Organovo (ONVO) 10-Q 9 Aug 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,019
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		113,449,349

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Current Assets
Cash and cash equivalents	$ 39,613	$ 43,726
Accounts receivable	628	883
Grant receivable	100	145
Inventory, net	1,044	842
Prepaid expenses and other current assets	927	1,164
Total current assets	42,312	46,760
Fixed assets, net	2,504	2,788
Restricted cash	127	127
Other assets, net	149	152
Total assets	45,092	49,827
Current Liabilities
Accounts payable	396	464
Accrued expenses	1,995	3,341
Deferred revenue	628	668
Deferred rent	191	185
Total current liabilities	3,210	4,658
Deferred revenue, net of current portion	10	19
Deferred rent, net of current portion	516	564
Total liabilities	3,736	5,241
Commitments and Contingencies	0	0
Stockholders’ Equity
Common stock, $0.001 par value; 150,000,000 shares authorized, 113,318,380 and 111,032,957 shares issued and outstanding at June 30, 2018 and March 31, 2018, respectively	113	111
Additional paid-in capital	282,779	278,595
Accumulated deficit	(241,536)	(234,120)
Total stockholders’ equity	41,356	44,586
Total Liabilities and Stockholders’ Equity	$ 45,092	$ 49,827

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Mar. 31, 2018
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	113,318,380	111,032,957
Common stock, shares outstanding	113,318,380	111,032,957

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Revenues
Total Revenues	$ 689	$ 990
Cost of revenues	120	301
Research and development expenses	3,379	5,033
Selling, general and administrative expenses	4,767	5,856
Total costs and expenses	8,266	11,190
Loss from Operations	(7,577)	(10,200)
Other Income (Expense)
Gain (loss) on fixed asset disposals	2	0
Interest income	162	98
Total Other Income (Expense)	164	98
Income Tax Expense	(3)	0
Net Loss	(7,416)	(10,102)
Currency Translation Adjustment	0	(11)
Comprehensive Loss	$ (7,416)	$ (10,113)
Net loss per common share—basic and diluted	$ (0.07)	$ (0.10)
Weighted average shares used in computing net loss per common share—basic and diluted	111,458,445	104,689,391
Products and Services [Member]
Revenues
Total Revenues	$ 546	$ 944
Collaborations and Licenses [Member]
Revenues
Total Revenues	43	46
Grants [Member]
Revenues
Total Revenues	$ 100	$ 0

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities
Net loss	$ (7,416)	$ (10,102)
Adjustments to reconcile net loss to net cash used in operating activities:
(Gain) loss on disposal of fixed assets	(2)	0
Depreciation and amortization	288	326
Stock-based compensation	1,279	2,052
Increase (decrease) in cash resulting from changes in:
Accounts receivable	255	(125)
Grants receivable	45	0
Inventory	(202)	89
Prepaid expenses and other assets	236	(518)
Accounts payable	(68)	(613)
Accrued expenses	(1,346)	(1,990)
Deferred rent	(42)	(34)
Deferred revenue	(49)	262
Net cash used in operating activities	(7,022)	(10,653)
Cash Flows From Investing Activities
Purchases of fixed assets	0	(11)
Proceeds from disposals of fixed assets	2	0
Purchases of intangible assets	0	(70)
Net cash provided by (used in) investing activities	2	(81)
Cash Flows From Financing Activities
Proceeds from issuance of common stock and exercise of warrants, net	3,010	2,964
Employee taxes paid related to net share settlement of equity awards	(103)	(7)
Net cash provided by financing activities	2,907	2,957
Net increase (decrease) in cash, cash equivalents, and restricted cash	(4,113)	(7,777)
Cash, cash equivalents, and restricted cash at beginning of period	43,853	62,878
Cash, cash equivalents, and restricted cash at end of period	39,740	55,101
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	39,613	54,974
Restricted cash	127	127
Cash, cash equivalents, and restricted cash at end of period	39,740	55,101
Supplemental Disclosure of Cash Flow Information:
Income taxes paid	$ 3	$ 0

Description of Business

Description of Business	3 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	Note Nature of operations Organovo Holdings, Inc., (“Organovo Holdings,” and collectively with its subsidiaries, “the Company”) is a biotechnology company pioneering a unique set of therapeutic and drug profiling capabilities based on its revolutionary ability to 3D bioprint liver and kidney tissues that emulate human biology and disease. The Company is developing its in vivo Except where specifically noted or the context otherwise requires, references to “Organovo Holdings,” “the Company,” “we,” “our,” and “us” in these notes to the condensed consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc., Samsara Sciences, Inc., and Organovo U.K., Ltd. In March 2018, the U.K. operations were combined with Organovo, Inc.’s operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not necessarily include all information and notes required by GAAP for complete financial statements. The balance sheet at March 31, 2018 is derived from the Company’s audited balance sheet at that date. The condensed consolidated financial statements include the accounts of Organovo Holdings and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. 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 unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2018, as filed with the Securities and Exchange Commission (“SEC”). Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2019. Reclassification of prior year presentation As a result of the adoption of the new accounting standard associated with clarifying presentation and classification in the statement of cash flows, certain reclassifications have been made to the prior period financial statements to conform with the current period presentation. These reclassifications did not have any effect on previously reported cash flows, net loss, or financial position. Liquidity As of June 30, 2018, the Company had cash, cash equivalents, and restricted cash of approximately $39.7 million, consisting of cash and cash equivalents of $39.6 million and restricted cash of $0.1 million. The restricted cash was pledged as collateral for two letters of credit the Company is required to maintain as security deposits under the terms of the leases of its facilities. The Company had an accumulated deficit of approximately $241.5 million. The Company also had negative cash flows from operations of approximately $7.0 million during the three months ended June 30, 2018. Through June 30, 2018, 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 agreements, licenses, and grants. During the three months ended June 30, 2018, the Company issued 2,085,540 shares of its common stock through its ATM facility and received net proceeds of approximately $3.0 million. 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 of its therapeutic tissues focusing on critical unmet medical needs in the liver disease space and to fund the development and commercialization of its proprietary platform to produce and study living tissues that emulate key aspects of human biology and disease that can be used to facilitate drug discovery and development. The Company intends to cover its future operating expenses through cash on hand, through revenue derived from research service agreements, product sales, collaborative agreements, grants and license payments, and through the issuance of additional equity or debt securities. Depending on market conditions, the Company cannot be sure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to it or to its stockholders. Having insufficient funds may require the Company to delay, scale back, or eliminate some or all of its development programs or relinquish rights to its technology on less favorable terms than it would otherwise choose. Failure to obtain adequate financing could eventually adversely affect its ability to operate as a going concern. If the Company continues to raise additional funds from the issuance of equity securities, there will be substantial dilution to its existing stockholders. If the Company raises 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 its ability to operate its business. Use of estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates used in preparing the condensed consolidated financial statements include those assumed in revenue recognition, the valuation of stock-based compensation expense, and the valuation allowance on deferred tax assets. On an ongoing basis, management reviews these estimates and assumptions. Revenue recognition The Company generates revenues from payments received from research service agreements, product sales, collaborative agreements with partners including pharmaceutical and biotechnology companies and academic institutions, licenses, and grants from the National Institutes of Health (“NIH”) and private not-for-profit organizations. 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, 2018 and March 31, 2018, the Company had approximately $638,000 and $687,000, respectively, in deferred revenue related to its research service agreements, collaborative agreements, and licenses within the scope of Topic 606. In the three months ended June 30, 2018 the Company recognized revenue on approximately $49,000 that had been recorded as deferred revenue at March 31, 2018. Effective April 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers Service revenues The Company’s service-based business, Organovo, Inc., utilizes its NovoGen® bioprinting platform to provide customers access to its highly specialized tissues that model human biology and disease, and to in vitro For service contracts, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The transaction price for service business contracts is a fixed consideration. Product sales, net The Company’s product-based business, Samsara Sciences, Inc., produces high-quality cell-based products for use in Organovo’s 3D tissue manufacturing and for use by life science customers. The Company recognizes product revenue when the performance obligation is satisfied, which is at the point in time the customer obtains control of the Company’s product, typically upon delivery. Product revenues are recorded at the transaction price, net of any estimates for variable consideration under Topic 606. The Company’s process for estimating variable consideration does not differ materially from its historical practices. Variable consideration is estimated using the expected value method which considers the sum of probability-weighted amounts in a range of possible amounts under the contract. Product revenue reflects the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the individual contracts. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary materially from the Company’s estimates, the Company will adjust these estimates, which will affect revenue from product sales and earnings in the period such estimates are adjusted. The Company provides no right of return to its customers except in cases where a customer obtains authorization from the Company for the return. To date, there have been no product returns. The Company will continue to assess its estimates of variable consideration as it accumulates additional historical data and will adjust its estimates accordingly. Collaborative research, development, and licenses The Company enters into collaborative agreements with partners that typically include one or more of the following: (i) non-exclusive license fees; (ii) non-refundable up-front fees; (iii) payments for reimbursement of research costs; (iv) payments associated with achieving specific development milestones; and (v) royalties based on specified percentages of net product sales, if any. At the initiation of an agreement, the Company analyzes whether it results in a contract with a customer under Topic 606 or in an arrangement with a collaborator subject to guidance under ASC 808, Collaborative Arrangements The Company considers a variety of factors in determining the appropriate estimates and assumptions under these arrangements, such as whether the elements are distinct performance obligations, whether there are determinable stand-alone prices, and whether any licenses are functional or symbolic. The Company evaluates each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time. Typically, non-exclusive license fees, non-refundable upfront fees, and funding of research activities are considered fixed, while milestone payments are identified as variable consideration which must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. The Company’s collaborative agreements that were not completed at the implementation of Topic 606 on April 1, 2018, consisted of research collaboration and limited technology access licenses. These agreements provide the licensee with a non-exclusive, non-transferable, limited, royalty-free technology license, including access to Organovo’s proprietary bioprinter platform, training, and continued support by means of consumables and consultation throughout the duration of the contract. The Company has determined the intellectual property license is not distinct from the continued support promised under the agreement and is therefore a single combined performance obligation. The Company recognizes revenue for these combined performance obligations over time for the duration of the license period, as the combined performance obligation will not be fully satisfied until the end of the contract. For the three months ending June 30, 2018, all collaborations and licenses revenue was within the scope of Topic 606 and recognized accordingly. See “Note 4. Collaborative Research, Development, and License Agreements” for more information on the Company’s collaborative agreements. Grant revenue In July 2017, the National Institutes of Health (“NIH”) awarded the Company a “Research and Development” grant totaling approximately $1,657,000 of funding over three years. The Company has concluded this government grant is not within the scope of Topic 606, as government entities do not meet the definition of a “customer” as defined by Topic 606, as there is not considered to be a transfer of control of good or services to the government entity funding the grant. Additionally, the Company has concluded this government grant does meet the definition of a contribution and is a non-reciprocal transaction, however, Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition does not apply, as the Company is a business entity and the grant is with a governmental agency. Revenues from this 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 as the Company incurs expenses that are related to the grant. T he Company believes this policy is consistent with the overarching premise in Topic 606, to ensure that it recognizes revenues to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services, even though there is no “exchange” as defined in the ASC. The Company believes the recognition of revenue as costs are incurred and amounts become earned/realizable is analogous to the concept of transfer of control of a service over time under ASC 606. Revenue recognized under this grant was approximately $100,000 for the three months ended June 30, 2018. Cost of revenues The Company reported approximately $0.1 million and $0.3 million in cost of revenues for the three months ended June 30, 2018 and 2017, respectively. Cost of revenues consists of costs related to manufacturing and delivering 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, 2018 or 2017, 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 14.6 million at June 30, 2018, and 16.0 million at June 30, 2017. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies. Unless otherwise stated, the Company believes that the impact of the recently issued accounting pronouncements that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. Adoption of New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers, Revenue Recognition In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows Restricted Cash In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation Scope of Modification Accounting Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share Distinguishing Liabilities from Equity Derivatives and Hedging (Part I) Accounting for Certain Financial Instruments with Down Round Features Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception In December 2017, the United States (“U.S.”) enacted the Tax Cuts and Jobs Act (the “2017 Act”), which changes existing U.S. tax law and includes various provisions that are expected to affect public companies. The 2017 Act (i) changes U.S. corporate tax rates, (ii) generally reduces a company’s ability to utilize accumulated net operating losses, and (iii) requires the calculation of a one-time transition tax on certain previously unrepatriated foreign earnings and profits (“E&P”). The 2017 Act will also impact estimates of a company’s deferred tax assets and liabilities. The Company is currently in the early stages of evaluating the financial statement impact of the 2017 Act. Based on initial assessments, the Company expects significant adjustments to its gross deferred tax assets and liabilities; however, it also expects to record a corresponding offset to its estimated full valuation allowance against its net deferred tax assets, which should result in minimal net effect to its provision for income taxes. In accordance with SEC issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Stockholders' Equity	Note Stock-based compensation expense and valuation information Stock-based awards include (i) stock options and (ii) restricted stock units under the 2012 Equity Incentive Plan (“2012 Plan”), (iii) performance-based restricted stock units under an Incentive Award Performance-Based Restricted Stock Unit Agreement, and (iv) rights to purchase stock under the 2016 Employee Stock Purchase Plan (“ESPP”). The Company calculates the grant date fair value of all stock-based awards in determining the stock-based compensation expense. Stock-based compensation expense for all stock-based awards consists of the following (in thousands): Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Research and development $ 202 $ 331 General and administrative $ 1,077 $ 1,721 Total $ 1,279 $ 2,052 The total unrecognized compensation cost related to unvested stock option grants as of June 30, 2018 was approximately $6,639,000 and the weighted average period over which these grants are expected to vest is 2.79 years. The total unrecognized compensation cost related to unvested restricted stock units (not including performance-based restricted stock units) as of June 30, 2018 was approximately $5,337,950, which will be recognized over a weighted average period of 2.98 years. The total unrecognized compensation cost related to unvested performance-based restricted stock units as of June 30, 2018 was approximately $167,593, which will be recognized over a weighted average period of 2.22 years. The total unrecognized stock-based compensation cost related to unvested employee stock purchase plan shares as of June 30, 2018 was approximately $8,000, which will be recognized over a period of 2 months. 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, 2018 June 30, 2017 Dividend yield — — Volatility 72.25 % 74.27 % Risk-free interest rate 2.82 % 1.62 % Expected life of options 6.00 years 6.00 years Weighted average grant date fair value $ 1.21 $ 1.79 The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. Considering the expected life of these options, the Company determined that a blend of historical volatility and implied volatility of comparable companies whose share prices are publicly available is more reflective of market conditions and a better indicator of expected volatility than using purely Company-specific historical volatility. 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 unit and performance-based 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 assumptions: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Dividend yield — — Volatility 61.35 % 74.70 % Risk-free interest rate 1.85 % 0.79 % Expected term 6 months 6 months Grant date fair value 0.30 1.04 The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. For the first full year of ESPP offering periods, beginning September 1, 2016, the Company determined that a blend of historical volatility and implied volatility of comparable companies whose share prices are publicly available was more reflective of market conditions and a better indicator of expected volatility than using purely Company-specific historical volatility. As of September 1, 2017 and the beginning of the second year of ESPP offering periods, the Company is using the Company-specific historical volatility rate as the 6-month historical volatility is now a better indicator of expected volatility. 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 December 2014, the Company entered into an equity offering sales agreement (the “2014 Sales Agreement”) with an investment banking firm. In July 2016, the Company registered the sale of up to $26.6 million of common stock under the 2014 Sales Agreement pursuant to its shelf registration statement on Form S-3 (File No. 333-202382) filed with the SEC on February 27, 2015 (the “2015 Shelf”) that expired on March 17, 2018. Prior to its expiration, the Company sold an aggregate of 7,304,286 shares of common stock in at-the-market offerings under the 2014 Sales Agreement, with net proceeds of approximately $19.9 million. The Company has an effective shelf registration statement on Form S-3 (File No. 333-222929) and the related prospectus previously declared effective by the Securities and Exchange Commission (the “SEC”) on February 22, 2018, as supplemented by a prospectus supplement, dated March 16, 2018 (the “2018 Shelf”), that expires on February 22, 2021. On March 16, 2018, the Company entered into a Sales Agreement (“2018 Sales Agreement”) with H.C. Wainwright & Co., LLC and Jones Trading Institutional Services LLC (each an “Agent” and together, the “Agents”), pursuant to which the Company may offer and sell, from time to time through the Agents, shares of its common stock in “at the market” sales transactions issued pursuant to the Company’s 2018 Shelf. During the three months ended June 30, 2018, the Company issued 2,085,540 shares of common stock for net proceeds of $3.0 million in at-the-market offerings under the 2018 Sales Agreement. During the three months ended June 30, 2017, the Company issued 1,139,489 shares of common stock, for net proceeds of $3.0 million under the 2014 Sales Agreement. As of June 30, 2018, the Company has sold an aggregate of 2,085,540 shares of common stock in at-the-market offerings under the 2018 Sales Agreement, with net proceeds of approximately $3.0 million. Based on these sales, the Company cannot raise more than an aggregate of $96.9 million in future offerings under the 2018 Shelf, including the $46.9 million remaining available for future issuance through its at-the-market program under the 2018 Sales Agreement. The Company intends to use the net proceeds raised through any at-the-market sales for general corporate purposes, general administrative expenses, and working capital and capital expenditures. Restricted stock units A summary of the Company’s restricted stock unit (not including performance-based restricted stock units) activity from March 31, 2018 through June 30, 2018 is as follows: Number of Shares Weighted Average Price Unvested at March 31, 2018 2,035,345 $ 2.89 Granted 1,587,406 $ 1.19 Vested (224,016 ) $ 3.05 Cancelled / forfeited (462,525 ) $ 2.82 Unvested at June 30, 2018 2,936,210 $ 1.97 Performance-based restricted stock units On April 24, 2017, in connection with the appointment of a new Chief Executive Officer (“CEO”), the Company allocated 208,822 Performance-Based Restricted Stock Units (“PBRSUs”) 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. On August 23, 2017, the Board of Directors formally approved the vesting criteria for the PBRSUs allocated by the Company on April 24, 2017. The units are divided into five separate tranches each with independent vesting criteria. The first four tranches have performance criteria related to annual revenue goals with measurement at the end of fiscal year 2018 (20 percent), fiscal year 2019 (20 percent), fiscal year 2020 (20 percent), and fiscal year 2021 (20 percent). The fifth tranche has a performance metric related to a path to profitability goal measured as Negative Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) achievable at any point between the grant date and the end of fiscal year 2020 (20 percent). The number of units that ultimately vest for each tranche will range from 0 percent to 120 percent of the target amount, not to exceed 208,822 in aggregate. As of June 30, 2018, 100% of the Negative Adjusted EBITDA tranche had vested and the additional 20% overachievement is expected to vest in a future year. As of June 30, 2018, no other tranches are currently expected to vest in fiscal year 2019. The grant date fair values of the PBRSU was $393,000 of which one-fifth is being recognized over each tranches’ service period. The Company began recording stock-based compensation expense for these tranches after the August 23, 2017 grant date when the financial performance goals were established and approved. A summary of the Company’s performance-based restricted stock unit activity from March 31, 2018 through June 30, 2018 is as follows: Number of Shares Maximum Number of Shares Eligible to be Issued Weighted Average Price Unvested at March 31, 2018 167,058 200,470 $ 1.88 Granted — — $ — Vested (41,764 ) (41,764 ) $ 1.88 Cancelled / forfeited — — $ — Unvested at June 30, 2018 125,294 158,706 $ 1.88 Stock options 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 awards” 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 from March 31, 2018 to June 30, 2018 is as follows: Options Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2018 10,132,312 $ 4.01 $ 591,082 Options granted 1,750,000 $ 1.84 $ — Options cancelled / forfeited (614,070 ) $ 4.28 $ — Options exercised — $ — $ — Outstanding at June 30, 2018 11,268,242 $ 3.66 $ 821,293 Vested and Exercisable at June 30, 2018 6,852,984 $ 4.40 $ 821,293 The weighted average remaining contractual term of options exercisable and outstanding at June 30, 2018 was approximately 5.92 years. Employee Stock Purchase Plan The Company reserved 1,500,000 shares of common stock for issuance under the ESPP. 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 the lower of $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, 2018, there were 1,285,103 shares available for purchase under the ESPP. Warrants The following table summarizes warrant activity for the three months ended June 30, 2018: Warrants Weighted Average Exercise Price Balance at March 31, 2018 220,000 $ 7.19 Granted — $ — Exercised — $ — Cancelled — $ — Balance at June 30, 2018 220,000 $ 7.19 The warrants outstanding at June 30, 2018 are exercisable at prices between $6.84 and $7.62 per share, and have a weighted average remaining term of approximately 0.96 years. Common stock reserved for future issuance Common stock reserved for future issuance consisted of the following at June 30, 2018: Common stock warrants outstanding 220,000 Common stock options outstanding under the 2008 Plan 622,192 Common stock options outstanding and reserved under the 2012 Plan 8,557,838 Common stock reserved under the 2012 Plan 2,334,210 Common stock reserved under the 2016 Employee Stock Purchase Plan 1,285,103 Restricted stock units outstanding under the 2012 Plan 2,936,210 Common stock options outstanding and reserved under the Incentive Award Agreement 2,088,212 Restricted stock units outstanding under the Incentive Award Agreement 158,706 Total at June 30, 2018 18,202,471

Collaborative Research, Develop

Collaborative Research, Development, and License Agreements	3 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaborative Research, Development, and License Agreements	Note 4. Collaborative Research, Development, and License Agreements In April 2015, the Company entered into a research collaboration agreement with a third party to develop custom tissue models for fixed fees. No revenue was recorded under this agreement during the three months ended June 30, 2017. The Company completed its obligations under this agreement in September 2017. 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. No revenue was recorded under this agreement during the three months ended June 30, 2018 and 2017. In June 2016, the Company announced it 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 skeletal disease research. The Company received an up-front payment in June 2016, which was initially recorded as deferred revenue. Revenue of $0 and $17,000 has been recorded under this agreement during the three months ended June 30, 2018 and 2017, 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 up-front payments in January and March 2017, which were initially recorded as deferred revenue. Revenue of $10,000 has been recorded under this agreement for the three months ended June 30, 2018 and 2017. In April 2017, the Company signed a collaborative non-exclusive research affiliation with a university, under which the Company received a one-time non-refundable payment toward the placement of a NovoGen Bioprinter at the university for the purpose of specific research projects mutually agreed upon by the university and the Company in the field of volumetric muscle loss. The Company received an up-front payment in May 2017, which was initially recorded as deferred revenue. Revenue of approximat ely $14,000 and $0 has been recorded under this agreement for the three months ended June 30, 2018 and 2017, respectively, beginning subsequent to the installation of the printer in July 2017. In addition, during April 2017, the Company signed a non-exclusive patent license agreement with the university including an annual fee of $75,000 for each of the two years for the license to the Company patents for research use limited to the field of volumetric muscle loss. The Company received the first annual payment of $75,000 in April 2017 and the second annual payment of $75,000 in April 2018, which were initially recorded as deferred revenue. Revenue of $19,000 has been recorded under this agreement for the three months ended June 30, 2018 and 2017. In September 2017, the Company entered into an agreement with a company, under which the Company received a one-time non-refundable payment of $50,000 for limited use of a Company patent in reference to four bioprinters developed and placed at research and academic facilities. The Company recorded no revenue under this agreement for the three months ended June 30, 2018.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5. Commitments and Contingencies Operating leases 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. The Company also previously leased a second facility from February 1, 2015 through January 31, 2018, consisting of 5,803 rentable square feet of office and lab space located at 6310 Nancy Ridge Drive, San Diego, California 92121, with a monthly rent of approximately $12,000 commencing on April 1, 2015, which increased be 3% each 12-month anniversary of the 36 month lease. 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 $325,000 and $366,000 for the three months ended June 30, 2018 and 2017, 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, 2018, are as follows (in thousands): Fiscal year ended March 31, 2019 $ 1,278,214 Fiscal year ended March 31, 2020 1,080,748 Fiscal year ended March 31, 2021 1,112,073 Fiscal year ended March 31, 2022 187,869 Fiscal year ended March 31, 2023 — Thereafter — Total $ 3,658,904 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, 2018
Risks And Uncertainties [Abstract]
Concentrations	Note 6. 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. 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, 2018.

Related Parties

Related Parties	3 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Parties	Note 7. Related Parties From time to time, the Company will enter into an agreement with a related party in the ordinary course of its business and on terms and conditions it believes are as fair as those it offers and receives from independent third parties. These agreements are ratified by the Company’s Board of Directors or a committee thereof pursuant to its related party transaction policy. In August 2017, the Company entered into a services agreement with Cirius Therapeutics, Inc. (“Cirius”), an entity for which Robert Baltera, Jr., a director of the Company, serves as Chief Executive Officer. Under this agreement and its amendments, the Company has provided ExVive™ Liver Tissue Services for Cirius in the amount of $203,000 to date, of which $42,000 was recognized as revenue in the three months ended June 30, 2018. The agreement contains another $23,000 of ExVive™ Liver Tissue Services to be completed in the second quarter of Fiscal 2019.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 8. Subsequent Events During July 2018, the Company issued 130,969 shares of its common stock pursuant to its at-the-market (“ATM”) facility for net proceeds of approximately $0.2 million. At the 2018 Annual Meeting of Stockholders held on July 26, 2018 (the “Annual Meeting”), the Company’s stockholders approved a Certificate of Amendment to the Company’s Certificate of Incorporation (the “Certificate of Amendment”) to increase the number of authorized shares of the Company’s Common Stock from 150,000,000 to 200,000,000 shares. Immediately following the Annual Meeting, the Company filed the Certificate of Amendment with the Secretary of State of the State of Delaware. The Company’s stockholders also approved an amendment and restatement to the 2012 Plan (the “Amended and Restated Plan”) at the Annual Meeting to (i) increase the number of shares of the Company’s common stock available for issuance under the Plan by 11,000,000 shares and (ii) extend the term of the Plan through July 26, 2028. The Company’s Board previously approved the Amended and Restated Plan on May 24, 2018.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Nature of operations	Nature of operations Organovo Holdings, Inc., (“Organovo Holdings,” and collectively with its subsidiaries, “the Company”) is a biotechnology company pioneering a unique set of therapeutic and drug profiling capabilities based on its revolutionary ability to 3D bioprint liver and kidney tissues that emulate human biology and disease. The Company is developing its in vivo Except where specifically noted or the context otherwise requires, references to “Organovo Holdings,” “the Company,” “we,” “our,” and “us” in these notes to the condensed consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc., Samsara Sciences, Inc., and Organovo U.K., Ltd. In March 2018, the U.K. operations were combined with Organovo, Inc.’s operations.
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not necessarily include all information and notes required by GAAP for complete financial statements. The balance sheet at March 31, 2018 is derived from the Company’s audited balance sheet at that date. The condensed consolidated financial statements include the accounts of Organovo Holdings and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. 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 unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2018, as filed with the Securities and Exchange Commission (“SEC”). Operating results for interim periods are not necessarily indicative of operating results for the Company’s fiscal year ending March 31, 2019.
Reclassification of prior year presentation	Reclassification of prior year presentation As a result of the adoption of the new accounting standard associated with clarifying presentation and classification in the statement of cash flows, certain reclassifications have been made to the prior period financial statements to conform with the current period presentation. These reclassifications did not have any effect on previously reported cash flows, net loss, or financial position.
Liquidity	Liquidity As of June 30, 2018, the Company had cash, cash equivalents, and restricted cash of approximately $39.7 million, consisting of cash and cash equivalents of $39.6 million and restricted cash of $0.1 million. The restricted cash was pledged as collateral for two letters of credit the Company is required to maintain as security deposits under the terms of the leases of its facilities. The Company had an accumulated deficit of approximately $241.5 million. The Company also had negative cash flows from operations of approximately $7.0 million during the three months ended June 30, 2018. Through June 30, 2018, 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 agreements, licenses, and grants. During the three months ended June 30, 2018, the Company issued 2,085,540 shares of its common stock through its ATM facility and received net proceeds of approximately $3.0 million. 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 of its therapeutic tissues focusing on critical unmet medical needs in the liver disease space and to fund the development and commercialization of its proprietary platform to produce and study living tissues that emulate key aspects of human biology and disease that can be used to facilitate drug discovery and development. The Company intends to cover its future operating expenses through cash on hand, through revenue derived from research service agreements, product sales, collaborative agreements, grants and license payments, and through the issuance of additional equity or debt securities. Depending on market conditions, the Company cannot be sure that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to it or to its stockholders. Having insufficient funds may require the Company to delay, scale back, or eliminate some or all of its development programs or relinquish rights to its technology on less favorable terms than it would otherwise choose. Failure to obtain adequate financing could eventually adversely affect its ability to operate as a going concern. If the Company continues to raise additional funds from the issuance of equity securities, there will be substantial dilution to its existing stockholders. If the Company raises 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 its ability to operate its business.
Use of estimates	Use of estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates used in preparing the condensed consolidated financial statements include those assumed in revenue recognition, the valuation of stock-based compensation expense, and the valuation allowance on deferred tax assets. On an ongoing basis, management reviews these estimates and assumptions.
Revenue recognition	Revenue recognition The Company generates revenues from payments received from research service agreements, product sales, collaborative agreements with partners including pharmaceutical and biotechnology companies and academic institutions, licenses, and grants from the National Institutes of Health (“NIH”) and private not-for-profit organizations. 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, 2018 and March 31, 2018, the Company had approximately $638,000 and $687,000, respectively, in deferred revenue related to its research service agreements, collaborative agreements, and licenses within the scope of Topic 606. In the three months ended June 30, 2018 the Company recognized revenue on approximately $49,000 that had been recorded as deferred revenue at March 31, 2018. Effective April 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers Service revenues The Company’s service-based business, Organovo, Inc., utilizes its NovoGen® bioprinting platform to provide customers access to its highly specialized tissues that model human biology and disease, and to in vitro For service contracts, the Company allocates the transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The transaction price for service business contracts is a fixed consideration. Product sales, net The Company’s product-based business, Samsara Sciences, Inc., produces high-quality cell-based products for use in Organovo’s 3D tissue manufacturing and for use by life science customers. The Company recognizes product revenue when the performance obligation is satisfied, which is at the point in time the customer obtains control of the Company’s product, typically upon delivery. Product revenues are recorded at the transaction price, net of any estimates for variable consideration under Topic 606. The Company’s process for estimating variable consideration does not differ materially from its historical practices. Variable consideration is estimated using the expected value method which considers the sum of probability-weighted amounts in a range of possible amounts under the contract. Product revenue reflects the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the individual contracts. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary materially from the Company’s estimates, the Company will adjust these estimates, which will affect revenue from product sales and earnings in the period such estimates are adjusted. The Company provides no right of return to its customers except in cases where a customer obtains authorization from the Company for the return. To date, there have been no product returns. The Company will continue to assess its estimates of variable consideration as it accumulates additional historical data and will adjust its estimates accordingly. Collaborative research, development, and licenses The Company enters into collaborative agreements with partners that typically include one or more of the following: (i) non-exclusive license fees; (ii) non-refundable up-front fees; (iii) payments for reimbursement of research costs; (iv) payments associated with achieving specific development milestones; and (v) royalties based on specified percentages of net product sales, if any. At the initiation of an agreement, the Company analyzes whether it results in a contract with a customer under Topic 606 or in an arrangement with a collaborator subject to guidance under ASC 808, Collaborative Arrangements The Company considers a variety of factors in determining the appropriate estimates and assumptions under these arrangements, such as whether the elements are distinct performance obligations, whether there are determinable stand-alone prices, and whether any licenses are functional or symbolic. The Company evaluates each performance obligation to determine if it can be satisfied and recognized as revenue at a point in time or over time. Typically, non-exclusive license fees, non-refundable upfront fees, and funding of research activities are considered fixed, while milestone payments are identified as variable consideration which must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. The Company’s collaborative agreements that were not completed at the implementation of Topic 606 on April 1, 2018, consisted of research collaboration and limited technology access licenses. These agreements provide the licensee with a non-exclusive, non-transferable, limited, royalty-free technology license, including access to Organovo’s proprietary bioprinter platform, training, and continued support by means of consumables and consultation throughout the duration of the contract. The Company has determined the intellectual property license is not distinct from the continued support promised under the agreement and is therefore a single combined performance obligation. The Company recognizes revenue for these combined performance obligations over time for the duration of the license period, as the combined performance obligation will not be fully satisfied until the end of the contract. For the three months ending June 30, 2018, all collaborations and licenses revenue was within the scope of Topic 606 and recognized accordingly. See “Note 4. Collaborative Research, Development, and License Agreements” for more information on the Company’s collaborative agreements. Grant revenue In July 2017, the National Institutes of Health (“NIH”) awarded the Company a “Research and Development” grant totaling approximately $1,657,000 of funding over three years. The Company has concluded this government grant is not within the scope of Topic 606, as government entities do not meet the definition of a “customer” as defined by Topic 606, as there is not considered to be a transfer of control of good or services to the government entity funding the grant. Additionally, the Company has concluded this government grant does meet the definition of a contribution and is a non-reciprocal transaction, however, Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition does not apply, as the Company is a business entity and the grant is with a governmental agency. Revenues from this 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 as the Company incurs expenses that are related to the grant. T he Company believes this policy is consistent with the overarching premise in Topic 606, to ensure that it recognizes revenues to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services, even though there is no “exchange” as defined in the ASC. The Company believes the recognition of revenue as costs are incurred and amounts become earned/realizable is analogous to the concept of transfer of control of a service over time under ASC 606. Revenue recognized under this grant was approximately $100,000 for the three months ended June 30, 2018.
Cost of revenues	Cost of revenues The Company reported approximately $0.1 million and $0.3 million in cost of revenues for the three months ended June 30, 2018 and 2017, respectively. Cost of revenues consists of costs related to manufacturing and delivering 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, 2018 or 2017, 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 14.6 million at June 30, 2018, and 16.0 million at June 30, 2017.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies. Unless otherwise stated, the Company believes that the impact of the recently issued accounting pronouncements that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. Adoption of New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers, Revenue Recognition In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows Restricted Cash In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation Scope of Modification Accounting Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share Distinguishing Liabilities from Equity Derivatives and Hedging (Part I) Accounting for Certain Financial Instruments with Down Round Features Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception In December 2017, the United States (“U.S.”) enacted the Tax Cuts and Jobs Act (the “2017 Act”), which changes existing U.S. tax law and includes various provisions that are expected to affect public companies. The 2017 Act (i) changes U.S. corporate tax rates, (ii) generally reduces a company’s ability to utilize accumulated net operating losses, and (iii) requires the calculation of a one-time transition tax on certain previously unrepatriated foreign earnings and profits (“E&P”). The 2017 Act will also impact estimates of a company’s deferred tax assets and liabilities. The Company is currently in the early stages of evaluating the financial statement impact of the 2017 Act. Based on initial assessments, the Company expects significant adjustments to its gross deferred tax assets and liabilities; however, it also expects to record a corresponding offset to its estimated full valuation allowance against its net deferred tax assets, which should result in minimal net effect to its provision for income taxes. In accordance with SEC issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2018
Class Of Stock [Line Items]
Schedule of Stock-based Compensation Expense	Stock-based compensation expense for all stock-based awards consists of the following (in thousands): Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Research and development $ 202 $ 331 General and administrative $ 1,077 $ 1,721 Total $ 1,279 $ 2,052
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, 2018 June 30, 2017 Dividend yield — — Volatility 72.25 % 74.27 % Risk-free interest rate 2.82 % 1.62 % Expected life of options 6.00 years 6.00 years Weighted average grant date fair value $ 1.21 $ 1.79
Fair Value of Employee Stock Purchase Plan	The fair value of ESPP shares was estimated at the purchase period commencement date using the following assumptions: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Dividend yield — — Volatility 61.35 % 74.70 % Risk-free interest rate 1.85 % 0.79 % Expected term 6 months 6 months Grant date fair value 0.30 1.04
Summary of Stock Option Activity	A summary of the Company’s stock option activity from March 31, 2018 to June 30, 2018 is as follows: Options Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2018 10,132,312 $ 4.01 $ 591,082 Options granted 1,750,000 $ 1.84 $ — Options cancelled / forfeited (614,070 ) $ 4.28 $ — Options exercised — $ — $ — Outstanding at June 30, 2018 11,268,242 $ 3.66 $ 821,293 Vested and Exercisable at June 30, 2018 6,852,984 $ 4.40 $ 821,293
Summary of Warrant Activity	The following table summarizes warrant activity for the three months ended June 30, 2018: Warrants Weighted Average Exercise Price Balance at March 31, 2018 220,000 $ 7.19 Granted — $ — Exercised — $ — Cancelled — $ — Balance at June 30, 2018 220,000 $ 7.19
Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consisted of the following at June 30, 2018: Common stock warrants outstanding 220,000 Common stock options outstanding under the 2008 Plan 622,192 Common stock options outstanding and reserved under the 2012 Plan 8,557,838 Common stock reserved under the 2012 Plan 2,334,210 Common stock reserved under the 2016 Employee Stock Purchase Plan 1,285,103 Restricted stock units outstanding under the 2012 Plan 2,936,210 Common stock options outstanding and reserved under the Incentive Award Agreement 2,088,212 Restricted stock units outstanding under the Incentive Award Agreement 158,706 Total at June 30, 2018 18,202,471
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Summary of Company's Restricted Stock Unit Activity and Performance Based Restricted Stock Unit Activity	A summary of the Company’s restricted stock unit (not including performance-based restricted stock units) activity from March 31, 2018 through June 30, 2018 is as follows: Number of Shares Weighted Average Price Unvested at March 31, 2018 2,035,345 $ 2.89 Granted 1,587,406 $ 1.19 Vested (224,016 ) $ 3.05 Cancelled / forfeited (462,525 ) $ 2.82 Unvested at June 30, 2018 2,936,210 $ 1.97
Performance-Based Restricted Stock Units [Member]
Class Of Stock [Line Items]
Summary of Company's Restricted Stock Unit Activity and Performance Based Restricted Stock Unit Activity	A summary of the Company’s performance-based restricted stock unit activity from March 31, 2018 through June 30, 2018 is as follows: Number of Shares Maximum Number of Shares Eligible to be Issued Weighted Average Price Unvested at March 31, 2018 167,058 200,470 $ 1.88 Granted — — $ — Vested (41,764 ) (41,764 ) $ 1.88 Cancelled / forfeited — — $ — Unvested at June 30, 2018 125,294 158,706 $ 1.88

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Future Minimum Annual Operating Lease Payments	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, 2018, are as follows (in thousands): Fiscal year ended March 31, 2019 $ 1,278,214 Fiscal year ended March 31, 2020 1,080,748 Fiscal year ended March 31, 2021 1,112,073 Fiscal year ended March 31, 2022 187,869 Fiscal year ended March 31, 2023 — Thereafter — Total $ 3,658,904

Summary of Significant Accoun17

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018	Mar. 31, 2017	Nov. 01, 2016
Summary Of Significant Accounting Policies [Line Items]
Cash, cash equivalents, and restricted cash		$ 39,740,000	$ 55,101,000	$ 43,853,000	$ 62,878,000
Cash and cash equivalents		39,613,000	54,974,000	43,726,000
Restricted cash		127,000	127,000	127,000
Accumulated deficit		(241,536,000)		$ (234,120,000)
Cash flow from operations		$ 7,022,000	10,653,000
Issuance of common stock		113,318,380		111,032,957
Deferred revenue		$ 628,000		$ 668,000
Revenue recognized		49,000
Revenue recognized under grants		689,000	990,000
Cost of revenues		100,000	300,000
Dilutive effect		$ 0	$ 0
Common stock equivalents excluded from computing diluted net loss per share		14,600,000	16,000,000
Accounting Standards Update 2016-18 [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash						$ 100,000
NIH Research Grants Two [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants	$ 1,657,000
Grant revenue funding period	3 years
Product [Member]
Summary Of Significant Accounting Policies [Line Items]
Product return revenue		$ 0
Grants [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants		100,000	$ 0
Grants [Member] | NIH Research Grants Two [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized under grants		100,000
Research and Development Services [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred revenue		$ 638,000		$ 687,000
At-The-Market Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock		2,085,540
Gross proceeds from sale of common stock shares		$ 3,000,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,279	$ 2,052
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	202	331
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,077	$ 1,721

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense and Valuation Information - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2018USD ($)
Class Of Stock [Line Items]
Total unrecognized compensation cost related to unvested stock option grants	$ 6,639,000
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	$ 8,000
Stock options [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 years 9 months 14 days
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 years 11 months 23 days
Unrecognized stock-based compensation expense	$ 5,337,950
Performance-Based Restricted Stock Units [Member]
Class Of Stock [Line Items]
Total unrecognized compensation cost related, weighted average period	2 years 2 months 19 days
Unrecognized stock-based compensation expense	$ 167,593

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value of Employee Stock Options (Detail) - $ / shares	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield	0.00%	0.00%
Volatility	72.25%	74.27%
Risk-free interest rate	2.82%	1.62%
Expected life of options	6 years	6 years
Weighted average grant date fair value	$ 1.21	$ 1.79

Stockholders' Equity - Fair V21

Stockholders' Equity - Fair Value of Employee Stock Purchase Plan (Detail) - $ / shares	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility	72.25%	74.27%
Risk-free interest rate	2.82%	1.62%
Expected term	6 years	6 years
Grant date fair value	$ 1.21	$ 1.79
2016 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Volatility	61.35%	74.70%
Risk-free interest rate	1.85%	0.79%
Expected term	6 months	6 months
Grant date fair value	$ 0.30	$ 1.04

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock - Additional Information (Detail)	Jun. 30, 2018shares
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 ($)	1 Months Ended	3 Months Ended		20 Months Ended
	Jul. 31, 2016	Jun. 30, 2018	Jun. 30, 2017	Mar. 17, 2018	Mar. 31, 2018
Class Of Stock [Line Items]
Common stock reserved for future issuance		18,202,471
Issuance of common stock		113,318,380			111,032,957
At-The-Market Facility [Member]
Class Of Stock [Line Items]
Issuance of common stock		2,085,540
Equity Offering Sales Agreement [Member]
Class Of Stock [Line Items]
Equity sales agreement expiration date	Mar. 17, 2018
Issuance of common stock				7,304,286
Value of shares sold under equity distribution agreement			$ 3,000,000	$ 19,900,000
Issuance of common stock from stock options exercises, net, Shares			1,139,489
Equity Offering Sales Agreement [Member] | Maximum [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	26,600,000
2018 Sales Agreement [Member]
Class Of Stock [Line Items]
Equity sales agreement expiration date		Feb. 22, 2021
Issuance of common stock		2,085,540
Value of shares sold under equity distribution agreement		$ 3,000,000
2018 Sales Agreement [Member] | At-The-Market Facility [Member]
Class Of Stock [Line Items]
Value of shares sold under equity distribution agreement		$ 3,000,000
Issuance of common stock from stock options exercises, net, Shares		2,085,540
Common stock value reserved for future issuance		$ 46,900,000
2018 Sales Agreement [Member] | Maximum [Member]
Class Of Stock [Line Items]
Common stock value reserved for future issuance		$ 96,900,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Company's Restricted Stock Unit Activity and Performance-Based Restricted Stock Unit Activity (Detail)	3 Months Ended
	Jun. 30, 2018$ / sharesshares
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares	2,035,345
Granted, Number of Shares	1,587,406
Vested, Number of Shares	(224,016)
Canceled / forfeited, Number of Shares	(462,525)
Ending balance, Unvested, Number of Shares	2,936,210
Beginning balance, Unvested, Weighted Average Price | $ / shares	$ 2.89
Granted, Weighted Average Price | $ / shares	1.19
Vested, Weighted Average Price | $ / shares	3.05
Canceled / forfeited, Weighted Average Price | $ / shares	2.82
Ending balance, Unvested, Weighted Average Price | $ / shares	$ 1.97
Performance-Based Restricted Stock Units [Member]
Class Of Stock [Line Items]
Beginning balance, Unvested, Number of Shares	167,058
Granted, Number of Shares	0
Vested, Number of Shares	(41,764)
Canceled / forfeited, Number of Shares	0
Ending balance, Unvested, Number of Shares	125,294
Beginning balance, Unvested, Weighted Average Price | $ / shares	$ 1.88
Granted, Weighted Average Price | $ / shares	0
Vested, Weighted Average Price | $ / shares	1.88
Canceled / forfeited, Weighted Average Price | $ / shares	0
Ending balance, Unvested, Weighted Average Price | $ / shares	$ 1.88
Beginning balance, Unvested, Maximum Number of Shares Eligible to be Issued	200,470
Awarded at target, Maximum Number of Shares Eligible to be Issued	0
Vested, Maximum Number of Shares Eligible to be Issued	(41,764)
Forfeited, Maximum Number of Shares Eligible to be Issued	0
Ending balance, Unvested, Maximum Number of Shares Eligible to be Issued	158,706

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units - Additional Information (Detail) - Inducement Award Performance-Based Restricted Stock Units [Member]	Aug. 23, 2017USD ($)Trancheshares	Jun. 30, 2018Tranche	Apr. 24, 2017shares
Class Of Stock [Line Items]
Number of tranches | Tranche	5
Award vesting percentage		100.00%
Number of tranches expected to vest | Tranche		0
Grant date fair values of tranches | $	$ 393,000
Maximum [Member]
Class Of Stock [Line Items]
Number of shares allocated | shares	208,822
Share-based Compensation Award, Tranche One [Member]
Class Of Stock [Line Items]
Award vesting percentage	20.00%
Stock units vesting year	2,018
Share-based Compensation Award, Tranche One [Member] | Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage	0.00%
Share-based Compensation Award, Tranche One [Member] | Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage	120.00%
Share-based Compensation Award, Tranche Two [Member]
Class Of Stock [Line Items]
Award vesting percentage	20.00%
Stock units vesting year	2,019
Share-based Compensation Award, Tranche Two [Member] | Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage	0.00%
Share-based Compensation Award, Tranche Two [Member] | Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage	120.00%
Share-based Compensation Award, Tranche Three [Member]
Class Of Stock [Line Items]
Award vesting percentage	20.00%
Stock units vesting year	2,020
Share-based Compensation Award, Tranche Three [Member] | Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage	0.00%
Share-based Compensation Award, Tranche Three [Member] | Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage	120.00%
Share Based Compensation Award Tranche Four [Member]
Class Of Stock [Line Items]
Award vesting percentage	20.00%
Stock units vesting year	2,021
Share Based Compensation Award Tranche Four [Member] | Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage	0.00%
Share Based Compensation Award Tranche Four [Member] | Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage	120.00%
Share Based Compensation Award Tranche Five [Member]
Class Of Stock [Line Items]
Award vesting percentage	20.00%
Stock units vesting year	2,020
Share Based Compensation Award Tranche Five [Member] | Minimum [Member]
Class Of Stock [Line Items]
Award vesting percentage	0.00%
Share Based Compensation Award Tranche Five [Member] | Maximum [Member]
Class Of Stock [Line Items]
Award vesting percentage	120.00%
Future Year [Member]
Class Of Stock [Line Items]
Award vesting percentage		20.00%
CEO [Member]
Class Of Stock [Line Items]
Number of shares allocated | shares			208,822

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	Apr. 24, 2017	Jun. 30, 2018	Jun. 30, 2017
Class Of Stock [Line Items]
Weighted-average remaining contractual term of options exercisable		5 years 11 months 1 day
Weighted-average remaining contractual term of options outstanding		5 years 11 months 1 day
Number of common stock shares approved under ESPP		18,202,471
Expected life of options		6 years	6 years
Inducement Award Agreement [Member] | CEO [Member]
Class Of Stock [Line Items]
Stock options granted	2,088,212
Period for vesting schedule over start date	4 years
Award vesting conditions		These stock options vest over a four-year period, with a quarter of the option shares vesting on the one year anniversary of the vesting commencement date and the remaining options shares vesting in equal quarterly installments over the next 12 quarterly periods.
Award vesting percentage		25.00%
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%
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 remaining available for purchase under ESPP		1,285,103
Employee Stock Purchase Plan [Member] | Maximum [Member]
Class Of Stock [Line Items]
Compensation amount per employee		$ 25,000

Stockholders' Equity - Summar27

Stockholders' Equity - Summary of Stock Option Activity (Detail)	3 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance | shares	10,132,312
Granted, Options Outstanding | shares	1,750,000
Cancelled / forfeited, Options Outstanding | shares	(614,070)
Exercised, Options Outstanding | shares	0
Options Outstanding, Ending balance | shares	11,268,242
Vested and Exercisable, Options Outstanding | shares	6,852,984
Weighted-Average Exercise Price, Options Beginning balance | $ / shares	$ 4.01
Options granted, Weighted-Average Exercise Price | $ / shares	1.84
Options cancelled / forfeited, Weighted-Average Exercise Price | $ / shares	4.28
Options exercised, Weighted-Average Exercise Price | $ / shares	0
Weighted-Average Exercise Price, Options Ending balance | $ / shares	3.66
Vested and Exercisable, Weighted-Average Exercise Price | $ / shares	$ 4.40
Aggregate Intrinsic Value, Options Beginning balance | $	$ 591,082
Aggregate Intrinsic Value, Options | $	821,293
Vested and Exercisable, Aggregate Intrinsic Value | $	$ 821,293

Stockholders' Equity - Summar28

Stockholders' Equity - Summary of Warrant Activity (Detail)	3 Months Ended
	Jun. 30, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance | shares	10,132,312
Granted, Options Outstanding | shares	1,750,000
Exercised, Options Outstanding | shares	0
Options Outstanding, Ending balance | shares	11,268,242
Weighted-Average Exercise Price, Options Beginning balance | $ / shares	$ 4.01
Granted, Weighted-Average Exercise Price | $ / shares	1.84
Exercised, Weighted-Average Exercise Price | $ / shares	0
Weighted-Average Exercise Price, Options Ending balance | $ / shares	$ 3.66
Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Beginning balance | shares	220,000
Granted, Options Outstanding | shares	0
Exercised, Options Outstanding | shares	0
Cancelled, Options Outstanding | shares	0
Options Outstanding, Ending balance | shares	220,000
Weighted-Average Exercise Price, Options Beginning balance | $ / shares	$ 7.19
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	$ 7.19

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2018$ / shares
Class Of Stock [Line Items]
Weighted-average remaining contractual term of options exercisable	5 years 11 months 1 day
Minimum [Member]
Class Of Stock [Line Items]
Warrants exercisable price, per share	$ 6.84
Maximum [Member]
Class Of Stock [Line Items]
Warrants exercisable price, per share	$ 7.62
Warrants [Member]
Class Of Stock [Line Items]
Weighted-average remaining contractual term of options exercisable	11 months 15 days

Stockholders' Equity - Common30

Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail)	Jun. 30, 2018shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	18,202,471
Equity Incentive Plan 2012 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	2,334,210
Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	220,000
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	8,557,838
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	1,285,103
Stock options [Member] | Inducement Award Agreement [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	2,936,210
Restricted stock units (RSUs) [Member] | Inducement Award Agreement [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	158,706

Collaborative Research, Devel31

Collaborative Research, Development, and License Agreements - Additional Information (Detail) - USD ($)	1 Months Ended			3 Months Ended
	Apr. 30, 2018	Sep. 30, 2017	Apr. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				$ 689,000	$ 990,000
Non-exclusive patent license agreement annual fee				120,000	301,000
April 2017 Non-exclusive Research Affiliation Collaborative [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Non-exclusive patent license agreement term			2 years
Proceeds from Non-exclusive patent annual license fee	$ 75,000		$ 75,000
Collaborations and Licenses [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				43,000	46,000
Collaborations and Licenses [Member] | April 2015 Research Collaboration Agreement [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues					0
Collaborations and Licenses [Member] | April 2015 Multi-year Research Agreement [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				0	0
Collaborations and Licenses [Member] | June 2016 Non-exclusive Research Affiliation Collaborative [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				0	17,000
Collaborations and Licenses [Member] | December 2016 Non-exclusive Research Affiliation Collaborative [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				10,000	10,000
Collaborations and Licenses [Member] | April 2017 Non-exclusive Research Affiliation Collaborative [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				19,000	19,000
Collaborations and Licenses [Member] | April 2017 Non-exclusive Research Affiliation Collaborative [Member] | Up-front Payment Received [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues				14,000	$ 0
Collaborations and Licenses [Member] | September 2017 Agreement [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Total Revenues		$ 50,000		$ 0
License [Member] | April 2017 Non-exclusive Research Affiliation Collaborative [Member]
Collaborative Arrangements and Noncollaborative Arrangement Transactions [Line Items]
Non-exclusive patent license agreement annual fee			$ 75,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended		36 Months Ended	72 Months Ended
	Jun. 30, 2018USD ($)ft²	Jun. 30, 2017USD ($)	Jan. 31, 2018USD ($)ft²	Jun. 30, 2018USD ($)
Commitments And Contingencies [Line Items]
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			5,803
Lease term			36 months
Lease rental period start date			Feb. 1, 2015
Lease rental period end date			Jan. 31, 2018
Base rent under the lease			$ 12,000
Leasehold improvements				$ 518,000
Rent expense	$ 325,000	$ 366,000
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 Contingencies33

Commitments and Contingencies - Future Minimum Annual Operating Lease Payments (Detail) $ in Thousands	Jun. 30, 2018USD ($)
Commitments And Contingencies Disclosure [Abstract]
Fiscal year ended March 31, 2019	$ 1,278,214
Fiscal year ended March 31, 2020	1,080,748
Fiscal year ended March 31, 2021	1,112,073
Fiscal year ended March 31, 2022	187,869
Fiscal year ended March 31, 2023	0
Thereafter	0
Total	$ 3,658,904

Related Parties - Additional In

Related Parties - Additional Information (Detail) - Cirius Therapeutics, Inc., [Member] - USD ($)	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Related Party Transaction [Line Items]
Amount of transactions with related party for providing services		$ 203,000
Revenue recognized from related parties agreement		$ 42,000
Scenario, Forecast [Member]
Related Party Transaction [Line Items]
Amount of transactions with related party for providing services	$ 23,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2018	Jun. 30, 2018	Jul. 27, 2018	Jul. 26, 2018	Mar. 31, 2018
Subsequent Event [Line Items]
Common stock, shares issued		113,318,380			111,032,957
Common stock, shares authorized		150,000,000			150,000,000
At-The-Market Facility [Member]
Subsequent Event [Line Items]
Common stock, shares issued		2,085,540
Net proceeds from sale of common stock		$ 3
Subsequent Event [Member] | Certificate of Amendment [Member]
Subsequent Event [Line Items]
Common stock, shares authorized			200,000,000	150,000,000
Subsequent Event [Member] | Amended and Restated Plan [Member]
Subsequent Event [Line Items]
Shares available for issuance				11,000,000
Subsequent Event [Member] | At-The-Market Facility [Member]
Subsequent Event [Line Items]
Common stock, shares issued	130,969
Net proceeds from sale of common stock	$ 0.2