Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2015 | Aug. 31, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | BioPharmX Corp | |
Entity Central Index Key | 1,504,167 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 21,010,848 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 7,388 | $ 1,305 |
Accounts receivable | 33 | 1 |
Inventories | 364 | 160 |
Prepaid expenses and other current assets | 414 | 239 |
Total current assets | 8,199 | 1,705 |
Property and equipment, net | 226 | 234 |
Intangible assets, net | 134 | 149 |
Other assets | 50 | 50 |
Restricted cash | 35 | 35 |
Total assets | 8,644 | 2,173 |
Current liabilities: | ||
Accounts payable | 3,329 | 1,152 |
Accrued expenses and other current liabilities | 551 | 59 |
Payroll | 199 | 128 |
Related party payables | 226 | 218 |
Total current liabilities | $ 4,305 | $ 1,557 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity (deficit): | ||
Common stock, $0.001 par value; 90,000,000 shares authorized; 21,000,433 and 11,415,416 shares issued and outstanding at July 31, 2015 and January 31, 2015, respectively | $ 21 | $ 11 |
Additional paid in capital | 22,147 | 4,416 |
Accumulated deficit | (17,829) | (10,634) |
Total stockholders' equity (deficit) | 4,339 | (6,207) |
Total liabilities, convertible redeemable preferred stock and stockholders' equity (deficit) | $ 8,644 | 2,173 |
Series A Convertible Redeemable Preferred Stock | ||
Current liabilities: | ||
Series A convertible redeemable preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding at July 31, 2015 and 4,207,987 issued and outstanding at January 31, 2015 | $ 6,823 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jul. 31, 2015 | Jan. 31, 2015 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, issued | 21,000,433 | 11,415,416 |
Common stock, shares outstanding | 21,000,433 | 11,415,416 |
Series A Convertible Redeemable Preferred Stock | ||
Par value (in dollars per share) | $ 0.001 | $ 0.001 |
Shares authorized | 10,000,000 | 10,000,000 |
Shares issued | 0 | 4,207,987 |
Shares outstanding | 0 | 4,207,987 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) | ||||
Revenues, net | $ 5 | $ 9 | ||
Cost of goods sold | 10 | 19 | ||
Gross deficit | (5) | (10) | ||
Operating expenses: | ||||
Research and development | 1,141 | $ 623 | 2,217 | $ 1,163 |
Sales and marketing | 1,307 | 435 | 2,388 | 649 |
General and administrative | 1,118 | 732 | 2,144 | 1,263 |
Total operating expenses | 3,566 | 1,790 | 6,749 | 3,075 |
Loss from operations | (3,571) | (1,790) | (6,759) | (3,075) |
Other income (expense), net | 14 | (436) | (36) | |
Net and comprehensive loss | (3,571) | (1,776) | (7,195) | (3,111) |
Accretion on Series A convertible redeemable preferred stock | (79) | (27) | (202) | (27) |
Deemed dividend on Series A convertible redeemable preferred stock | (85) | (45) | (201) | (45) |
Net loss available to common stockholders | $ (3,735) | $ (1,848) | $ (7,598) | $ (3,183) |
Basic and diluted net loss available to common stockholders per share | $ (0.24) | $ (0.18) | $ (0.56) | $ (0.32) |
Shares used in computing basic and diluted net loss per share | 15,443,000 | 10,551,000 | 13,616,000 | 9,961,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (7,195) | $ (3,111) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 624 | 326 |
Expense related to modification of warrants | 436 | |
Depreciation expense | 21 | 2 |
Amortization expense | 15 | |
Noncash interest expense | 25 | |
Changes in assets and liabilities: | ||
Accounts receivable | (32) | |
Inventories | (204) | |
Prepaid expenses and other assets | (175) | (253) |
Accounts payable | 2,177 | 270 |
Accrued expenses and other liabilities | 492 | 30 |
Payroll | 71 | 72 |
Related party payables | 8 | 162 |
Net cash used in operating activities | (3,762) | (2,477) |
Cash flows from investing activities: | ||
Change in restricted cash | (35) | |
Purchase of property and equipment | (13) | (157) |
Net cash used in investing activities | (13) | (192) |
Cash flows from financing activities: | ||
Proceeds from the sale of common stock, net of issuance costs | 7,821 | |
Proceeds from exercises of stock options | 25 | |
Net proceeds issuance of convertible redeemable preferred stock and warrants | 2,488 | |
Proceeds from exercise of common stock warrants | 1,512 | |
Proceeds from issuance of convertible notes payable | 500 | 280 |
Net cash provided by financing activities | 9,858 | 2,768 |
Net increase in cash and cash equivalents | 6,083 | 99 |
Cash and cash equivalents at beginning of period | 1,305 | 360 |
Cash and cash equivalents at end of period | $ 7,388 | $ 459 |
Description Of Business And Sum
Description Of Business And Summary Of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2015 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business BioPharmX Corporation (the “Company”) is incorporated under the laws of the state of Delaware and originally incorporated on August 30, 2010 in Nevada under the name Thompson Designs, Inc. The Company has one wholly owned subsidiary, BioPharmX, Inc., a Nevada corporation. The Company is a specialty pharmaceutical company focused on utilizing its proprietary drug delivery technologies to develop and commercialize novel prescription and over-the-counter, or OTC, products that address large markets in women’s health and dermatology. The Company’s objective is to develop products that treat health or age-related conditions that (1) are not presently being addressed or treated at all or (2) are currently treated with drug therapies or drug delivery approaches that are suboptimal. The Company’s strategy is designed to bring new products to market by identifying optimal delivery mechanisms and/or alternative applications for FDA-approved active pharmaceutical ingredients, or APIs, while in appropriate circumstances, reducing the time, cost and risk typically associated with new product development by repurposing drugs with demonstrated safety profiles, taking advantage of the regulatory approval pathway under Section 505(b)(2) of the Federal Food, Drug and Cosmetic Act available for repurposed/reformulated drugs. The Company believes the 505(b)(2) regulatory pathway may reduce drug development risk and could reduce the time and resources it spends during development. Since the Company’s inception, substantially all of the Company’s efforts have been devoted to developing its product candidates, including conducting preclinical and clinical trials, and providing general and administrative support for its operations. The Company commercially launched its breast health supplement at the end of 2014, although to-date the Company has generated a de minimis amount of revenue from product sales. The Company is not dependent on sales to any one customer. The Company has financed its operations primarily through the sale of equity and convertible debt securities. In June 2015, the Company raised $7.8 million through the sale of its common stock and concurrently completed an uplisting to the NYSE MKT. The proceeds from these financings through July 31, 2015, totaled $18.8 million. Change in Fiscal Year End On March 26, 2015, the board of directors of the Company approved a change in its fiscal year end from December 31 to January 31. Basis of Presentation and Principles of Consolidation These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and include the accounts of the Company and its subsidiary. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed on March 30, 2015, and the Transition Report on Form 10-K for the one-month transition period ended January 31, 2015, filed on April 20, 2015. The condensed consolidated balance sheet as of January 31, 2015, included herein, was derived from the audited consolidated financial statements as of that date. The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the Company’s statement of financial position as of July 31, 2015 and January 31, 2015, the Company’s results of operations for the three and six months ended July 31, 2015 and 2014, and the Company’s cash flows for the six months ended July 31, 2015 and 2014. The results for the three and six months ended July 31, 2015 are not necessarily indicative of the results to be expected for the year ending January 31, 2016 or any future period. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses recognized during the reported period. Actual results could differ from those estimates. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. When such an event occurs, management determines whether there has been an impairment by comparing the anticipated undiscounted future net cash flows to the related asset’s carrying value. If an asset is considered impaired, the asset is written down to fair value, which is determined based either on discounted cash flows or appraised value, depending on the nature of the asset. The Company has not identified any such impairment losses to date. Advertising Expenses The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were $549,000 and $2,000 for the six months ended July 31, 2015 and 2014, respectively. Net Loss per Share Basic net loss per share attributable to common stockholders is calculated based on the weighted-average number of shares of the Company’s common stock outstanding during the period. Diluted net loss per share attributable to common stockholders is calculated based on the weighted-average number of shares of the Company’s common stock outstanding and other dilutive securities outstanding during the period. The potential dilutive shares of common stock resulting from the assumed exercise of outstanding stock options and the assumed conversion of preferred stock are determined under the treasury stock method. As of July 31, 2015 and 2014, 4,837,000 and 5,290,000 potentially dilutive securities, respectively, were excluded from the computation of diluted loss per share because their effect on net loss per share would be anti-dilutive. Summary of Significant Accounting Policies These unaudited interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual financial statements and notes thereto contained in the Annual Report on Form 10-K and the Transition Report on Form 10-K for the one-month transition period ended January 31, 2015. There have been no significant changes in the Company’s significant accounting policies for the three and six months ended July 31, 2015, as compared to the significant accounting policies described in the Annual Report on Form 10-K and the Transition Report on Form 10-K for the one-month transition period ended January 31, 2015. Recent Accounting Pronouncements In July 2015 the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory, which applies to all inventory except that which is measured using last-in, first-out (LIFO) or the retail inventory method. Inventory measured using first-in, first-out (FIFO) or average cost is included in the new amendment. The amendment will take effect for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of adoption on the Company’s consolidated financial statements. |
Going Concern
Going Concern | 6 Months Ended |
Jul. 31, 2015 | |
Going Concern | |
GOING CONCERN | 2. GOING CONCERN The Company has a limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the industry. The Company’s ability to generate income in the short-run will depend greatly on the rate of adoption and ability to establish a sustainable market for the Company’s VI 2 OLET iodine dietary supplement. The Company continues to progress its research and development efforts for its products, which can require significant funding. If revenues fall short of expectations or research and development efforts require higher than anticipated capital, then there may be a negative impact on the financial viability of the Company. The Company has incurred recurring losses and negative cash flows from operations since inception and has funded its operating losses through the sale of common stock in a public offering and the issuance of convertible notes, Series A convertible redeemable preferred stock and warrants. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company plans to increase working capital by managing its cash flow and expenses, securing financing and increasing revenue. Risks include, but are not limited to, the uncertainty of availability of additional financing and the uncertainty of achieving future profitability. Management of the Company intends to raise additional funds through the issuance of equity securities. There can be no assurance that such financing will be available or on terms which are favorable to the Company. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending could have a material adverse effect on the Company’s ability to achieve its intended business objectives. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not contain any adjustments that might result from the resolution of any of the above uncertainties. As shown in the accompanying condensed consolidated financial statements, the Company incurred a net loss of $7.2 million and $3.1 million during the six months ended July 31, 2015 and 2014, respectively, and had an accumulated deficit of $17.8 million as of July 31, 2015. As of July 31, 2015, the Company had working capital of $3.9 million. While management of the Company believes that it has a plan to fund ongoing operations, there is no assurance that its plan will be successfully implemented. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 31, 2015 | |
Fair Value Measurements | |
FAIR VALUE MEASUREMENTS | 3. FAIR VALUE MEASUREMENTS The Company recognizes and discloses the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Each level of input has different levels of subjectivity and difficulty involved in determining fair value. Level 1—Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3— Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. As of July 31, 2015, the Company held $5.0 million in money market funds, which is classified as Level 1 available-for-sale securities. No unrealized gains or losses are recorded in connection with these amounts. |
Balance Sheet Details
Balance Sheet Details | 6 Months Ended |
Jul. 31, 2015 | |
Balance Sheet Details | |
BALANCE SHEET DETAILS | 4. BALANCE SHEET DETAILS July 31, 2015 January 31, 2015 (in thousands) Inventories: Work in process $ $ Finished goods Channel inventory Total $ $ |
Related-Party Payables
Related-Party Payables | 6 Months Ended |
Jul. 31, 2015 | |
Related-Party Payables | |
RELATED-PARTY PAYABLES | 5. RELATED-PARTY PAYABLES Since inception, the founding executives of the Company have made advances to cover short-term operating expenses. Additionally, since the beginning of 2014 a portion of their compensation has been deferred and is included in this balance. These advances and deferred compensation are non-interest bearing and have periodically been repaid to these executives. |
Commitments and Contigencies
Commitments and Contigencies | 6 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies. | |
COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES Lease Arrangements On August 23, 2013, the Company signed a lease for 10,800 square feet of office and laboratory space in Menlo Park, California. The lease expires in November 2016. Future minimum commitments under this lease are as follows (in thousands): Six months remaining in fiscal year 2016 $ Fiscal year 2017 Total $ Legal Proceedings The Company is not currently a party to any legal proceedings. The Company is not aware of any pending legal proceeding to which any of its officers, directors, or any beneficial holders of 5% or more of its voting securities are adverse to the Company or have a material interest adverse to the Company. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with such indemnifications has been recorded to date. License Agreement In March 2013, the Company entered into an amended and restated collaboration and license agreement with Iogen LLC, which provides the Company a license to certain rights to label, market, and resell the finished inventory and ongoing manufacturing of the Iogen molecular iodine technology for future product formulation development and commercialization. New formulation patents developed by the Company will be solely owned by the Company. The agreement gives the Company a perpetual, fully paid-up, non-exclusive license to make, have made, use, sell and offer for sale and import products. Pursuant to the terms of the license, the Company must: Pay a fee for the non-exclusive license to the IP. Pay 30% of net profit associated with direct commercialization of an OTC product or 30% of net royalties received from any sub-licensee. Pay a royalty of 3% of net sales for the first 24 months of commercialization and 2% of net sales thereafter for a prescription iodine tablet developed and commercialized under the license. Pay a royalty of 3% of net sales for the first 12 months of commercialization for other products developed and commercialized under the license and 2% of net sales thereafter until expiration of applicable patents covering such products and 1% thereafter. Pay a fixed royalty fee for the protection and indemnification of licensed intellectual property rights (“IP rights”) for the prescription product developed, marketed and sold from newly developed formulations as long as the patents are valid and cover the prescription product. Pay a fixed royalty fee for the protection and indemnification of licensed IP rights for the other products utilizing the molecular iodine technology developed, marketed and sold from newly developed formulations as long as the patents are valid and cover the prescription product. The Company capitalized as intangible assets, in the year ended December 31, 2013, the amount of $150,000 related to this agreement. As of July 31, 2015 and January 31, 2015, the balance, net of amortization, was $134,000 and $149,000, respectively. No royalties have been paid as of July 31, 2015. |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Stock and Stockholders' Equity | 6 Months Ended |
Jul. 31, 2015 | |
Convertible Redeemable Preferred Stock and Stockholders' Equity | |
CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | 7. CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY Common Stock In June 2015, the Company uplisted to the NYSE MKT and simultaneously completed a public offering (the “Offering”) in which it issued 3,636,384 shares of common stock resulting in net proceeds of $7.8 million. In addition, pursuant to a subscription agreement dated October 24, 2014, Korea Investment Partners Overseas Expansion Platform Fund (“KIP”), an existing stockholder, agreed to purchase from the Company in a private placement 1,081,081 shares of the Company’s common stock for an aggregate purchase price of $2.0 million at $1.85 per share upon the listing of the Company’s common stock on the NYSE MKT. Pursuant to the terms of the subscription agreement, this private placement was to close within 15 business days of the listing of the Company’s common stock on the NYSE MKT. However, as of September 14, 2015, this private placement has not closed and the Company has notified KIP that KIP’s obligation to pay the $2.0 million purchase price to the Company has become due and payable under the subscription agreement. As consideration for Ping Wang’s service as a director of the Company, 193,333 shares of the Company’s common stock will vest immediately upon completion of the $2.0 million purchase. Series A Preferred Stock The Company entered into subscription agreements for the private placement of shares of its Series A preferred stock and warrants with 47 accredited investors during 2014 whereby the Company sold an aggregate of 4,207,987 shares of Series A preferred stock at a per share price of $1.85 for gross proceeds of $7.5 million and issued to the investors for no additional consideration warrants to purchase in the aggregate 2,042,589 shares of common stock, with an exercise price of $3.70 per share. In connection with the uplisting to the NYSE MKT, the Series A preferred stock, including accrued and unpaid interest, converted into 4,319,426 shares of common stock. In March and April 2015, the Company amended certain warrants to reduce the exercise price of such warrants from $3.70 to $2.50 per share with a corresponding increase in the number of shares of common stock exercisable under the warrants so that the aggregate exercise value of such warrants remained the same. As of July 31, 2015, certain holders had exercised such warrants for an aggregate of 564,662 shares of common stock for an aggregate cash exercise price of $1,411,655. The Company recorded a charge for the incremental fair value of $436,000 in other expense related to the amended warrants in the first quarter of fiscal year 2016. The fair value of the warrants exercised was computed as of the date of modification using the following assumptions: dividend rate of 0%, risk-free rate of 1.6%, contractual term of 4 to 5 years and expected volatility of 85.9%. As of July 31, 2015, warrants to purchase 1,661,055 shares of common stock remain outstanding related to the Series A preferred stock offering. The warrant exercise agreements included a provision such that if the public offering price related to the Offering was less than $3.125 per share, then immediately prior to the closing of the Offering, additional shares of common stock would be issued at no additional consideration to each holder equal to: (i) the product of (A) the difference between $2.50 per share and 80% of the public offering price and (B) such holder’s shares of common stock received pursuant to exercise of the amended warrants, divided by (ii) 80% of the public offering price in the Offering. Based on a public offering price of $2.75 per share, 77,006 shares of common stock were issued pursuant to this provision. Warrants In addition to the warrants issued in conjunction with the subscription agreements, the Company issued warrants on May 15, 2014, to a service provider for 316,395 shares of common stock at an exercise price of $2.035 per share, which were valued at $99,000 and expensed. On May 15, 2014, the Company also issued a warrant to a qualified investor as a part of his convertible loan package for 343,559 shares of common stock at an exercise price of $1.85 per share, which was valued at $105,000. These warrants expire five years after the date of issuance. These warrants are immediately exercisable, and in June 2015, warrants were exercised for 54,054 shares of common stock. As of July 31, 2015, warrants exercisable for 289,505 shares of common stock remain outstanding. In connection with the Offering, 109,091 warrants were issued to the underwriters at the public offering price of $2.75. These warrants expire five years after the date of issuance. As of July 31, 2015, all were outstanding. Convertible Note In June 2015, the Company issued a 6% unsecured convertible note in the principal amount of $500,000 to an investor. Under the terms of the convertible note, immediately prior to the closing of the Offering, the principal amount and all accrued and unpaid interest, converted into 182,266 shares of common stock. Equity Incentive Plan On January 23, 2014, the Company adopted the 2014 Equity Incentive Plan, or the 2014 Plan, which permits the Company to grant stock options to directors, officers or employees of the Company or others to purchase shares of common stock of the Company through awards of incentive and nonqualified stock options, restricted stock awards and stock appreciation rights. Stock options previously issued under BioPharmX, Inc.’s 2011 Equity Incentive Plan were substituted with stock options issued under the 2014 Plan. Stock options generally vest in two to four years and expire ten years from the date of grant. The total number of shares originally reserved and available for grant and issuance pursuant to the 2014 Plan was 2,700,000. Shares issued under the 2014 Plan are drawn from authorized and unissued shares or shares now held or subsequently acquired by the Company. On November 7, 2014, the Company increased the stock reserve available to the 2014 Plan for stock awards from 2,700,000 shares to 4,500,000 shares. The following table summarizes the Company’s stock option activities under the 2014 Plan: Available for Grant Shares Weighted Average Exercise Per Share Remaining Contractual Life Aggregate Intrinsic Value (in thousands) Outstanding as of January 1, 2015 $ $ Granted ) $ Exercised — ) $ Cancelled ) $ Outstanding as of April 30 2015 $ $ Granted ) $ Exercised — ) $ Outstanding as of July 31, 2015 $ $ Vested and exercisable $ $ Vested and expected to vest $ $ The following table summarizes significant ranges of outstanding and exercisable options as of July 31, 2015: Options Outstanding Options Vested and Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Number Vested and Exercisable Weighted Average Exercise Price $0.25 - $1.00 $ $ $1.01 - $3.00 $ $ $3.01 - $3.25 $ — $ $ $ The total intrinsic value of stock options exercised during the three and six months ended July 31, 2015 was $1.2 million and $1.3 million, respectively. There were no stock options exercised during the six months ended July 31, 2014. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 31, 2015 | |
Stock-Based Compensation | |
STOCK-BASED COMPENSATION | 8. STOCK-BASED COMPENSATION The following table summarizes the stock-based compensation expenses included in our unaudited condensed consolidated statement of operations and comprehensive loss (in thousands): For the three months ended July 31, For the six months ended July 31, 2015 2014 2015 2014 Research and development $ $ $ $ Sales and marketing General and administrative expenses Total $ $ $ $ The Company estimates the fair value of stock options granted using the Black-Scholes pricing model. This model also requires subjective assumptions, including future stock price volatility and expected time to exercise, which greatly affect the calculated values. For employee grants, the fair value is amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. As of July 31, 2015, total compensation costs related to unvested, but not yet recognized, stock-based awards was $2.7 million, net of estimated forfeitures. This cost will be amortized on a straight-line basis over a weighted average remaining period of 3.07 years and will be adjusted for subsequent changes in estimated forfeitures. Valuation Assumptions The following assumptions were used to calculate the estimated fair value of awards granted during the three and six months ended July 31, 2015: For the three months ended July 31, For the six months ended July 31, 2015 2015 Expected volatility % % Expected term in years Risk-free interest rate % 1.62%-1.71 % Expected dividend yield — — There were no stock options granted during the six months ended July 31, 2014. Expected Term The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. For awards granted subject only to service vesting requirements, the Company utilizes the simplified method for estimating the expected term of the stock-based award, instead of historical exercise data. Expected Volatility The Company uses the historical volatility of the price of the common shares of selected public companies in the biotechnology sector due to its limited trading history. Risk-Free Interest Rate The Company bases the risk-free interest rate used in the Black-Scholes pricing method upon the implied yield curve currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term used as the assumption in the model. Expected Dividend The Company has never paid dividends on its common shares and currently does not intend to do so and, accordingly, the dividend yield percentage is zero for all periods. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2015 | |
Income Taxes. | |
INCOME TAXES | 9. INCOME TAXES No federal income taxes were provided in the three and six months ended July 31, 2015 and 2014 due to the Company’s net losses. The Company evaluates its ability to recover deferred tax assets, in full or in part, by considering all available positive and negative evidence, including past operating results and its forecast of future taxable income on a jurisdictional basis. The Company bases its estimate of current and deferred taxes on the tax laws and rates that are currently in effect in the appropriate jurisdiction. Changes in laws or rates may affect the tax provision as well as the amount of deferred tax assets or liabilities. Current tax laws impose substantial restrictions on the utilization of net operating loss and credit carry-forwards in the event of an “ownership change,” as defined by the Internal Revenue Code. If there should be an ownership change, the Company’s ability to utilize its carry-forwards could be limited. As of July 31, 2015 and January 31, 2015, the Company has not recorded any liability for unrecognized tax benefits related to uncertain tax positions. The 2010 to 2014 tax years remain open for examination by the federal and state authorities. |
Description Of Business And S15
Description Of Business And Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2015 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and include the accounts of the Company and its subsidiary. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed on March 30, 2015, and the Transition Report on Form 10-K for the one-month transition period ended January 31, 2015, filed on April 20, 2015. The condensed consolidated balance sheet as of January 31, 2015, included herein, was derived from the audited consolidated financial statements as of that date. The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the Company’s statement of financial position as of July 31, 2015 and January 31, 2015, the Company’s results of operations for the three and six months ended July 31, 2015 and 2014, and the Company’s cash flows for the six months ended July 31, 2015 and 2014. The results for the three and six months ended July 31, 2015 are not necessarily indicative of the results to be expected for the year ending January 31, 2016 or any future period. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses recognized during the reported period. Actual results could differ from those estimates. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. When such an event occurs, management determines whether there has been an impairment by comparing the anticipated undiscounted future net cash flows to the related asset’s carrying value. If an asset is considered impaired, the asset is written down to fair value, which is determined based either on discounted cash flows or appraised value, depending on the nature of the asset. The Company has not identified any such impairment losses to date. |
Advertising Expenses | Advertising Expenses The Company expenses the costs of advertising, including promotional expenses, as incurred. Advertising expenses were $549,000 and $2,000 for the six months ended July 31, 2015 and 2014, respectively. |
Net Loss Per Share | Net Loss per Share Basic net loss per share attributable to common stockholders is calculated based on the weighted-average number of shares of the Company’s common stock outstanding during the period. Diluted net loss per share attributable to common stockholders is calculated based on the weighted-average number of shares of the Company’s common stock outstanding and other dilutive securities outstanding during the period. The potential dilutive shares of common stock resulting from the assumed exercise of outstanding stock options and the assumed conversion of preferred stock are determined under the treasury stock method. As of July 31, 2015 and 2014, 4,837,000 and 5,290,000 potentially dilutive securities, respectively, were excluded from the computation of diluted loss per share because their effect on net loss per share would be anti-dilutive. |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Balance Sheet Details | |
Schedule of Inventories | July 31, 2015 January 31, 2015 (in thousands) Inventories: Work in process $ $ Finished goods Channel inventory Total $ $ |
Commitments and Contigencies (T
Commitments and Contigencies (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies. | |
Future minimum commitments under lease | Future minimum commitments under this lease are as follows (in thousands): Six months remaining in fiscal year 2016 $ Fiscal year 2017 Total $ |
Convertible Redeemable Prefer18
Convertible Redeemable Preferred Stock and Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Convertible Redeemable Preferred Stock and Stockholders' Equity | |
Stock option plan activity | Available for Grant Shares Weighted Average Exercise Per Share Remaining Contractual Life Aggregate Intrinsic Value (in thousands) Outstanding as of January 1, 2015 $ $ Granted ) $ Exercised — ) $ Cancelled ) $ Outstanding as of April 30 2015 $ $ Granted ) $ Exercised — ) $ Outstanding as of July 31, 2015 $ $ Vested and exercisable $ $ Vested and expected to vest $ $ |
Schedule of significant ranges of outstanding and exercisable options | Options Outstanding Options Vested and Exercisable Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in Years) Weighted Average Exercise Price Number Vested and Exercisable Weighted Average Exercise Price $0.25 - $1.00 $ $ $1.01 - $3.00 $ $ $3.01 - $3.25 $ — $ $ $ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Stock-Based Compensation | |
Summary of stock based compensation expense | The following table summarizes the stock-based compensation expenses included in our unaudited condensed consolidated statement of operations and comprehensive loss (in thousands): For the three months ended July 31, For the six months ended July 31, 2015 2014 2015 2014 Research and development $ $ $ $ Sales and marketing General and administrative expenses Total $ $ $ $ |
Black-Scholes option pricing model fair value assumptions | For the three months ended July 31, For the six months ended July 31, 2015 2015 Expected volatility % % Expected term in years Risk-free interest rate % 1.62%-1.71 % Expected dividend yield — — |
Description Of Business And S20
Description Of Business And Summary Of Significant Accounting Policies (Details) | 1 Months Ended | 6 Months Ended | 59 Months Ended | |
Jun. 30, 2015USD ($) | Jul. 31, 2015USD ($)itemshares | Jul. 31, 2014USD ($)shares | Jul. 31, 2015USD ($)item | |
Marketing and Advertising Expense | ||||
Advertising Expense | $ 549,000 | $ 2,000 | ||
Net Loss Per Share | ||||
Anti dilutive securities excluded from computation of diluted net loss per share | shares | 4,837,000 | 5,290,000 | ||
Number of wholly owned subsidiaries | item | 1 | 1 | ||
Proceeds from the sale of common stock, net of issuance costs | $ 7,800,000 | $ 7,821,000 | ||
Proceeds from the sale of equity securities and convertible debt securities | $ 18,800,000 |
Going Concern21
Going Concern - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Jan. 31, 2015 | |
Going Concern | |||||
Net loss | $ 3,571 | $ 1,776 | $ 7,195 | $ 3,111 | |
Accumulated deficit | (17,829) | (17,829) | $ (10,634) | ||
Working capital | $ 3,900 | $ 3,900 |
Fair Value Measurements22
Fair Value Measurements - Jul. 31, 2015 - Money Market Funds - USD ($) $ in Millions | Total |
Fair Value Measurements | |
Unrealized gains (losses) | $ 0 |
Level 1 | |
Fair Value Measurements | |
Available-for-sale securities | $ 5 |
Balance Sheet Details (Details)
Balance Sheet Details (Details) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Inventories: | ||
Work in process | $ 194 | $ 61 |
Finished goods | 42 | 63 |
Channel inventory | 128 | 36 |
Total | $ 364 | $ 160 |
Commitments and Contigencies (D
Commitments and Contigencies (Details) $ in Thousands | Jul. 31, 2015USD ($)ft² | Aug. 23, 2013ft² |
Future minimum commitments | ||
Leased office and laboratory space | ft² | 10,800 | 10,800 |
Six months remaining in fiscal year 2016 | $ 145 | |
Fiscal year 2017 | 246 | |
Total | $ 391 |
Commitments and Contigencies 25
Commitments and Contigencies (Details 2) - 6 months ended Jul. 31, 2015 | Total |
License Agreement | |
Legal proceedings description | 5.00% |
License Agreement | Iogen LLC | |
License Agreement | |
Non Royalty license fee equal to a certain percentage of net profit associated with OTC product | 30.00% |
Non Royalty license fee equal to a certain percentage of net royalties received from any sub-licensee | 30.00% |
License Agreement | Prescription Iodine Tablet | Iogen LLC | |
License Agreement | |
Royalty fee percentage based on net sales over a specific time period of commercialization | 3.00% |
Royalty fee percentage based on net sales after a specific period of time | 2.00% |
Time period for determining initial royalty fee as a percent of net sales | 24 months |
License Agreement | Other Products | Iogen LLC | |
License Agreement | |
Royalty fee percentage based on net sales over a specific time period of commercialization | 3.00% |
Royalty fee percentage based on net sales from initial period until expiration of applicable patents | 2.00% |
Royalty fee percentage based on net sales after a specific period of time | 1.00% |
Time period for determining initial royalty fee as a percent of net sales | 12 months |
Commitments and Contigencies 26
Commitments and Contigencies (Details 3) - USD ($) | 6 Months Ended | ||
Jul. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2013 | |
Indefinite-lived Intangible Assets | |||
Net of amortization | $ 134,000 | $ 149,000 | |
Royalties paid | $ 0 | ||
Intellectual Property | |||
Indefinite-lived Intangible Assets | |||
Fees to Iogen capitalized | $ 150,000 |
Convertible Redeemable Prefer27
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) | Sep. 14, 2015shares | Jul. 31, 2015USD ($)shares | May. 15, 2015 | May. 15, 2014USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Apr. 30, 2015USD ($)$ / shares | Jul. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)item$ / sharesshares |
Equity | ||||||||
Proceeds from the sale of common stock, net of issuance costs | $ | $ 7,800,000 | $ 7,821,000 | ||||||
Proceeds from warrant exercises | $ | 1,512,000 | |||||||
Incremental fair value of warrants | $ | $ 436,000 | |||||||
Offering | ||||||||
Equity | ||||||||
Proceeds from the sale of common stock, net of issuance costs | $ | $ 7,800,000 | |||||||
Price per share | $ / shares | $ 2.75 | |||||||
Issuance of common stock | 3,636,384 | |||||||
Offering | Forecast | Director | ||||||||
Equity | ||||||||
Issuance of common stock | 193,333 | |||||||
Warrant | Offering | Underwriters | ||||||||
Equity | ||||||||
Number of shares of common stock subject to warrant | 109,091 | |||||||
Warrants exercise price | $ / shares | $ 2.75 | |||||||
Warrants expiration term | 5 years | |||||||
Convertible Note | ||||||||
Equity | ||||||||
Interest rate on convertible notes | 6.00% | |||||||
Principal amount | $ | $ 500,000 | |||||||
Conversion of convertible notes payable to common stock (in shares) | 182,266 | |||||||
Series A Warrant | Actual | ||||||||
Equity | ||||||||
Warrants exercise price | $ / shares | $ 2.50 | |||||||
Series A Warrant | Previously Reported | ||||||||
Equity | ||||||||
Warrants exercise price | $ / shares | $ 3.70 | |||||||
Series A Warrant | Warrant | ||||||||
Equity | ||||||||
Number of shares of common stock subject to warrant | 1,661,055 | 1,661,055 | 2,042,589 | |||||
Warrants exercise price | $ / shares | $ 3.70 | |||||||
Dividend rate | 0.00% | |||||||
Risk-free rate | 1.60% | |||||||
Expected volatility | 85.90% | |||||||
Series A Warrant | Warrant | Minimum | ||||||||
Equity | ||||||||
Contractual term | 4 years | |||||||
Series A Warrant | Warrant | Maximum | ||||||||
Equity | ||||||||
Contractual term | 5 years | |||||||
Service Provider Warrant | Warrant | ||||||||
Equity | ||||||||
Number of shares of common stock subject to warrant | 316,395 | |||||||
Warrants exercise price | $ / shares | $ 2.035 | |||||||
Warrant expense | $ | $ 99,000 | |||||||
Convertible Debt Warrant | Warrant | ||||||||
Equity | ||||||||
Number of shares of common stock subject to warrant | 289,505 | 343,559 | 289,505 | |||||
Warrants exercise price | $ / shares | $ 1.85 | |||||||
Adjustment to paid-in capital, warrant fair value | $ | $ 105,000 | |||||||
Warrants expiration term | 5 years | |||||||
Common Stock | Subscription Agreement | KIP | ||||||||
Equity | ||||||||
Price per share | $ / shares | $ 1.85 | |||||||
Period after listing, the closing of private placement shall close | 15 days | |||||||
Number of shares per subscription agreement | 1,081,081 | |||||||
Subscription agreement receivable | $ | $ 2,000,000 | $ 2,000,000 | ||||||
Common Stock | Series A Warrant | ||||||||
Equity | ||||||||
Number of shares of common stock subject to warrant | 564,662 | 564,662 | ||||||
Proceeds from warrant exercises | $ | $ 1,411,655 | |||||||
Incremental fair value of warrants | $ | $ 436,000 | |||||||
Common Stock | Convertible Debt Warrant | Warrant | ||||||||
Equity | ||||||||
Conversion of convertible notes payable to common stock (in shares) | 54,054 | |||||||
Series A Convertible Redeemable Preferred Stock | ||||||||
Equity | ||||||||
Price per share | $ / shares | $ 1.85 | |||||||
Gross proceeds from issuance | $ | $ 7,500,000 | |||||||
Series A Convertible Redeemable Preferred Stock | Subscription Agreement | ||||||||
Equity | ||||||||
Number of shares sold | 4,207,987 | |||||||
Series A Convertible Redeemable Preferred Stock | Offering | ||||||||
Equity | ||||||||
Number of common shares into which share is convertible | 4,319,426 | |||||||
Series A Convertible Redeemable Preferred Stock | Series A Warrant | ||||||||
Equity | ||||||||
Number of purchasers of stock | item | 47 | |||||||
Series A Convertible Redeemable Preferred Stock | Series A Warrant | Offering | ||||||||
Equity | ||||||||
Offering price per share that triggers the issuance of additional shares related to the public offering | $ / shares | $ 3.125 | |||||||
Percentage of public offering price | 80.00% | |||||||
Issuance of common stock | 77,006 |
Convertible Redeemable Prefer28
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details 2) - 2014 Equity Incentive Plan - shares | 6 Months Ended | ||
Jul. 31, 2015 | Nov. 07, 2014 | Jan. 23, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of shares reserved and available for grant | 4,500,000 | 2,700,000 | |
Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expiration period | 10 years | ||
Minimum | Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 2 years | ||
Maximum | Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period | 4 years |
Convertible Redeemable Prefer29
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2015 | Apr. 30, 2015 | Jul. 31, 2015 | Jul. 31, 2014 | Dec. 31, 2014 | |
Available for Grant | |||||
Available for grant, beginning | 932,375 | ||||
Available for grant, ending | 702,375 | 932,375 | 702,375 | 1,043,000 | |
Shares | |||||
Outstanding, Beginning | 2,752,961 | 2,689,252 | 2,689,252 | ||
Granted | 230,000 | 365,000 | 0 | ||
Exercised | (521,602) | (46,916) | 0 | ||
Cancelled | (254,375) | ||||
Outstanding, Ending | 2,461,359 | 2,752,961 | 2,461,359 | ||
Vested and exercisable | 805,760 | 805,760 | |||
Vested and expected to vest | 2,255,551 | 2,255,551 | |||
Weighted Average Exercise Per Share | |||||
Outstanding, Beginning | $ 1.14 | $ 0.91 | $ 0.91 | ||
Granted | 3.25 | 3 | |||
Exercised | 0.07 | 0.24 | |||
Canceled | 1.47 | ||||
Outstanding, Ending | 1.57 | $ 1.14 | 1.57 | ||
Vested and exercisable | 0.94 | 0.94 | |||
Vested and expected to vest | $ 1.52 | $ 1.52 | |||
Remaining Contractual Life | |||||
Outstanding | 8 years 9 months 29 days | 7 years 4 months 28 days | 8 years 6 months 29 days | ||
Vested and exercisable | 8 years 3 months 22 days | ||||
Vested and expected to vest | 8 years 9 months 18 days | ||||
Aggregate Intrinsic Value | |||||
Outstanding | $ 2,053 | $ 5,107 | $ 2,053 | $ 5,625 | |
Vested and exercisable | 1,017 | 1,017 | |||
Vested and expected to vest | $ 1,956 | $ 1,956 |
Convertible Redeemable Prefer30
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details 4) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Apr. 30, 2015 | Jul. 31, 2015 | Jul. 31, 2014 | |
Options Outstanding | ||||
Number Outstanding (in shares) | 2,461,359 | 2,461,359 | ||
Weighted Average Remaining Contract Life | 8 years 9 months 29 days | |||
Weighted Average Exercise Prices (in dollars per share) | $ 1.57 | $ 1.57 | ||
Options Exercisable | ||||
Number Exercisable (in shares) | 805,760 | 805,760 | ||
Weighted Average Exercise Price (in dollars per share) | $ 1.52 | $ 1.52 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Total intrinsic value of options exercised | $ 1.2 | $ 1.3 | ||
Exercised | (521,602) | (46,916) | 0 | |
$0.25 - $1.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise prices, low end of range (in dollars per share) | $ 0.25 | |||
Exercise prices, high end of range (in dollars per share) | $ 1 | |||
Options Outstanding | ||||
Number Outstanding (in shares) | 990,359 | 990,359 | ||
Weighted Average Remaining Contract Life | 7 years 11 months 19 days | |||
Weighted Average Exercise Prices (in dollars per share) | $ 0.40 | $ 0.40 | ||
Options Exercisable | ||||
Number Exercisable (in shares) | 527,554 | 527,554 | ||
Weighted Average Exercise Price (in dollars per share) | $ 0.40 | $ 0.40 | ||
$1.01 - $3.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise prices, low end of range (in dollars per share) | 1.01 | |||
Exercise prices, high end of range (in dollars per share) | $ 3 | |||
Options Outstanding | ||||
Number Outstanding (in shares) | 1,241,000 | 1,241,000 | ||
Weighted Average Remaining Contract Life | 9 years 4 months 2 days | |||
Weighted Average Exercise Prices (in dollars per share) | $ 2.19 | $ 2.19 | ||
Options Exercisable | ||||
Number Exercisable (in shares) | 278,206 | 278,206 | ||
Weighted Average Exercise Price (in dollars per share) | $ 2.18 | $ 2.18 | ||
$3.01 - $3.25 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise prices, low end of range (in dollars per share) | 3.01 | |||
Exercise prices, high end of range (in dollars per share) | $ 3.25 | |||
Options Outstanding | ||||
Number Outstanding (in shares) | 230,000 | 230,000 | ||
Weighted Average Remaining Contract Life | 9 years 9 months 29 days | |||
Weighted Average Exercise Prices (in dollars per share) | $ 3.25 | $ 3.25 | ||
Options Exercisable | ||||
Weighted Average Exercise Price (in dollars per share) | $ 3.25 | $ 3.25 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Share-based Compensation | ||||
Stock-based compensation expense | $ 324 | $ 211 | $ 624 | $ 326 |
Total compensation costs not yet recognized | 2,700 | $ 2,700 | ||
Average remaining amortization period for recognition of expense | 3 years 26 days | |||
Research and Development | ||||
Share-based Compensation | ||||
Stock-based compensation expense | 39 | 43 | $ 125 | 77 |
Sales and Marketing | ||||
Share-based Compensation | ||||
Stock-based compensation expense | 83 | 29 | 207 | 45 |
General and Administrative Expenses | ||||
Share-based Compensation | ||||
Stock-based compensation expense | $ 202 | $ 139 | $ 292 | $ 204 |
Stock-Based Compensation (Det32
Stock-Based Compensation (Details 2) - shares | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2015 | Apr. 30, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Expected volatility | 82.60% | 82.60% | |||
Expected term in years | 6 years | 6 years | |||
Risk-free interest rate | 1.71% | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |
Granted | 230,000 | 365,000 | 0 | ||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Risk-free interest rate | 1.62% | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Risk-free interest rate | 1.71% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Jan. 31, 2015 | |
Income Taxes. | |||||
Federal income taxes | $ 0 | $ 0 | $ 0 | $ 0 | |
Liability for unrecognized tax benefits | $ 0 | $ 0 | $ 0 |