Organovo (ONVO) 10-Q 3 Nov 16 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		103,865,862

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Current Assets
Cash and cash equivalents	$ 51,723	$ 62,091
Accounts receivable	606	259
Inventory, net	445	334
Prepaid expenses and other current assets	908	968
Total current assets	53,682	63,652
Fixed assets, net	3,647	3,711
Restricted cash	79	79
Other assets, net	128	134
Total assets	57,536	67,576
Current Liabilities
Accounts payable	754	787
Accrued expenses	2,831	2,450
Deferred rent	147	139
Deferred revenue	479	1,110
Warrant liabilities	9	4
Total current liabilities	4,220	4,490
Deferred rent, net of current portion	829	905
Total liabilities	5,049	5,395
Commitments and Contingencies (Note 4)	0	0
Stockholders’ Equity
Common stock, $0.001 par value; 150,000,000 shares authorized, 93,750,862 and 92,391,989 shares issued and outstanding at September 30, 2016 and March 31, 2016, respectively	94	92
Additional paid-in capital	231,479	222,959
Accumulated deficit	(179,079)	(160,870)
Unrealized gain (loss) on foreign currency revaluation	(7)	0
Total stockholders’ equity	52,487	62,181
Total Liabilities and Stockholders’ Equity	$ 57,536	$ 67,576

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Mar. 31, 2016
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	93,750,862	92,391,989
Common stock, shares outstanding	93,750,862	92,391,989

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Products and services	$ 1,023	$ 187	$ 1,697	$ 396
Collaborations	345	19	557	33
Grants	8	95	12	178
Total Revenues	1,376	301	2,266	607
Cost of revenues	393	0	561	0
Research and development expenses	4,544	4,739	8,987	8,881
Selling, general, and administrative expenses	5,918	6,846	10,974	11,468
Total costs and expenses	10,855	11,585	20,522	20,349
Loss from Operations	(9,479)	(11,284)	(18,256)	(19,742)
Other Income (Expense)
Change in fair value of warrant liabilities	0	9	(5)	(28)
Interest income	37	18	74	25
Total Other Income (Expense)	37	27	69	(3)
Income Tax Expense	0	0	(22)	(3)
Net Loss	(9,442)	(11,257)	(18,209)	(19,748)
Currency Translation Adjustment	(7)	0	(7)	0
Comprehensive Loss	$ (9,449)	$ (11,257)	$ (18,216)	$ (19,748)
Net loss per common share—basic and diluted	$ (0.10)	$ (0.12)	$ (0.20)	$ (0.23)
Weighted average shares used in computing net loss per common share—basic and diluted	93,185,400	92,385,150	92,790,850	87,715,217

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities
Net loss	$ (18,209,000)	$ (19,748,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	502,000	324,000
Change in fair value of warrant liabilities	5,000	28,000
Stock-based compensation	3,522,000	3,952,000
Amortization of warrants issued for services	0	(105,000)
Increase (decrease) in cash resulting from changes in:
Accounts receivable	(347,000)	(180,000)
Inventory	(111,000)	(2,000)
Prepaid expenses and other assets	80,000	337,000
Accounts payable	(33,000)	(820,000)
Accrued expenses	381,000	164,000
Deferred rent	(68,000)	(21,000)
Deferred revenue	(631,000)	1,150,000
Net cash used in operating activities	(14,909,000)	(14,921,000)
Cash Flows From Investing Activities
Purchases of fixed assets	(452,000)	(1,550,000)
Proceeds from disposals of fixed assets	0	14,000
Purchases of intangible assets	0	(35,000)
Net cash used in investing activities	(452,000)	(1,571,000)
Cash Flows From Financing Activities
Proceeds from issuance of common stock and exercise of warrants, net	4,500,000	43,137,000
Proceeds from exercise of stock options	500,000	81,000
Principal payments on capital lease obligations	0	(5,000)
Net cash provided by financing activities	5,000,000	43,213,000
Effect of currency exchange rate changes on cash and cash equivalents	(7,000)	0
Net Increase (Decrease) in Cash and Cash Equivalents	(10,368,000)	26,721,000
Cash and Cash Equivalents at Beginning of Period	62,091,000	50,142,000
Cash and Cash Equivalents at End of Period	51,723,000	76,863,000
Supplemental Disclosure of Cash Flow Information:
Interest paid	0	0
Income taxes paid	$ 22,000	$ 3,000

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	6 Months Ended
	Sep. 30, 2015USD ($)
Statement Of Cash Flows [Abstract]
Warrant liability reduced	$ 138
Leasehold improvements	$ 374

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2016
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. Our consolidated financial statements include the accounts of the Company as well as its wholly-owned subsidiaries, with all material intercompany accounts and transactions eliminated in consolidation. In December 2014, we established a wholly-owned subsidiary, Samsara Sciences, Inc., to focus on the acquisition of qualified cells in support of our commercial and research endeavors. In September 2015, we established another wholly-owned subsidiary in the United Kingdom, Organovo U.K., Ltd., for the primary purpose of establishing a sales presence in Europe. 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 ExVive™ Human Liver Tissue for use in toxicology and other preclinical drug testing. In September 2016, the Company announced that it had begun commercial contracting for services relating to its second product, the ExVive Human Kidney tissue. 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 to support its operations 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, 2016 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 on Form 10-K for the year ended March 31, 2016, filed with the Securities and Exchange Commission (the “SEC”) on June 9, 2016. Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2017. Liquidity As of September 30, 2016, the Company had an accumulated deficit of approximately $179.1 million. The Company also had negative cash flows from operations of approximately $14.9 million during the six months ended September 30, 2016. Through September 30, 2016, the Company has financed its operations primarily through the sale of convertible notes, the private placement of equity securities, the sale of common stock through public offerings, and through revenue derived from product and research service-based agreements, collaborative research agreements, and grants. In addition, on October 25, 2016, the Company closed the issuance and sale of 10,065,000 shares of its common stock in an underwritten public offering. The Company received net proceeds of approximately $25.6 million in the offering, after deducting underwriting discounts and commissions and the Company’s estimated expenses. 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’s future capital needs will depend on the revenues it generates through its commercialization efforts and the resources it elects to spend to pursue its product development efforts and implement its business plan. As a result, the Company cannot predict with certainty when it may be required or otherwise elect to secure additional capital to fund its future operations and business plans. The Company intends to cover its future operating expenses through cash on hand, through revenue derived from research service agreements, product sales, collaborative research agreements, grants, 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 change 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 September 30 and March 31, 2016 (in thousands): Balance at September 30, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 9 — — $ 9 Balance at March Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 4 — — $ 4 The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for the six months ended September 30, 2016: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Warrant Derivative Liability (in thousands) Balance at March 31, 2016 $ 4 Issuances — Adjustments to estimated fair value 5 Warrant liability removal due to settlements — Warrant liability reclassified to equity — Balance at September 30, 2016 $ 9 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 September 30, 2016 and March 31, 2016, the Company had approximately $479,000 and $1,110,000, 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. 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, which may include 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). In November 2014, the Company entered into a collaborative nonexclusive research affiliation with a university medical school and a non-profit medical charity, under which the Company received a one-time grant from the charity towards the placement of a NovoGen Bioprinter at the university for the purpose of developing bioprinted tissues for surgical transplantation research. The Company has recorded $12,500 for each of the three months ended September 30, 2016 and 2015 and $25,000 for each of the six months ended September 30, 2016 and 2015, respectively, in revenue related to this collaboration in recognition of the proportional performance achieved. In April 2015, the Company entered into a research collaboration agreement with a third party to develop custom tissue models for fixed fees. Based on the proportional performance achieved under this agreement, no collaboration revenue was recorded for the three and six months ended September 30, 2016 or 2015. Approximately $352,000 in collaboration revenue has been recognized to date under this agreement as of September 30, 2016. Also in April 2015, the Company entered into a multi-year research agreement with a third party to develop multiple custom tissue models for use in drug development. Approximately $332,000 and $533,000 were recorded as revenue in recognition of the proportional performance achieved under this agreement during the three and six months ended September 30, 2016, respectively. Approximately $5,000 was recorded as revenue in recognition of the proportional performance achieved under this agreement during the three and six months ended September 30, 2015. In June 2016, the Company announced it had entered into another collaborative nonexclusive research affiliation with a university medical school and a non-profit medical charity, under which the Company received a one-time grant from the charity towards the placement of a NovoGen Bioprinter at the university for the purpose of developing bioprinted tissues for skeletal disease research. The Company received an up-front payment in June 2016, which has initially been recorded as deferred revenue. No revenue has been recorded under this agreement as of September 30, 2016. 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. 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 $8,000 and $12,000 for the three and six months ended September 30, 2016, respectively. Revenue recognized under this grant was approximately $21,000 and $30,000 for the three and six months ended September 30, 2015, 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 $74,000 and $148,000 for the three and six months ended September 30, 2015, respectively. The full amount of this grant has been recognized as revenue as of September 30, 2015. Cost of revenues We reported $0.4 million and $0.6 million in cost of revenues for the three and six months ended September 30, 2016, respectively. This is our second period reporting this expense line item, which captures all of our costs related to manufacturing and delivering our product and service revenue. Cost of revenues for the three and six months ended September 30, 2015 was minimal and was included in research and development expense. 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, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), 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 six months ended September 30, 2016 or 2015, 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 13.2 million for the three and six months ended September 30, 2016, and 10.5 million for the three and six months ended September 30, 2015.

Derivative Liability

Derivative Liability	6 Months Ended
	Sep. 30, 2016
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 $9,000 and $4,000 as of September 30, 2016 and March 31, 2016, respectively. The changes in fair value of the derivative liabilities were decreases of approximately $0 and $9,000 for the three months ended September 30, 2016 and 2015, respectively, and increases of approximately $5,000 and $28,000 for the six months ended September 30, 2016 and 2015, respectively, and are included in other income (expense) in the statements of operations. During the three months ended September 30, 2016 and 2015, no warrants that were classified as derivative liabilities were exercised. During the six months ended September 30, 2016 and 2015, 0 and 38,234 warrants, respectively, that were classified as derivative liabilities were exercised. The warrants were revalued as of the applicable 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: September 30, 2016 March 31, 2016 Closing price per share of common stock $ 3.79 $ 2.17 Exercise price per share $ 1.00 $ 1.00 Expected volatility 72.82 % 73.35 % Risk-free interest rate 0.45 % 0.59 % Dividend yield — — Remaining expected term of underlying securities (years) 0.46 0.96

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Sep. 30, 2016
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. As of September 30, 2016, 3,578,760 shares remain available for issuance under the 2012 plan. 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. The 2013 Shelf was declared effective by the SEC on July 26, 2013. On July 20, 2016, the Company filed a post-effective amendment to the 2013 Shelf to deregister the $26,777,784 of common stock remaining unsold as of such date under the 2013 Shelf. As a result of the post-effective amendment, no further shares of common stock may be issued pursuant to the 2013 Shelf. 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. The 2015 Shelf was declared effective by the SEC on March 17, 2015. On October 25, 2016, the Company closed the issuance and sale of 10,065,000 shares (the “2016 Offering”) of its common stock. The 2016 Offering was effected pursuant to an Underwriting Agreement (the “2016 Underwriting Agreement”), dated October 20, 2016, with Jefferies LLC (the “Representative”), acting as representative of the underwriters named in the 2016 Underwriting Agreement. The price to the public in the 2016 Offering was $2.75 per share, and the underwriters purchased the shares from the Company pursuant to the 2016 Underwriting Agreement at a price of $2.585 per share. The net proceeds to the Company from the 2016 Offering were approximately $25.6 million after deducting underwriting discounts and commissions and estimated expenses payable by the Company. The 2016 Offering was made pursuant to the Company’s 2015 Shelf. 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 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. In December 2014, the Company entered into an equity offering sales agreement, or the 2014 Sales Agreement, with Cantor Fitzgerald. Under the terms of the 2014 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. During the three and six months ended September 30, 2015, the Company issued no shares of common stock in at-the-market offerings under the 2014 Sales Agreement. During the three and six months ended September 30, 2016, the Company issued 997,181 shares of common stock in at-the-market offerings under the 2014 Sales Agreement with net proceeds of approximately $4.5 million, after deducting underwriting discounts and commissions and expenses payable by the Company. As of September 30, 2016, the Company has sold an aggregate of 1,997,181 shares of common stock in at-the-market offerings under the 2014 Sales Agreement, with net proceeds of approximately $10.8 million. On July 20, 2016, the Company filed a prospectus supplement to move the remaining shares of common stock that previously could have been sold pursuant to the 2014 Sales Agreement under the 2013 Shelf to the 2015 Shelf, which does not expire until March 17, 2018. Based on sales through September 30, 2016, the Company can sell an additional $21.9 million of shares pursuant to the 2014 Sales Agreement under the 2015 Shelf. During the three months ended September 30, 2016 and 2015, the Company issued 123,104 and 0 shares of common stock upon the exercise of 160,000 and 0 warrants, respectively. During the six months ended September 30, 2016 and 2015, the Company issued 123,104 and 30,186 shares of common stock upon the exercise of 160,000 and 38,234 warrants, respectively. Finally, during the three months ended September 30, 2016 and 2015, the Company issued 206,266 and 2,060 shares of common stock upon the exercise of 206,266 and 2,060 stock options, respectively. During the six months ended September 30, 2016 and 2015, the Company issued 206,266 and 27,563 shares of common stock upon exercise of 206,266 and 27,563 stock options, respectively. Restricted stock awards During the three months ended September 30, 2016 and 2015, there were 0 and 100,692 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 0 and 187,500 restricted stock awards, respectively. During the six months ended September 30, 2016 and 2015, there were 2,259 and 102,951 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 193,750 restricted stock awards, 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, 2016 through September 30, 2016 is as follows: Number of Shares Unvested at March 31, 2016 6,250 Granted — Vested (6,250 ) Canceled / forfeited — Unvested at September 30, 2016 — The fair value of each restricted 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 general and administrative expenses for employees and non-employees of approximately $0 and $71,000 for the three months ended September 30, 2016 and 2015, respectively, and approximately $3,000 and $174,000 for the six months ended September 30, 2016 and 2015, respectively. The Company recorded restricted stock-based compensation expense in research and development expenses for employees of approximately $0 and $3,000 for the three months ended September 30, 2016 and 2015, respectively, and approximately $0 and $3,000 for the six months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, there was no unrecognized stock-based compensation expense for restricted stock awards. Restricted stock units During the three and six months ended September 30, 2016, the Company issued restricted stock units for an aggregate of 645,900 and 1,165,750 shares of common stock, respectively, to its employees and directors. These shares of common will be issued upon vesting of the restricted stock units. Vesting generally occurs (i) on the one-year anniversary of the grant date, (ii) quarterly over a three-year period, (iii) quarterly over a four-year period, (iv) over a four-year period, with 25% vesting on the one-year anniversary of the vesting commencement date and the remainder vesting ratably on a quarterly basis over the next twelve quarters, or (v) over a three-year period with 50% vesting on the two-year anniversary of the vesting commencement date and 50% vesting on the three-year anniversary of the vesting commencement date. A summary of the Company’s restricted stock unit activity from March 31, 2016 through September 30, 2016 is as follows: Number of Shares Weighted Average Price Unvested at March 31, 2016 — $ — Granted 1,165,750 $ 3.66 Vested (34,581 ) $ 3.85 Canceled / forfeited (1,700 ) $ 3.21 Unvested at September 30, 2016 1,129,469 $ 3.66 The fair value of each restricted stock unit is recognized as stock-based compensation expense over the vesting term of the award. The fair value is based on the closing stock price on the date of the grant. The Company recorded restricted stock-based compensation expense in operating expenses for employees of approximately $349,000 and $370,000 for the three and six months ended September 30, 2016, respectively. Stock-based compensation expense included in research and development was $114,000 and $132,000 for the three and six months ended September 30, 2016, respectively. Stock-based compensation expense included in general and administrative expense was $235,000 and $238,000 for the three and six months ended September 30, 2016, respectively. As of September 30, 2016, total unrecognized stock-based compensation expense related to restricted stock units was approximately $3,896,000, which will be recognized over a weighted average period of 3.25 years. Stock options Under the 2012 Plan, 1,386,500 and 692,092 stock options were issued during the three months ended September 30, 2016 and 2015, respectively, and 1,803,140 and 2,454,733 stock options were issued during the six months ended September 30, 2016 and 2015, respectively, at various exercise prices based on the closing market price of the Company’s common stock on the date of the grant. The stock options generally vest (i) on the one-year anniversary of the grant date, (ii) quarterly over a three-year period, (iii) quarterly over a four-year period, or (iv) over a four-year period, with 25% vesting on the one-year anniversary of the vesting commencement date, and the remainder vesting on a monthly basis ratably over the remaining term. A summary of the Company’s stock option activity for the six months ended September 30, 2016 is as follows: Options Outstanding Weighted- Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2016 9,614,627 $ 4.79 $ 1,927,137 Options granted 1,803,140 $ 3.85 Options canceled / forfeited (56,955 ) $ 5.05 Options exercised (206,266 ) $ 2.42 $ 328,691 Outstanding at September 30, 2016 11,154,546 $ 4.68 $ 7,439,063 Vested and Exercisable at September 30, 2016 6,347,222 $ 4.59 $ 6,054,006 The weighted-average remaining contractual term of options exercisable and outstanding at September 30, 2016 was approximately 5.96 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 Six Months Ended Six Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Dividend yield — — — — Volatility 72.28 % 74.26 % 72.04 % 74.25 % Risk-free interest rate 1.07 % 1.48 % 1.10 % 1.60 % Expected life of options 6.00 years 6.00 years 6.00 years 6.00 years Weighted average grant date fair value $ 2.57 $ 1.39 $ 2.44 $ 2.70 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 $1,734,000 and $2,098,000 for the three months ended September 30, 2016 and 2015, respectively, and $3,139,000 and $3,775,000 for the six months ended September 30, 2016 and 2015, respectively. Expense included in research and development was $260,000 and $277,000 for the three months ended September 30, 2016 and 2015, respectively, and $650,000 and $626,000 for the six months ended September 30, 2016 and 2015, respectively. Expense included in general and administrative was $1,474,000 and $1,821,000 for the three months ended September 30, 2016 and 2015, respectively, and $2,489,000 and $3,149,000 for the six months ended September 30, 2016 and 2015, respectively. The total unrecognized compensation cost related to unvested stock option grants as of September 30, 2016 was approximately $13,580,000 and the weighted average period over which these awards are expected to vest is 2.52 years. Employee Stock Purchase Plan In June 2016, our Board of Directors adopted, and in August 2016 stockholders subsequently approved, the 2016 Employee Stock Purchase Plan (“ESPP”). We reserved 1,500,000 shares of common stock for issuance thereunder. The ESPP permits employees after five months of service to purchase common stock through payroll deductions, limited to 15 percent of each employee’s compensation up to $25,000 or 10,000 shares per employee per year. Shares under the ESPP are purchased at 85 percent of the fair market value at the lower of (i) the closing price on the first trading day of the six-month purchase period or (ii) the closing price on the last trading day of the six-month purchase period. The initial offering period commenced in September 2016. At September 30, 2016, there were 1,500,000 shares available for purchase under the ESPP. The Company uses the Black-Scholes valuation model to calculate the fair value of ESPP shares. Stock-based compensation expense is recognized over the purchase period using the straight-line method. The fair value of ESPP shares was estimated at the purchase period commencement date using the following weighted average assumptions: Three Months Ended Six Months Ended September 30, 2016 September 30, 2016 Dividend yield — — Volatility 72.89 % 72.89 % Risk-free interest rate 0.47 % 0.47 % Expected term 0.50 years 0.50 years Weighted average grant date fair value $ 1.22 $ 1.22 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 expected life is the 6-month purchase period. Warrants During the three and six months ended September 30, 2016, 160,000 warrants were exercised through a cashless exercise provision in exchange for the issuance of 123,104 shares of common stock. During the three and six months ended September 30, 2015, 0 and 38,234 warrants were exercised through a cashless exercise provision in exchange for the issuance of 0 and 30,186 shares of common stock. In addition, during the six ended September 30, 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 six months ended September 30, 2016 and 2015, 0 and 38,234, respectively, were derivative liabilities and were valued at the settlement date. For the six months ended September 30, 2016 and 2015, respectively, approximately $0 and $138,000, respectively, of the warrant liability was extinguished due to the exercise of these warrants. (See Note 2). 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 was 95,000, based on management’s judgment of the satisfaction of specific performance metrics. The fair value of the warrants was estimated to be approximately $74,000, which was revalued and amortized over the term of the consulting agreement. The following table summarizes warrant activity for the six months ended September 30, 2016: Warrants Weighted- Average Exercise Price Balance at March 31, 2016 1,046,813 $ 2.29 Granted — $ — Exercised (160,000 ) $ 1.00 Cancelled — $ — Balance at September 30, 2016 886,813 $ 2.52 The warrants outstanding at September 30, 2016 are exercisable at prices between $0.85 and $7.62 per share, and have a weighted average remaining term of approximately 0.86 years. Common stock reserved for future issuance Common stock reserved for future issuance consisted of the following at September 30, 2016: Common stock warrants outstanding 886,813 Common stock options outstanding under the 2008 Plan 622,192 Common stock options outstanding and reserved under the 2012 Plan 14,111,114 Common stock reserved under the 2016 Employee Stock Purchase Plan 1,500,000 Restricted stock units outstanding under the 2012 Plan 1,129,469 Total 18,249,588 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 current plans to issue shares of preferred stock.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 4. Commitments and Contingencies Operating leases The Company leases laboratory and office space in San Diego, California under three non-cancelable leases as described below. Since July 2012, the Company has leased its main facilities at 6275 Nancy Ridge Drive, San Diego, CA 92121. The lease, as amended in 2013 and 2015, consists of approximately 30,895 rentable square feet containing laboratory, clean room and office space. Monthly rental payments are currently approximately $83,000 per month with 3% annual escalators. The lease term expires September 1, 2021 with the option to terminate on or after September 1, 2019. The Company also has a right of first refusal on adjacent additional premises of approximately 14,700 square feet. 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% 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. Rent expense was approximately $302,000 and $272,000 for the three months ended September 30, 2016 and 2015, respectively, and $605,000 and $549,000 for the six months ended September 30, 2016 and 2015, respectively. Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2016, are as follows (in thousands): Fiscal year ended March 31, 2017 $ 642 Fiscal year ended March 31, 2018 1,148 Fiscal year ended March 31, 2019 1,044 Fiscal year ended March 31, 2020 1,072 Fiscal year ended March 31, 2021 1,104 Thereafter 468 Total $ 5,478 Legal Matters In addition to commitments and obligations in the ordinary course of business, the Company may be subject, from time to time, to various claims and pending and potential legal actions arising out of the normal 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. However, the outcome of legal proceedings and claims brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period, the Company’s consolidated financial statements for that reporting period could be materially adversely affected.

Concentrations

Concentrations	6 Months Ended
	Sep. 30, 2016
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 primarily located within 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. The Company is also potentially subject to concentrations of credit risk in its revenues and accounts receivable. Because it is in the early commercial stage, the Company’s revenues to date have been derived from a relatively small number of customers and collaborators. However, the Company has not historically experienced any accounts receivable write-downs and management does not believe significant credit risk exists as of September 30, 2016.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Sep. 30, 2016
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, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard was originally effective for public companies for annual reporting periods beginning after December 15, 2016, with no early application permitted. In August 2015, the FASB issued ASU No. 2015-14 that defers by one year the effective date for all entities, with application permitted as of the original effective date. The updated standard becomes effective for us on April 1, 2018, with early adoption permitted as of April 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that this update will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of this updated standard on our ongoing financial reporting. In February 2016, the FASB issued ASU 2016-02, Leases, which requires an entity to recognize lease assets and lease liabilities on the balance sheet for leases with terms of more than 12 months and to disclose key information about leasing arrangements. This new guidance is effective for us on April 1, 2019, with early adoption permitted in any interim or annual period. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 7. Subsequent Events On October 25, 2016, the Company closed the issuance and sale of 10,065,000 shares (the “2016 Offering”) of its common stock, par value $0.001 per share, which included 1,065,000 shares of common stock issued pursuant to the partial exercise of the Underwriters’ option to purchase additional shares. The 2016 Offering was effected pursuant to an Underwriting Agreement (the “2016 Underwriting Agreement”), dated October 20, 2016, with Jefferies LLC (the “Representative”), acting as representative of the underwriters named in the 2016 Underwriting Agreement (the “Underwriters”). The price to the public in the 2016 Offering was $2.75 per share, and the Underwriters purchased the shares from the Company pursuant to the 2016 Underwriting Agreement at a price of $2.585 per share. The net proceeds to the Company from the 2016 Offering were approximately $25,600,000, after deducting underwriting discounts and commissions and estimated expenses payable by the Company. The 2016 Offering was made pursuant to the Company’s shelf registration statement on Form S-3, initially filed with the Securities and Exchange Commission (“SEC”) on February 27, 2015 and was declared effective by the SEC on March 17, 2015 (File No. 333-202382) and the related prospectus supplement filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”), on October 21, 2016. The 2016 Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriter, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. Concurrently with the execution of the 2016 Underwriting Agreement, each of the Company’s directors and executive officers entered into a lock-up agreement with the Underwriters that prohibits, subject to specified exceptions, the sale, transfer or other disposition of securities of the Company without the consent of the Representative for a period ending 90 days following October 20, 2016. A copy of the 2016 Underwriting Agreement is filed as Exhibit 10.3 to this Quarterly Report on Form 10-Q. The 2016 Underwriting Agreement is included as an exhibit to provide interested persons with information regarding its terms, but is not intended to provide any other factual information about the Company. The representations, warranties and covenants contained in the 2016 Underwriting Agreement were made only for purposes of the 2016 Underwriting Agreement as of specific dates indicated therein, were solely for the benefit of the parties to the 2016 Underwriting Agreement, and may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the 2016 Underwriting Agreement. On October 24, 2016, the Company signed a third amendment to the existing lease for its main facilities at 6275 Nancy Ridge Drive, San Diego, CA to lease adjacent additional premises of approximately 14,685 rentable square feet containing laboratory, clean room and office space. Monthly rental payments for this additional space will be approximately $37,000 per month with 3% annual escalators. The lease term for this additional space expires December 15, 2018.

Description of Business and S14

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2016
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. Our consolidated financial statements include the accounts of the Company as well as its wholly-owned subsidiaries, with all material intercompany accounts and transactions eliminated in consolidation. In December 2014, we established a wholly-owned subsidiary, Samsara Sciences, Inc., to focus on the acquisition of qualified cells in support of our commercial and research endeavors. In September 2015, we established another wholly-owned subsidiary in the United Kingdom, Organovo U.K., Ltd., for the primary purpose of establishing a sales presence in Europe. 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 ExVive™ Human Liver Tissue for use in toxicology and other preclinical drug testing. In September 2016, the Company announced that it had begun commercial contracting for services relating to its second product, the ExVive Human Kidney tissue. 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 to support its operations 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, 2016 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 on Form 10-K for the year ended March 31, 2016, filed with the Securities and Exchange Commission (the “SEC”) on June 9, 2016. Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2017.
Liquidity	Liquidity As of September 30, 2016, the Company had an accumulated deficit of approximately $179.1 million. The Company also had negative cash flows from operations of approximately $14.9 million during the six months ended September 30, 2016. Through September 30, 2016, the Company has financed its operations primarily through the sale of convertible notes, the private placement of equity securities, the sale of common stock through public offerings, and through revenue derived from product and research service-based agreements, collaborative research agreements, and grants. In addition, on October 25, 2016, the Company closed the issuance and sale of 10,065,000 shares of its common stock in an underwritten public offering. The Company received net proceeds of approximately $25.6 million in the offering, after deducting underwriting discounts and commissions and the Company’s estimated expenses. 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’s future capital needs will depend on the revenues it generates through its commercialization efforts and the resources it elects to spend to pursue its product development efforts and implement its business plan. As a result, the Company cannot predict with certainty when it may be required or otherwise elect to secure additional capital to fund its future operations and business plans. The Company intends to cover its future operating expenses through cash on hand, through revenue derived from research service agreements, product sales, collaborative research agreements, grants, 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 change 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 September 30 and March 31, 2016 (in thousands): Balance at September 30, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 9 — — $ 9 Balance at March Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 4 — — $ 4 The following table presents the activity for liabilities measured at estimated fair value using unobservable inputs for the six months ended September 30, 2016: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Warrant Derivative Liability (in thousands) Balance at March 31, 2016 $ 4 Issuances — Adjustments to estimated fair value 5 Warrant liability removal due to settlements — Warrant liability reclassified to equity — Balance at September 30, 2016 $ 9
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 September 30, 2016 and March 31, 2016, the Company had approximately $479,000 and $1,110,000, 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.
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, which may include 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). In November 2014, the Company entered into a collaborative nonexclusive research affiliation with a university medical school and a non-profit medical charity, under which the Company received a one-time grant from the charity towards the placement of a NovoGen Bioprinter at the university for the purpose of developing bioprinted tissues for surgical transplantation research. The Company has recorded $12,500 for each of the three months ended September 30, 2016 and 2015 and $25,000 for each of the six months ended September 30, 2016 and 2015, respectively, in revenue related to this collaboration in recognition of the proportional performance achieved. In April 2015, the Company entered into a research collaboration agreement with a third party to develop custom tissue models for fixed fees. Based on the proportional performance achieved under this agreement, no collaboration revenue was recorded for the three and six months ended September 30, 2016 or 2015. Approximately $352,000 in collaboration revenue has been recognized to date under this agreement as of September 30, 2016. Also in April 2015, the Company entered into a multi-year research agreement with a third party to develop multiple custom tissue models for use in drug development. Approximately $332,000 and $533,000 were recorded as revenue in recognition of the proportional performance achieved under this agreement during the three and six months ended September 30, 2016, respectively. Approximately $5,000 was recorded as revenue in recognition of the proportional performance achieved under this agreement during the three and six months ended September 30, 2015. In June 2016, the Company announced it had entered into another collaborative nonexclusive research affiliation with a university medical school and a non-profit medical charity, under which the Company received a one-time grant from the charity towards the placement of a NovoGen Bioprinter at the university for the purpose of developing bioprinted tissues for skeletal disease research. The Company received an up-front payment in June 2016, which has initially been recorded as deferred revenue. No revenue has been recorded under this agreement as of September 30, 2016.
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.
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 $8,000 and $12,000 for the three and six months ended September 30, 2016, respectively. Revenue recognized under this grant was approximately $21,000 and $30,000 for the three and six months ended September 30, 2015, 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 $74,000 and $148,000 for the three and six months ended September 30, 2015, respectively. The full amount of this grant has been recognized as revenue as of September 30, 2015.
Cost of revenues	Cost of revenues We reported $0.4 million and $0.6 million in cost of revenues for the three and six months ended September 30, 2016, respectively. This is our second period reporting this expense line item, which captures all of our costs related to manufacturing and delivering our product and service revenue. Cost of revenues for the three and six months ended September 30, 2015 was minimal and was included in research and development expense.
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, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), 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 six months ended September 30, 2016 or 2015, 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 13.2 million for the three and six months ended September 30, 2016, and 10.5 million for the three and six months ended September 30, 2015.

Description of Business and S15

Description of Business and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2016
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 September 30 and March 31, 2016 (in thousands): Balance at September 30, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 9 — — $ 9 Balance at March Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Warrant liability $ 4 — — $ 4
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 six months ended September 30, 2016: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Warrant Derivative Liability (in thousands) Balance at March 31, 2016 $ 4 Issuances — Adjustments to estimated fair value 5 Warrant liability removal due to settlements — Warrant liability reclassified to equity — Balance at September 30, 2016 $ 9

Derivative Liability (Tables)

Derivative Liability (Tables)	6 Months Ended
	Sep. 30, 2016
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: September 30, 2016 March 31, 2016 Closing price per share of common stock $ 3.79 $ 2.17 Exercise price per share $ 1.00 $ 1.00 Expected volatility 72.82 % 73.35 % Risk-free interest rate 0.45 % 0.59 % Dividend yield — — Remaining expected term of underlying securities (years) 0.46 0.96

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Summary of Company's Restricted Stock Award Activity	A summary of the Company’s restricted stock award activity from March 31, 2016 through September 30, 2016 is as follows: Number of Shares Unvested at March 31, 2016 6,250 Granted — Vested (6,250 ) Canceled / forfeited — Unvested at September 30, 2016 —
Summary of Company's Restricted Stock Unit Activity	A summary of the Company’s restricted stock unit activity from March 31, 2016 through September 30, 2016 is as follows: Number of Shares Weighted Average Price Unvested at March 31, 2016 — $ — Granted 1,165,750 $ 3.66 Vested (34,581 ) $ 3.85 Canceled / forfeited (1,700 ) $ 3.21 Unvested at September 30, 2016 1,129,469 $ 3.66
Summary of Stock Option Activity	A summary of the Company’s stock option activity for the six months ended September 30, 2016 is as follows: Options Outstanding Weighted- Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2016 9,614,627 $ 4.79 $ 1,927,137 Options granted 1,803,140 $ 3.85 Options canceled / forfeited (56,955 ) $ 5.05 Options exercised (206,266 ) $ 2.42 $ 328,691 Outstanding at September 30, 2016 11,154,546 $ 4.68 $ 7,439,063 Vested and Exercisable at September 30, 2016 6,347,222 $ 4.59 $ 6,054,006
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 Six Months Ended Six Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Dividend yield — — — — Volatility 72.28 % 74.26 % 72.04 % 74.25 % Risk-free interest rate 1.07 % 1.48 % 1.10 % 1.60 % Expected life of options 6.00 years 6.00 years 6.00 years 6.00 years Weighted average grant date fair value $ 2.57 $ 1.39 $ 2.44 $ 2.70
Fair Value of Employee Stock Purchase Plan	The fair value of ESPP shares was estimated at the purchase period commencement date using the following weighted average assumptions: Three Months Ended Six Months Ended September 30, 2016 September 30, 2016 Dividend yield — — Volatility 72.89 % 72.89 % Risk-free interest rate 0.47 % 0.47 % Expected term 0.50 years 0.50 years Weighted average grant date fair value $ 1.22 $ 1.22
Summary of Warrant Activity	The following table summarizes warrant activity for the six months ended September 30, 2016: Warrants Weighted- Average Exercise Price Balance at March 31, 2016 1,046,813 $ 2.29 Granted — $ — Exercised (160,000 ) $ 1.00 Cancelled — $ — Balance at September 30, 2016 886,813 $ 2.52
Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consisted of the following at September 30, 2016: Common stock warrants outstanding 886,813 Common stock options outstanding under the 2008 Plan 622,192 Common stock options outstanding and reserved under the 2012 Plan 14,111,114 Common stock reserved under the 2016 Employee Stock Purchase Plan 1,500,000 Restricted stock units outstanding under the 2012 Plan 1,129,469 Total 18,249,588

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Sep. 30, 2016
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 September 30, 2016, are as follows (in thousands): Fiscal year ended March 31, 2017 $ 642 Fiscal year ended March 31, 2018 1,148 Fiscal year ended March 31, 2019 1,044 Fiscal year ended March 31, 2020 1,072 Fiscal year ended March 31, 2021 1,104 Thereafter 468 Total $ 5,478

Description of Business and S19

Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Oct. 25, 2016	Oct. 20, 2016	Sep. 30, 2014	Aug. 31, 2013	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Mar. 31, 2016
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit					$ (179,079,000)		$ (179,079,000)		$ (179,079,000)	$ (160,870,000)
Cash flow from operations							$ 14,909,000	$ 14,921,000
Issuance of common stock					93,750,862		93,750,862		93,750,862	92,391,989
Deferred revenue					$ 479,000		$ 479,000		$ 479,000	$ 1,110,000
Revenue related to research contract					345,000	$ 19,000	557,000	33,000
Revenue recognized under grants					8,000	95,000	12,000	178,000
Cost of revenues					393,000	0	561,000	0
Dilutive effect					$ 0	$ 0	$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share					13,200,000	10,500,000	13,200,000	10,500,000
NIH Research Grants Two [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants			$ 222,000
Revenue recognized under grants						$ 74,000		$ 148,000
Private, Not-for-Profit Organization [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants					$ 8,000	21,000	$ 12,000	30,000
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					479,000		479,000		479,000	$ 1,110,000
Research and Development Services Six [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract					12,500	12,500	25,000	25,000
Research and Development Services Four [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract					0	0	0	0	$ 352,000
Research and Development Services Five [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract					$ 332,000	5,000	533,000	5,000
Research and Development Services Seven [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract						$ 0	$ 0	$ 0
Subsequent Event [Member] | 2016 Underwriting Agreement [Member] | IPO [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock	10,065,000
Subsequent Event [Member] | 2016 Underwriting Agreement [Member] | Secondary Offering [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Gross proceeds from sale of common stock shares	$ 25,600,000	$ 25,600,000

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	Sep. 30, 2016	Mar. 31, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant liability	$ 9	$ 4
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	9	4
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	$ 9	$ 4

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	6 Months Ended
	Sep. 30, 2016USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Warrant Derivative Liability, Beginning balance	$ 4
Issuances	0
Adjustments to estimated fair value	5
Warrant liability removal due to settlements	0
Warrant liability reclassified to equity	0
Warrant Derivative Liability, Ending balance	$ 9

Derivative Liability - Addition

Derivative Liability - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2016
Derivative [Line Items]
Warrants maturity term	5 years					5 years	5 years
Estimated fair value of the outstanding warrant liabilities		$ 9,000		$ 9,000				$ 4,000
Change in fair value of warrant liabilities		$ 0	$ (9,000)	$ 5,000	$ 28,000
Exercised derivative liabilities		0	0	0	38,234
Warrants [Member]
Derivative [Line Items]
Estimated fair value of the outstanding warrant liabilities		$ 9,000		$ 9,000				$ 4,000

Derivative Liability - Assumpti

Derivative Liability - Assumptions Used to Value Derivative Liabilities at End of Each Reporting Period (Detail) - Warrant Derivative Liability [Member] - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Closing price per share of common stock	$ 3.79	$ 2.17
Exercise price per share	$ 1	$ 1
Expected volatility	72.82%	73.35%
Risk-free interest rate	0.45%	0.59%
Dividend yield	0.00%	0.00%
Remaining expected term of underlying securities (years)	5 months 16 days	11 months 16 days

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Oct. 25, 2016	Oct. 20, 2016	Jun. 18, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jul. 20, 2016	Mar. 31, 2016	Aug. 31, 2015	Feb. 27, 2015	Aug. 31, 2013	Jul. 17, 2013	Jan. 31, 2012	May 31, 2008
Class Of Stock [Line Items]
Deregistered common stock under 2013 shelf amendment								$ 26,777,784
Issuance of common stock				93,750,862		93,750,862			92,391,989
Common stock, par value				$ 0.001		$ 0.001			$ 0.001
Issuance of common stock from stock options exercises, net, Shares				206,266	2,060	206,266	27,563
Issuance of common stock from warrant exercises, net, Shares				123,104	0	123,104	30,186
Warrants exercised				160,000	0	160,000	38,234
Stock option exercised				206,266	2,060	206,266	27,563
Stock options granted with immediate vesting				0	100,692	2,259	102,951
Restricted stock [Member]
Class Of Stock [Line Items]
Restricted stock surrendered				0	100,692	2,259	102,951
Restricted stock awards vested during the period				0	187,500	6,250	193,750
Unrecognized stock-based compensation expense				$ 0		$ 0
Restricted stock units issued						0
Restricted stock [Member] | General and administrative expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses				0	$ 71,000	$ 3,000	$ 174,000
Restricted stock [Member] | Research and development expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses				0	$ 3,000	$ 0	$ 3,000
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Restricted stock awards vested during the period						34,581
Total employee stock-based compensation recorded as operating expenses				349,000		$ 370,000
Unrecognized stock-based compensation expense				$ 3,896,000		$ 3,896,000
Restricted stock units issued				645,900		1,165,750
Award vesting conditions						Vesting generally occurs (i) on the one-year anniversary of the grant date, (ii) quarterly over a three-year period, (iii) quarterly over a four-year period, (iv) over a four-year period, with 25% vesting on the one-year anniversary of the vesting commencement date and the remainder vesting ratably on a quarterly basis over the next twelve quarters, or (v) over a three-year period with 50% vesting on the two-year anniversary of the vesting commencement date and 50% vesting on the three-year anniversary of the vesting commencement date.
Awards granted vesting period						4 years
Awards granted remainder vesting period ratably on a quarterly basis						36 months
Award vesting percentage on the two-year anniversary						50.00%
Award vesting percentage on the three-year anniversary						50.00%
Total unrecognized compensation cost related, weighted average period						3 years 3 months
Restricted stock units (RSUs) [Member] | Yearly Vesting [Member]
Class Of Stock [Line Items]
Award vesting percentage						25.00%
Restricted stock units (RSUs) [Member] | General and administrative expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses				$ 235,000		$ 238,000
Restricted stock units (RSUs) [Member] | Research and development expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses				$ 114,000		$ 132,000
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
Equity Offering Sales Agreement [Member]
Class Of Stock [Line Items]
Issuance of common stock				1,997,181		1,997,181
Issuance of common stock from stock options exercises, net, Shares				997,181	0	997,181	0
Value of shares sold under equity distribution agreement				$ 4,500,000		$ 10,800,000
Additional common stocks under shelf registration				$ 21,900,000		$ 21,900,000
Subsequent Event [Member] | 2016 Underwriting Agreement [Member]
Class Of Stock [Line Items]
Additional common stock issued on exercise of option by underwriters	1,065,000
IPO [Member]
Class Of Stock [Line Items]
Securities authorized for offer and sale, amount											$ 190,000,000		$ 100,000,000
IPO [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
IPO [Member] | Subsequent Event [Member] | 2016 Underwriting Agreement [Member]
Class Of Stock [Line Items]
Issuance of common stock	10,065,000
Sale of stock price per share net of fees		$ 2.585
Secondary Offering [Member] | 2015 Underwriting Agreement [Member]
Class Of Stock [Line Items]
Offering price per share			$ 4.25
Gross proceeds from sale of common stock shares			$ 43,100,000
Common stock, par value			$ 0.001
Issuance of common stock from stock options exercises, net, Shares			10,838,750
Secondary Offering [Member] | Subsequent Event [Member] | 2016 Underwriting Agreement [Member]
Class Of Stock [Line Items]
Offering price per share		2.75
Sale of stock price per share net of fees		$ 0
Gross proceeds from sale of common stock shares	$ 25,600,000	$ 25,600,000
Common stock, par value	$ 0.001
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				3,578,760		3,578,760				17,553,986
Termination period of Equity Incentive Plan						10 years

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Company's Restricted Stock Award Activity (Detail) - Restricted stock [Member] - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares			6,250
Granted, Number of Shares			0
Vested, Number of Shares	0	(187,500)	(6,250)	(193,750)
Canceled / forfeited, Number of Shares			0
Ending balance, Unvested, Number of Shares	0		0

Stockholders' Equity - Summar26

Stockholders' Equity - Summary of Company's Restricted Stock Unit Activity (Detail) - Restricted stock units (RSUs) [Member] - $ / shares	3 Months Ended	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares		0
Granted, Number of Shares	645,900	1,165,750
Vested, Number of Shares		(34,581)
Canceled / forfeited, Number of Shares		(1,700)
Ending balance, Unvested, Number of Shares	1,129,469	1,129,469
Beginning balance, Unvested, Weighted Average Price		$ 0
Granted, Weighted Average Price		3.66
Vested, Weighted Average Price		3.85
Canceled / forfeited, Weighted Average Price		3.21
Ending balance, Unvested, Weighted Average Price	$ 3.66	$ 3.66

Stockholders' Equity - Additi27

Stockholders' Equity - Additional Information 1 (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Class Of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares	206,266	2,060	206,266	27,563
Weighted-average remaining contractual term of options exercisable			5 years 11 months 16 days
Weighted-average remaining contractual term of options outstanding			5 years 11 months 16 days
Total unrecognized compensation cost related to unvested stock option grants	$ 13,580,000		$ 13,580,000
2012 Plan [Member]
Class Of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares	1,386,500	692,092	1,803,140	2,454,733
Stock options [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	$ 1,734,000	$ 2,098,000	$ 3,139,000	$ 3,775,000
Total unrecognized compensation cost related, weighted average period			2 years 6 months 7 days
Stock options [Member] | Research and development expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	260,000	277,000	$ 650,000	626,000
Stock options [Member] | General and administrative expense [Member]
Class Of Stock [Line Items]
Total employee stock-based compensation recorded as operating expenses	$ 1,474,000	$ 1,821,000	$ 2,489,000	$ 3,149,000
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, (iii) quarterly over a four-year period, or (iv) over a four-year period, with 25% vesting on 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 - Summar28

Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance			9,614,627
Granted, Options Outstanding			1,803,140
Canceled / forfeited, Options Outstanding			(56,955)
Exercised, Options Outstanding	(206,266)	(2,060)	(206,266)	(27,563)
Options Outstanding, Ending balance	11,154,546		11,154,546
Vested and Exercisable, Options Outstanding	6,347,222		6,347,222
Weighted-Average Exercise Price, Options Beginning balance			$ 4.79
Options granted, Weighted-Average Exercise Price			3.85
Options canceled / forfeited, Weighted-Average Exercise Price			5.05
Options exercised, Weighted-Average Exercise Price			2.42
Weighted-Average Exercise Price, Options Ending balance	$ 4.68		4.68
Vested and Exercisable, Weighted-Average Exercise Price	$ 4.59		$ 4.59
Aggregate Intrinsic Value, Options Beginning balance			$ 1,927,137
Options Exercised, Aggregate Intrinsic Value			328,691
Aggregate Intrinsic Value, Options Ending balance	$ 7,439,063		7,439,063
Vested and Exercisable, Aggregate Intrinsic Value	$ 6,054,006		$ 6,054,006

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value of Employee Stock Options (Detail) - $ / shares	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield		0.00%	0.00%	0.00%	0.00%
Volatility	73.40%	72.28%	74.26%	72.04%	74.25%
Risk-free interest rate	1.21%	1.07%	1.48%	1.10%	1.60%
Expected life of options		6 years	6 years	6 years	6 years
Weighted average grant date fair value		$ 2.57	$ 1.39	$ 2.44	$ 2.70

Stockholders' Equity - Additi30

Stockholders' Equity - Additional Information 2 (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2012	Mar. 31, 2011
Class Of Stock [Line Items]
Common stock reserved for issuance		18,249,588		18,249,588
Expected life of options		6 years	6 years	6 years	6 years
Exercised derivative liabilities		0	0	0	38,234
Warrants to purchase common stock	145,000
Warrants maturity term	5 years					5 years	5 years
Warrants earned, service period	17 months
Number of warrant shares vested upon satisfaction of specific performance metrics				95,000
Volatility	73.40%	72.28%	74.26%	72.04%	74.25%
Risk-free interest rate	1.21%	1.07%	1.48%	1.10%	1.60%
Weighted-average remaining contractual term of options exercisable				5 years 11 months 16 days
Preferred stock, shares authorized		25,000,000		25,000,000
Preferred stock, shares outstanding		0		0
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
Consultation Service Agreement November 2014
Class Of Stock [Line Items]
Recognized expenses of warrants			$ 9,000		$ 25,000
Warrants [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance		886,813		886,813
Number of warrant exercised through cashless		160,000	0	160,000	38,234
Cashless exercise in exchange for issuance of common stock		123,104	0	123,104	30,186
Amount reversed against operating expense					$ 130,000
Warrants liability				$ 0	$ 138,000
Warrants exercisable price, per share	$ 6.84
Estimated fair value of warrants	$ 74,000
Weighted-average remaining contractual term of options exercisable				10 months 10 days
2016 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Common stock reserved for issuance		1,500,000		1,500,000
Employee subscription rate		15.00%		15.00%
Compensation amount per employee				$ 25,000
Number of shares per employee				10,000
Fair market value at discount				85.00%
Purchase period				6 months
Initial offering period				2016-09
Description of plan				Shares under the ESPP are purchased at 85 percent of the fair market value at the lower of (i) the closing price on the first trading day of the six-month purchase period or (ii) the closing price on the last trading day of the six-month purchase period.
Expected life of options		6 months		6 months
Volatility		72.89%		72.89%
Risk-free interest rate		0.47%		0.47%

Stockholders' Equity - Fair V31

Stockholders' Equity - Fair Value of Employee Stock Purchase Plan (Detail) - $ / shares	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield		0.00%	0.00%	0.00%	0.00%
Volatility	73.40%	72.28%	74.26%	72.04%	74.25%
Risk-free interest rate	1.21%	1.07%	1.48%	1.10%	1.60%
Expected term		6 years	6 years	6 years	6 years
Weighted average grant date fair value		$ 2.57	$ 1.39	$ 2.44	$ 2.70
2016 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield		0.00%		0.00%
Volatility		72.89%		72.89%
Risk-free interest rate		0.47%		0.47%
Expected term		6 months		6 months
Weighted average grant date fair value		$ 1.22		$ 1.22

Stockholders' Equity - Summar32

Stockholders' Equity - Summary of Warrant Activity (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance			9,614,627
Granted, Options Outstanding			1,803,140
Exercised, Options Outstanding	(206,266)	(2,060)	(206,266)	(27,563)
Options Outstanding, Ending balance	11,154,546		11,154,546
Weighted-Average Exercise Price, Options Beginning balance			$ 4.79
Granted, Weighted-Average Exercise Price			3.85
Exercised, Weighted-Average Exercise Price			2.42
Weighted-Average Exercise Price, Options Ending balance	$ 4.68		$ 4.68
Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance			1,046,813
Granted, Options Outstanding			0
Exercised, Options Outstanding			(160,000)
Cancelled, Options Outstanding			0
Options Outstanding, Ending balance	886,813		886,813
Weighted-Average Exercise Price, Options Beginning balance			$ 2.29
Granted, Weighted-Average Exercise Price			0
Exercised, Weighted-Average Exercise Price			1
Cancelled, Weighted-Average Exercise Price			0
Weighted-Average Exercise Price, Options Ending balance	$ 2.52		$ 2.52

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail)	Sep. 30, 2016shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	18,249,588
2016 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,500,000
Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	886,813
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	14,111,114
Restricted stock units (RSUs) [Member] | Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,129,469

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Dec. 28, 2015USD ($)ft²	Jan. 09, 2015USD ($)ft²	Sep. 30, 2016USD ($)Lease	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)ft²Lease	Sep. 30, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
Number of non-cancelable leases | Lease			3		3
Rent expense per month | $					$ 83,000
Base rent escalators		3.00%	3.00%		3.00%
Office space under lease agreement | ft²					30,895
Lease expiration date					Sep. 1, 2021
Lease option termination description					option to terminate on or after September 1, 2019
Additional office Space | ft²					14,700
Area of leased office space | ft²	12,088	5,803
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
Base rent under the lease | $	$ 15,000	$ 12,000
Rent expense | $			$ 302,000	$ 272,000	$ 605,000	$ 549,000

Commitments and Contingencies35

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	Sep. 30, 2016USD ($)
Commitments And Contingencies Disclosure [Abstract]
Fiscal year ended March 31, 2017	$ 642
Fiscal year ended March 31, 2018	1,148
Fiscal year ended March 31, 2019	1,044
Fiscal year ended March 31, 2020	1,072
Fiscal year ended March 31, 2021	1,104
Thereafter	468
Total	$ 5,478

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Oct. 25, 2016USD ($)$ / sharesshares	Oct. 24, 2016USD ($)ft²	Oct. 20, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)ft²$ / sharesshares	Mar. 31, 2016$ / sharesshares	Jan. 09, 2015
Subsequent Event [Line Items]
Issuance of common stock | shares				93,750,862	92,391,989
Common stock, par value				$ 0.001	$ 0.001
Additional office Space | ft²				14,700
Rent expense per month | $				$ 83,000
Base rent escalators				3.00%		3.00%
Lease expiration date				Sep. 1, 2021
Subsequent Event [Member]
Subsequent Event [Line Items]
Additional office Space | ft²		14,685
Rent expense per month | $		$ 37,000
Base rent escalators		3.00%
Lease expiration date		Dec. 15, 2018
Subsequent Event [Member] | 2016 Underwriting Agreement [Member]
Subsequent Event [Line Items]
Additional common stock issued on exercise of option by underwriters | shares	1,065,000
Subsequent Event [Member] | 2016 Underwriting Agreement [Member] | IPO [Member]
Subsequent Event [Line Items]
Issuance of common stock | shares	10,065,000
Sale of stock price per share net of fees			$ 2.585
Subsequent Event [Member] | 2016 Underwriting Agreement [Member] | Secondary Offering [Member]
Subsequent Event [Line Items]
Common stock, par value	$ 0.001
Offering price per share			2.75
Sale of stock price per share net of fees			$ 0
Gross proceeds from sale of common stock shares | $	$ 25,600,000		$ 25,600,000