (the numerator) by the weighted average number of shares of the Company's common stock outstanding during the period (the denominator). Shares issued during the period and shares reacquired during the period are weighted for the portion of the period that they were outstanding. Diluted loss per share is calculated in a similar way to basic loss per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the dilutive potential shares had been issued, unless the effect would be anti-dilutive. The computations of diluted net loss per share for the three and six month periods ended June 30, 2016 and 2015 did not include the effects of the following stock options and other equity awards which were outstanding as of the end of each period because the inclusion of these securities would have been anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Options outstanding to purchase common stock 2,747 3,047 2,747 3,047 Other unvested equity awards 2,101 1,308 2,101 1,308 Total 4,848 4,355 4,848 4,355 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventory on hand as of June 30, 2016 and December 31, 2015 comprised the following (in thousands): June 30, 2016 December 31, 2015 Raw materials $ 886 $ 1,147 Work-in-process 775 693 Finished goods 953 1,214 Total inventories $ 2,614 $ 3,054 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment as of June 30, 2016 and December 31, 2015 comprised the following (in thousands): June 30, 2016 December 31, 2015 Property and equipment — at cost: Machinery and laboratory equipment $ 9,064 $ 7,728 Instruments 9,698 8,195 Office equipment 1,521 1,526 Leasehold improvements 4,311 4,311 Total property and equipment — at cost 24,594 21,760 Less: accumulated depreciation (11,940 ) (10,364 ) Property and equipment, net $ 12,654 $ 11,396 Depreciation expense was $797,000 and $770,000 for the three months ended June 30, 2016 and 2015 , respectively and was $1,603,000 and $1,503,000 for the six months ended June 30, 2016 and 2015 , respectively. |
Intangible Assets, net
Intangible Assets, net | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net Intangible assets as of June 30, 2016 and December 31, 2015 comprised the following (in thousands): June 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intellectual property licenses $ 3,550 $ (1,362 ) $ 2,188 $ 3,550 $ (1,174 ) $ 2,376 Intellectual property licenses have a weighted average remaining amortization period of 5.84 years as of June 30, 2016 . Amortization expense for these licenses was $94,000 and $64,000 for the three months ended June 30, 2016 and 2015 , respectively and was $188,000 and $128,000 for the six months ended June 30, 2016 and 2015 , respectively. Estimated future amortization expense for these licenses is as follows (in thousands): Fiscal Years Ending Future Amortization Expense Remaining in 2016 $ 187 2017 375 2018 375 2019 375 2020 375 Thereafter 501 Total $ 2,188 |
Loan Payable
Loan Payable | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Loan Payable | As of June 30, 2016 and December 31, 2015 , long-term debt consisted of the following (in thousands): June 30, 2016 December 31, 2015 Term Loans Term Loan A - 6.9% principal $ 10,000 $ 10,000 Term Loan B - 6.9% principal 10,000 — Unamortized issuance premium (343 ) (483 ) Total debt, net 19,657 9,517 Current portion of long-term debt (2,920 ) 373 Long-term debt $ 16,737 $ 9,890 Term Loans In January 2015, the Company entered into a Loan and Security Agreement, or the LSA, with Solar Capital Partners (as successor-in-interest to General Electric Capital Corporation), and certain other financial institutions party thereto, as lenders, pursuant to which the Company obtained (a) up to $35,000,000 in a series of term loans and (b) a revolving loan in the maximum amount of $5,000,000 . Under the terms of the LSA, the Company may, subject to certain conditions, borrow: • $10,000,000 on or before March 31, 2015, or Term Loan A; • an additional $10,000,000 , or Term Loan B, subject to the Company’s satisfaction of regulatory requirements necessary to CE Mark its ePlex system in Europe by a specified date; and • an additional $15,000,000 , or Term Loan C, and together with Term Loan A and Term Loan B, the Term Loans, subject to the Company’s satisfaction of FDA 510(k) market clearance for the sale of the Company’s ePlex system in the United States by a specified date. The Company borrowed $10,000,000 on each of March 27, 2015 and June 10, 2016 pursuant to Term Loan A and Term Loan B, respectively. The Term Loans accrue interest at a rate equal to ( a) the greater of 1.00% or the 3-year treasury rate in effect at the time of funding, plus (b) an applicable margin between 4.95% and 5.90% per annum. The Company is only required to make interest payments on amounts borrowed pursuant to the Term Loans from the applicable funding date until March 1, 2017 , or the Interest Only Period. Following the Interest Only Period, monthly installments of principal and interest under the Term Loans will be due until the original principal amount and applicable interest is fully repaid by January 12, 2019 , or the Maturity Date. In July 2016, the Company entered into an amendment to the LSA pursuant to which the lenders internally reallocated certain funding commitments under the LSA between the lenders, and the parties extended the date by which the future funding requirements in respect of Term Loan C must be satisfied. Under the LSA, the Company is required to comply with certain affirmative and negative covenants, including, without limitation, delivering reports and notices relating to the Company’s financial condition and certain regulatory events and intellectual property matters, as well as limiting the creation of liens, the incurrence of indebtedness, and the making of certain investments, payments and acquisitions, other than as specifically permitted by the LSA. As of June 30, 2016 , the Company was in compliance with all covenants under the LSA. Revolving Loan Pursuant to the LSA, as amended, the Company may borrow up to $5,000,000 under a revolving loan facility. Borrowings under the revolving loan will accrue interest at a rate equal to (a) the greater of 1.25% per annum or a base rate as determined by a three-month LIBOR-based formula, plus (b) an applicable margin between 2.95% and 3.95% based on certain criteria as set forth in the LSA. All principal and interest outstanding under the revolving loan is due and payable on the Maturity Date. The Company is required to pay a commitment fee equal to 0.75% per annum of the amounts made available but unborrowed under the revolving loan. As of June 30, 2016 , the Company had not borrowed any amounts pursuant the revolving loan facility. Debt Issuance Costs As of June 30, 2016 and December 31, 2015 , the Company had $343,000 and $483,000 , respectively, of unamortized debt issuance discount, which is offset against borrowings in long-term and short-term debt. Amortization of debt issuance costs was $78,000 and $67,000 for the three months ended June 30, 2016 and 2015, respectively, and $169,000 and $116,000 for the six months ended June 30, 2016 and 2015, respectively. Amortization of debt issuance costs is included in interest expense in the Company's unaudited condensed consolidated statements of comprehensive loss for the periods presented. Letter of Credit In September 2012, the Company provided a $758,000 letter of credit issued by Banc of California to the landlord of its executive office facility in Carlsbad, California. This letter of credit was secured with $758,000 of restricted cash as of June 30, 2016 . |
Leases
Leases | 6 Months Ended |
Jun. 30, 2016 | |
Leases [Abstract] | |
Leases | Leases The Company has operating and capital lease agreements for its office, manufacturing, warehousing and laboratory space and for office equipment. Rent and operating expenses charged under these arrangements was $596,000 and $285,000 for the three months ended June 30, 2016 and 2015 , respectively and $983,000 and $584,000 for the six months ended June 30, 2016 and 2015 , respectively. Pursuant to the Company's lease agreements, a portion of the monthly rent has been deferred. The balance of deferred rent as of June 30, 2016 and December 31, 2015 was $1,582,000 and $1,445,000 , respectively. As of June 30, 2016 , the future minimum lease payments required over the next five years under the Company's lease arrangements are as follows (in thousands): Fiscal Years Ending Future Minimum Lease Payments Remaining in 2016 $ 778 2017 1,632 2018 1,780 2019 1,907 2020 1,972 Thereafter 2,738 Total $ 10,807 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial instruments, such as cash equivalents, restricted cash, accounts receivable, and accounts payable approximate the related fair values due to the short-term maturities of these instruments. The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs, other than Level 1, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; 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 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the financial instruments measured at fair value on a recurring basis and the valuation approach applied to each class of financial instruments as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Money market funds (cash equivalents) $ 7,192 $ — $ — $ 7,192 Corporate notes and bonds — 7,939 — 7,939 Total $ 7,192 $ 7,939 $ — $ 15,131 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Money market funds (cash equivalents) $ 22,128 $ — $ — $ 22,128 Corporate notes and bonds — 8,483 — 8,483 U.S. government and agency securities — 799 — 799 Commercial paper — 798 — 798 Total $ 22,128 $ 10,080 $ — $ 32,208 Level 2 marketable securities are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. The Company uses such pricing data as the primary input to make its assessments and determinations as to the ultimate valuation of its investment portfolio and has not made, during the periods presented, any material adjustments to such inputs. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following table summarizes the Company’s marketable securities as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate notes and bonds $ 7,938 $ 2 $ (1 ) $ 7,939 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate notes and bonds $ 8,495 $ 1 $ (13 ) $ 8,483 U.S. government and agency securities 799 — — 799 Commercial paper 798 — — 798 Total $ 10,092 $ 1 $ (13 ) $ 10,080 The following table summarizes the maturities of the Company’s marketable securities as of June 30, 2016 (in thousands): Amortized Cost Estimated Fair Value Due in one year or less $ 7,938 $ 7,939 Due after one year through two years — — Total $ 7,938 $ 7,939 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. As of June 30, 2016 , the Company recorded a full valuation allowance against all of its net deferred tax assets due to the uncertainty surrounding the Company’s ability to utilize these assets in the future. Due to the Company's losses in the U.S. federal and state jurisdictions,, it only records a tax provision or benefit related to minimum state tax payments or refunds in addition to foreign taxes. The Company recorded an income tax benefit of $5,000 and $1,000 for the three months ended June 30, 2016 and 2015, respectively, and income tax expense of $31,000 and $22,000 for the six month periods ended June 30, 2016 and 2015, respectively. The Company is subject to taxation in the United States and in various state and foreign jurisdictions. The Company's Federal and state returns since inception are subject to examination due to the carryover of net operating losses. As of June 30, 2016 , the Company’s tax years from 2011 through 2012 are subject to examination by the United Kingdom tax authorities related to legacy operations. The statute of limitations for the assessment and collection of income taxes related to other foreign tax returns varies by country. In the foreign countries where we have operations, these time periods generally range from three to five years after the year for which the tax return is due or the tax is assessed. |
Organization and Basis of Pre17
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Company has incurred net losses from operations since its inception and had an accumulated deficit of $330,535,000 as of June 30, 2016 . Management expects operating losses to continue for the foreseeable future. The Company's ability to transition to profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure through expanding its product offerings and consequently increasing its product revenues. Cash, cash equivalents and marketable securities as of June 30, 2016 were $37,500,000 . The Company has prepared cash flow forecasts which indicate, based on the Company’s current cash resources available, that the Company will have sufficient resources to fund its business for at least the next 12 months . |
Segment Information | Information The Company currently operates in one reportable business segment, which encompasses the development, manufacturing, sales and support of instruments and molecular tests based on its proprietary eSensor® detection technology. Substantially all of the Company’s operations and assets are in the United States of America. |
Recent Accounting Pronouncements | ccounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or the FASB, or other standard setting bodies that the Company adopts as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial condition or results of operations upon adoption. |
Cash and Cash Equivalents | sh Equivalents and Marketable Securities Cash an |
Receivables | Accounts receivable consist of amounts due to the Company for sales to customers and are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is determined based on an assessment of the collectability of specific customer accounts, the aging of accounts receivable, and a reserve for unknown items based upon the Company’s historical experience. Product War |
Restricted Cash | ed Cash Restricted cash represents amounts designated for uses other than current operations and included $758,000 as of June 30, 2016 , held as sec |
Use of Estimates | stimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes thereto. The Company’s significant estimates included in the preparation of the financial statements are related to accounts receivable, inventories, property and equipment, intangible assets, employee-related compensation accruals, warranty liabilities, tax valuation accounts and stock-based compensation. Actual results could differ from those estimates. Segment |
Product Warranties | anties The Company generally offers a one -year warranty for its instruments sold to customers and typically up to a 60 day warranty for consumables. Factors that affect the Company’s warranty reserves include the number of units sold, historical and anticipated rates of warranty repairs, and the cost per repair. The Company periodically assesses the adequacy of its warranty reserve and adjusts the amount as appropriate. Intangible |
Intangible Assets | ssets Intangible assets are comprised of licenses or sublicenses to technology covered by patents owned by third parties, and are amortized on a straight-line basis over the expected useful lives of these assets, which is generally 10 years . Amortization of licenses typically begins upon the Company obtaining access to the licensed technology and is recorded in cost of revenues for licenses supporting commercialized products. The amortization of licenses to technology supporting products in development is recorded in research and development expenses. Impairment |
Impairment of Long-Lived Assets | f Long-Lived Assets The Company |
Inventories | Inventories |
Property and Equipment, net | Equipment, net Property, equipment and leasehold improvements are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets, which are identified below. Repair and maintenance costs are expensed as incurred. Machinery and laboratory equipment 3 - 5 years Instruments 4 - 5 years Office equipment 5 years Leasehold improvements over the shorter of the remaining life of the lease or the useful economic life of the asset Income Tax |
Income Taxes |
Organization and Basis of Pre18
Organization and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Reclassifications [Line Items] | |
Estimated useful lives of property and equipment | x |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation Related Costs [Abstract] | |
Schedule of stock option activity | he following table summarizes stock option activity during the six months ended June 30, 2016 : Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 3,004,011 $ 9.74 Granted 5,000 4.70 Exercised (56,747) 6.21 Cancelled (204,841) 11.56 Outstanding at June 30, 2016 2,747,423 9.67 Vested and expected to vest at June 30, 2016 2,604,691 9.55 Exercisable at June 30, 2016 1,822,545 $ 8.57 |
Fair value assumptions of stock options | Six Months Ended June 30, 2016 2015 Expected volatility 51 % 50 % Expected life (years) 5.90 6.08 Risk-free interest rate 1.35 % 1.69 % Expected dividend — % — % Weighted average fair value $2.27 $6.42 |
Summary of restricted stock award and restricted stock units activity | The Company’s restricted stock award and restricted stock unit activity for the six months ended June 30, 2016 was as follows: Restricted Stock Awards Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2015 32,837 $ 5.00 934,977 $ 12.66 Granted — — 1,334,023 4.90 Vested (29,774) 4.64 (311,162) 11.93 Cancelled — — (225,874) 7.47 Unvested at June 30, 2016 3,063 $ 8.50 1,731,964 $ 7.06 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computations of diluted net loss per share | The computations of diluted net loss per share for the three and six month periods ended June 30, 2016 and 2015 did not include the effects of the following stock options and other equity awards which were outstanding as of the end of each period because the inclusion of these securities would have been anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Options outstanding to purchase common stock 2,747 3,047 2,747 3,047 Other unvested equity awards 2,101 1,308 2,101 1,308 Total 4,848 4,355 4,848 4,355 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Summary of inventory on hand | Inventory on hand as of June 30, 2016 and December 31, 2015 comprised the following (in thousands): June 30, 2016 December 31, 2015 Raw materials $ 886 $ 1,147 Work-in-process 775 693 Finished goods 953 1,214 Total inventories $ 2,614 $ 3,054 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Property and equipment, net | Property and equipment as of June 30, 2016 and December 31, 2015 comprised the following (in thousands): June 30, 2016 December 31, 2015 Property and equipment — at cost: Machinery and laboratory equipment $ 9,064 $ 7,728 Instruments 9,698 8,195 Office equipment 1,521 1,526 Leasehold improvements 4,311 4,311 Total property and equipment — at cost 24,594 21,760 Less: accumulated depreciation (11,940 ) (10,364 ) Property and equipment, net $ 12,654 $ 11,396 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of intangible assets | Intangible assets as of June 30, 2016 and December 31, 2015 comprised the following (in thousands): June 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intellectual property licenses $ 3,550 $ (1,362 ) $ 2,188 $ 3,550 $ (1,174 ) $ 2,376 |
Summary of estimated future amortization expense | Estimated future amortization expense for these licenses is as follows (in thousands): Fiscal Years Ending Future Amortization Expense Remaining in 2016 $ 187 2017 375 2018 375 2019 375 2020 375 Thereafter 501 Total $ 2,188 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Leases [Abstract] | |
Schedule of future minimum lease payments | As of June 30, 2016 , the future minimum lease payments required over the next five years under the Company's lease arrangements are as follows (in thousands): Fiscal Years Ending Future Minimum Lease Payments Remaining in 2016 $ 778 2017 1,632 2018 1,780 2019 1,907 2020 1,972 Thereafter 2,738 Total $ 10,807 |
Fair Value of Financial Instr25
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | The following table presents the financial instruments measured at fair value on a recurring basis and the valuation approach applied to each class of financial instruments as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Money market funds (cash equivalents) $ 7,192 $ — $ — $ 7,192 Corporate notes and bonds — 7,939 — 7,939 Total $ 7,192 $ 7,939 $ — $ 15,131 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Money market funds (cash equivalents) $ 22,128 $ — $ — $ 22,128 Corporate notes and bonds — 8,483 — 8,483 U.S. government and agency securities — 799 — 799 Commercial paper — 798 — 798 Total $ 22,128 $ 10,080 $ — $ 32,208 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Company's available-for-sale investments | The following table summarizes the Company’s marketable securities as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate notes and bonds $ 7,938 $ 2 $ (1 ) $ 7,939 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate notes and bonds $ 8,495 $ 1 $ (13 ) $ 8,483 U.S. government and agency securities 799 — — 799 Commercial paper 798 — — 798 Total $ 10,092 $ 1 $ (13 ) $ 10,080 |
Company's available-for-sale maturities investments | The following table summarizes the maturities of the Company’s marketable securities as of June 30, 2016 (in thousands): Amortized Cost Estimated Fair Value Due in one year or less $ 7,938 $ 7,939 Due after one year through two years — — Total $ 7,938 $ 7,939 |
Organization and Basis of Pre27
Organization and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Machinery and laboratory equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful lives of these assets | 3 years |
Machinery and laboratory equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful lives of these assets | 5 years |
Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful lives of these assets | 5 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvements | over the shorter of the remaining life of the lease or the useful economic life of the asset |
Instruments [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful lives of these assets | 4 years |
Instruments [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful lives of these assets | 5 years |
Organization and Basis of Pre28
Organization and Basis of Presentation (Details Textual) | 6 Months Ended | |
Jun. 30, 2016USD ($)Segment | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Accumulated deficit | $ (330,535,000) | $ (304,669,000) |
Cash and cash equivalents | $ 37,500,000 | |
Sufficient capital to fund its operations | at least the next 12 months | |
Number of operating segment | Segment | 1 | |
Restricted cash | $ 758,000 | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected useful lives of these assets | 10 years | |
Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Products warranty period | 1 year | |
Reagents [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Products warranty period | 60 days |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Schedule of stock option activity | |
Number of Share options Outstanding, Beginning Balance | shares | 3,004,011 |
Number of Share options, Granted | shares | 5,000 |
Number of Share options, Exercised | shares | (56,747) |
Number of Share options, Cancelled | shares | (204,841) |
Number of Share options Outstanding, Ending Balance | shares | 2,747,423 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | shares | 2,604,691 |
Number of Share options, Exercisable | shares | 1,822,545 |
Weighted average exercise price Outstanding, Beginning Balance | $ / shares | $ 9.74 |
Weighted average exercise price, Granted | $ / shares | 4.70 |
Weighted average exercise price, Exercised | $ / shares | 6.21 |
Weighted average exercise price, Cancelled | $ / shares | 11.56 |
Weighted average exercise price Outstanding, Ending Balance | $ / shares | 9.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ / shares | 9.55 |
Weighted average exercise price, Exercisable | $ / shares | $ 8.57 |
Stock-Based Compensation (Det30
Stock-Based Compensation (Details 1) - Options [Member] - $ / shares | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2013 | |
Fair value of stock options granted | |||
Expected volatility (%) | 51.00% | 50.00% | |
Expected life (years) | 5 years 10 months 25 days | 6 years 29 days | |
Risk free rate (%) | 1.35% | 1.69% | |
Expected dividend yield (%) | 0.00% | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 2.27 | $ 6.42 |
Stock-Based Compensation (Det31
Stock-Based Compensation (Details 2) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Restricted Stock Awards [Member] | |
Summary of restricted stock award and restricted stock units activity | |
Non-vested, Number of shares, Beginning balance | shares | 32,837 |
Number of shares, Granted | shares | 0 |
Number of shares, Vested | shares | (29,774) |
Number of shares, Cancelled or expired | shares | 0 |
Non-vested, Number of shares, Ending balance | shares | 3,063 |
Non-vested, Weighted average Grant Date Fair Value, Beginning balance | $ / shares | $ 5 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted average Grant Date Fair Value, Vested | $ / shares | 4.64 |
Weighted average Grant Date Fair Value, Cancelled or expired | $ / shares | 0 |
Non-vested, Weighted average Grant Date Fair Value, Ending balance | $ / shares | $ 8.50 |
Market Share Unit [Member] | |
Summary of restricted stock award and restricted stock units activity | |
Non-vested, Number of shares, Beginning balance | shares | 136,730 |
Number of shares, Granted | shares | 263,351 |
Number of shares, Cancelled or expired | shares | (56,269) |
Non-vested, Number of shares, Ending balance | shares | 343,812 |
Non-vested, Weighted average Grant Date Fair Value, Beginning balance | $ / shares | $ 18.07 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 4.94 |
Weighted average Grant Date Fair Value, Cancelled or expired | $ / shares | 9.81 |
Non-vested, Weighted average Grant Date Fair Value, Ending balance | $ / shares | $ 9.43 |
Restricted Stock Units [Member] | |
Summary of restricted stock award and restricted stock units activity | |
Non-vested, Number of shares, Beginning balance | shares | 934,977 |
Number of shares, Granted | shares | 1,334,023 |
Number of shares, Vested | shares | (311,162) |
Number of shares, Cancelled or expired | shares | (225,874) |
Non-vested, Number of shares, Ending balance | shares | 1,731,964 |
Non-vested, Weighted average Grant Date Fair Value, Beginning balance | $ / shares | $ 12.66 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 4.90 |
Weighted average Grant Date Fair Value, Vested | $ / shares | 11.93 |
Weighted average Grant Date Fair Value, Cancelled or expired | $ / shares | 7.47 |
Non-vested, Weighted average Grant Date Fair Value, Ending balance | $ / shares | $ 7.06 |
Stock-Based Compensation (Det32
Stock-Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Sep. 30, 2013 | |
Share-based compensation (Textual) [Abstract] | ||||||
Granted Stock option | 5,000 | |||||
Stock compensation expense | $ 4,540,000 | $ 4,823,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,747,423 | 2,747,423 | 3,004,011 | |||
Weighted average exercise price of stock option | $ 4.70 | |||||
Aggregate intrinsic value of options exercisable | $ 3,105,000 | $ 3,105,000 | ||||
Remaining weighted average contractual term | 5 years 7 months 7 days | |||||
Employee Stock Purchase Plan [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,214,000 | $ 3,214,000 | ||||
Weighted Average Remaining Contractual Life, Outstanding (in years) | 6 years 5 months 22 days | 6 years 8 months 27 days | ||||
Options [Member] | ||||||
Share-based compensation (Textual) [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.35% | 1.69% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 51.00% | 50.00% | ||||
Employee Stock Purchase Plan [Abstract] | ||||||
Expected dividend yield (%) | 0.00% | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 2.27 | $ 2.27 | $ 6.42 | |||
Restricted Stock Awards [Member] | ||||||
Share-based compensation (Textual) [Abstract] | ||||||
Total fair value of restricted stock vested | $ 138,000 | $ 954,000 | ||||
Stock compensation expense | 4,540,000 | $ 4,823,000 | ||||
Unrecognized compensation cost | $ 26,000 | $ 26,000 | ||||
Weighted average-period, cost is expected to be recognized | 4 months | |||||
Number of shares, Granted | 0 | |||||
Weighted Average Grant Date Fair Value, Granted | $ 0 | |||||
Market Share Unit [Member] | ||||||
Share-based compensation (Textual) [Abstract] | ||||||
Unrecognized compensation cost | $ 1,130,000 | $ 1,130,000 | ||||
Weighted average-period, cost is expected to be recognized | 2 years 1 month 31 days | |||||
Number of shares, Granted | 263,351 | |||||
Weighted Average Grant Date Fair Value, Granted | $ 4.94 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.90% | 1.10% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 49.00% | 45.00% | ||||
Employee Stock Purchase Plan [Abstract] | ||||||
Expected dividend yield (%) | 0.00% | 0.00% | ||||
Restricted Stock Units [Member] | ||||||
Share-based compensation (Textual) [Abstract] | ||||||
Total fair value of restricted stock vested | $ 3,712,000 | $ 3,441,000 | ||||
Unrecognized compensation cost | 8,851,000 | $ 8,851,000 | ||||
Weighted average-period, cost is expected to be recognized | 3 years 1 month 19 days | |||||
Number of shares, Granted | 1,334,023 | |||||
Weighted Average Grant Date Fair Value, Granted | $ 4.90 | |||||
Performance Shares [Member] | ||||||
Share-based compensation (Textual) [Abstract] | ||||||
Stock compensation expense | $ 43,200 | |||||
Unrecognized compensation cost | $ 266,000 | $ 266,000 | ||||
Weighted Average Grant Date Fair Value, Granted | $ 12.30 | |||||
Options [Member] | ||||||
Employee Stock Purchase Plan [Abstract] | ||||||
Maximum offering period | 27 months | |||||
2010 Plan [Member] | Minimum [Member] | ||||||
Share-based compensation (Textual) [Abstract] | ||||||
Options vested | 1 year | |||||
2010 Plan [Member] | Maximum [Member] | ||||||
Share-based compensation (Textual) [Abstract] | ||||||
Options vested | 4 years | |||||
2010 Plan [Member] | Options [Member] | ||||||
Share-based compensation (Textual) [Abstract] | ||||||
Expiration period | 10 years | |||||
2013 Employee Stock Purchase Plan [Member] | Options [Member] | ||||||
Employee Stock Purchase Plan [Abstract] | ||||||
Common stock reserved for future issuance | 335,807 | 335,807 | 650,000 | |||
Purchase price as a percent of the fair market value of the common stock | 85.00% | |||||
Maximum offering period | 6 months | |||||
Maximum employee investment in ESPP as a percentage of gross compensation | 10.00% | |||||
Maximum shares of common stock that can be puchased by each employee | 1,500 |
Net Loss per Common Share (Deta
Net Loss per Common Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Computations of diluted net loss per share | ||||
Antidilutive securities excluded from calculation | 4,848 | 4,355 | 4,848 | 4,355 |
Options [Member] | ||||
Computations of diluted net loss per share | ||||
Antidilutive securities excluded from calculation | 2,747 | 3,047 | 2,747 | 3,047 |
Unvested restricted stock [Member] | ||||
Computations of diluted net loss per share | ||||
Antidilutive securities excluded from calculation | 2,101 | 1,308 | 2,101 | 1,308 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Summary of inventory on hand | ||
Raw materials | $ 886 | $ 1,147 |
Work-in-process | 775 | 693 |
Finished goods | 953 | 1,214 |
Total | $ 2,614 | $ 3,054 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property and equipment-at cost: | |||||
Total property and equipment-at cost | $ 24,594,000 | $ 24,594,000 | $ 21,760,000 | ||
Less accumulated depreciation | (11,940,000) | (11,940,000) | (10,364,000) | ||
Property and equipment, net | 12,654,000 | 12,654,000 | 11,396,000 | ||
Depreciation expense | 797,000 | $ 770,000 | 1,603,000 | $ 1,503,000 | |
Plant and machinery [Member] | |||||
Property and equipment-at cost: | |||||
Total property and equipment-at cost | 9,064,000 | 9,064,000 | 7,728,000 | ||
Instruments [Member] | |||||
Property and equipment-at cost: | |||||
Total property and equipment-at cost | 9,698,000 | 9,698,000 | 8,195,000 | ||
Office equipment [Member] | |||||
Property and equipment-at cost: | |||||
Total property and equipment-at cost | 1,521,000 | 1,521,000 | 1,526,000 | ||
Leasehold improvements [Member] | |||||
Property and equipment-at cost: | |||||
Total property and equipment-at cost | $ 4,311,000 | $ 4,311,000 | $ 4,311,000 |
Intangible Assets, net (Details
Intangible Assets, net (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Summary of intangible assets | ||
Net carrying amount | $ 2,188 | |
Licensed intellectual property [Member] | ||
Summary of intangible assets | ||
Gross carrying amount | 3,550 | $ 3,550 |
Accumulated amortization | (1,362) | (1,174) |
Net carrying amount | $ 2,188 | $ 2,376 |
Intangible Assets, net (Detai37
Intangible Assets, net (Details 1) $ in Thousands | Jun. 30, 2016USD ($) |
Summary of estimated future amortization expense | |
Remaining in 2016 | $ 187 |
2,015 | 375 |
2,016 | 375 |
2,017 | 375 |
2,018 | 375 |
Thereafter | 501 |
Net carrying amount | $ 2,188 |
Intangible Assets, net (Detai38
Intangible Assets, net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Amortization expense for intangible assets | $ 94,000 | $ 64,000 | $ 188,000 | $ 128,000 |
Licensed intellectual property [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Weighted average amortization period | 5 years 10 months 2 days |
Loan Payable (Details Textual)
Loan Payable (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | $ 5,000,000 | |||
Line of Credit Facility, Interest Rate Description | the greater of 1.25% per annum or a base rate as determined by a three-month LIBOR-based formula, plus (b) an applicable margin between 2.95% and 3.95% | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.75% | ||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 343,000 | $ 343,000 | $ 483,000 | ||
Amortization of Debt Issuance Costs and Discounts | 78,000 | $ 67,000 | 169,000 | $ 116,000 | |
Loan Payable (Textual) [Abstract] | |||||
Restricted cash | 758,000 | 758,000 | |||
Term Loans [Member] | |||||
Loan Payable (Textual) [Abstract] | |||||
Loans Payable | 35,000,000 | 35,000,000 | |||
Term Loan C [Member] | |||||
Loan Payable (Textual) [Abstract] | |||||
Loans Payable | 15,000,000 | 15,000,000 | |||
Term Loan A [Member] | |||||
Loan Payable (Textual) [Abstract] | |||||
Loans Payable | 10,000,000 | 10,000,000 | 10,000,000 | ||
Term Loan B [Member] | |||||
Loan Payable (Textual) [Abstract] | |||||
Loans Payable | 10,000,000 | 10,000,000 | $ 0 | ||
New Letter Of Credit [Member] | Letter of Credit [Member] | |||||
Loan Payable (Textual) [Abstract] | |||||
Increased amount of line of credit availability | $ 758,000 | ||||
Banc of California [Member] | Previous Letter Of Credit [Member] | Letter of Credit [Member] | |||||
Loan Payable (Textual) [Abstract] | |||||
Restricted cash | $ 758,000 | $ 758,000 |
Loan Payable Loan Payable (Deta
Loan Payable Loan Payable (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Amortization of Debt Issuance Costs and Discounts | $ 78,000 | $ 67,000 | $ 169,000 | $ 116,000 | |
Debt Instrument, Interest Rate Terms | a) the greater of 1.00% or the 3-year treasury rate in effect at the time of funding, plus (b) an applicable margin between 4.95% and 5.90% per annum. | ||||
Investment, Interest Only Flag | Mar. 1, 2017 | ||||
Debt Instrument, Maturity Date | Jan. 12, 2019 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | (343,000) | $ (343,000) | $ (483,000) | ||
Long-term Debt, Current Maturities | (2,920,000) | (2,920,000) | 373,000 | ||
Long-term Debt, Excluding Current Maturities | 16,737,000 | 16,737,000 | 9,890,000 | ||
Long-term Debt | 19,657,000 | 19,657,000 | 9,517,000 | ||
Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Loans Payable | 35,000,000 | 35,000,000 | |||
Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Loans Payable | 10,000,000 | 10,000,000 | 10,000,000 | ||
Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Loans Payable | 10,000,000 | 10,000,000 | $ 0 | ||
Term Loan C [Member] | |||||
Debt Instrument [Line Items] | |||||
Loans Payable | $ 15,000,000 | $ 15,000,000 |
Leases (Details)
Leases (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Schedule of future minimum lease payments | |
Remaining in 2016 | $ 778 |
2,015 | 1,632 |
2,016 | 1,780 |
2,017 | 1,907 |
2,018 | 1,972 |
Thereafter | 2,738 |
Total future minimum payments | $ 10,807 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Leases [Abstract] | |||||
Rent and operating expenses | $ 596,000 | $ 285,000 | $ 983,000 | $ 584,000 | |
Operating lease, deferred expense | $ 1,582,000 | $ 1,582,000 | $ 1,445,000 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Assets, fair value | $ 15,131 | $ 32,208 |
Quotes Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Assets, fair value | 7,192 | 22,128 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, fair value | 7,939 | 10,080 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, fair value | 0 | 0 |
Money market funds (cash equivalents) [Member] | ||
Assets: | ||
Assets, fair value | 7,192 | 22,128 |
Money market funds (cash equivalents) [Member] | Quotes Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Assets, fair value | 7,192 | 22,128 |
Money market funds (cash equivalents) [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, fair value | 0 | 0 |
Money market funds (cash equivalents) [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, fair value | 0 | 0 |
Corporate notes and bonds [Member] | ||
Assets: | ||
Assets, fair value | 7,939 | 8,483 |
Corporate notes and bonds [Member] | Quotes Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Assets, fair value | 0 | 0 |
Corporate notes and bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, fair value | 7,939 | 8,483 |
Corporate notes and bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, fair value | $ 0 | 0 |
U.S. government and agency securities [Member] | ||
Assets: | ||
Assets, fair value | 799 | |
U.S. government and agency securities [Member] | Quotes Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Assets, fair value | 0 | |
U.S. government and agency securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, fair value | 799 | |
U.S. government and agency securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, fair value | 0 | |
Commercial paper [Member] | ||
Assets: | ||
Assets, fair value | 798 | |
Commercial paper [Member] | Quotes Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Assets, fair value | 0 | |
Commercial paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, fair value | 798 | |
Commercial paper [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, fair value | $ 0 |
Marketable Securities Details)
Marketable Securities Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Company's available-for-sales investments | ||
Amortized Cost | $ 7,938 | $ 10,092 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (13) | |
Fair Value | 7,939 | 10,080 |
Corporate notes and bonds [Member] | ||
Company's available-for-sales investments | ||
Amortized Cost | 7,938 | 8,495 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | (1) | (13) |
Fair Value | $ 7,939 | 8,483 |
U.S. government and agency securities [Member] | ||
Company's available-for-sales investments | ||
Amortized Cost | 799 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 799 | |
Commercial paper [Member] | ||
Company's available-for-sales investments | ||
Amortized Cost | 798 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 798 |
Investments (Details 1)
Investments (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Company's available-for-sales investments | ||
Less than 1 year, Amortized cost | $ 7,938 | |
Due in 1 to 2 years, Amortized cost | 0 | |
Amortized Cost | 7,938 | $ 10,092 |
Less than 1 year, Fair value | 7,939 | |
Due in 1 to 2 years, Fair value | 0 | |
Fair Value | $ 7,939 | $ 10,080 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ 5 | $ 1 | $ (31) | $ (22) | |
Total amount of unrecognized tax benefits | $ 0 | $ 0 | $ 0 |