Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ONVO | |
Entity Registrant Name | Organovo Holdings, Inc. | |
Entity Central Index Key | 0001497253 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 8,705,454 | |
Entity File Number | 001-35996 | |
Entity Current Reporting Status | Yes | |
Entity Tax Identification Number | 27-1488943 | |
Entity Address, Address Line One | 440 Stevens Ave | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Solana Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92075 | |
City Area Code | 858 | |
Local Phone Number | 224-1000 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 33,791 | $ 37,364 |
Prepaid expenses and other current assets | 512 | 1,034 |
Total current assets | 34,303 | 38,398 |
Fixed assets, net | 552 | 381 |
Restricted cash | 111 | 111 |
Prepaid expenses and other assets, net | 915 | 1,027 |
Total assets | 35,881 | 39,917 |
Current Liabilities | ||
Accounts payable | 958 | 281 |
Accrued expenses | 717 | 440 |
Total current liabilities | 1,675 | 721 |
Stockholders’ Equity | ||
Common stock, $0.001 par value; 200,000,000 shares authorized, 8,705,454 and 8,670,492 shares issued and outstanding at September 30, 2021 and March 31, 2021, respectively | 9 | 9 |
Additional paid-in capital | 336,526 | 335,479 |
Accumulated deficit | (302,328) | (296,291) |
Treasury stock, 46 shares at cost | (1) | (1) |
Total stockholders’ equity | 34,206 | 39,196 |
Total Liabilities and Stockholders’ Equity | $ 35,881 | $ 39,917 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Mar. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 8,705,454 | 8,670,492 |
Common stock, shares outstanding | 8,705,454 | 8,670,492 |
Treasury stock, shares | 46 | 46 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Expenses | ||||
Research and development expenses | $ 679 | $ 28 | $ 1,259 | $ 28 |
Selling, general and administrative expenses | 2,828 | 8,922 | 4,807 | 11,708 |
Total costs and expenses | 3,507 | 8,950 | 6,066 | 11,736 |
Loss from Operations | (3,507) | (8,950) | (6,066) | (11,736) |
Other Income (Expense) | ||||
Gain (loss) on fixed asset disposals | 0 | (5) | 0 | 1 |
Interest income | 2 | 4 | 4 | 12 |
Other income | 0 | 1 | 25 | 6 |
Total Other Income (Expense) | 2 | 0 | 29 | 19 |
Income Tax Expense | 0 | 0 | 0 | (2) |
Net Loss | $ (3,505) | $ (8,950) | $ (6,037) | $ (11,719) |
Net loss per common share—basic and diluted | $ (0.40) | $ (1.36) | $ (0.69) | $ (1.79) |
Weighted average shares used in computing net loss per common share—basic and diluted | 8,705,327 | 6,565,245 | 8,701,029 | 6,547,430 |
Comprehensive Loss: | ||||
Net loss | $ (3,505) | $ (8,950) | $ (6,037) | $ (11,719) |
Comprehensive loss | $ (3,505) | $ (8,950) | $ (6,037) | $ (11,719) |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] |
Beginning balance at Mar. 31, 2020 | $ 26,631 | $ 7 | $ 306,089 | $ 0 | $ (279,465) |
Beginning balance, Shares at Mar. 31, 2020 | 6,528 | 0 | |||
Issuance of common stock under employee and director stock option, RSU, and purchase plans | (1) | $ 0 | (1) | $ 0 | 0 |
Issuance of common stock under employee and director stock option, RSU, and purchase plans, Shares | 3 | ||||
Stock-based compensation expense | 925 | $ 0 | 925 | 0 | 0 |
Net loss | (2,769) | 0 | 0 | 0 | (2,769) |
Ending balance at Jun. 30, 2020 | 24,786 | $ 7 | 307,013 | $ 0 | (282,234) |
Ending balance, Shares at Jun. 30, 2020 | 6,531 | 0 | |||
Beginning balance at Mar. 31, 2020 | 26,631 | $ 7 | 306,089 | $ 0 | (279,465) |
Beginning balance, Shares at Mar. 31, 2020 | 6,528 | 0 | |||
Net loss | (11,719) | ||||
Ending balance at Sep. 30, 2020 | 19,986 | $ 7 | 311,164 | $ (1) | (291,184) |
Ending balance, Shares at Sep. 30, 2020 | 6,732 | 0 | |||
Beginning balance at Jun. 30, 2020 | 24,786 | $ 7 | 307,013 | $ 0 | (282,234) |
Beginning balance, Shares at Jun. 30, 2020 | 6,531 | 0 | |||
Issuance of common stock under employee and director stock option, RSU, and purchase plans | 13 | $ 0 | 13 | $ 0 | 0 |
Issuance of common stock under employee and director stock option, RSU, and purchase plans, Shares | 201 | ||||
Stock-based compensation expense | 4,138 | $ 0 | 4,138 | 0 | 0 |
Treasury stock | (1) | 0 | 0 | $ (1) | 0 |
Treasury stock, shares | 0 | ||||
Net loss | (8,950) | 0 | 0 | $ 0 | (8,950) |
Ending balance at Sep. 30, 2020 | 19,986 | $ 7 | 311,164 | $ (1) | (291,184) |
Ending balance, Shares at Sep. 30, 2020 | 6,732 | 0 | |||
Beginning balance at Mar. 31, 2021 | 39,196 | $ 9 | 335,479 | $ (1) | (296,291) |
Beginning balance, Shares at Mar. 31, 2021 | 8,671 | 0 | |||
Issuance of common stock from public offering, net | 251 | $ 0 | 251 | $ 0 | 0 |
Issuance of common stock from public offering, Shares | 27 | ||||
Stock-based compensation expense | 415 | $ 0 | 415 | 0 | 0 |
Net loss | (2,532) | 0 | 0 | 0 | (2,532) |
Ending balance at Jun. 30, 2021 | 37,330 | $ 9 | 336,145 | $ (1) | (298,823) |
Ending balance, Shares at Jun. 30, 2021 | 8,698 | 0 | |||
Beginning balance at Mar. 31, 2021 | 39,196 | $ 9 | 335,479 | $ (1) | (296,291) |
Beginning balance, Shares at Mar. 31, 2021 | 8,671 | 0 | |||
Net loss | (6,037) | ||||
Ending balance at Sep. 30, 2021 | 34,206 | $ 9 | 336,526 | $ (1) | (302,328) |
Ending balance, Shares at Sep. 30, 2021 | 8,705 | 0 | |||
Beginning balance at Jun. 30, 2021 | 37,330 | $ 9 | 336,145 | $ (1) | (298,823) |
Beginning balance, Shares at Jun. 30, 2021 | 8,698 | 0 | |||
Issuance of common stock under employee and director stock option, RSU, and purchase plans | (45) | $ 0 | (45) | $ 0 | 0 |
Issuance of common stock under employee and director stock option, RSU, and purchase plans, Shares | 7 | ||||
Stock-based compensation expense | 426 | $ 0 | 426 | 0 | 0 |
Net loss | (3,505) | 0 | 0 | 0 | (3,505) |
Ending balance at Sep. 30, 2021 | $ 34,206 | $ 9 | $ 336,526 | $ (1) | $ (302,328) |
Ending balance, Shares at Sep. 30, 2021 | 8,705 | 0 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows From Operating Activities | ||||
Net loss | $ (3,505) | $ (8,950) | $ (6,037) | $ (11,719) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Gain on disposal of fixed assets | 0 | 1 | ||
Depreciation and amortization | 59 | 8 | ||
Stock-based compensation | 426 | 4,138 | 841 | 5,063 |
Increase (decrease) in cash resulting from changes in: | ||||
Accounts receivable | 0 | 92 | ||
Prepaid expenses and other assets | 627 | (2,011) | ||
Accounts payable | 677 | (519) | ||
Accrued expenses | 277 | (633) | ||
Net cash used in operating activities | (3,556) | (9,718) | ||
Cash Flows From Investing Activities | ||||
Purchases of fixed assets | (223) | 0 | ||
Proceeds from disposals of fixed assets | 0 | 7 | ||
Net cash provided by (used in) investing activities | (223) | 7 | ||
Cash Flows From Financing Activities | ||||
Proceeds from issuance of common stock, net | 251 | 0 | ||
Employee taxes paid related to net share settlement of equity awards | (45) | (2) | ||
Proceeds from exercise of stock options | 0 | 14 | ||
Purchase of treasury stock | 0 | (1) | ||
Net cash provided by financing activities | 206 | 11 | ||
Net decrease in cash, cash equivalents, and restricted cash | (3,573) | (9,700) | ||
Cash, cash equivalents, and restricted cash at beginning of period | 37,475 | 27,356 | ||
Cash, cash equivalents, and restricted cash at end of period | 33,902 | 17,656 | 33,902 | 17,656 |
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | ||||
Cash and cash equivalents | 33,791 | 17,656 | 33,791 | 17,656 |
Restricted cash | 111 | 0 | 111 | 0 |
Cash, cash equivalents, and restricted cash at end of period | $ 33,902 | $ 17,656 | 33,902 | 17,656 |
Supplemental Disclosure of Cash Flow Information: | ||||
Fixed asset reclass | 0 | 31 | ||
Income taxes paid | $ 0 | $ 2 |
Description of Business
Description of Business | 6 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | Note Nature of Operations Organovo Holdings, Inc. (“Organovo Holdings,” “Organovo,” and the “Company”) is an early-stage biotechnology company that focuses on building high fidelity, 3D tissues that recapitulate key aspects of human disease. The Company uses these models to identify gene targets capable of modulating the disease phenotype across multiple patients and intends to initiate drug discovery programs around these validated targets. The Company is initially targeting the intestine and has ongoing 3D tissue development efforts in Ulcerative colitis (“UC”) and Crohn’s disease (“CD”). The Company intends to add additional tissues/diseases/targets to its portfolio in the coming year. In line with these plans, the Company is building upon both its external and in house scientific expertise, which will be essential to its drug development effort. The Company uses its proprietary technology to build functional 3D human tissues that mimic key aspects of native human tissue composition, architecture, function and disease. Organovo’s advances include cell type-specific compartments, prevalent intercellular tight junctions, and the formation of microvascular structures. Management believes these attributes can enable critical complex, multicellular disease models that can be used to develop clinically effective drugs for a variety of therapeutic areas. The Company’s NovoGen Bioprinters ® The Company believes that the use of its bioprinting platform as well as complementary 3D technologies will allow it to develop an understanding of disease biology that leads to validated novel drug targets, and that it can develop therapeutics to those targets to treat disease. The majority of the Company’s current focus is in inflammatory bowel disease (“IBD”), including CD and UC. The Company expects to create disease models, leveraging its prior work including the work found in its peer-reviewed publication on bioprinted intestinal tissues ( Madden et al. Bioprinted 3D Primary Human Intestinal Tissues Model Aspects of Native Physiology and ADME/Tox Functions. iScience. 2018 Apr 27;2:156-167. doi: 10.1016/j.isci.2018.03.015.) The Company’s current understanding of intestinal tissue models and IBD disease models leads it to believe that it can create models that provide greater insight into the biology of these diseases than are generally currently available. Using these disease models, the Company intends to identify and validate therapeutic targets. After finding novel therapeutic drug targets, the Company intends to develop novel small molecule, antibody, or other therapeutic drug candidates to treat the disease, and advance these novel drug candidates towards an Investigational New Drug (“IND”) filing and clinical trials. The Company expects to broaden its work into additional therapeutic areas over time and is currently exploring specific tissues for development. In the Company’s work to identify the areas of interest, it evaluates areas that might be better served with 3D disease models than currently available models as well as the potential commercial opportunity. Except where specifically noted or the context otherwise requires, references to “Organovo Holdings”, “the Company”, and “Organovo” in these notes to the unaudited condensed consolidated financial statements refers to Organovo Holdings, Inc. and its wholly owned subsidiaries, Organovo, Inc. and Opal Merger Sub, Inc. COVID-19 In December 2019, a respiratory illness caused by a novel strain of coronavirus, SARS-CoV-2, causing the Coronavirus Disease 2019, also known as COVID-19 emerged. While initially the outbreak was largely concentrated in China, it has since spread globally and has been declared a pandemic by the World Health Organization. Global health concerns relating to the COVID-19 pandemic have been weighing on the macroeconomic environment, and the pandemic has significantly increased economic volatility and uncertainty. The pandemic has resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. In 2020, the Company adapted quickly to COVID-19, instituting universal masking and distancing in the lab and in the offices. The Company encouraged and enabled remote work whenever possible. The Company instituted safety check software to monitor symptoms and successfully maintained a robust level of progress while ensuring the safety of its employees. As the viral load and variants allow, the Company intends to carefully return to more typical lab and office work flow. The extent to which COVID-19 impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the rise of vaccine-resistant variants, duration of the outbreak, travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns pandemic could adversely impact various aspects of the Company’s operations, including among others, the ability to raise additional capital, the timing and ability to pursue the Company’s strategy, given the impact the pandemic may have on the manufacturing and supply chain, sales and marketing and clinical trial operations of potential strategic partners, and the ability to advance its research and development activities and pursue development of its pipeline products, each of which could have an adverse impact on the Company’s business and financial results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2021 | |
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 condensed consolidated balance sheet at March 31, 2021 is derived from the Company’s audited consolidated balance sheet at that date. The unaudited condensed consolidated financial statements include the accounts of Organovo 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, 2021, as filed with the Securities and Exchange Commission (“SEC”). Operating results for any interim period are not necessarily indicative of the operating results for any other interim period or the Company’s full fiscal year ending March 31, 2022 (see “ Note 1. Description of Business” Liquidity As of September 30, 2021, the Company had cash and cash equivalents of approximately $33.8 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $302.3 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreement for its facilities. The Company also had negative cash flows from operations of approximately $3.6 million during the six months ended September 30, 2021. Through September 30, 2021, the Company has financed its operations primarily through the sale of convertible notes, warrants, 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 and six months ended September 30, 2021, the Company issued 0 and 27,545 shares of its common stock through its ATM facility and received net proceeds of approximately $0 and $0.3 million, respectively. The Company believes its cash and cash equivalents on hand will be sufficient to meet its financial obligations for at least the next 12 months of operations. As the Company continues to recommence operations and focus its efforts on drug discovery and development, it will need to raise additional capital to implement this new business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. If required, the Company may seek to raise additional capital through debt or equity financings, or through some other financing arrangement. However, the Company cannot be sure that additional financing will be available if and when needed, or that, if available, it can obtain financing on terms favorable to its stockholders. Any failure to obtain financing when required will have a material adverse effect on the Company’s business, operating results, financial condition and ability to continue as a going concern. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the unaudited condensed consolidated financial statements include those assumed in 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. Though the impact of the COVID-19 pandemic to its business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its significant accounting estimates. 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, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), the assumed vesting of restricted stock units (“RSUs”) , and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three and six months ended September 3 0 , 20 2 1 and 20 20 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 due to their anti-dilutive effect were approximately 0.7 million at September 30, 2021 and 0.9 million at September 30, 2020. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“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. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 3. Stockholders’ Equity Stock-based Compensation Expense and Valuation Information Stock-based awards include stock options and RSUs under the Company’s Amended and Restated 2012 Equity Incentive Plan (“2012 Plan”), inducement awards, performance-based RSUs under an Incentive Award Performance-Based Restricted Stock Unit Agreement, the Company’s 2021 Inducement Equity Incentive Plan (“Inducement Plan”), and rights to purchase stock under the 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 Six Months Ended Six Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Research and development $ 80 $ 7 $ 156 $ 7 General and administrative $ 346 $ 4,131 $ 685 $ 5,056 Total $ 426 $ 4,138 $ 841 $ 5,063 The total unrecognized compensation cost related to unvested stock option grants as of September 30, 2021 was approximately $3.4 million and the weighted average period over which these grants are expected to vest is 2.44 years. The total unrecognized compensation cost related to unvested RSUs (not including performance-based RSUs) as of September 30, 2021 was approximately $0.2 million, which will be recognized over a weighted average period of 3.29 years. The Company uses either the Black-Scholes or Monte Carlo option-pricing models to calculate the fair value of stock options, depending on the complexity of the equity grants. Stock-based compensation expense is recognized over the vesting period using the straight-line method. The assumed dividend yield is based on the Company’s expectation of not paying dividends in the foreseeable future. The Company uses the Company-specific historical volatility rate as the indicator of expected volatility. The risk-free interest rate assumption is 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. The measurement and classification of share-based payments to non-employees is consistent with the measurement and classification of share-based payments to employees. The fair value of stock options was estimated at the grant date using the following weighted average assumptions: Three Months Ended Three Months Ended Six Months Ended Six Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Dividend yield — — — — Volatility 116.83 % 108.39 % 116.83 % 108.39 % Risk-free interest rate 0.73 % 0.27 % 0.73 % 0.27 % Expected life of options 6.00 years 6.00 years 6.00 years 6.00 years Weighted average grant date fair value $ 6.52 $ 6.22 $ 6.52 $ 6.22 The fair value of each RSU and performance-based RSU 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 ESPP. Stock-based compensation expense is recognized over the purchase period using the straight-line method. The assumed dividend yield is based on the Company’s expectation of not paying dividends in the foreseeable future. The Company uses the Company-specific historical volatility rate as the indicator of expected volatility. The risk-free interest rate assumption is based on U.S. Treasury rates. The expected life is the 6-month purchase period. There were no participants in the ESPP for the current purchase period (beginning September 1, 2021), nor any participants in the ESPP for the comparative 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 The Company previously had an effective shelf registration statement on Form S-3 (File No. 333-222929) and the related prospectus previously declared effective by the SEC on February 22, 2018 (the “2018 Shelf”), which registered $100.0 million of common stock, preferred stock, warrants and units, or any combination of the foregoing, that was set to expire on February 22, 2021. On January 19, 2021, the Company filed a shelf registration statement on Form S-3 (File No. 333-252224) to register $150.0 million of the Company’s common stock, preferred stock, debt securities, warrants and units, or any combination of the foregoing (the “2021 Shelf”) and a related prospectus. The 2021 Shelf was declared effective by the SEC on January 29, 2021 and replaced the 2018 Shelf at that time. On January 29, 2021, the Company entered into a Sales Agreement (“Sales Agreement”) with H.C. Wainwright & Co., LLC and Jones Trading Institutional Services LLC (each an “Agent” and together, the “Agents”) and filed a prospectus supplement to the 2021 Shelf, pursuant to which the Company could offer and sell, from time to time through the Agents, shares of its common stock in at-the-market sales transactions having an aggregate offering price of up to $50.0 million. Any shares offered and sold will be issued pursuant to the 2021 Shelf. During the three and six months ended September 30, 2021, the Company issued 0 and 27,545 shares of common stock for net proceeds of $0 million and $0.3 million in at-the-market offerings under the Sales Agreement, respectively. As of September 30, 2021, the Company has sold an aggregate of 1,580,862 shares of common stock in at-the-market offerings under the Sales Agreement, with gross proceeds of approximately $21.7 million. As of September 30, 2021, there was approximately $128.3 million available for future offerings under the 2021 Shelf, and approximately $28.3 million available for future offerings through the Company’s ATM program under the Sales Ageement. In March 2021, the Company’s Board of Directors (“Board”) approved the Inducement Plan. The Inducement Plan authorized the issuance of up to 750,000 shares of common stock for awards of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, RSUs, performance units, performance shares, and other stock or cash awards. RSUs The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity from March 31, 2021 through September 30, 2021: Number of Shares Weighted Average Price Unvested at March 31, 2021 21,057 $ 10.79 Granted — $ — Vested (290 ) $ 21.72 Cancelled / forfeited — $ — Unvested at September 30, 2021 20,767 $ 10.64 Performance-based RSUs On July 2, 2019, the Company issued Performance-Based Restricted Stock Unit Awards (the “PBRSU Retention Awards”) for an aggregate of 301,391 shares of common stock to its management team. The PBRSUs were issued pursuant to the 2012 Plan. The PBRSU Retention Awards vest in full upon the earlier of: (i) the Company’s engagement in a pre-IND meeting with the FDA, (ii) twenty-four months from the grant date, or (iii) a change in control. As of September 30, 2021, 111,682 shares were forfeited due to terminations, vesting for 177,480 shares was accelerated due to a change in control that was triggered by changes to the Board in 2020, and the remaining 12,229 shares vested on July 1, 2021, twenty-four months from the grant date, as these particular shares required two of the conditions to be met in order to vest. The following table summarizes the Company’s performance-based RSUs activity from March 31, 2021 through September 30, 2021: Number of Shares Weighted Average Price Unvested at March 31, 2021 12,229 $ 9.80 Granted — $ — Vested (12,229 ) $ 9.80 Cancelled / forfeited — $ — Unvested at September 30, 2021 — $ — Stock Options The following table summarizes the Company’s stock option activity from March 31, 2021 to September 30, 2021: Options Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2021 1,004,655 $ 20.03 $ 856,400 Options granted 12,000 $ 7.66 $ — Options cancelled / forfeited (354,530 ) $ 40.95 $ — Options exercised — $ — $ — Outstanding at September 30, 2021 662,125 $ 8.61 $ — Vested and Exercisable at September 30, 2021 108,492 $ 7.61 $ — The weighted average remaining contractual term of stock options exercisable and outstanding at September 30, 2021 was approximately 8.96 years Employee Stock Purchase Plan In June 2016, six-month six-month Common Stock Reserved for Future Issuance Common stock reserved for future issuance consisted of the following at September 30, 2021: Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan 662,125 Common stock reserved under the 2012 Plan 301,879 Common stock reserved under the ESPP 59,435 Common stock reserved under the Inducement Plan 750,000 Common stock issuable pursuant to RSUs outstanding under the 2012 Plan 20,767 Total at September 30, 2021 1,794,206 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4. Commitments and Contingencies 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. In June 2021, the Company’s U.S. Pat. Nos. 9,855,369 and 9,149,952, which relate to its bioprinter technology, became the subject of IPR proceedings filed by Cellink AB and its subsidiaries, MatTek Incorporated and Visikol, Inc. (collectively, “Cellink AB”). The objective of the IPR proceedings is to invalidate the claims in the noted patents. The Company filed a preliminary response to Cellink AB’s IPR petition in September 2021. The Company expects the PTAB to reach a decision in December 2021 whether to institute Cellink AB’s IPRs. As of the date of this filing, the Company concluded that the probability of a loss contingency or unfavorable outcome from this event is remote. In addition, U.S. Patent Nos. 9,149,952, 9,855,369, 8,931,880, 9,227,339 and 9,315,043 (all assigned to Organovo, Inc.) and U.S. Patent Nos. 7,051,654 and 9,752,116 (licensed exclusively to Organovo) are subject to a declaratory judgment complaint against the Company brought by Cellink AB to obtain a declaration from the court that they do not infringe any claims of the noted patents (the “Action”). The Company filed a motion to dismiss the Action on July 29, 2021. As of the date of this filing, the Company concluded that the probability of a loss contingency or unfavorable outcome from this event is reasonably possible. However, the Company is currently unable to estimate a possible loss or range of loss related to the declaratory judgment complaint. On July 28, 2021, the Company filed a complaint for patent infringement against Cellink AB in the United States District Court for the Western District of Texas (the “Patent Complaint”). The Patent Complaint alleges that Cellink AB has infringed U.S. Patent Nos. 9,149,952, 9,855,369 and 9,315,043 (all assigned to Organovo, Inc.) and U.S. Patent No. 9,752,116 (licensed exclusively to Organovo). The Company seeks an injunction against continuing infringement of the foregoing patents by Cellink AB and monetary damages. The Company cannot predict the ultimate outcome of the Patent Complaint. In September 2021, Cellink AB filed two additional IPR proceedings against the Company’s U.S. Pat. Nos. 9,315,043 and 9,752,116 (exclusively licensed by the Company from the MUSC Fourndation for Research and Development), which relate to its bioprinter technology. The objective of the IPR proceedings is to invalidate the claims in the noted patents. The Company may file a preliminary response to Cellink AB’s IPR petition in December 2021. The Company expects the PTAB to reach a decision in March 2022 whether to institute Cellink AB’s IPRs. As of the date of this filing, the Company concluded that the probability of a loss contingency or unfavorable outcome from this event is remote. 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 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 any claims or legal proceedings. 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. |
Leases
Leases | 6 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 5. Leases After the initial adoption of Accounting Standards Codification Topic 842 (“ASC 842”), on an on-going basis, the Company evaluates all contracts upon inception and determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If a lease is identified, the Company will apply the guidance from ASC 842 to properly account for the lease. Operating Leases From October 2019 to July 2021, the Company rented office space in Solana Beach, California. This agreement was a month-to-month contract and could be terminated at-will by either party at any time. As such, the Company concluded that this agreement did not contain a lease and was be expensed as incurred (referred to as “rent expense”). Monthly rental payments were approximately $4,000 per month. On November 23, 2020, the Company entered into two lease agreements, pursuant to which the Company temporarily leases approximately 3,212 square feet of office space (the “Temporary Lease”) in San Diego and will permanently lease approximately 8,051 square feet of office space (the “Permanent Lease”) in San Diego once certain tenant improvements for the Company’s permanent premises have been completed by the landlord and the premises are ready for occupancy. The Temporary Lease commenced on November 27, 2020 and is intended to serve as temporary premises until the Permanent Lease is ready for occupancy. The Permanent Lease is projected to commence in the third quarter of fiscal 2022 and is intended to serve as the Company’s permanent premises for approximately sixty-two months. Once the Permanent Lease commences, monthly rental payments will be approximately $32,000 with 3% annual escalators. The Company determined that the Temporary Lease is considered a short term lease under ASC 842 and therefore elected an accounting policy for short term leases to recognize lease payments as an expense on a straight-line basis over the lease term (referred to as “short term lease expense”). Variable lease expenses related to the short term lease, such as payments for additional monthly fees to cover the Company’s share of certain facility expenses (common area maintenance, or CAM) are expensed as incurred. The Company also determined that the Permanent Lease will require the balance sheet recognition of a right-of-use asset and lease liability under ASC 842 once the Permanent Lease commences. The Company is currently evaluating the financial statement impact of the Permanent Lease. The Company recorded rent expense of approximately $5,000 and $18,000 for the three and six months ended September 30, 2021, respectively, and $13,000 and $25,000 for the three and six months ended September 30, 2020, respectively. Variable lease expense was approximately $9,000 and $18,000 for the three and six months ended September 30, 2021, respectively, and $0 for the three and six months ended September 30, 2020. Lastly, for the three and six months ended September 30, 2021, short term lease expense was approximately $39,000 and $78,000, respectively, and $0 for the three and six months ended September 30, 2020. |
Concentrations
Concentrations | 6 Months Ended |
Sep. 30, 2021 | |
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 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. |
Related Parties
Related Parties | 6 Months Ended |
Sep. 30, 2021 | |
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. These agreements are ratified by the Board or a committee thereof pursuant to its related party transaction policy. Viscient Biosciences (“Viscient”) is an entity for which Keith Murphy, the Company’s Executive Chairman, serves as the Chief Executive Officer and President. Dr. Jeffrey Miner, the Company’s Chief Scientific Officer, is also the Chief Scientific Officer of Viscient, and Thomas Jurgensen, the Company’s General Counsel, previously served as outside legal counsel to Viscient through his law firm, Optima Law Group, APC. In July 2020, the Company entered into a Cooperation Agreement with Mr. Murphy and in September 2020, the Company hired three of Viscient’s employees. On December 28, 2020, the Company entered into an intercompany agreement (the “Intercompany Agreement”) with Viscient and Organovo, Inc., the Company’s wholly-owned subsidiary, which included an asset purchase agreement for certain lab equipment. Pursuant to the Intercompany Agreement, agreed to provide Viscient certain services related to 3D bioprinting technology, which includes, but is not limited to, histology services, cell isolation, and proliferation of cells and Viscient agreed to provide certain services related to 3D bioprinting technology, including bioprinter training, bioprinting services, and qPCR assays, in each case on payment terms specified in the Intercompany Agreement and as may be further determined by the parties. In addition, and Viscient each agreed to share certain facilities and equipment and, subject to further agreement, to each make certain employees available for specified projects for the other party at prices to be determined in good faith by the parties. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
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 condensed consolidated balance sheet at March 31, 2021 is derived from the Company’s audited consolidated balance sheet at that date. The unaudited condensed consolidated financial statements include the accounts of Organovo 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, 2021, as filed with the Securities and Exchange Commission (“SEC”). Operating results for any interim period are not necessarily indicative of the operating results for any other interim period or the Company’s full fiscal year ending March 31, 2022 (see “ Note 1. Description of Business” |
Liquidity | Liquidity As of September 30, 2021, the Company had cash and cash equivalents of approximately $33.8 million, restricted cash of approximately $0.1 million and an accumulated deficit of approximately $302.3 million. The restricted cash was pledged as collateral for a letter of credit that the Company is required to maintain as a security deposit under the terms of the lease agreement for its facilities. The Company also had negative cash flows from operations of approximately $3.6 million during the six months ended September 30, 2021. Through September 30, 2021, the Company has financed its operations primarily through the sale of convertible notes, warrants, 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 and six months ended September 30, 2021, the Company issued 0 and 27,545 shares of its common stock through its ATM facility and received net proceeds of approximately $0 and $0.3 million, respectively. The Company believes its cash and cash equivalents on hand will be sufficient to meet its financial obligations for at least the next 12 months of operations. As the Company continues to recommence operations and focus its efforts on drug discovery and development, it will need to raise additional capital to implement this new business plan. The Company cannot predict with certainty the exact amount or timing for any future capital raises. If required, the Company may seek to raise additional capital through debt or equity financings, or through some other financing arrangement. However, the Company cannot be sure that additional financing will be available if and when needed, or that, if available, it can obtain financing on terms favorable to its stockholders. Any failure to obtain financing when required will have a material adverse effect on the Company’s business, operating results, financial condition and ability to continue as a going concern. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates used in preparing the unaudited condensed consolidated financial statements include those assumed in 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. Though the impact of the COVID-19 pandemic to its business and operating results presents additional uncertainty, the Company continues to use the best information available to inform its significant accounting estimates. |
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, shares reserved for purchase under the Company’s 2016 Employee Stock Purchase Plan (“ESPP”), the assumed vesting of restricted stock units (“RSUs”) , and shares subject to repurchase as the effect would be anti-dilutive. No dilutive effect was calculated for the three and six months ended September 3 0 , 20 2 1 and 20 20 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 due to their anti-dilutive effect were approximately 0.7 million at September 30, 2021 and 0.9 million at September 30, 2020. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“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. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
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 Six Months Ended Six Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Research and development $ 80 $ 7 $ 156 $ 7 General and administrative $ 346 $ 4,131 $ 685 $ 5,056 Total $ 426 $ 4,138 $ 841 $ 5,063 |
Fair Value of Employee Stock Options | Three Months Ended Three Months Ended Six Months Ended Six Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Dividend yield — — — — Volatility 116.83 % 108.39 % 116.83 % 108.39 % Risk-free interest rate 0.73 % 0.27 % 0.73 % 0.27 % Expected life of options 6.00 years 6.00 years 6.00 years 6.00 years Weighted average grant date fair value $ 6.52 $ 6.22 $ 6.52 $ 6.22 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity from March 31, 2021 to September 30, 2021: Options Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at March 31, 2021 1,004,655 $ 20.03 $ 856,400 Options granted 12,000 $ 7.66 $ — Options cancelled / forfeited (354,530 ) $ 40.95 $ — Options exercised — $ — $ — Outstanding at September 30, 2021 662,125 $ 8.61 $ — Vested and Exercisable at September 30, 2021 108,492 $ 7.61 $ — |
Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following at September 30, 2021: Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan 662,125 Common stock reserved under the 2012 Plan 301,879 Common stock reserved under the ESPP 59,435 Common stock reserved under the Inducement Plan 750,000 Common stock issuable pursuant to RSUs outstanding under the 2012 Plan 20,767 Total at September 30, 2021 1,794,206 |
RSUs [Member] | |
Class Of Stock [Line Items] | |
Summary of Company's RSUs Activity and Performance-Based RSUs Activity | The following table summarizes the Company’s RSUs (not including performance-based RSUs) activity from March 31, 2021 through September 30, 2021: Number of Shares Weighted Average Price Unvested at March 31, 2021 21,057 $ 10.79 Granted — $ — Vested (290 ) $ 21.72 Cancelled / forfeited — $ — Unvested at September 30, 2021 20,767 $ 10.64 |
Performance-Based RSUs [Member] | |
Class Of Stock [Line Items] | |
Summary of Company's RSUs Activity and Performance-Based RSUs Activity | The following table summarizes the Company’s performance-based RSUs activity from March 31, 2021 through September 30, 2021: Number of Shares Weighted Average Price Unvested at March 31, 2021 12,229 $ 9.80 Granted — $ — Vested (12,229 ) $ 9.80 Cancelled / forfeited — $ — Unvested at September 30, 2021 — $ — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Cash and cash equivalents | $ 33,791,000 | $ 17,656,000 | $ 33,791,000 | $ 17,656,000 | $ 37,364,000 |
Restricted cash | 111,000 | 0 | 111,000 | 0 | 111,000 |
Accumulated deficit | (302,328,000) | (302,328,000) | $ (296,291,000) | ||
Cash flow from operations | 3,556,000 | 9,718,000 | |||
Proceeds from sale of common stock shares | 251,000 | 0 | |||
Dilutive effect | $ 0 | $ 0 | $ 0 | $ 0 | |
Common stock equivalents excluded from computing diluted net loss per share | 700,000 | 900,000 | |||
At-The-Market Facility [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Issuance of common stock | 0 | 27,545 | |||
Proceeds from sale of common stock shares | $ 0 | $ 300,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 426 | $ 4,138 | $ 841 | $ 5,063 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 80 | 7 | 156 | 7 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 346 | $ 4,131 | $ 685 | $ 5,056 |
Stockholders' Equity - Stock-ba
Stockholders' Equity - Stock-based Compensation Expense and Valuation Information - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021USD ($)Participant | Sep. 30, 2020 | Sep. 30, 2021USD ($)Participant | Sep. 30, 2020 | |
Class Of Stock [Line Items] | ||||
Total unrecognized compensation cost related to unvested stock option grants | $ 3.4 | $ 3.4 | ||
Expected term | 6 years | 6 years | 6 years | 6 years |
Participants enrolled in the ESPP | Participant | 0 | 0 | ||
ESPP [Member] | ||||
Class Of Stock [Line Items] | ||||
Expected term | 6 months | |||
Stock options [Member] | ||||
Class Of Stock [Line Items] | ||||
Total unrecognized compensation cost related, weighted average period | 2 years 5 months 8 days | |||
RSUs [Member] | ||||
Class Of Stock [Line Items] | ||||
Total unrecognized compensation cost related, weighted average period | 3 years 3 months 14 days | |||
Unrecognized stock-based compensation expense | $ 0.2 | $ 0.2 |
Stockholders' Equity - Fair Val
Stockholders' Equity - Fair Value of Employee Stock Options (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Volatility | 116.83% | 108.39% | 116.83% | 108.39% |
Risk-free interest rate | 0.73% | 0.27% | 0.73% | 0.27% |
Expected life of options | 6 years | 6 years | 6 years | 6 years |
Weighted average grant date fair value | $ 6.52 | $ 6.22 | $ 6.52 | $ 6.22 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock - Additional Information (Detail) | Sep. 30, 2021shares |
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 ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Jan. 29, 2021 | Jan. 19, 2021 | |
Class Of Stock [Line Items] | |||||
Securities authorized for offer and sale, amount | $ 150,000,000 | ||||
2021 Inducement Equity Plan [Member] | |||||
Class Of Stock [Line Items] | |||||
Common shares authorized to be issued | 750,000 | ||||
2018 Sales Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Equity sales agreement expiration date | Feb. 22, 2021 | ||||
Sales Agreement pursuant to 2021 Shelf [Member] | |||||
Class Of Stock [Line Items] | |||||
Issuance of common stock from stock options exercises, net, Shares | 1,580,862 | ||||
Value of shares sold under equity distribution agreement | $ 21,700,000 | ||||
2021 Sales Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Common stock value reserved for future issuance | $ 128,300,000 | 128,300,000 | |||
IPO [Member] | |||||
Class Of Stock [Line Items] | |||||
Securities authorized for offer and sale, amount | $ 100,000,000 | $ 100,000,000 | |||
At-The-Market Facility [Member] | |||||
Class Of Stock [Line Items] | |||||
Issuance of common stock from stock options exercises, net, Shares | 0 | 27,545 | |||
At-The-Market Facility [Member] | Sales Agreement [Member] | Maximum [Member] | |||||
Class Of Stock [Line Items] | |||||
Common stock value reserved for future issuance | $ 50,000,000 | ||||
At-The-Market Facility [Member] | Sales Agreement pursuant to 2021 Shelf [Member] | |||||
Class Of Stock [Line Items] | |||||
Issuance of common stock from stock options exercises, net, Shares | 0 | 27,545 | |||
Value of shares sold under equity distribution agreement | $ 0 | $ 300,000 | |||
At-The-Market Facility [Member] | 2021 Sales Agreement [Member] | |||||
Class Of Stock [Line Items] | |||||
Common stock value reserved for future issuance | $ 28,300,000 | $ 28,300,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Company's RSUs Activity and Performance-Based RSUs Activity (Detail) | 6 Months Ended |
Sep. 30, 2021$ / sharesshares | |
RSUs [Member] | |
Class Of Stock [Line Items] | |
Beginning balance, Unvested, Number of Shares | shares | 21,057 |
Granted, Number of Shares | shares | 0 |
Vested, Number of Shares | shares | (290) |
Canceled / forfeited, Number of Shares | shares | 0 |
Ending balance, Unvested, Number of Shares | shares | 20,767 |
Beginning balance, Unvested, Weighted Average Price | $ / shares | $ 10.79 |
Granted, Weighted Average Price | $ / shares | 0 |
Vested, Weighted Average Price | $ / shares | 21.72 |
Canceled / forfeited, Weighted Average Price | $ / shares | 0 |
Ending balance, Unvested, Weighted Average Price | $ / shares | $ 10.64 |
Performance-Based RSUs [Member] | |
Class Of Stock [Line Items] | |
Beginning balance, Unvested, Number of Shares | shares | 12,229 |
Granted, Number of Shares | shares | 0 |
Vested, Number of Shares | shares | (12,229) |
Canceled / forfeited, Number of Shares | shares | 0 |
Ending balance, Unvested, Number of Shares | shares | 0 |
Beginning balance, Unvested, Weighted Average Price | $ / shares | $ 9.80 |
Granted, Weighted Average Price | $ / shares | 0 |
Vested, Weighted Average Price | $ / shares | 9.80 |
Canceled / forfeited, Weighted Average Price | $ / shares | 0 |
Ending balance, Unvested, Weighted Average Price | $ / shares | $ 0 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units - Additional Information (Detail) - PBRSU Retention Awards [Member] - Management Team [Member] - shares | Jul. 01, 2021 | Jul. 02, 2019 | Sep. 30, 2021 |
Class Of Stock [Line Items] | |||
Number of shares allocated | 301,391 | ||
Vesting period | 24 months | 24 months | |
Shares forfeited due to terminations | 111,682 | ||
Shares accelerated vesting due to a change in control | 177,480 | ||
Shares vested | 12,229 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) | 6 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options Outstanding, Beginning balance | shares | 1,004,655 |
Granted, Options Outstanding | shares | 12,000 |
Cancelled / forfeited, Options Outstanding | shares | (354,530) |
Exercised, Options Outstanding | shares | 0 |
Options Outstanding, Ending balance | shares | 662,125 |
Vested and Exercisable, Options Outstanding | shares | 108,492 |
Weighted-Average Exercise Price, Options Beginning balance | $ / shares | $ 20.03 |
Options granted, Weighted-Average Exercise Price | $ / shares | 7.66 |
Options cancelled / forfeited, Weighted-Average Exercise Price | $ / shares | 40.95 |
Options exercised, Weighted-Average Exercise Price | $ / shares | 0 |
Weighted-Average Exercise Price, Options Ending balance | $ / shares | 8.61 |
Vested and Exercisable, Weighted-Average Exercise Price | $ / shares | $ 7.61 |
Aggregate Intrinsic Value, Options Beginning balance | $ | $ 856,400 |
Options Exercised, Aggregate Intrinsic Value | $ | 0 |
Aggregate Intrinsic Value, Options Ending balance | $ | 0 |
Vested and Exercisable, Aggregate Intrinsic Value | $ | $ 0 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class Of Stock [Line Items] | ||||
Weighted-average remaining contractual term of stock options exercisable | 8 years 11 months 15 days | |||
Weighted-average remaining contractual term of stock options outstanding | 8 years 11 months 15 days | |||
Number of common stock shares approved under ESPP | 1,794,206 | 1,794,206 | ||
Expected term | 6 years | 6 years | 6 years | 6 years |
ESPP [Member] | ||||
Class Of Stock [Line Items] | ||||
Number of common stock shares approved under ESPP | 75,000 | 75,000 | ||
Employee subscription rate | 15.00% | 15.00% | ||
Compensation amount per employee | $ 25,000 | |||
Number of shares per employee | 500 | |||
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 term | 6 months | |||
Shares available for purchase under ESPP | 59,435 | 59,435 |
Stockholders' Equity - Common_2
Stockholders' Equity - Common Stock Reserved for Future Issuance (Detail) | Sep. 30, 2021shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 1,794,206 |
Equity Incentive Plan 2012 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 301,879 |
ESPP [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 75,000 |
Inducement Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 750,000 |
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 | 662,125 |
Stock options [Member] | ESPP [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 59,435 |
RSUs [Member] | Equity Incentive Plan 2012 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 20,767 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended |
Sep. 30, 2021Proceeding | |
Commitments And Contingencies Disclosure [Abstract] | |
Number of additional IPR proceedings filed | 2 |
Leases - Additional Information
Leases - Additional Information (Details) | Nov. 23, 2020USD ($)ft²Agreement | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jul. 31, 2021USD ($) |
Operating Lease [Line Items] | ||||||
Monthly rental payments | $ 4,000 | |||||
Number of lease agreement | Agreement | 2 | |||||
Rent expense | $ 5,000 | $ 13,000 | $ 18,000 | $ 25,000 | ||
Variable lease expense | 9,000 | 0 | 18,000 | 0 | ||
Short term lease cost | $ 39,000 | $ 0 | $ 78,000 | $ 0 | ||
San Diego Temporary Lease [Member] | ||||||
Operating Lease [Line Items] | ||||||
Office space under lease agreement | ft² | 3,212 | |||||
San Diego Permanent Lease [Member] | ||||||
Operating Lease [Line Items] | ||||||
Office space under lease agreement | ft² | 8,051 | |||||
Lease term | 62 months | |||||
Monthly rental payments | $ 32,000 | |||||
Base rent escalators | 3.00% |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - Viscient [Member] | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Sep. 30, 2020Employee | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | |
Related Party Transaction [Line Items] | |||
Number of employees hired | Employee | 3 | ||
Consulting expenses | $ 10,000 | $ 20,000 | |
Histology services to related parties | $ 14,000 | $ 26,000 |