Organovo (ONVO) 10-Q 8 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Feb. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	ONVO
Entity Registrant Name	ORGANOVO HOLDINGS, INC.
Entity Central Index Key	1,497,253
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		92,413,951

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Current Assets
Cash and cash equivalents	$ 70,026	$ 50,142
Accounts receivable	165	0
Inventory	71	66
Prepaid expenses and other current assets	483	1,054
Total current assets	70,745	51,262
Fixed assets, net	3,560	2,042
Restricted cash	79	79
Other assets, net	152	106
Total assets	74,536	53,489
Current Liabilities
Accounts payable	466	1,387
Accrued expenses	2,494	2,257
Deferred rent	1,079	759
Deferred revenue	1,444	227
Capital lease obligation	0	5
Warrant liabilities	14	126
Total current liabilities	5,497	4,761
Deferred revenue, net of current portion	0	32
Total liabilities	5,497	4,793
Commitments and Contingencies (Note 4)	0	0
Stockholders’ Equity
Common stock, $0.001 par value; 150,000,000 shares authorized, 92,413,951 and 81,536,724 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively	92	82
Additional paid-in capital	221,445	170,909
Accumulated deficit	(152,498)	(122,295)
Total stockholders’ equity	69,039	48,696
Total Liabilities and Stockholders’ Equity	$ 74,536	$ 53,489

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Mar. 31, 2015
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	92,413,951	81,536,724
Common stock, shares outstanding	92,413,951	81,536,724

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Revenues
Product and service	$ 293	$ 139	$ 689	$ 139
Collaborations	25	7	58	121
Grants	10	9	188	44
Total Revenues	328	155	935	304
Selling, general, and administrative expenses	6,212	3,878	17,680	13,350
Research and development expenses	4,586	3,238	13,467	9,281
Loss from Operations	(10,470)	(6,961)	(30,212)	(22,327)
Other Income (Expense)
Change in fair value of warrant liabilities	2	(40)	(27)	24
Loss on disposals of fixed assets	0	0	0	(3)
Interest income	13	8	39	22
Total Other Income (Expense)	15	(32)	12	43
Income Tax Expense	0	0	(3)	0
Net Loss	$ (10,455)	$ (6,993)	$ (30,203)	$ (22,284)
Net loss per common share—basic and diluted	$ (0.11)	$ (0.09)	$ (0.34)	$ (0.28)
Weighted average shares used in computing net loss per common share—basic and diluted	92,396,358	80,491,120	90,026,158	79,225,692

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows From Operating Activities
Net loss	$ (30,203,000)	$ (22,284,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of fixed assets	0	3,000
Depreciation and amortization	560,000	334,000
Change in fair value of warrant liabilities	27,000	(24,000)
Stock-based compensation	7,049,000	5,215,000
Amortization of warrants issued for services	(99,000)	556,000
Increase (decrease) in cash resulting from changes in:
Accounts receivable	(165,000)	0
Inventory	(5,000)	(6,000)
Prepaid expenses and other assets	553,000	318,000
Accounts payable	(921,000)	169,000
Accrued expenses	237,000	1,206,000
Deferred rent	(54,000)	254,000
Deferred revenue	1,185,000	268,000
Net cash used in operating activities	(21,836,000)	(13,991,000)
Cash Flows From Investing Activities
Purchases of fixed assets	(1,711,000)	(867,000)
Proceeds from disposals of fixed assets	14,000	0
Purchases of intangible assets	(35,000)	0
Net cash used in investing activities	(1,732,000)	(867,000)
Cash Flows From Financing Activities
Proceeds from issuance of common stock and exercise of warrants, net	43,137,000	16,512,000
Proceeds from exercise of stock options	320,000	213,000
Principal payments on capital lease obligations	(5,000)	(7,000)
Net cash provided by financing activities	43,452,000	16,718,000
Net Increase in Cash and Cash Equivalents	19,884,000	1,860,000
Cash and Cash Equivalents at Beginning of Period	50,142,000	48,167,000
Cash and Cash Equivalents at End of Period	70,026,000	50,027,000
Supplemental Disclosure of Cash Flow Information:
Interest	0	0
Income Taxes	$ 3,000	$ 0

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	9 Months Ended		46 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Statement Of Cash Flows [Abstract]
Warrant liability reduced	$ 139,000	$ 55,000
Leasehold improvements	$ 374,000	$ 47,000	$ 518,000

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note Nature of operations and basis of presentation References in these notes to the unaudited condensed consolidated financial statements to “Organovo Holdings, Inc.,” “Organovo Holdings,” “we,” “us,” “our,” “the Company” and “our Company” refer to Organovo Holdings, Inc. and its consolidated subsidiaries. The Company is an early commercial stage company, focused on developing and commercializing functional three-dimensional (3D) human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs. Since its inception, the Company has devoted its efforts primarily to developing and commercializing a platform technology and functional human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs. The Company has also focused efforts on raising capital and building infrastructure. In November 2014, the Company announced the commercial release of its first product, the exVive3D™ Human Liver Tissue for use in toxicology and other preclinical drug testing. As of December 31, 2015, the Company had not yet realized significant revenues from its planned principal operations. The Company’s activities are subject to significant risks and uncertainties including failing to successfully develop products and services based on its technology and to achieve the market acceptance necessary to generate sufficient revenues and to achieve and sustain profitability. The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of its financial position, results of operations, stockholders’ equity and cash flows in accordance with generally accepted accounting principles (“GAAP”). The balance sheet at March 31, 2015 is derived from the Company’s audited balance sheet at that date. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity and cash flows. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report filed on Form 10-K for the year ended March 31, 2015 filed with the Securities and Exchange Commission (the “SEC”) on June 9, 2015. Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2016. NYSE MKT Listing On July 9, 2013, the Company announced that its common stock had been approved for listing on the NYSE MKT. Shares began trading on the NYSE MKT on July 11, 2013 under the symbol “ONVO”. Prior to that time, the Company’s shares were quoted on the OTC QX. Liquidity As of December 31, 2015, the Company had an accumulated deficit of approximately $152.5 million. The Company also had negative cash flows from operations of approximately $21.8 million during the nine months ended December 31, 2015. Through December 31, 2015, the Company has financed its operations primarily through the sale of convertible notes, the private placement of equity securities, the public offering of common stock, and through revenue derived from grants, product sales, collaborative research agreements and research service agreements. Based on its current operating plan and available cash resources, the Company has sufficient resources to fund its business for at least the next twelve months. The Company intends to cover its future operating expenses through cash on hand, through revenue derived from grants, product sales, collaborative research agreements and research services agreements and through the issuance of additional equity or debt securities. Depending on market conditions, we cannot be sure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to us or to our stockholders. Having insufficient funds may require us to delay, scale back, or eliminate some or all of our development programs or relinquish rights to our technology on less favorable terms than we would otherwise choose. Failure to obtain adequate financing could eventually adversely affect our ability to operate as a going concern. If we raise additional funds from the issuance of equity securities, substantial dilution to our existing stockholders would likely result. If we raise additional funds by incurring debt financing, the terms of the debt may involve significant cash payment obligations as well as covenants and specific financial ratios that may restrict our ability to operate our business. Use of estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the condensed consolidated financial statements include those assumed in computing the valuation of warrants, revenue recognized under the proportional performance model, the valuation of stock-based compensation expense, and the valuation allowance on deferred tax assets. Fair value measurement The Company has issued warrants, of which some are classified as derivative liabilities as a result of the terms in the warrants that provide for down-round protection in the event of a dilutive issuance. The Company uses Level 3 inputs (unobservable inputs that are supported by little or no market activity, and that are significant to the fair value of the assets or liabilities) for its valuation methodology for the warrant derivative liabilities. The estimated fair values were determined using a Monte Carlo option pricing model based on various assumptions (see Note 2). The Company’s derivative liabilities are adjusted to reflect estimated fair value at each period end, with any decrease or increase in the estimated fair value being recorded in other income or expense accordingly, as adjustments to the fair value of derivative liabilities. Various factors are considered in the pricing models the Company uses to value the warrants, including the Company’s current stock price, the remaining life of the warrants, the volatility of the Company’s stock price, and the risk-free interest rate. Future changes in these factors may have an impact on the computed fair value of the warrant liability. The estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at December 31 and March 31, 2015 (in thousands): Balance at December 31, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 14 — — $ 14 Balance at March Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 126 — — $ 126 The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for the nine months ended December 31, 2015: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Warrant Derivative Liability (in thousands) Balance at March 31, 2015 $ 126 Issuances — Adjustments to estimated fair value 27 Warrant liability removal due to settlements (139 ) Warrant liability reclassified to equity — Balance at December 31, 2015 $ 14 Revenue recognition The Company’s revenues are derived from research service agreements, product sales, collaborative research agreements, and grants from the National Institutes of Health (“NIH”), U.S. Treasury Department and private not-for-profit organizations. The Company recognizes revenue when the following criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) services have been rendered or product has been delivered; (iii) price to the customer is fixed and determinable; and (iv) collection of the underlying receivable is reasonably assured. Billings to customers or payments received from customers are included in deferred revenue on the balance sheet until all revenue recognition criteria are met. As of December 31, 2015 and March 31, 2015, the Company had approximately $1,444,000 and $259,000, respectively, in deferred revenue related to its grants, collaborative research programs and research service agreements. Revenue arrangements with multiple deliverables The Company follows ASC 605-25 Revenue Recognition – Multiple-Element Arrangements While changes in the allocation of the arrangement consideration between the units of accounting will not affect the amount of total revenue recognized for a particular sales arrangement, any material changes in these allocations could impact the timing of revenue recognition, which could affect the Company’s results of operations. The Company periodically receives license fees for non-exclusive research licensing associated with funded research projects. License fees under these arrangements are recognized over the term of the contract or development period as it has been determined that such licenses do not have stand-alone value. Product revenue The Company recognizes product revenue at the time of shipment to the customer, provided all other revenue recognition criteria have been met. To date, the Company has not recognized significant revenue from commercial product sales. As our commercial sales increase, we expect to establish a reserve for estimated product returns that will be recorded as a reduction to revenue. This reserve will be maintained to account for future return of products sold in the current period. The reserve will be reviewed quarterly and will be estimated based on an analysis of our historical experience related to product returns. Revenue from research service agreements For research service agreements that contain only a single or primary deliverable, the Company defers any up-front fees collected from customers, and recognizes revenue for the delivered element only when it determines there are no uncertainties regarding customer acceptance. For agreements that contain multiple deliverables, the Company follows ASC 605-25 as described above. Research and development revenue under collaborative agreements The Company’s collaboration revenue consists of license and collaboration agreements that contain multiple elements, including non-refundable up-front fees, payments for reimbursement of third-party research costs, payments for ongoing research, payments associated with achieving specific development milestones and royalties based on specified percentages of net product sales, if any. The Company considers a variety of factors in determining the appropriate method of revenue recognition under these arrangements, such as whether the elements are separable, whether there are determinable fair values and whether there is a unique earnings process associated with each element of a contract. The Company recognizes revenue from research funding under collaboration agreements when earned on a “proportional performance” basis as research services are provided or substantive milestones are achieved. We recognize revenue that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is considered substantive when the consideration payable to us for the milestone (i) is consistent with our performance necessary to achieve the milestone or the increase in value to the collaboration resulting from our performance, (ii) relates solely to our past performance and (iii) is reasonable relative to all of the other deliverables and payments within the arrangement. In making this assessment, we consider all facts and circumstances relevant to the arrangement, including factors such as the risks that must be overcome to achieve the milestone, the level of effort and investment required to achieve the milestone and whether any portion of the milestone consideration is related to future performance or deliverables. The Company initially defers revenue for any amounts billed or payments received in advance of the services being performed, and recognizes revenue pursuant to the related pattern of performance, using the appropriate method of revenue recognition based on its analysis of the related contractual element(s). Grant revenues During August 2013, the Company was awarded a research grant by a private, not-for-profit organization for up to $251,700, contingent on go/no-go decisions made by the grantor at the completion of each stage of research as outlined in the grant award. Revenues from the grant are based upon internal costs incurred that are specifically covered by the grant, plus an additional rate that provides funding for overhead expenses. Revenue is recognized when the Company incurs expenses that are related to the grant. Revenue recognized under this grant was approximately $10,000 and $40,000 for the three and nine months ended December 31, 2015, respectively. Revenue recognized under this grant was approximately $9,000 and $44,000 for the three and nine months ended December 31, 2014, respectively. During September 2014, the NIH awarded the Company a research grant totaling approximately $222,000. The grant provides for fixed payments based on the achievement of certain milestones. As such, revenue is recognized upon completion of substantive milestones. Revenue recognized under this grant was approximately $0 and $148,000 for the three and nine months ended December 31, 2015, respectively. The full amount of this grant has been recognized as revenue as of December 31, 2015. Grant activities did not commence until the third quarter of fiscal 2015 and the first milestone had not yet been met as of December 31, 2014. Therefore no revenue was recognized under this grant as of December 31, 2014. Comprehensive income (loss) For the three and nine months ended December 31, 2015 and 2014, respectively, the comprehensive loss was equal to the net loss. Net loss per share Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares used to compute diluted loss per share excludes any assumed exercise of stock options and warrants, the assumed release of restriction of restricted stock units, and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three and nine months ended December 31, 2015 or 2014, as the Company reported a net loss for each respective period and the effect would have been anti-dilutive. Common stock equivalents excluded from computing diluted net loss per share were approximately 10.5 million for the three and nine months ended December 31, 2015, and 8.2 million for the three and nine months ended December 31, 2014.

Derivative Liability

Derivative Liability	9 Months Ended
	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Liability	Note 2. Derivative Liability During 2011 and 2012, the Company issued five-year warrants to purchase its common stock. For certain of these warrants, the exercise price is protected against down-round financing throughout the term of the warrant. Pursuant to ASC 815-15 and ASC 815-40, the fair value of the warrants was recorded as a derivative liability on the issuance dates. The Company revalues the warrants classified as derivative liabilities as of the end of each reporting period. The estimated fair value of the outstanding warrant liabilities was approximately $14,000 and $126,000 as of December 31, 2015 and March 31, 2015, respectively. The changes in fair value of the derivative liabilities were a decrease of approximately $2,000 and an increase of approximately $40,000 for the three months ended December 31, 2015 and 2014, respectively, and an increase of approximately $27,000 and a decrease of approximately $24,000 for the nine months ended December 31, 2015 and 2014, respectively, and are included in other income (expense) in the statements of operations. During the three months ended December 31, 2015 and 2014, no warrants that were classified as derivative liabilities were exercised. During the nine months ended December 31, 2015 and 2014, 38,234 and 8,647 warrants, respectively, that were classified as derivative liabilities were exercised. The warrants were revalued as of the settlement dates, and the change in fair value was recognized to earnings. The derivative liabilities were valued at the end of each reporting period using a Monte Carlo valuation model with the following assumptions: December 31, 2015 March 31, 2015 December 31, 2014 Closing price per share of common stock $ 2.49 $ 3.54 $ 7.25 Exercise price per share $ 1.00 $ 1.00 $ 1.00 Expected volatility 71.90 % 76.80 % 76.50 % Risk-free interest rate 0.65 % 0.56 % 0.67 % Dividend yield — — — Remaining expected term of underlying securities (years) 1.21 1.96 2.21

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Note Common stock In May 2008, the Board of Directors of the Company approved the 2008 Equity Incentive Plan (the “2008 Plan”). The 2008 Plan authorized the issuance of up to 1,521,584 common shares for awards of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock award units, and stock appreciation rights. The 2008 Plan terminates on July 1, 2018. No shares have been issued under the 2008 Plan since 2011, and the Company does not intend to issue any additional shares from the 2008 Plan in the future. In January 2012, the Board of Directors of the Company approved the 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan authorized the issuance of up to 6,553,986 shares of common stock for awards of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, performance shares, and other stock or cash awards. The Board of Directors and stockholders of the Company approved an amendment to the 2012 Plan in August 2013 to increase the number of shares of common stock that may be issued under the 2012 Plan by 5,000,000 shares. In addition, the Board of Directors and stockholders of the Company approved an amendment to the 2012 Plan in August 2015 to further increase the number of shares of common stock that may be issued under the 2012 Plan by 6,000,000 shares, bringing the aggregate shares issuable under the 2012 Plan to 17,553,986. The 2012 Plan as amended and restated became effective on August 20, 2015 and terminates ten years after such date. The Company filed a shelf registration statement on Form S-3 (File No. 333-189995), or the 2013 Shelf, with the SEC on July 17, 2013 authorizing the offer and sale in one or more offerings of up to $100,000,000 in aggregate of common stock, preferred stock, debt securities, or warrants to purchase common stock, preferred stock or debt securities, or any combination of the foregoing, either individually or as units comprised of one or more of the other securities. This 2013 Shelf was declared effective by the SEC on July 26, 2013. On August 2, 2013, the Company, entered into an Underwriting Agreement with Lazard Capital Markets LLC, acting as representative of the underwriters named in the Underwriting Agreement and joint book-runner with Oppenheimer & Co. Inc., relating to the issuance and sale of 10,350,000 shares of the Company’s common stock, which includes the issuance and sale of 1,350,000 shares pursuant to an overallotment option exercised by the Underwriters on August 5, 2013 (the “2013 Offering”). JMP Securities LLC and Maxim Group LLC each acted as co-managers for the 2013 Offering. The price to the public in the 2013 Offering was $4.50 per share, and the Underwriters purchased the shares from the Company pursuant to the Underwriting Agreement at a price of $4.23 per share. The net proceeds to the Company from the 2013 Offering were approximately $43.4 million, after deducting underwriting discounts and commissions and other offering expenses of $3.2 million payable by the Company, including the Underwriters’ exercise of the overallotment option. The transactions contemplated by the Underwriting Agreement closed on August 7, 2013. In November 2013, the Company entered into an equity distribution agreement with an investment banking firm. Under the terms of the distribution agreement, the Company may offer and sell up to 4,000,000 shares of its common stock, from time to time, through the investment bank in “at the market” offerings, as defined by the SEC, and pursuant to the 2013 Shelf. During the three and nine months ended December 31, 2015, the Company issued no shares of common stock in at the market offerings under the distribution agreement. During the three and nine months ended December 31, 2014, the Company issued 0 and 2,197,768 shares of common stock, respectively, in at the market offerings under the distribution agreement with net proceeds of $0 and $16.1 million, respectively. As of December 31, 2015, the Company has issued 2,532,180 shares of common stock in at the market offerings under the distribution agreement, with net proceeds of $19.6 million. In December 2014, the Company entered into an equity offering sales agreement with another investment banking firm. Under the terms of the sales agreement, the Company may offer and sell shares of its common stock, from time to time, through the investment bank in “at the market” offerings, as defined by the SEC, and pursuant to the 2013 Shelf. During the three and nine months ended December 31, 2015 and 2014, the Company issued no shares of common stock in at the market offerings under the sales agreement. As of December 31, 2015, the Company sold 1,000,000 shares of common stock in at the market offerings under the sales agreement, with net proceeds of approximately $6.2 million. The Company will limit future sales under the 2013 distribution agreement and the 2014 sales agreement to ensure that it does not exceed the maximum amount available for sale under its 2013 Shelf. Based on its use of the 2013 Shelf through December 31, 2015, the Company cannot sell more than an aggregate of $26,777,785 in shares of common stock under the 2013 distribution agreement and the 2014 sales agreement. The Company filed a second shelf registration statement on Form S-3 (File No. 333-202382), or the 2015 Shelf, with the SEC on February 27, 2015 authorizing the offer and sale in one or more offerings of up to $190,000,000 in aggregate of common stock, preferred stock, debt securities, warrants to purchase common stock, preferred stock or debt securities, or any combination of the foregoing, either individually or as units compromised one or more of the other securities. This shelf was declared effective by the SEC on March 17, 2015. On June 18, 2015, the Company entered into an Underwriting Agreement with Jefferies LLC and Piper Jaffray & Co., acting as representatives of the underwriters named in the 2015 Underwriting Agreement and as joint book-running managers, relating to the issuance and sale of 9,425,000 shares of the Company’s common stock, par value $0.001 per share (the “2015 Offering”). The price to the public in the 2015 Offering was $4.25 per share, and the Underwriters have agreed to purchase the shares from the Company pursuant to the 2015 Underwriting Agreement at a price of $3.995 per share. Under the terms of the 2015 Underwriting Agreement, the Company granted the Underwriters an option, exercisable for 30 days, to purchase up to an additional 1,413,750 shares. The Company issued 10,838,750 shares of common stock pursuant to the 2015 Underwriting Agreement, including shares issuable upon the exercise of the over-allotment option, with net proceeds of approximately $43.1 million, after deducting underwriting discounts and commissions and expenses payable by the Company. The shares were issued pursuant to the 2015 Shelf. During the three months ended December 31, 2015 and 2014, the Company issued 0 and 100,000 shares of common stock upon the exercise of 0 and 100,000 warrants, respectively. During the nine months ended December 31, 2015 and 2014, the Company issued 30,186 and 210,600 shares of common stock upon the exercise of 38,234 and 211,647 warrants, respectively. Finally, during the three months ended December 31, 2015 and 2014, the Company issued 88,438 and 9,961 shares of common stock upon the exercise of 88,438 and 10,612 stock options, respectively. During the nine months ended December 31, 2015 and 2014, the Company issued 116,001 and 98,707 shares of common stock upon the exercise of 116,001 and 99,358 stock options, respectively. Restricted stock awards During the three months ended December 31, 2015 and 2014, there were 2,259 and 3,703 shares of restricted stock, respectively, cancelled related to shares of common stock returned to the Company, at the option of the holders, to cover the tax liability related to the vesting of 6,250 and 8,750 restricted stock units, respectively. During the nine months ended December 31, 2015 and 2014, there were 105,210 and 109,808 shares of restricted stock, respectively, cancelled related to shares of common stock returned to the Company, at the option of the holders, to cover the tax liability related to the vesting of 200,000 and 205,000 restricted stock units, respectively. Upon the return of the common stock, an equal number of stock options with immediate vesting were granted to the individuals at the vesting date market value strike price. A summary of the Company’s restricted stock award activity from March 31, 2015 through December 31, 2015 is as follows: Number of Shares Unvested at March 31, 2015 258,750 Granted — Vested (200,000 ) Canceled / forfeited (2,500 ) Unvested at December 31, 2015 56,250 The fair value of each restricted common stock award is recognized as stock-based compensation expense over the vesting term of the award. The Company recorded restricted stock-based compensation expense in operating expenses for employees and non-employees of approximately $26,000 and $48,000 for the three months ended December 31, 2015 and 2014, respectively, and approximately $203,000 and $315,000 for the nine months ended December 31, 2015 and 2014, respectively. Stock-based compensation expense included in research and development was $2,000 and $4,000 for the three months ended December 31, 2015 and 2014, respectively, and $5,000 and $12,000 for the nine months ended December 31, 2015 and 2014, respectively. Stock-based compensation expense included in general and administrative expense was $24,000 and $44,000 for the three months ended December 31, 2015 and 2014, respectively and $198,000 and $303,000 for the nine months ended December 31, 2015 and 2014, respectively. As of December 31, 2015, total unrecognized restricted stock-based compensation expense was approximately $15,000, which will be recognized over a weighted average period of 0.25 years. Stock options Under the 2012 Plan, 167,239 and 310,203 stock options were issued during the three months ended December 31, 2015 and 2014, respectively, and 2,621,972 and 867,058 stock options were issued during the nine months ended December 31, 2015 and 2014, respectively, at various exercise prices. The stock options generally vest (i) on the one year anniversary of the grant date, (ii) quarterly over a three year period, or (iii) over a four-year period, with 25% vesting on either the one year anniversary of employment or the one year anniversary of the vesting commencement date, and the remainder vesting ratably over the remaining term. A summary of the Company’s stock option activity for the nine months ended December 31, 2015 is as follows: Options Outstanding Weighted- Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2015 7,113,548 $ 5.21 $ 4,969,499 Options granted 2,621,972 $ 4.08 Options canceled / forfeited (305,530 ) $ 6.13 Options exercised (116,001 ) $ 2.76 $ 112,441 Outstanding at December 31, 2015 9,313,989 $ 4.88 $ 2,777,141 Vested and Exercisable at December 31, 2015 4,845,925 $ 4.39 $ 2,469,941 The weighted-average remaining contractual term of options exercisable and outstanding at December 31, 2015 was approximately 6.24 years. The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. Stock-based compensation expense is recognized over the vesting period using the straight-line method. The fair value of stock options was estimated at the grant date using the following weighted average assumptions: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Dividend yield — — — — Volatility 71.90 % 77.0 % 74.10 % 77.1 % Risk-free interest rate 1.64 % 1.67 % 1.61 % 1.64 % Expected life of options 6.00 years 6.00 years 6.00 years 6.00 years Weighted average grant date fair value $ 2.16 $ 4.49 $ 2.67 $ 4.86 The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. Due to the Company’s limited historical data, the estimated volatility incorporates the historical and implied volatility of comparable companies whose share prices are publicly available. The risk-free interest rate assumption was based on the U.S. Treasury rates. The weighted average expected life of options was estimated using the average of the contractual term and the weighted average vesting term of the options. Certain options granted to consultants are subject to variable accounting treatment and are required to be revalued until vested. The total stock option-based compensation recorded as operating expense was approximately $3,072,000 and $1,533,000 for the three months ended December 31, 2015 and 2014, respectively, and $6,846,000 and $4,900,000 for the nine months ended December 31, 2015 and 2014, respectively. Expense included in research and development was $309,000 and $327,000 for the three months ended December 31, 2015 and 2014, respectively, and $935,000 and $856,000 for the nine months ended December 31, 2015 and 2014, respectively. Expense included in general and administrative was $2,763,000 and $1,206,000 for the three months ended December 31, 2015 and 2014, respectively, and $5,911,000 and $4,044,000 for the nine months ended December 31, 2015 and 2014, respectively. Included in total stock option-based compensation for the three months ended December 31, 2015 is additional expense resulting from acceleration of the vesting schedule to fully vest options held by a terminated executive as pursuant to the 2012 Equity Incentive Plan. Additionally, as part of the severance agreement, a modification was made to extend the exercise period of the fully vested options, resulting in an incremental expense. The total unrecognized compensation cost related to unvested stock option grants as of December 31, 2015 was approximately $14,455,000 and the weighted average period over which these grants are expected to vest is 2.64 years. Warrants During the three months ended December 31, 2015 and 2014, there were no cashless warrant exercises. During the nine months ended December 31, 2015 and 2014, 38,234 and 8,647 warrants, respectively, were exercised through a cashless exercise provision for issuance of 30,186 and 7,600 shares of common stock, respectively. During the three and nine months ended December 31, 2014, 100,000 and 203,000 warrants, respectively, were exercised at prices ranging from $1.00 to $2.21 for total proceeds of $221,000 and $445,000, respectively. In addition, during the nine months ended December 31, 2015, a warrant that was previously expected to be issued to a service provider and had been expensed in prior periods at its approximate value of $130,000 was cancelled, and the amount was reversed against operating expense during the period. Of the warrants exercised during the nine months ended December 31, 2015 and 2014, 38,234 and 8,647, respectively, were derivative liabilities and were valued at the settlement date. For the nine months ended December 31, 2015 and 2014, respectively, approximately $139,000 and $55,000, respectively, of the warrant liability was extinguished due to the exercise of these warrants. (See Note 2). During November 2013 the Company entered into an agreement with a consultant for services. In connection with the agreement, the Company issued 75,000 warrants to purchase common stock, at a price of $7.36, with a life of five years, to be earned over a twelve month service period. The fair value of the warrants was estimated to be approximately $404,000, which was recognized as a prepaid asset and has been amortized over the term of the consulting agreement. These warrants were classified as equity instruments because they do not contain any anti-dilution provisions. The Black-Scholes model, using a volatility rate of 96.90% and a risk-free interest rate factor of 0.60%, was used to determine the value. The Company recognized approximately $39,000 and $241,000 during the three and nine months ended December 31, 2014, respectively, related to these services. As of December 31, 2014, these warrants were fully expensed. Additionally, during September 2014, the Company issued 50,000 warrants to a consultant in recognition of services previously provided. These warrants were classified as equity instruments because they do not contain any anti-dilution provisions. As of December 31, 2014, the full amount of the warrants related to these services, approximately $273,000, had been recognized. During November 2014 the Company entered into an agreement with a consultant for services. In connection with the agreement, the Company issued 145,000 warrants to purchase common stock, at a price of $6.84, with a life of five years, to be earned over a seventeen month service period ending on March 31, 2016. The final number of vested warrant shares will be determined, at the discretion of management, based on management’s judgment of the satisfaction of specific performance metrics prior to the earlier to occur of March 31, 2016 or the termination of the consulting arrangement with the Company. The initial fair value of the warrants was estimated to be approximately $309,000, which is being revalued and amortized over the term of the consulting agreement. These warrants were classified as equity instruments because they do not contain any anti-dilution provisions. The Black-Scholes model, using a volatility rate of 76.78% and a risk-free interest rate factor of 1.37%, was used to determine the value. The Company recognized expense of approximately $6,000 and $31,000 during the three and nine months ended December 31, 2015 and approximately $35,000 during the three and nine months ended December 31, 2014, respectively, related to these services. The following table summarizes warrant activity for the nine months ended December 31, 2015: Warrants Weighted- Average Exercise Price Balance at March 31, 2015 1,178,109 $ 2.59 Granted — $ — Exercised (38,234 ) $ 1.00 Cancelled (37,500 ) $ 7.36 Balance at December 31, 2015 1,102,375 $ 2.49 The warrants outstanding at December 31, 2015 are exercisable at prices between $0.85 and $7.62 per share, and have a weighted average remaining term of approximately 1.63 years. Common stock reserved for future issuance Common stock reserved for future issuance consisted of the following at December 31, 2015: Common stock warrants outstanding 1,102,375 Common stock options outstanding under the 2008 Plan 622,192 Common stock options outstanding and reserved under the 2012 Plan 15,404,481 Total 17,129,048 Preferred stock The Company is authorized to issue 25,000,000 shares of preferred stock. There are no shares of preferred stock currently outstanding, and the Company has no present plans to issue shares of preferred stock.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4. Commitments and Contingencies Operating leases The Company leases office and laboratory space under a non-cancelable operating lease which was entered into in February 2012 and amended in December 2013 and March 2015, a non-cancelable operating lease entered into on January 9, 2015, and a non-cancelable operating lease entered into on December 28, 2015, with the future minimum lease payments from the leases included below. The Company records rent expense on a straight-line basis over the life of the leases and records the excess of expense over the amounts paid as deferred rent. In addition, one of the leases provides for certain improvements made for the Company’s benefit to be funded by the landlord. Such costs, totaling approximately $518,000 to date, have been capitalized as fixed assets and included in deferred rent. Rent expense was approximately $254,000 and $235,000 for the three months ended December 31, 2015 and 2014, respectively, and $803,000 and $705,000 for the nine months ended December 31, 2015 and 2014, respectively. On February 27, 2012, the Company entered into a facilities lease at 6275 Nancy Ridge Drive (the “Original Lease”), San Diego, CA 92121, with occupancy as of July 15, 2012. The base rent under the lease was approximately $38,800 per month with 3% annual escalators. The lease term was 48 months with an option for the Company to extend the lease at the end of the lease term. On December 5, 2013, the Company entered into a First Amendment (the “Amendment”) to the Original Lease, together with the Amendment, (the “Amended Lease”). Pursuant to the Amendment, the Company expanded the size of its facility by approximately 15,268 square feet (the “Expansion Premises”) from approximately 15,539 square feet (the “Original Premises”) for a total of approximately 30,807 square feet. The Amended Lease provides for base rent (i) on the Original Premises to continue at approximately $38,800 per month, with annual escalators, until August 1, 2016, at which point the base rent shall be payable at the same rate per rentable square foot as the Expansion Premises and (ii) on the Expansion Premises of approximately $38,934 per month, with 3% annual escalators, not to commence until two months after the earlier of (A) the date that the landlord delivers possession of the Expansion Premises to the Company with the work in the Expansion Lab Premises (as defined in the Amendment) substantially complete and (B) the date the landlord could have delivered the Expansion Premises with the work in the Expansion Lab Premises (as defined in the Amendment) substantially complete but for certain delays of the Company. Additionally, the Company has a right of first refusal on adjacent additional premises of approximately 14,500 square feet. The term of the Amended Lease expires on the seven-year anniversary of the earlier of (A) the date that the landlord delivers possession of the Expansion Premises to the Company and (B) the date the landlord could have delivered the Expansion Premises but for certain delays of the Company (the “Expansion Premises Commencement Date”). The Expansion Premises Commencement Date was September 1, 2014. The Company also has the option to terminate the Amended Lease on the 5-year anniversary of the Expansion Premises Commencement Date. The Expansion Premises contains office, laboratory, and clean room areas. On March 12, 2015, the Company entered into a Second Amendment to the Original Lease (the “Second Amendment), to adjust the square footage covered by Amended Lease and an additional portion of the building containing approximately 335 rentable square feet (“Second Expansion Premises”). This square footage adjustment was the result of the re-measurement of each suite and the building overall. The net adjustment to overall leased space was an increase of 88 square feet with a corresponding increase in monthly rental payments at the same rate per square foot as the Expansion Premises. On January 9, 2015, the Company entered into an agreement to lease a second facility consisting of 5,803 rentable square feet of office and lab space located at 6310 Nancy Ridge Drive, San Diego, CA 92121. The term of the lease is 36 months, beginning on February 1, 2015 and ending on January 31, 2018, with monthly rental payments of approximately $12,000 commencing on April 1, 2015. In addition, there are annual rent escalations of 3.0% on each 12-month anniversary of the lease commencement date. On December 28, 2015, the Company entered into an agreement to lease a third facility consisting of 12,088 rentable square feet of office space located at 6166 Nancy Ridge Drive, San Diego, CA 92121. The term of the lease is 12 months, beginning on February 1, 2016 and ending on January 31, 2017, with monthly rental payments of $15,000 commencing on February 1, 2016. Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015, are as follows (in thousands): Fiscal year ended March 31, 2016 $ 319 Fiscal year ended March 31, 2017 1,307 Fiscal year ended March 31, 2018 1,145 Fiscal year ended March 31, 2019 1,041 Fiscal year ended March 31, 2020 1,072 Thereafter 1,572 Total $ 6,456 Legal Matters In addition to commitments and obligations in the ordinary course of business, the Company is subject to various claims and pending and potential legal actions arising out of the conduct of its business. The Company assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in its financial statements. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing litigation contingencies is highly subjective and requires judgments about future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed in litigation against it may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of its potential liability. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. During the period presented, the Company has not recorded any accrual for loss contingencies associated with such claims or legal proceedings; determined that an unfavorable outcome is probable or reasonably possible; or determined that the amount or range of any possible loss is reasonably estimable. Moreover, as of the end of the period presented, the Company does not believe that the outcome of any pending legal actions will have a material adverse effect on its financial condition, results of operations or cash flows.

Concentrations

Concentrations	9 Months Ended
	Dec. 31, 2015
Risks And Uncertainties [Abstract]
Concentrations	Note 5. Concentrations Credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company maintains cash balances at various financial institutions located in the United States. Accounts at these institutions are secured by the Federal Deposit Insurance Corporation. Balances may exceed federally insured limits. The Company has not experienced losses in such accounts, and management believes that the Company is not exposed to any significant credit risk with respect to its cash and cash equivalents.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Dec. 31, 2015
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 6. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern—Disclosures of Uncertainties about an entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 7. Subsequent Events None.

Description of Business and S14

Description of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of operations and basis of presentation References in these notes to the unaudited condensed consolidated financial statements to “Organovo Holdings, Inc.,” “Organovo Holdings,” “we,” “us,” “our,” “the Company” and “our Company” refer to Organovo Holdings, Inc. and its consolidated subsidiaries. The Company is an early commercial stage company, focused on developing and commercializing functional three-dimensional (3D) human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs. Since its inception, the Company has devoted its efforts primarily to developing and commercializing a platform technology and functional human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs. The Company has also focused efforts on raising capital and building infrastructure. In November 2014, the Company announced the commercial release of its first product, the exVive3D™ Human Liver Tissue for use in toxicology and other preclinical drug testing. As of December 31, 2015, the Company had not yet realized significant revenues from its planned principal operations. The Company’s activities are subject to significant risks and uncertainties including failing to successfully develop products and services based on its technology and to achieve the market acceptance necessary to generate sufficient revenues and to achieve and sustain profitability. The accompanying interim condensed consolidated financial statements have been prepared by the Company, without audit, in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a fair statement of its financial position, results of operations, stockholders’ equity and cash flows in accordance with generally accepted accounting principles (“GAAP”). The balance sheet at March 31, 2015 is derived from the Company’s audited balance sheet at that date. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are only normal and recurring, necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity and cash flows. These financial statements should be read in conjunction with the financial statements included in the Company’s Annual Report filed on Form 10-K for the year ended March 31, 2015 filed with the Securities and Exchange Commission (the “SEC”) on June 9, 2015. Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2016.
Liquidity	Liquidity As of December 31, 2015, the Company had an accumulated deficit of approximately $152.5 million. The Company also had negative cash flows from operations of approximately $21.8 million during the nine months ended December 31, 2015. Through December 31, 2015, the Company has financed its operations primarily through the sale of convertible notes, the private placement of equity securities, the public offering of common stock, and through revenue derived from grants, product sales, collaborative research agreements and research service agreements. Based on its current operating plan and available cash resources, the Company has sufficient resources to fund its business for at least the next twelve months. The Company intends to cover its future operating expenses through cash on hand, through revenue derived from grants, product sales, collaborative research agreements and research services agreements and through the issuance of additional equity or debt securities. Depending on market conditions, we cannot be sure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to us or to our stockholders. Having insufficient funds may require us to delay, scale back, or eliminate some or all of our development programs or relinquish rights to our technology on less favorable terms than we would otherwise choose. Failure to obtain adequate financing could eventually adversely affect our ability to operate as a going concern. If we raise additional funds from the issuance of equity securities, substantial dilution to our existing stockholders would likely result. If we raise additional funds by incurring debt financing, the terms of the debt may involve significant cash payment obligations as well as covenants and specific financial ratios that may restrict our ability to operate our business.
Use of estimates	Use of estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the condensed consolidated financial statements include those assumed in computing the valuation of warrants, revenue recognized under the proportional performance model, the valuation of stock-based compensation expense, and the valuation allowance on deferred tax assets.
Fair value measurement	Fair value measurement The Company has issued warrants, of which some are classified as derivative liabilities as a result of the terms in the warrants that provide for down-round protection in the event of a dilutive issuance. The Company uses Level 3 inputs (unobservable inputs that are supported by little or no market activity, and that are significant to the fair value of the assets or liabilities) for its valuation methodology for the warrant derivative liabilities. The estimated fair values were determined using a Monte Carlo option pricing model based on various assumptions (see Note 2). The Company’s derivative liabilities are adjusted to reflect estimated fair value at each period end, with any decrease or increase in the estimated fair value being recorded in other income or expense accordingly, as adjustments to the fair value of derivative liabilities. Various factors are considered in the pricing models the Company uses to value the warrants, including the Company’s current stock price, the remaining life of the warrants, the volatility of the Company’s stock price, and the risk-free interest rate. Future changes in these factors may have an impact on the computed fair value of the warrant liability. The estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at December 31 and March 31, 2015 (in thousands): Balance at December 31, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 14 — — $ 14 Balance at March Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 126 — — $ 126 The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for the nine months ended December 31, 2015: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Warrant Derivative Liability (in thousands) Balance at March 31, 2015 $ 126 Issuances — Adjustments to estimated fair value 27 Warrant liability removal due to settlements (139 ) Warrant liability reclassified to equity — Balance at December 31, 2015 $ 14
Revenue recognition	Revenue recognition The Company’s revenues are derived from research service agreements, product sales, collaborative research agreements, and grants from the National Institutes of Health (“NIH”), U.S. Treasury Department and private not-for-profit organizations. The Company recognizes revenue when the following criteria have been met: (i) persuasive evidence of an arrangement exists; (ii) services have been rendered or product has been delivered; (iii) price to the customer is fixed and determinable; and (iv) collection of the underlying receivable is reasonably assured. Billings to customers or payments received from customers are included in deferred revenue on the balance sheet until all revenue recognition criteria are met. As of December 31, 2015 and March 31, 2015, the Company had approximately $1,444,000 and $259,000, respectively, in deferred revenue related to its grants, collaborative research programs and research service agreements.
Revenue arrangements with multiple deliverables	Revenue arrangements with multiple deliverables The Company follows ASC 605-25 Revenue Recognition – Multiple-Element Arrangements While changes in the allocation of the arrangement consideration between the units of accounting will not affect the amount of total revenue recognized for a particular sales arrangement, any material changes in these allocations could impact the timing of revenue recognition, which could affect the Company’s results of operations. The Company periodically receives license fees for non-exclusive research licensing associated with funded research projects. License fees under these arrangements are recognized over the term of the contract or development period as it has been determined that such licenses do not have stand-alone value.
Product revenue	Product revenue The Company recognizes product revenue at the time of shipment to the customer, provided all other revenue recognition criteria have been met. To date, the Company has not recognized significant revenue from commercial product sales. As our commercial sales increase, we expect to establish a reserve for estimated product returns that will be recorded as a reduction to revenue. This reserve will be maintained to account for future return of products sold in the current period. The reserve will be reviewed quarterly and will be estimated based on an analysis of our historical experience related to product returns.
Revenue from research service agreements	Revenue from research service agreements For research service agreements that contain only a single or primary deliverable, the Company defers any up-front fees collected from customers, and recognizes revenue for the delivered element only when it determines there are no uncertainties regarding customer acceptance. For agreements that contain multiple deliverables, the Company follows ASC 605-25 as described above.
Research and development revenue under collaborative agreements	Research and development revenue under collaborative agreements The Company’s collaboration revenue consists of license and collaboration agreements that contain multiple elements, including non-refundable up-front fees, payments for reimbursement of third-party research costs, payments for ongoing research, payments associated with achieving specific development milestones and royalties based on specified percentages of net product sales, if any. The Company considers a variety of factors in determining the appropriate method of revenue recognition under these arrangements, such as whether the elements are separable, whether there are determinable fair values and whether there is a unique earnings process associated with each element of a contract. The Company recognizes revenue from research funding under collaboration agreements when earned on a “proportional performance” basis as research services are provided or substantive milestones are achieved. We recognize revenue that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is considered substantive when the consideration payable to us for the milestone (i) is consistent with our performance necessary to achieve the milestone or the increase in value to the collaboration resulting from our performance, (ii) relates solely to our past performance and (iii) is reasonable relative to all of the other deliverables and payments within the arrangement. In making this assessment, we consider all facts and circumstances relevant to the arrangement, including factors such as the risks that must be overcome to achieve the milestone, the level of effort and investment required to achieve the milestone and whether any portion of the milestone consideration is related to future performance or deliverables. The Company initially defers revenue for any amounts billed or payments received in advance of the services being performed, and recognizes revenue pursuant to the related pattern of performance, using the appropriate method of revenue recognition based on its analysis of the related contractual element(s).
Grant revenues	Grant revenues During August 2013, the Company was awarded a research grant by a private, not-for-profit organization for up to $251,700, contingent on go/no-go decisions made by the grantor at the completion of each stage of research as outlined in the grant award. Revenues from the grant are based upon internal costs incurred that are specifically covered by the grant, plus an additional rate that provides funding for overhead expenses. Revenue is recognized when the Company incurs expenses that are related to the grant. Revenue recognized under this grant was approximately $10,000 and $40,000 for the three and nine months ended December 31, 2015, respectively. Revenue recognized under this grant was approximately $9,000 and $44,000 for the three and nine months ended December 31, 2014, respectively. During September 2014, the NIH awarded the Company a research grant totaling approximately $222,000. The grant provides for fixed payments based on the achievement of certain milestones. As such, revenue is recognized upon completion of substantive milestones. Revenue recognized under this grant was approximately $0 and $148,000 for the three and nine months ended December 31, 2015, respectively. The full amount of this grant has been recognized as revenue as of December 31, 2015. Grant activities did not commence until the third quarter of fiscal 2015 and the first milestone had not yet been met as of December 31, 2014. Therefore no revenue was recognized under this grant as of December 31, 2014.
Comprehensive income (loss)	Comprehensive income (loss) For the three and nine months ended December 31, 2015 and 2014, respectively, the comprehensive loss was equal to the net loss.
Net loss per share	Net loss per share Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. The weighted-average number of shares used to compute diluted loss per share excludes any assumed exercise of stock options and warrants, the assumed release of restriction of restricted stock units, and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three and nine months ended December 31, 2015 or 2014, as the Company reported a net loss for each respective period and the effect would have been anti-dilutive. Common stock equivalents excluded from computing diluted net loss per share were approximately 10.5 million for the three and nine months ended December 31, 2015, and 8.2 million for the three and nine months ended December 31, 2014.

Description of Business and S15

Description of Business and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Estimated Fair Values of Liabilities Measured on Recurring Basis	The estimated fair values of the liabilities measured on a recurring basis are as follows: Fair Value Measurements at December 31 and March 31, 2015 (in thousands): Balance at December 31, 2015 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 14 — — $ 14 Balance at March Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 126 — — $ 126
Activity for Liabilities Measured at Estimated Fair Value Using Unobservable Inputs	The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for the nine months ended December 31, 2015: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Warrant Derivative Liability (in thousands) Balance at March 31, 2015 $ 126 Issuances — Adjustments to estimated fair value 27 Warrant liability removal due to settlements (139 ) Warrant liability reclassified to equity — Balance at December 31, 2015 $ 14

Derivative Liability (Tables)

Derivative Liability (Tables)	9 Months Ended
	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Assumptions Used to Value Derivative Liabilities at End of Each Reporting Period	The derivative liabilities were valued at the end of each reporting period using a Monte Carlo valuation model with the following assumptions: December 31, 2015 March 31, 2015 December 31, 2014 Closing price per share of common stock $ 2.49 $ 3.54 $ 7.25 Exercise price per share $ 1.00 $ 1.00 $ 1.00 Expected volatility 71.90 % 76.80 % 76.50 % Risk-free interest rate 0.65 % 0.56 % 0.67 % Dividend yield — — — Remaining expected term of underlying securities (years) 1.21 1.96 2.21

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of Company's Restricted Stock Award Activity	A summary of the Company’s restricted stock award activity from March 31, 2015 through December 31, 2015 is as follows: Number of Shares Unvested at March 31, 2015 258,750 Granted — Vested (200,000 ) Canceled / forfeited (2,500 ) Unvested at December 31, 2015 56,250
Summary of Stock Option Activity	A summary of the Company’s stock option activity for the nine months ended December 31, 2015 is as follows: Options Outstanding Weighted- Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2015 7,113,548 $ 5.21 $ 4,969,499 Options granted 2,621,972 $ 4.08 Options canceled / forfeited (305,530 ) $ 6.13 Options exercised (116,001 ) $ 2.76 $ 112,441 Outstanding at December 31, 2015 9,313,989 $ 4.88 $ 2,777,141 Vested and Exercisable at December 31, 2015 4,845,925 $ 4.39 $ 2,469,941
Fair Value of Employee Stock Options	The fair value of stock options was estimated at the grant date using the following weighted average assumptions: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Dividend yield — — — — Volatility 71.90 % 77.0 % 74.10 % 77.1 % Risk-free interest rate 1.64 % 1.67 % 1.61 % 1.64 % Expected life of options 6.00 years 6.00 years 6.00 years 6.00 years Weighted average grant date fair value $ 2.16 $ 4.49 $ 2.67 $ 4.86
Summary of Warrant Activity	The following table summarizes warrant activity for the nine months ended December 31, 2015: Warrants Weighted- Average Exercise Price Balance at March 31, 2015 1,178,109 $ 2.59 Granted — $ — Exercised (38,234 ) $ 1.00 Cancelled (37,500 ) $ 7.36 Balance at December 31, 2015 1,102,375 $ 2.49
Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consisted of the following at December 31, 2015: Common stock warrants outstanding 1,102,375 Common stock options outstanding under the 2008 Plan 622,192 Common stock options outstanding and reserved under the 2012 Plan 15,404,481 Total 17,129,048

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Future Minimum Rental Payments Required under Operating Leases that have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year	Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015, are as follows (in thousands): Fiscal year ended March 31, 2016 $ 319 Fiscal year ended March 31, 2017 1,307 Fiscal year ended March 31, 2018 1,145 Fiscal year ended March 31, 2019 1,041 Fiscal year ended March 31, 2020 1,072 Thereafter 1,572 Total $ 6,456

Description of Business and S19

Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2014	Aug. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit			$ (152,498,000)		$ (152,498,000)		$ (122,295,000)
Cash flow from operations					21,836,000	$ 13,991,000
Revenue recognized under grants			10,000	$ 9,000	188,000	44,000
Dilutive effect			$ 0	$ 0	$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share			10.5	8.2	10.5	8.2
NIH Research Grants [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants			$ 0		$ 148,000	$ 0
Revenue recognized under grants	$ 222,000
Private, Not-for-Profit Organization [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants			10,000	$ 9,000	40,000	$ 44,000
Maximum [Member] | Private, Not-for-Profit Organization [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants		$ 251,700
Research and Development Services [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Deferred revenue			$ 1,444,000		$ 1,444,000		$ 259,000

Description of Business and S20

Description of Business and Summary of Significant Accounting Policies - Estimated Fair Values of Liabilities Measured on Recurring Basis (Detail) - Warrants [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability	$ 14	$ 126
Quoted Prices in Active Markets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant Other Unobservable Inputs (Level 3) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability	14	126
Significant Other Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability	$ 14	$ 126

Description of Business and S21

Description of Business and Summary of Significant Accounting Policies - Activity for Liabilities Measured at Estimated Fair Value Using Unobservable Inputs (Detail) - Significant Other Unobservable Inputs (Level 3) [Member] - Warrants [Member] $ in Thousands	9 Months Ended
	Dec. 31, 2015USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Warrant Derivative Liability, Beginning balance	$ 126
Issuances	0
Adjustments to estimated fair value	27
Warrant liability removal due to settlements	(139)
Warrant liability reclassified to equity	0
Warrant Derivative Liability, Ending balance	$ 14

Derivative Liability - Addition

Derivative Liability - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2015
Derivative [Line Items]
Warrants maturity term	5 years	5 years					5 years	5 years
Estimated fair value of the outstanding warrant liabilities			$ 14,000		$ 14,000				$ 126,000
Change in fair value of warrant liabilities			$ (2,000)	$ 40,000	$ 27,000	$ (24,000)
Exercised derivative liabilities			0	0	38,234	8,647
Warrants [Member]
Derivative [Line Items]
Estimated fair value of the outstanding warrant liabilities			$ 14,000		$ 14,000				$ 126,000

Derivative Liability - Assumpti

Derivative Liability - Assumptions Used to Value Derivative Liabilities at Closing Dates of Private Placements (Detail) - Warrant Derivative Liability [Member] - $ / shares	9 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Closing price per share of common stock	$ 2.49	$ 7.25	$ 3.54
Exercise price per share	$ 1	$ 1	$ 1
Expected volatility	71.90%	76.50%	76.80%
Risk-free interest rate	0.65%	0.67%	0.56%
Dividend yield	0.00%	0.00%	0.00%
Remaining expected term of underlying securities (years)	1 year 2 months 16 days	2 years 2 months 16 days	1 year 11 months 16 days

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Jun. 18, 2015	Aug. 02, 2013	Nov. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Aug. 31, 2015	Mar. 31, 2015	Feb. 27, 2015	Aug. 31, 2013	Jul. 17, 2013	Jan. 31, 2012	May. 31, 2008
Class Of Stock [Line Items]
Issuance of common stock				92,413,951		92,413,951			81,536,724
Offering price per share		$ 4.50
Proceeds from issuance of common stock		$ 43,400,000
Underwriting discounts and commissions and other offering expenses		$ 3,200,000
Issuance of common stock from stock options exercises, net, Shares				88,438	9,961
Common stock, par value				$ 0.001		$ 0.001			$ 0.001
Issuance of common stock from warrant exercises, net, Shares				0	100,000	30,186	210,600
Warrants exercised				0	100,000	38,234	211,647
Stock option exercised				88,438	10,612	116,001	99,358
Stock option granted with immediate vesting				2,259	3,703	105,210	109,808
Research and development expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses				$ 2,000	$ 4,000	$ 5,000	$ 12,000
General and administrative expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses				$ 24,000	$ 44,000	$ 198,000	$ 303,000
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Restricted stock surrendered				2,259	3,703	105,210	109,808
Restricted stock awards vested during the period				6,250	8,750	200,000	205,000
Restricted stock [Member]
Class Of Stock [Line Items]
Restricted stock awards vested during the period						200,000
Total employee stock-based compensation recorded as operating expenses				$ 26,000	$ 48,000	$ 203,000	$ 315,000
Unrecognized restricted stock-based compensation expense				$ 15,000		$ 15,000
Total unrecognized compensation cost related, weighted average period						3 months
Equity Distribution Agreement [Member]
Class Of Stock [Line Items]
Issuance of common stock				2,532,180		2,532,180
Value of shares sold under equity distribution agreement					$ 0	$ 19,600,000	$ 16,100,000
Issuance of common stock from stock options exercises, net, Shares				0	0	0	2,197,768
Equity Offering Sales Agreement [Member]
Class Of Stock [Line Items]
Issuance of common stock				1,000,000		1,000,000
Issuance of common stock from stock options exercises, net, Shares				0	0	0	0
Gross proceeds from sale of common stock shares						$ 6,200,000
2015 Underwriting Agreement [Member]
Class Of Stock [Line Items]
Stock option exercisable, period	30 days
Additional common stock issued on exercise of option by underwriters	1,413,750
Maximum [Member] | Equity Distribution Agreement [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount				$ 26,777,785		$ 26,777,785
Number of shares to be offered and sold in equity distribution agreement			4,000,000
IPO [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount										$ 190,000,000		$ 100,000,000
Secondary Offering [Member]
Class Of Stock [Line Items]
Issuance of common stock		10,350,000
Offering price per share		$ 4.23
Secondary Offering [Member] | 2015 Underwriting Agreement [Member]
Class Of Stock [Line Items]
Offering price per share	$ 4.25
Issuance of common stock from stock options exercises, net, Shares	10,838,750
Gross proceeds from sale of common stock shares	$ 43,100,000
Common stock, par value	$ 0.001
Over Allotment Option [Member] | 2015 Underwriting Agreement [Member]
Class Of Stock [Line Items]
Issuance of common stock	9,425,000
Sale of stock price per share net of fees	$ 3.995
Exercise of Stock Options [Member]
Class Of Stock [Line Items]
Issuance of common stock from stock options exercises, net, Shares						116,001	98,707
Equity Incentive Plan 2008 [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued														1,521,584
Termination date of Equity Incentive Plan						Jul. 1, 2018
Shares issued during the year						0
Equity Incentive Plan 2012 [Member]
Class Of Stock [Line Items]
Common shares authorized to be issued								6,000,000			5,000,000		6,553,986
Shares available for issuance								17,553,986
Termination period of Equity Incentive Plan						10 years
Underwriting Agreement [Member] | Over Allotment Option [Member]
Class Of Stock [Line Items]
Issuance of common stock		1,350,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Company's Restricted Stock Award Activity (Detail) - Restricted stock [Member]	9 Months Ended
	Dec. 31, 2015shares
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares	258,750
Granted, Number of Shares	0
Vested, Number of Shares	(200,000)
Canceled / forfeited, Number of Shares	(2,500)
Ending balance, Unvested, Number of Shares	56,250

Stockholders' Equity - Additi26

Stockholders' Equity - Additional Information 1 (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Class Of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares	88,438	10,612	116,001	99,358
Weighted-average remaining contractual term of options exercisable			6 years 2 months 27 days
Weighted-average remaining contractual term of options outstanding			6 years 2 months 27 days
Total unrecognized compensation cost related to unvested stock option grants	$ 14,500,000		$ 14,500,000
Research and development expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	2,000	$ 4,000	5,000	$ 12,000
General and administrative expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	$ 24,000	$ 44,000	$ 198,000	$ 303,000
2012 Plan [Member]
Class Of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares	167,239	310,203	2,621,972	867,058
Stock options [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	$ 3,072,000	$ 1,533,000	$ 6,846,000	$ 4,900,000
Total unrecognized compensation cost related, weighted average period			2 years 7 months 21 days
Stock options [Member] | Research and development expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	309,000	327,000	$ 935,000	856,000
Stock options [Member] | General and administrative expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	$ 2,763,000	$ 1,206,000	$ 5,911,000	$ 4,044,000
Stock options [Member] | 2012 Plan [Member]
Class Of Stock [Line Items]
Award vesting conditions			stock options generally vest (i) on the one year anniversary of the grant date, (ii) quarterly over a three year period, or (iii) over a four-year period, with 25% vesting on either the one year anniversary of employment or the one year anniversary of the vesting commencement date
Stock options [Member] | 2012 Plan [Member] | Yearly Vesting [Member]
Class Of Stock [Line Items]
Award vesting percentage			25.00%

Stockholders' Equity - Summar27

Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance			7,113,548
Granted, Options Outstanding			2,621,972
Canceled / forfeited, Options Outstanding			(305,530)
Exercised, Options Outstanding	(88,438)	(10,612)	(116,001)	(99,358)
Options Outstanding, Ending balance	9,313,989		9,313,989
Vested and Exercisable, Options Outstanding	4,845,925		4,845,925
Weighted-Average Exercise Price, Options Beginning balance			$ 5.21
Options granted, Weighted-Average Exercise Price			4.08
Options canceled / forfeited, Weighted-Average Exercise Price			6.13
Options exercised, Weighted-Average Exercise Price			2.76
Weighted-Average Exercise Price, Options Ending balance	$ 4.88		4.88
Vested and Exercisable, Weighted-Average Exercise Price	$ 4.39		$ 4.39
Aggregate Intrinsic Value, Options Beginning balance			$ 4,969,499
Options Exercised, Aggregate Intrinsic Value			112,441
Aggregate Intrinsic Value, Options Ending balance	$ 2,777,141		2,777,141
Vested and Exercisable at December 31, 2015	$ 2,469,941		$ 2,469,941

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value of Employee Stock Options (Detail) - $ / shares	1 Months Ended		3 Months Ended		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield			0.00%	0.00%	0.00%	0.00%
Volatility	76.78%	96.90%	71.90%	77.00%	74.10%	77.10%
Risk-free interest rate	1.37%	0.60%	1.64%	1.67%	1.61%	1.64%
Expected life of options			6 years	6 years	6 years	6 years
Weighted average grant date fair value			$ 2.16	$ 4.49	$ 2.67	$ 4.86

Stockholders' Equity - Additi29

Stockholders' Equity - Additional Information 2 (Detail) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2012	Mar. 31, 2011
Class Of Stock [Line Items]
Warrant liability reduced						$ 139,000	$ 55,000
Exercised derivative liabilities			0	0		38,234	8,647
Warrants to purchase common stock	145,000	75,000
Warrants maturity term	5 years	5 years						5 years	5 years
Volatility	76.78%	96.90%	71.90%	77.00%		74.10%	77.10%
Risk-free interest rate	1.37%	0.60%	1.64%	1.67%		1.61%	1.64%
Recognized expenses of warrants				$ 39,000			$ 241,000
Warrants earned, service period	17 months	12 months
Warrants issued					50,000
Weighted-average remaining contractual term of options exercisable						6 years 2 months 27 days
Preferred stock, shares authorized			25,000,000			25,000,000
Preferred stock, shares outstanding			0			0
Consultation Service Agreement September 2014
Class Of Stock [Line Items]
Recognized expenses of warrants							273,000
Consultation Service Agreement November 2014
Class Of Stock [Line Items]
Recognized expenses of warrants			$ 6,000	$ 35,000		$ 31,000	$ 35,000
Minimum [Member]
Class Of Stock [Line Items]
Warrants exercisable price, per share			$ 0.85			$ 0.85
Maximum [Member]
Class Of Stock [Line Items]
Warrants exercisable price, per share			$ 7.62			$ 7.62
Warrants [Member]
Class Of Stock [Line Items]
Number of warrant exercised through cashless			0	0		38,234	8,647
Cashless exercise for issuance of common stock						30,186	7,600
Number Of Warrants Exercised				100,000			203,000
Warrants exercisable price, per share	$ 6.84	$ 7.36
Warrant liability reduced				$ 221,000			$ 445,000
Amount reversed against operating expense						$ 130,000
Warrants liability						$ 139,000	$ 55,000
Estimated fair value of warrants	$ 309,000	$ 404,000
Weighted-average remaining contractual term of options exercisable						1 year 7 months 17 days
Warrants [Member] | Minimum [Member]
Class Of Stock [Line Items]
Warrants exercisable price, per share				$ 1			$ 1
Warrants [Member] | Maximum [Member]
Class Of Stock [Line Items]
Warrants exercisable price, per share				$ 2.21			$ 2.21

Stockholders' Equity - Summar30

Stockholders' Equity - Summary of Warrant Activity (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance			7,113,548
Granted, Options Outstanding			2,621,972
Exercised, Options Outstanding	(88,438)	(10,612)	(116,001)	(99,358)
Options Outstanding, Ending balance	9,313,989		9,313,989
Weighted-Average Exercise Price, Options Beginning balance			$ 5.21
Granted, Weighted-Average Exercise Price			4.08
Exercised, Weighted-Average Exercise Price			2.76
Weighted-Average Exercise Price, Options Ending balance	$ 4.88		$ 4.88
Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance			1,178,109
Granted, Options Outstanding			0
Exercised, Options Outstanding			(38,234)
Cancelled, Options Outstanding			(37,500)
Options Outstanding, Ending balance	1,102,375		1,102,375
Weighted-Average Exercise Price, Options Beginning balance			$ 2.59
Granted, Weighted-Average Exercise Price			0
Exercised, Weighted-Average Exercise Price			1
Cancelled, Weighted-Average Exercise Price			7.36
Weighted-Average Exercise Price, Options Ending balance	$ 2.49		$ 2.49

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail)	Dec. 31, 2015shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	17,129,048
Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,102,375
Stock options [Member] | Equity Incentive Plan 2008 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	622,192
Stock options [Member] | Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	15,404,481

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Dec. 28, 2015USD ($)ft²	Jan. 09, 2015USD ($)ft²	Dec. 05, 2013USD ($)ft²	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2015	Mar. 12, 2015ft²
Commitments And Contingencies Disclosure [Abstract]
Leasehold improvements | $						$ 374,000	$ 47,000	$ 518,000
Rent expense | $				$ 254,000	$ 235,000	803,000	$ 705,000
Base rent under the lease | $	$ 15,000	$ 12,000	$ 38,800			$ 38,800
Base rent escalators		3.00%	3.00%						3.00%
Lease term with option to extend						48 months
Increased office space size			15,268							335
Area of leased office space	12,088	5,803	15,539
Total office space under lease agreement			30,807
Lease expiration date			Aug. 1, 2016
Rent expense per month | $			$ 38,934
Additional office space			14,500
Expansion premises commencement date						Sep. 1, 2014
Increase of net adjustment leased space										88
Lease term	12 months	36 months
Lease rental period start date	Feb. 1, 2016	Feb. 1, 2015
Lease rental period end date	Jan. 31, 2017	Jan. 31, 2018

Commitments and Contingencies33

Commitments and Contingencies - Future Minimum Rental Payments Required under Operating Leases that have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
Fiscal year ended March 31, 2016	$ 319
Fiscal year ended March 31, 2017	1,307
Fiscal year ended March 31, 2018	1,145
Fiscal year ended March 31, 2019	1,041
Fiscal year ended March 31, 2020	1,072
Thereafter	1,572
Total	$ 6,456