Organovo (ONVO) 10-Q 9 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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		106,123,048

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Current Assets
Cash and cash equivalents	$ 54,974	$ 62,751
Accounts receivable	772	647
Inventory, net	461	550
Prepaid expenses and other current assets	1,661	1,144
Total current assets	57,868	65,092
Fixed assets, net	3,528	3,840
Restricted cash	127	127
Other assets, net	189	121
Total assets	61,712	69,180
Current Liabilities
Accounts payable	558	1,171
Accrued expenses	2,111	4,101
Deferred rent	165	157
Deferred revenue	854	582
Total current liabilities	3,688	6,011
Deferred revenue, net of current portion	48	58
Deferred rent, net of current portion	707	749
Total liabilities	4,443	6,818
Commitments and Contingencies (Note 4)	0	0
Stockholders’ Equity
Common stock, $0.001 par value; 150,000,000 shares authorized, 105,724,320 and 104,551,466 shares issued and outstanding at June 30, 2017 and March 31, 2017, respectively	106	104
Additional paid-in capital	266,593	261,586
Accumulated deficit	(209,419)	(199,317)
Accumulated other comprehensive income (loss)	(11)	(11)
Total stockholders’ equity	57,269	62,362
Total Liabilities and Stockholders’ Equity	$ 61,712	$ 69,180

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	105,724,320	104,551,466
Common stock, shares outstanding	105,724,320	104,551,466

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Revenues
Products and services	$ 944	$ 674
Collaborations and licenses	46	213
Grants	0	4
Total Revenues	990	891
Cost of revenues	301	168
Research and development expenses	5,033	4,444
Selling, general, and administrative expenses	5,856	5,056
Total costs and expenses	11,190	9,668
Loss from Operations	(10,200)	(8,777)
Other Income (Expense)
Change in fair value of warrant liabilities	0	(5)
Interest income	98	37
Total Other Income (Expense)	98	32
Income Tax Expense	0	(22)
Net Loss	(10,102)	(8,767)
Currency Translation Adjustment	(11)	0
Comprehensive Loss	$ (10,113)	$ (8,767)
Net loss per common share—basic and diluted	$ (0.10)	$ (0.09)
Weighted average shares used in computing net loss per common share—basic and diluted	104,689,391	92,391,964

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows From Operating Activities
Net loss	$ (10,102)	$ (8,767)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	326	251
Change in fair value of warrant liabilities	0	5
Stock-based compensation	2,052	1,429
Increase (decrease) in cash resulting from changes in:
Accounts receivable	(125)	156
Inventory	89	(178)
Prepaid expenses and other assets	(518)	(41)
Accounts payable	(613)	(306)
Accrued expenses	(1,990)	(735)
Deferred rent	(34)	(36)
Deferred revenue	262	(319)
Net cash used in operating activities	(10,653)	(8,541)
Cash Flows From Investing Activities
Purchases of fixed assets	(11)	(12)
Purchases of intangible assets	(70)	0
Net cash used in investing activities	(81)	(12)
Cash Flows From Financing Activities
Proceeds from issuance of common stock and exercise of warrants, net	2,957	0
Net cash provided by financing activities	2,957	0
Net Increase (Decrease) in Cash and Cash Equivalents	(7,777)	(8,553)
Cash and Cash Equivalents at Beginning of Period	62,751	62,091
Cash and Cash Equivalents at End of Period	54,974	53,538
Supplemental Disclosure of Cash Flow Information:
Interest paid	0	0
Income taxes paid	$ 0	$ 22

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2017
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, 2017 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, 2017, filed with the Securities and Exchange Commission (the “SEC”) on June 7, 2017. Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2018. Liquidity As of June 30, 2017, the Company had cash and cash equivalents of approximately $55.0 million and an accumulated deficit of approximately $209.4 million. The Company also had negative cash flows from operations of approximately $10.7 million during the three months ended June 30, 2017. Through June 30, 2017, 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 and at-the-market (“ATM”) offerings, and through revenue derived from product and research service-based agreements, collaborative research agreements, grants, and licenses. During the quarter ended June 30, 2017, the Company issued 1,139,489 shares of its common stock through its ATM facility and received net proceeds of approximately $3.0 million. 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 $25.7 million in the offering, after deducting underwriting discounts and commissions and the Company’s 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 from the financial statement issuance date. The Company will need additional capital to further fund the development and commercialization of its human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or diseased tissues and organs. 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 royalty payments, 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 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 had issued warrants, of which some were 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 used 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. The Company’s derivative liabilities were adjusted to reflect estimated fair value at each period end, with any increase or decrease in the estimated fair value being recorded in other income or expense accordingly, as adjustments to the fair value of the derivative liabilities. Various factors are considered in the pricing models the Company used to value the warrants, including the Company’s current stock price, the remaining life of the warrant, the volatility of the Company’s stock price, and the risk-free interest rate. The remaining warrants expired as of March 31, 2017 and were removed from the Balance Sheet. The Company does not have any financial assets or liabilities measured on a fair value basis as of June 30, 2017 or March 31, 2017. Revenue recognition The Company’s revenues are derived from research service agreements, product sales, collaborative research agreements, grants and license- payments from the National Institutes of Health (“NIH”), U.S. Treasury Department, academic institutions, 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 June 30, 2017 and March 31, 2017, the Company had approximately $903,000 and $640,000, respectively, in deferred revenue related to its grants and royalty payments, 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 non-exclusive 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 $0 and $12,500 for the three months ended June 30, 2017 and 2016, 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 months ended June 30, 2017 or 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 $0 and $200,000 were recorded as revenue in recognition of the proportional performance achieved under this agreement during the three months ended June 30, 2017 and 2016, respectively. In June 2016, the Company announced it had entered into another collaborative non-exclusive 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 was initially been recorded as deferred revenue. Revenue of $17,000 and $0 has been recorded under this agreement during the three months ended June 30, 2017 and 2016, respectively. In December 2016, the Company signed another collaborative non-exclusive 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 an architecturally correct kidney for potential therapeutic applications. The Company received an up-front payment in January and March of 2017, which has been recorded as deferred revenue. Revenue of $10,000 has been recorded under this agreement for the three months ended June 30, 2017. Product revenue The Company recognizes product revenue at the time of shipment to the customer, provided all other revenue recognition criteria have been met. 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 revenue 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 $0 and $4,000 for the three months ended June 30, 2017 and 2016, respectively. The Company has completed its obligations under this agreement as of June 30, 2017. Cost of revenues The Company reported $0.3 million and $0.2 million in cost of revenues for the three months ended June 30, 2017 and 2016, respectively. This captures our costs related to manufacturing and delivering our product and service revenue. 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 months ended June 30, 2017 and 2016, 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 16.0 million for the three months ended June 30, 2017, and 11.6 million for the three months ended June 30, 2016.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	Note Stock-based compensation expense and valuation information Stock-based compensation expense for all stock awards consists of the following (in thousands): Three Months Ended Three Months Ended June 30, 2017 June 30, 2016 Research and development $ 331 $ 408 General and administrative $ 1,721 $ 1,021 Total $ 2,052 $ 1,429 The total unrecognized compensation cost related to unvested stock option grants as of June 30, 2017 was approximately $11,430,000 and the weighted average period over which these grants are expected to vest is 2.53 years. The total unrecognized compensation cost related to unvested restricted stock units as of June 30, 2017 was approximately $7,814,000, which will be recognized over a weighted average period of 3.40 years. As of June 30, 2017, there was no unrecognized stock-based compensation expense for restricted stock awards. The total unrecognized stock-based compensation cost related to unvested ESPP shares as of June 30, 2017 was approximately $21,500, which will be recognized over a period of two months. The Company calculates the grant date fair value of all stock-based awards in determining the stock-based compensation expense. Stock-based awards include (i) stock options, (ii) restricted stock awards, (iii) restricted stock units, and (iv) rights to purchase stock under the 2016 Employee Stock Purchase Plan (“ESPP”). 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 June 30, 2017 June 30, 2016 Dividend yield — — Volatility 74.27 % 71.30 % Risk-free interest rate 1.62 % 1.20 % Expected life of options 6.00 years 6.00 years Weighted average grant date fair value $ 1.79 $ 2.03 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 as an early-stage commercial business, 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 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 fair value of each restricted stock award 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 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 uses the Black-Scholes valuation model to calculate the fair value of shares issued pursuant to the Company’s ESPP. 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 June 30, 2017 Dividend yield — Volatility 74.70 % Risk-free interest rate 0.79 % Expected term 6 months Weighted average grant date fair value $ 1.04 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 as an early-stage commercial business, 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 U.S. Treasury rates. The expected life is the 6-month purchase period. 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. 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 June 30, 2017, 1,978,029 shares remain available for issuance under the 2012 Plan. On April 24, 2017 the Company filed a Registration Statement on Form S-8 with the SEC authorizing the issuance of 2,297,034 shares of the Company’s common stock, pursuant to the terms of an Inducement Award Stock Option Agreement and an Inducement Award Performance-Based Restricted Stock Unit Agreement (collectively, the “Inducement Award Agreements”). 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 and subsequently expired in 2016. A shelf registration statement on Form S-3 (File No. 333-202382), or the 2015 shelf, was filed 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 comprised of one or more of the other securities. The 2015 shelf was declared effective by the SEC on March 17, 2015. In December 2014, the Company entered into an equity offering sales agreement, or the 2014 Sales Agreement, with an investment banking firm. Under the terms of the distribution agreement, the Company could offer and sell up to $30,000,000 of its shares of common stock, from time to time, through the investment bank in at-the-market offerings, as defined by the SEC, and pursuant to the 2013 Shelf. On July 20, 2016, the Company filed a prospectus supplement to move the remaining $26.6 million 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. On that same date, the Company filed a post-effective amendment to the 2013 Shelf de-registering all remaining securities that could have been offered by the Company pursuant to the 2013 Shelf. On June 23, 2015, the Company closed the public offering of 10,838,750 shares of its common stock On October 25, 2016, the Company closed the public offering of 10,065,000 shares (the “2016 Offering”) of its common stock, which included partial exercise of the underwriters’ over-allotment. 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 $25.7 million after deducting underwriting discounts and commissions and expenses payable by the Company. The 2016 Offering was made pursuant to the 2015 Shelf. During the three months ended June 30, 2017 and 2016, the Company issued no shares of common stock upon the exercise of warrants. During the three months ended June 30, 2017 and 2016, the Company issued no shares of common stock upon the exercise of stock options. Restricted stock awards During the three months ended June 30, 2017 and 2016, there were 0 and 2,259 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 6,250 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. Restricted stock units During the three months ended June 30, 2017, the Company issued restricted stock units for an aggregate of 1,862,078 shares of common stock 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, 2017 through June 30, 2017 is as follows: Number of Shares Weighted Average Price Unvested at March 31, 2017 1,178,114 $ 3.57 Granted 1,862,078 $ 2.66 Vested (36,221 ) $ 3.85 Canceled / forfeited (80,857 ) $ 3.21 Unvested at June 30, 2017 2,923,114 $ 3.00 On April 24, 2017, in connection with the appointment of a new CEO, the Company allocated 208,822 Performance-Based Restricted Stock Units outside of the 2012 Plan. The Company intends for these to be “inducement awards” within the meaning of NASDAQ Marketplace Rule 5635(c)(4). While outside the Company’s 2012 Plan, the terms and conditions of these awards are consistent with awards granted to the Company’s executive officers pursuant to the 2012 Plan. The Board of Directors has not formally approved the vesting criteria for the Performance-Based Restricted Stock Units, therefore these are not considered granted for accounting purposes and no expense has been recognized for the three months ended June 30, 2017. Stock options Under the 2012 Plan, 18,600 and 416,640 stock options were issued during the three months ended June 30, 2017 and 2016, 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, or (iii) over a four-year period with a quarter vesting on either the one year anniversary of employment or the one year anniversary of the vesting commencement date, and the remainder vesting ratably over the remaining 36 month terms. Stock options can also vest immediately at the grant date or vest after one full year. On April 24, 2017, in connection with the appointment of a new CEO, the Company granted 2,088,212 stock options outside of the 2012 Plan. The Company intends for these to be “inducement grants” within the meaning of NASDAQ Marketplace Rule 5635(c)(4). While granted outside the Company’s 2012 Plan, the terms and conditions of these awards are consistent with awards granted to the Company’s executive officers pursuant to the 2012 Plan. These stock options vest A summary of the Company’s stock option activity for the three months ended June 30, 2017 is as follows: Options Outstanding Weighted- Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2017 10,956,201 $ 4.63 $ 4,876,437 Options granted 2,106,812 $ 2.73 $ — Options canceled / forfeited (160,464 ) $ 4.50 $ — Options exercised — $ — $ — Outstanding at June 30, 2017 12,902,549 $ 4.32 $ 3,210,430 Vested and Exercisable at June 30, 2017 7,420,483 $ 4.69 $ 3,017,444 The weighted-average remaining contractual term of options exercisable and outstanding at June 30, 2017 was approximately 5.61 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 June 30, 2017, there were 1,447,443 shares available for purchase under the ESPP. Warrants During the three months ended June 30, 2017 and June 30, 2016, there were no warrant exercises. The following table summarizes warrant activity for the three months ended June 30, 2017: Warrants Weighted- Average Exercise Price Balance at March 31, 2017 221,370 $ 7.16 Granted — $ — Exercised — $ — Cancelled — $ — Balance at June 30, 2017 221,370 $ 7.16 The warrants outstanding at June 30, 2017 are exercisable at prices between $2.28 and $7.62 per share, and have a weighted average remaining term of approximately 1.61 years. Common stock reserved for future issuance Common stock reserved for future issuance consisted of the following at June 30, 2017: Common stock warrants outstanding 221,370 Common stock options outstanding under the 2008 Plan 622,192 Common stock options outstanding and reserved under the 2012 Plan 12,170,174 Common stock reserved under the 2016 Employee Stock Purchase Plan 1,447,443 Restricted stock units outstanding under the 2012 Plan 2,923,114 Common stock options outstanding and reserved under the Inducement Awards 2,088,212 Restricted stock units outstanding under the Inducement Awards 208,822 Total at June 30, 2017 19,681,327

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 3. 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, California 92121. The lease, as amended in 2013, 2015 and 2016, consists of approximately 45,580 rentable square feet containing laboratory, clean room and office space. Monthly rental payments are currently approximately $120,000 per month with 3% annual escalators. The lease term for 14,685 of the total rentable square footage expires on December 15, 2018, with the remainder of the rentable square footage expiring on September 1, 2021 with the Company having an option to terminate this lease on or after September 1, 2019. 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, California 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. In addition to these two leases, the Company leased a third facility from February 1, 2016 through January 31, 2017, consisting of 12,088 rentable square feet of office space located at 6166 Nancy Ridge Drive, San Diego, California 92121 with a monthly rent of $15,000. The Company records rent expense on a straight-line basis over the life of the leases and records the excess of expense over the amounts paid as deferred rent. In addition, one of the leases provides for certain improvements made for the Company’s benefit to be funded by the landlord. Such costs, totaling approximately $518,000 to date, have been capitalized as fixed assets and included in deferred rent. Rent expense was approximately $366,000 and $303,000 for the three months ended June 30, 2017 and 2016, 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 June 30, 2017, are as follows (in thousands): Fiscal year ended March 31, 2018 $ 1,196 Fiscal year ended March 31, 2019 1,465 Fiscal year ended March 31, 2020 1,073 Fiscal year ended March 31, 2021 1,104 Fiscal year ended March 31, 2022 468 Thereafter — Total $ 5,306 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	3 Months Ended
	Jun. 30, 2017
Risks And Uncertainties [Abstract]
Concentrations	Note 4. 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 June 30, 2017.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Jun. 30, 2017
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 5. 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. We do not have plans to adopt this standard prior to the effective date. 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. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718), which requires an entity recognize excess tax benefits and deficiencies as income tax expense or benefit, the cash flows of which should be included as operating activity in the statement of cash flows. An entity is allowed to either continue accruing compensation cost based on expected forfeitures or to begin recognizing expense as forfeitures occur. In addition, an entity may withhold the maximum statutory tax, increasing the allowable cash settlement portion of awards. The cash paid by an employer when directly withholding shares for tax purposes should be included in the financing activity section of the statement of cash flows. This new guidance became effective for us on April 1, 2017. The requirements of ASU 2016-09 did not have a significant impact on our consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 6. Subsequent Events During July 2017, the Company issued 398,728 shares of its common stock pursuant to its at-the-market (“ATM”) facility for net proceeds exceeding $1.0 million.

Description of Business and S12

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2017
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, 2017 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, 2017, filed with the Securities and Exchange Commission (the “SEC”) on June 7, 2017. Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2018.
Liquidity	Liquidity As of June 30, 2017, the Company had cash and cash equivalents of approximately $55.0 million and an accumulated deficit of approximately $209.4 million. The Company also had negative cash flows from operations of approximately $10.7 million during the three months ended June 30, 2017. Through June 30, 2017, 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 and at-the-market (“ATM”) offerings, and through revenue derived from product and research service-based agreements, collaborative research agreements, grants, and licenses. During the quarter ended June 30, 2017, the Company issued 1,139,489 shares of its common stock through its ATM facility and received net proceeds of approximately $3.0 million. 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 $25.7 million in the offering, after deducting underwriting discounts and commissions and the Company’s 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 from the financial statement issuance date. The Company will need additional capital to further fund the development and commercialization of its human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or diseased tissues and organs. 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 royalty payments, 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 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 had issued warrants, of which some were 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 used 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. The Company’s derivative liabilities were adjusted to reflect estimated fair value at each period end, with any increase or decrease in the estimated fair value being recorded in other income or expense accordingly, as adjustments to the fair value of the derivative liabilities. Various factors are considered in the pricing models the Company used to value the warrants, including the Company’s current stock price, the remaining life of the warrant, the volatility of the Company’s stock price, and the risk-free interest rate. The remaining warrants expired as of March 31, 2017 and were removed from the Balance Sheet. The Company does not have any financial assets or liabilities measured on a fair value basis as of June 30, 2017 or March 31, 2017.
Revenue recognition	Revenue recognition The Company’s revenues are derived from research service agreements, product sales, collaborative research agreements, grants and license- payments from the National Institutes of Health (“NIH”), U.S. Treasury Department, academic institutions, 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 June 30, 2017 and March 31, 2017, the Company had approximately $903,000 and $640,000, respectively, in deferred revenue related to its grants and royalty payments, 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 non-exclusive 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 $0 and $12,500 for the three months ended June 30, 2017 and 2016, 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 months ended June 30, 2017 or 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 $0 and $200,000 were recorded as revenue in recognition of the proportional performance achieved under this agreement during the three months ended June 30, 2017 and 2016, respectively. In June 2016, the Company announced it had entered into another collaborative non-exclusive 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 was initially been recorded as deferred revenue. Revenue of $17,000 and $0 has been recorded under this agreement during the three months ended June 30, 2017 and 2016, respectively. In December 2016, the Company signed another collaborative non-exclusive 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 an architecturally correct kidney for potential therapeutic applications. The Company received an up-front payment in January and March of 2017, which has been recorded as deferred revenue. Revenue of $10,000 has been recorded under this agreement for the three months ended June 30, 2017.
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. 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 revenue	Grant revenue 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 $0 and $4,000 for the three months ended June 30, 2017 and 2016, respectively. The Company has completed its obligations under this agreement as of June 30, 2017.
Cost of revenues	Cost of revenues The Company reported $0.3 million and $0.2 million in cost of revenues for the three months ended June 30, 2017 and 2016, respectively. This captures our costs related to manufacturing and delivering our product and service revenue.
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 months ended June 30, 2017 and 2016, 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 16.0 million for the three months ended June 30, 2017, and 11.6 million for the three months ended June 30, 2016.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Stock-based Compensation Expense	Stock-based compensation expense for all stock awards consists of the following (in thousands): Three Months Ended Three Months Ended June 30, 2017 June 30, 2016 Research and development $ 331 $ 408 General and administrative $ 1,721 $ 1,021 Total $ 2,052 $ 1,429
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 June 30, 2017 June 30, 2016 Dividend yield — — Volatility 74.27 % 71.30 % Risk-free interest rate 1.62 % 1.20 % Expected life of options 6.00 years 6.00 years Weighted average grant date fair value $ 1.79 $ 2.03
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 June 30, 2017 Dividend yield — Volatility 74.70 % Risk-free interest rate 0.79 % Expected term 6 months Weighted average grant date fair value $ 1.04
Summary of Company's Restricted Stock Unit Activity	A summary of the Company’s restricted stock unit activity from March 31, 2017 through June 30, 2017 is as follows: Number of Shares Weighted Average Price Unvested at March 31, 2017 1,178,114 $ 3.57 Granted 1,862,078 $ 2.66 Vested (36,221 ) $ 3.85 Canceled / forfeited (80,857 ) $ 3.21 Unvested at June 30, 2017 2,923,114 $ 3.00
Summary of Stock Option Activity	A summary of the Company’s stock option activity for the three months ended June 30, 2017 is as follows: Options Outstanding Weighted- Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2017 10,956,201 $ 4.63 $ 4,876,437 Options granted 2,106,812 $ 2.73 $ — Options canceled / forfeited (160,464 ) $ 4.50 $ — Options exercised — $ — $ — Outstanding at June 30, 2017 12,902,549 $ 4.32 $ 3,210,430 Vested and Exercisable at June 30, 2017 7,420,483 $ 4.69 $ 3,017,444
Summary of Warrant Activity	The following table summarizes warrant activity for the three months ended June 30, 2017: Warrants Weighted- Average Exercise Price Balance at March 31, 2017 221,370 $ 7.16 Granted — $ — Exercised — $ — Cancelled — $ — Balance at June 30, 2017 221,370 $ 7.16
Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consisted of the following at June 30, 2017: Common stock warrants outstanding 221,370 Common stock options outstanding under the 2008 Plan 622,192 Common stock options outstanding and reserved under the 2012 Plan 12,170,174 Common stock reserved under the 2016 Employee Stock Purchase Plan 1,447,443 Restricted stock units outstanding under the 2012 Plan 2,923,114 Common stock options outstanding and reserved under the Inducement Awards 2,088,212 Restricted stock units outstanding under the Inducement Awards 208,822 Total at June 30, 2017 19,681,327

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2017
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 June 30, 2017, are as follows (in thousands): Fiscal year ended March 31, 2018 $ 1,196 Fiscal year ended March 31, 2019 1,465 Fiscal year ended March 31, 2020 1,073 Fiscal year ended March 31, 2021 1,104 Fiscal year ended March 31, 2022 468 Thereafter — Total $ 5,306

Description of Business and S15

Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Oct. 25, 2016	Oct. 20, 2016	Aug. 31, 2013	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents				$ 54,974,000	$ 53,538,000	$ 62,751,000		$ 62,091,000
Accumulated deficit				(209,419,000)		(199,317,000)
Cash flow from operations				$ 10,653,000	8,541,000
Issuance of common stock							105,724,320	104,551,466
Warrants expiration date				Mar. 31, 2017
Deferred revenue				$ 854,000		582,000
Revenue recognized under grants				0	4,000
Cost of revenues				301,000	168,000
Dilutive effect				$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share				16,000,000	11,600,000
Private, Not-for-Profit Organization [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants				$ 0	$ 4,000
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				903,000		$ 640,000
Research and Development Services Six [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract				0	12,500
Research and Development Services Four [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract				0	0
Research and Development Services Five [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract				0	200,000
Research and Development Services Seven [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract				17,000	$ 0
Research and Development Services Eight [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue related to research contract				$ 10,000
At-The-Market Facility [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock				1,139,489
Gross proceeds from sale of common stock shares				$ 3,000,000
Over Allotment Option [Member] | 2016 Underwriting Agreement [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock	10,065,000
Secondary Offering [Member] | 2016 Underwriting Agreement [Member]
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Gross proceeds from sale of common stock shares	$ 25,700,000	$ 25,700,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,052	$ 1,429
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	331	408
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,721	$ 1,021

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense and Valuation Information - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2017USD ($)
Class Of Stock [Line Items]
Total unrecognized compensation cost related to unvested stock option grants	$ 11,430,000
Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 months
Unrecognized stock-based compensation expense	$ 21,500
Stock options [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 years 6 months 11 days
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	3 years 4 months 24 days
Unrecognized stock-based compensation expense	$ 7,814,000
Restricted stock [Member]
Class Of Stock [Line Items]
Unrecognized stock-based compensation expense	$ 0

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value of Employee Stock Options (Detail) - $ / shares	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield	0.00%	0.00%
Volatility	74.27%	71.30%
Risk-free interest rate	1.62%	1.20%
Expected life of options	6 years	6 years
Weighted average grant date fair value	$ 1.79	$ 2.03

Stockholders' Equity - Fair V19

Stockholders' Equity - Fair Value of Employee Stock Purchase Plan (Detail) - $ / shares	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility	74.27%	71.30%
Risk-free interest rate	1.62%	1.20%
Expected term	6 years	6 years
Weighted average grant date fair value	$ 1.79	$ 2.03
2016 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%
Volatility	74.70%
Risk-free interest rate	0.79%
Expected term	6 months
Weighted average grant date fair value	$ 1.04

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock - Additional Information (Detail)	Jun. 30, 2017shares
Equity [Abstract]
Preferred stock, shares authorized	25,000,000
Preferred stock, shares outstanding	0

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock - Additional Information (Detail) - USD ($)

Oct. 25, 2016

Oct. 20, 2016

Jul. 20, 2016

Jun. 23, 2015

Jul. 17, 2013

Dec. 31, 2014

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Apr. 24, 2017

Dec. 31, 2016

Mar. 31, 2016

Aug. 31, 2015

Feb. 27, 2015

Aug. 31, 2013

Jan. 31, 2012

May 31, 2008

Class Of Stock [Line Items]

Common stock reserved for future issuance

19,681,327

19,681,327

Issuance of common stock from stock options exercises, net, Shares

0

0

Issuance of common stock

105,724,320

104,551,466

Issuance of common stock from warrant exercises, net, Shares

0

0

Equity Offering Sales Agreement [Member]

Class Of Stock [Line Items]

Common stock reserved for future issuance

26,600,000

Equity sales agreement expiration date

Mar. 17, 2018

Issuance of common stock from stock options exercises, net, Shares

1,139,489

0

Value of shares sold under equity distribution agreement

$ 3,000,000

$ 0

$ 13,700,000

Issuance of common stock

3,136,670

3,136,670

Additional common stocks under shelf registration

$ 18,800,000

$ 18,800,000

Maximum [Member] | Equity Distribution Agreement [Member]

Class Of Stock [Line Items]

Number of shares to be offered and sold in equity distribution agreement

30,000,000

IPO [Member]

Class Of Stock [Line Items]

Securities authorized for offer and sale, amount

$ 100,000,000

$ 190,000,000

Stock securities distribution plan expiration year

2,016

Secondary Offering [Member] | 2015 Underwriting Agreement [Member]

Class Of Stock [Line Items]

Issuance of common stock from stock options exercises, net, Shares

10,838,750

Offering price per share

$ 4.25

Gross proceeds from sale of common stock shares

$ 43,100,000

Secondary Offering [Member] | 2016 Underwriting Agreement [Member]

Class Of Stock [Line Items]

Offering price per share

$ 2.75

Gross proceeds from sale of common stock shares

$ 25,700,000

$ 25,700,000

Over Allotment Option [Member] | 2015 Underwriting Agreement [Member]

Class Of Stock [Line Items]

Sale of stock price per share net of fees

$ 3.995

Over Allotment Option [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

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

1,978,029

1,978,029

17,553,986

Termination period of Equity Incentive Plan

10 years

Inducement Award Agreements [Member]

Class Of Stock [Line Items]

Common shares authorized to be issued

2,297,034

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Awards and Restricted Stock Units - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Apr. 24, 2017	Mar. 31, 2017
Restricted stock [Member]
Class Of Stock [Line Items]
Restricted stock surrendered	0	2,259
Restricted stock awards vested during the period	0	6,250
Stock option granted with immediate vesting	0	2,259
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Restricted stock awards vested during the period	36,221
Restricted stock awards granted	1,862,078
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.
Period for vesting schedule over start date	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%
Number of shares allocated	2,923,114			1,178,114
Restricted stock units (RSUs) [Member] | Yearly Vesting [Member]
Class Of Stock [Line Items]
Award vesting percentage	25.00%
Inducement Award Performance-Based Restricted Stock Units [Member] | CEO [Member]
Class Of Stock [Line Items]
Number of shares allocated			208,822
Expense recognized during period	$ 0

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Company's Restricted Stock Unit Activity (Detail) - Restricted stock units (RSUs) [Member]	3 Months Ended
	Jun. 30, 2017$ / sharesshares
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares | shares	1,178,114
Granted, Number of Shares | shares	1,862,078
Vested, Number of Shares | shares	(36,221)
Canceled / forfeited, Number of Shares | shares	(80,857)
Ending balance, Unvested, Number of Shares | shares	2,923,114
Beginning balance, Unvested, Weighted Average Price | $ / shares	$ 3.57
Granted, Weighted Average Price | $ / shares	2.66
Vested, Weighted Average Price | $ / shares	3.85
Canceled / forfeited, Weighted Average Price | $ / shares	3.21
Ending balance, Unvested, Weighted Average Price | $ / shares	$ 3

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	Apr. 24, 2017	Jun. 30, 2017	Jun. 30, 2016
Class Of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares		0
Weighted-average remaining contractual term of options exercisable		5 years 7 months 10 days
Weighted-average remaining contractual term of options outstanding		5 years 7 months 10 days
Number of common stock shares approved under ESPP		19,681,327
Expected life of options		6 years	6 years
2012 Plan [Member]
Class Of Stock [Line Items]
Issuances of common stock from stock option exercises, Shares		18,600	416,640
Remaining options vest		36 months
Inducement Award Agreements [Member] | CEO [Member]
Class Of Stock [Line Items]
Stock options granted	2,088,212
2016 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Number of common stock shares approved under ESPP		1,500,000
Employee subscription rate		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
Shares available for issuance		1,447,443
Stock options [Member] | 2012 Plan [Member]
Class Of Stock [Line Items]
Award vesting conditions		stock options generally vest (i) on the one-year anniversary of the grant date, (ii) quarterly over a three-year period, or (iii) over a four-year period with a quarter vesting on either the one year anniversary of employment or the one year anniversary of the vesting commencement date
Stock options [Member] | Inducement Award Agreements [Member]
Class Of Stock [Line Items]
Number of common stock shares approved under ESPP		2,088,212
Stock options [Member] | Inducement Award Agreements [Member] | CEO [Member]
Class Of Stock [Line Items]
Award vesting conditions		These stock options vest over a four-year period with a quarter vesting on either the one year anniversary of employment or the one year anniversary of the vesting commencement date.
Period for vesting schedule over start date	4 years
Stock options [Member] | 2016 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Number of common stock shares approved under ESPP		1,447,443

Stockholders' Equity - Summar25

Stockholders' Equity - Summary of Stock Option Activity (Detail)	3 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance | shares	10,956,201
Granted, Options Outstanding | shares	2,106,812
Canceled / forfeited, Options Outstanding | shares	(160,464)
Exercised, Options Outstanding | shares	0
Options Outstanding, Ending balance | shares	12,902,549
Vested and Exercisable, Options Outstanding | shares	7,420,483
Weighted-Average Exercise Price, Options Beginning balance | $ / shares	$ 4.63
Options granted, Weighted-Average Exercise Price | $ / shares	2.73
Options canceled / forfeited, Weighted-Average Exercise Price | $ / shares	4.50
Options exercised, Weighted-Average Exercise Price | $ / shares	0
Weighted-Average Exercise Price, Options Ending balance | $ / shares	4.32
Vested and Exercisable, Weighted-Average Exercise Price | $ / shares	$ 4.69
Aggregate Intrinsic Value, Options Beginning balance | $	$ 4,876,437
Options Exercised, Aggregate Intrinsic Value | $	0
Aggregate Intrinsic Value, Options | $	3,210,430
Vested and Exercisable, Aggregate Intrinsic Value | $	$ 3,017,444

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants - Additional Information (Detail) - $ / shares	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Class Of Stock [Line Items]
Weighted-average remaining contractual term of options exercisable	5 years 7 months 10 days
Minimum [Member]
Class Of Stock [Line Items]
Warrants exercisable price, per share	$ 2.28
Maximum [Member]
Class Of Stock [Line Items]
Warrants exercisable price, per share	$ 7.62
Warrants [Member]
Class Of Stock [Line Items]
Number of warrants exercised	0	0
Weighted-average remaining contractual term of options exercisable	1 year 7 months 10 days

Stockholders' Equity - Summar27

Stockholders' Equity - Summary of Warrant Activity (Detail)	3 Months Ended
	Jun. 30, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance | shares	10,956,201
Granted, Options Outstanding | shares	2,106,812
Exercised, Options Outstanding | shares	0
Options Outstanding, Ending balance | shares	12,902,549
Weighted-Average Exercise Price, Options Beginning balance | $ / shares	$ 4.63
Granted, Weighted-Average Exercise Price | $ / shares	2.73
Exercised, Weighted-Average Exercise Price | $ / shares	0
Weighted-Average Exercise Price, Options Ending balance | $ / shares	$ 4.32
Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance | shares	221,370
Granted, Options Outstanding | shares	0
Exercised, Options Outstanding | shares	0
Cancelled, Options Outstanding | shares	0
Options Outstanding, Ending balance | shares	221,370
Weighted-Average Exercise Price, Options Beginning balance | $ / shares	$ 7.16
Granted, Weighted-Average Exercise Price | $ / shares	0
Exercised, Weighted-Average Exercise Price | $ / shares	0
Cancelled, Weighted-Average Exercise Price | $ / shares	0
Weighted-Average Exercise Price, Options Ending balance | $ / shares	$ 7.16

Stockholders' Equity - Common28

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail)	Jun. 30, 2017shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	19,681,327
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	221,370
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	12,170,174
Stock options [Member] | 2016 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,447,443
Stock options [Member] | Inducement Award Agreements [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	2,088,212
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	2,923,114
Restricted stock units (RSUs) [Member] | Inducement Award Agreements [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	208,822

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Dec. 28, 2015USD ($)ft²	Jan. 09, 2015USD ($)ft²	Jun. 30, 2017USD ($)ft²Lease	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Lease
Commitments And Contingencies [Line Items]
Number of non-cancelable leases | Lease			3		3
Rent expense per month			$ 120,000
Base rent escalators		3.00%	3.00%		3.00%
Office space under lease agreement | ft²			45,580
Area of leased office space | ft²	12,088	5,803
Lease term		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
Leasehold improvements					$ 518,000
Rent expense			$ 366,000	$ 303,000
Lease Term For Remainder of Rentable Square Footage [Member]
Commitments And Contingencies [Line Items]
Lease expiration date			Sep. 1, 2021
Lease option termination description			option to terminate this lease on or after September 1, 2019
Lease Term For 14,685 of Total Rentable Square Footage [Member]
Commitments And Contingencies [Line Items]
Office space under lease agreement | ft²			14,685
Lease expiration date			Dec. 15, 2018

Commitments and Contingencies30

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	Jun. 30, 2017USD ($)
Commitments And Contingencies Disclosure [Abstract]
Fiscal year ended March 31, 2018	$ 1,196
Fiscal year ended March 31, 2019	1,465
Fiscal year ended March 31, 2020	1,073
Fiscal year ended March 31, 2021	1,104
Fiscal year ended March 31, 2022	468
Thereafter	0
Total	$ 5,306

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Mar. 31, 2016
Subsequent Event [Line Items]
Issuance of common stock			105,724,320	104,551,466
At-The-Market Facility [Member]
Subsequent Event [Line Items]
Issuance of common stock		1,139,489
Subsequent Event [Member] | At-The-Market Facility [Member]
Subsequent Event [Line Items]
Issuance of common stock	398,728
Subsequent Event [Member] | At-The-Market Facility [Member] | Minimum [Member]
Subsequent Event [Line Items]
Net proceeds from sale of common stock	$ 1