DOCUMENT AND ENTITY INFORMATION
| DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
| Apr. 30, 2019 | May 31, 2019 | |
| DOCUMENT AND ENTITY INFORMATION | ||
| Entity Registrant Name | BIOPHARMX CORPORATION | |
| Entity Central Index Key | 0001504167 | |
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Apr. 30, 2019 | |
| Current Fiscal Year End Date | --01-31 | |
| Is Entity's Reporting Status Current? | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Small Business | true | |
| Entity Emerging Growth Company | false | |
| Entity Common Stock, Shares Outstanding | 10,683,167 | |
| Document Fiscal Period Focus | Q1 | |
| Document Fiscal Year Focus | 2019 |
CONDENSED CONSOLIDATED BALANCE
| CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2019 | Jan. 31, 2019 |
| Current assets: | ||
| Cash and cash equivalents | $ 3,283 | $ 3,069 |
| Prepaid expenses and other current assets | 250 | 316 |
| Total current assets | 3,533 | 3,385 |
| Property and equipment, net | 140 | 148 |
| Operating lease right-of-use asset, net | 1,136 | |
| Other assets | 121 | 121 |
| Total assets | 4,930 | 3,654 |
| Current liabilities: | ||
| Accounts payable | 1,185 | 1,363 |
| Accrued expenses and other current liabilities | 1,346 | 934 |
| Total current liabilities | 2,531 | 2,297 |
| Long-term liabilities: | ||
| Non-current operating lease liability | 956 | |
| Other long-term liabilities | 19 | 59 |
| Total liabilities | 3,506 | 2,356 |
| Commitments and contingencies (Note 5) | ||
| Stockholders’ equity: | ||
| Series A convertible preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of April 30, 2019 and January 31, 2019 | ||
| Common stock, $0.001 par value; 450,000,000 shares authorized; 10,480,079 and 8,732,612 shares issued and outstanding as of April 30, 2019 and January 31, 2019, respectively | 10 | 9 |
| Additional paid-in capital | 83,571 | 79,823 |
| Accumulated deficit | (82,157) | (78,534) |
| Total stockholders' equity | 1,424 | 1,298 |
| Total liabilities and stockholders' equity | $ 4,930 | $ 3,654 |
CONDENSED CONSOLIDATED BALANC_2
| CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2019 | Jan. 31, 2019 |
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| Series A convertible preferred stock, par value | $ 0.001 | $ 0.001 |
| Series A convertible preferred stock, shares authorized | 10,000,000 | 10,000,000 |
| Series A convertible preferred stock, shares issued | 0 | 0 |
| Series A convertible preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 450,000,000 | 450,000,000 |
| Common stock, shares issued | 10,480,079 | 8,732,612 |
| Common stock, shares outstanding | 10,480,079 | 8,732,612 |
CONDENSED CONSOLIDATED STATEMEN
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
| Apr. 30, 2019 | Apr. 30, 2018 | |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
| Revenues, net | $ 18 | |
| Cost of goods sold | 7 | |
| Gross margin | 11 | |
| Operating expenses: | ||
| Research and development | $ 2,199 | 2,327 |
| Sales and marketing | 264 | 601 |
| General and administrative | 1,177 | 1,446 |
| Total operating expenses | 3,640 | 4,374 |
| Loss from operations | (3,640) | (4,363) |
| Change in fair value of warrant liability | 9 | (66) |
| Other income, net | 10 | 29 |
| Loss before provision for income taxes | (3,621) | (4,400) |
| Provision for income taxes | 2 | 2 |
| Net loss and comprehensive loss | $ (3,623) | $ (4,402) |
| Basic and diluted net loss per share | $ (0.38) | $ (0.61) |
| Shares used in computing basic and diluted net loss per share | 9,433,000 | 7,189,000 |
CONDENSED CONSOLIDATED STATEM_2
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
| Balance Beginning, Amount at Jan. 31, 2018 | $ 6 | $ 66,344 | $ (61,278) | $ 5,072 |
| Balance Beginning, Shares at Jan. 31, 2018 | 6,402,500 | |||
| Increase (decrease) in stockholders' deficit | ||||
| Cumulative-effect adjustment from adoption of new accounting pronouncement | 2 | 2 | ||
| Issuance of common stock upon exercise of options | $ 1 | 1 | ||
| Issuance of common stock upon exercise of options (in shares) | 406 | |||
| Issuance of common stock due to exercise of warrants | $ 1 | 6,960 | 6,961 | |
| Issuance of common stock due to exercise of warrants (in shares) | 1,257,843 | |||
| Stock-based compensation expense | 593 | 593 | ||
| Net and comprehensive loss | (4,402) | (4,402) | ||
| Balance Ending, Amount at Apr. 30, 2018 | $ 8 | 73,897 | (65,678) | 8,227 |
| Balance Ending, Shares at Apr. 30, 2018 | 7,660,749 | |||
| Balance Beginning, Amount at Jan. 31, 2019 | $ 9 | 79,823 | (78,534) | 1,298 |
| Balance Beginning, Shares at Jan. 31, 2019 | 8,732,612 | |||
| Increase (decrease) in stockholders' deficit | ||||
| Issuance of common stock, net of issuance costs | $ 1 | 3,553 | 3,554 | |
| Issuance of common stock, net of issuance costs (in shares) | 1,745,800 | |||
| Issuance of common stock upon exercise of options | 4 | 4 | ||
| Issuance of common stock upon exercise of options (in shares) | 1,667 | |||
| Stock-based compensation expense | 191 | 191 | ||
| Net and comprehensive loss | (3,623) | (3,623) | ||
| Balance Ending, Amount at Apr. 30, 2019 | $ 10 | $ 83,571 | $ (82,157) | $ 1,424 |
| Balance Ending, Shares at Apr. 30, 2019 | 10,480,079 |
CONDENSED CONSOLIDATED STATEM_3
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Millions | 3 Months Ended |
| Apr. 30, 2019USD ($) | |
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | |
| Issuance costs | $ 0.4 |
CONDENSED CONSOLIDATED STATEM_4
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
| Apr. 30, 2019 | Apr. 30, 2018 | |
| Cash flows from operating activities: | ||
| Net loss | $ (3,623) | $ (4,402) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 191 | 593 |
| Depreciation expense | 14 | 16 |
| Change in fair value of warrant liability | (9) | 66 |
| Changes in assets and liabilities: | ||
| Prepaid expenses and other assets | 66 | 51 |
| Accounts payable | (178) | 416 |
| Accrued expenses and other liabilities | 206 | (344) |
| Net cash used in operating activities | (3,333) | (3,604) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (6) | (4) |
| Net cash used in investing activities | (6) | (4) |
| Cash flows from financing activities: | ||
| Proceeds from the issuance of common stock, net of issuance costs | 3,554 | |
| Proceeds from exercises of common stock warrants | 6,961 | |
| Proceeds from exercises of stock options | 4 | 1 |
| Payments on financing lease obligation | (5) | (4) |
| Net cash provided by financing activities | 3,553 | 6,958 |
| Net increase in cash and cash equivalents | 214 | 3,350 |
| Cash and cash equivalents as of beginning of period | 3,069 | 7,576 |
| Cash and cash equivalents as of end of period | $ 3,283 | $ 10,926 |
DESCRIPTION OF BUSINESS AND SUM
| DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
| Apr. 30, 2019 | |
| 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 the dermatology market. Its focus is to develop products that treat dermatologic conditions that are not being adequately addressed or those where current therapies and approaches are suboptimal. Its strategy is to bring new products to market by identifying optimal delivery mechanisms and/or alternative applications for United States Food and Drug Administration (FDA) approved or well characterized active pharmaceutical ingredients, or APIs. The Company aims to reduce the time, cost and risks typically associated with new product development by utilizing APIs with demonstrated safety profiles and, when applicable, taking advantage of the regulatory approval pathway under Section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act. Section 505(b)(2) permits an applicant for a new product, such as a new or improved formulation or a new use of an approved product, to rely in part on literature and/or the FDA’s findings of safety and/or effectiveness for a similar previously-approved product. The Company’s approach is to identify the limitations of current treatment options and work to develop novel products using its proprietary HyantX™ topical drug delivery system. The Company commercially launched its iodine breast health supplement, VI 2 OLET, in December 2014. In November 2018, the Company divested the rights to develop, manufacture, market and sell its molecular iodine technology, including VI 2 OLET. This divestiture resulted in a de minimis loss in the fourth quarter of fiscal year 2019, which is included in general and administrative expenses in the consolidated statements of operations and comprehensive loss. All tangible and intangible assets related to VI 2 OLET, including but not limited to existing customer and vendor arrangements, were included in this divestiture. 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 has financed its operations primarily through the sale of equity and convertible notes. 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. 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 January 31, 2019, filed on March 14, 2019. The condensed consolidated balance sheet as of January 31, 2019, 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 April 30, 2019 and January 31, 2019, and the Company’s results of operations and cash flows for the three months ended April 30, 2019 and 2018. The results for the three months ended April 30, 2019 are not necessarily indicative of the results to be expected for the year ending January 31, 2020 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. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Accounts receivable has been included in prepaid expenses and other current assets in the condensed consolidated balance sheets. The amount for the prior period has been reclassified to be consistent with the current year presentation and has no impact on previously reported total assets, total stockholders’ equity or net loss. Reverse Stock Split On April 25, 2019, the Company effected a 1-for-25 reverse stock split of its common stock. As a result of the reverse stock split, every twenty-five shares of the Company’s pre-reverse split outstanding common stock was combined and reclassified into one share of common stock. Par value per share remained unchanged at $0.001 per share. Proportionate voting rights and other rights of common stockholders were not affected by the reverse stock split. No fractional shares were issued in connection with the reverse stock split; stockholders who would otherwise hold a fractional share of common stock received cash in an amount equal to the product obtained by multiplying (i) the closing price of the Company’s common stock on the last trading day prior to the effective date of the reverse stock split, by (ii) the number of shares of the Company’s common stock held by the stockholder that would otherwise have been exchanged for the fractional share interest. All stock options and warrants outstanding and common stock reserved for issuance under the Company’s equity incentive plans immediately prior to the reverse stock split were adjusted by dividing the number of affected shares of common stock by 25 and, as applicable, multiplying the exercise price by 25, as a result of the reverse stock split. All of the share numbers, share prices and exercise prices have been adjusted on a retroactive basis as if such 1-for-25 reverse stock split occurred on the first day of the first period presented. Certain amounts in the notes to the financial statements may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split. 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 did not identify any impairment losses for either of the three months ended April 30, 2019 or April 30, 2018. Net Loss per Share Basic net loss per share is calculated based on the weighted-average number of shares of the Company’s common stock outstanding during the period. The weighted-average shares outstanding for the three months ended April 30, 2019 and 2018 excludes 7,733 shares of unvested restricted common stock. 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. As of April 30, 2019 and 2018, approximately 7,207,000 and 7,372,000 of potentially dilutive securities, respectively, were excluded from the computation of diluted net loss per share because their effect on net loss per share would be anti-dilutive. Warrant Liability The Company accounts for certain of its warrants as derivative liabilities based on provisions relating to cash settlement options. The Company recorded a liability for the fair value of the warrants at the time of issuance, and at each reporting date the warrants are revalued to the instrument’s fair value. The fair value of the warrants are estimated using the Black-Scholes pricing model. This liability is subject to fair value re-measurement until the warrants are exercised or expired, and any change in fair value is recognized as other income or expense in the condensed consolidated statements of operations and comprehensive loss. 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 consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the fiscal year ended January 31, 2019. There have been no significant changes in the Company’s significant accounting policies for the three months ended April 30, 2019, except for the adoption of Accounting Standards Update 2016-02, Leases , as discussed below, as compared to the significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended January 31, 2019. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases , and in July 2018, ASU No. 2018-11, Targeted Improvements , which requires entities to recognize assets and liabilities for leases with lease terms greater than twelve months. The Company adopted this standard as of February 1, 2019, and the Company’s leases are classified as operating leases and will continue to be classified as operating leases under the new accounting method. Adoption of the new standard resulted in the recording of an operating lease right-to-use asset of $1.2 million, which represents the present value of the remaining lease payments as of the date of adoption discounted using an incremental borrowing rate of 15%, and an operating lease liability of $1.3 million. The adoption did not have an impact on the Company’s condensed statement of operations and comprehensive loss or cash flows. See Note 9 for further information. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The amendment is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company adopted this update as of February 1, 2019 and the adoption did not have a material effect on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which amended certain disclosure requirements over Level 1, Level 2 and Level 3 fair value measurements. The amendment is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of adopting this amendment, but does not anticipate it will have a material impact on its disclosures. The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or no material effect is expected on the condensed consolidated financial statements as a result of future adoption. |
GOING CONCERN
| GOING CONCERN | 3 Months Ended |
| Apr. 30, 2019 | |
| GOING CONCERN | |
| GOING CONCERN | 2. GOING CONCERN The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern and will continue to conduct operations for the foreseeable future and realize assets and discharge liabilities in the ordinary course of operations. As of April 30, 2019, the Company had cash and cash equivalents of $3.3 million and working capital of $1.0 million. 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, preferred stock, warrants to purchase common stock and the issuance of convertible notes. The Company incurred a net loss of $3.6 million and $4.4 million for the three months ended April 30, 2019 and 2018, respectively. The Company had an accumulated deficit of $82.2 million as of April 30, 2019. The Company has a limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in its industry. The Company continues its research and development efforts for its product candidates, which will require significant funding. If the Company is unable to obtain additional financing in the future or research and development efforts require higher than anticipated capital, there may be a negative impact on the financial viability of the Company. The Company plans to increase working capital by managing its cash flows and expenses and either entering into a strategic partnership or raising additional capital through private or public equity or debt financing. There can be no assurance that such financing or partnerships will be available or on terms which are favorable to the Company. 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. Failure to raise additional capital through one or more financings, enter into a strategic partnership 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. |
FAIR VALUE MEASUREMENTS
| FAIR VALUE MEASUREMENTS | 3 Months Ended |
| Apr. 30, 2019 | |
| 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 April 30, 2019 and January 31, 2019, the Company held $2.8 million and $2.5 million, respectively, in money market funds, which are classified as Level 1 within the fair value hierarchy. No unrealized gains or losses are recorded in connection with these amounts. The fair value of the warrant liability was classified as a Level 3 liability, as the Company uses unobservable inputs to value it. The table below presents the activity within Level 3 of the fair value hierarchy (in thousands): Warrant Liability Balance as of January 31, 2019 $ 11 Change in fair value of warrants (9) Balance as of April 30, 2019 $ 2 The warrant liability is included in long - term liabilities on the condensed consolidated balance sheets. |
BALANCE SHEET DETAILS
| BALANCE SHEET DETAILS | 3 Months Ended |
| Apr. 30, 2019 | |
| BALANCE SHEET DETAILS | |
| BALANCE SHEET DETAILS | 4. BALANCE SHEET DETAILS April 30, January 31, 2019 2019 (in thousands) Accrued expenses and other current liabilities: Research and development $ 539 $ 399 Payroll 391 371 Operating lease liability - current portion 260 — Legal 65 45 Other 91 119 $ 1,346 $ 934 |
COMMITMENTS AND CONTINGENCIES
| COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
| Apr. 30, 2019 | |
| COMMITMENTS AND CONTINGENCIES | |
| COMMITMENTS AND CONTINGENCIES | 5. COMMITMENTS AND CONTINGENCIES Commitments The Company is party to an agreement with a contract research organization (CRO) to conduct the Phase 2 clinical trial for BPX04, a topical antibiotic for the treatment of rosacea. The actual amounts owed under the agreement and the timing of those obligations depend on various factors, including the rate of patient enrollment, any protocol amendments and other factors relating to the clinical trial. As of April 30, 2019, the remaining liability under the agreement, excluding any potential amendments to the agreement, was $0.4 million. The Company can terminate the agreement at any time and any amounts incurred through the termination date would be due to the CRO. The Company entered into an agreement with a contract development and manufacturing organization to complete development needed to prepare BPX04 for Phase 3 testing. The development activities will be completed in several phases. If the Company had to terminate this agreement, depending on the reason, the termination fee could be as high as $0.5 million, or an amount equal to services incurred as of the date of termination. See Note 9 for discussion regarding the Company’s operating and financing lease commitments. Legal Proceedings The Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. In addition, the Company may receive letters alleging infringement of patents or other intellectual property rights. The Company is not a party to any material legal proceeding, nor is it aware of any pending or threatened litigation that the Company believes is likely to have a material adverse effect on its business, results of operations, cash flows or financial condition should such litigation be resolved unfavorably. These claims, even if not meritorious, could result in the expenditure of significant financial resources and diversion of management efforts. 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, officers and certain of its medical advisors that may require the Company to indemnify its directors, officers and such medical advisors against liabilities that may arise by reason of their status or service in these roles, 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. |
CONVERTIBLE PREFERRED STOCK AND
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | 3 Months Ended |
| Apr. 30, 2019 | |
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | |
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | 6. CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY Common Stock In March 2019, the Company issued 1,745,800 shares of common stock at a price per share of $0.09 resulting in net proceeds of $3.6 million in a registered direct offering. Warrants A summary of warrants outstanding as of April 30, 2019 is as follows: Total Price per Share Expiration Date Warrants related to January 2014 agreement 11,581 $ 46.25 May 2019 Warrants related to May 2014 agreement 12,656 $50.875 May 2019 Warrants related to April to November 2014 financing 61,062 $ 92.50 April 2019 - November 2019 Warrants related to June 2015 financing 4,363 $ 68.75 June 2020 Warrants related to April 2016 financing 70,581 $ 30.00 April 2021 Warrants related to September 2016 financing (1) 51,466 $ 18.75 September 2021 to March 2022 Warrants related to November 2016 financing 1,216,230 $ 8.75 November 2022 to November 2024 Warrants related to November 2016 financing 35,818 $10.938 November 2022 Warrants related to November 2016 financing 7,926 $ 8.25 November 2022 Warrants related to April 2017 financing 32,053 $ 22.50 October 2022 Warrants related to October 2017 financing (2) 153,848 $ 7.50 October 2022 Warrants related to November 2017 financing 2,277,412 $ 5.00 November 2022 Warrants related to November 2017 financing (3) 1,336,886 $ 6.25 May 2019 Warrants related to November 2018 financing (3) 1,066,670 $ 4.10 May/June 2021 (1) In connection with the sale of common stock in September 2016, warrants to purchase 51,466 shares of common stock were issued at an exercise price of $18.75 per share. These warrants included a cash settlement option requiring the Company to record a liability for the fair value of the warrants at the time of issuance and at each reporting period with any change in the fair value reported as other income or expense. At the time of issuance, approximately $566,000 was recorded as a warrant liability. To value the warrant liability, the Company used the Black-Scholes pricing model with the following assumptions: risk-free interest rate of 1.1%, contractual term of 5 years, expected volatility of 95.8% and a dividend rate of 0%. As of April 30, 2019, the fair value of the warrant liability was approximately $2,000 and was included in other long-term liabilities. (2) On October 23, 2017, the Company entered into agreements with certain of these warrant holders to permit their immediate exercise of 102,564 shares of common stock underlying the warrants at an exercise price per share of $6.00. The Company recorded a charge for the incremental fair value of approximately $151,000 in the other expense line item in the condensed consolidated statement of operations and comprehensive loss. The fair value of the warrants exercised was computed as of the date of exercise using the following assumptions: risk-free interest rate of 2.03%, contractual term of 5 years, expected volatility of 83.9% and a dividend rate of 0%. In addition, these warrant holders were issued new warrants to purchase up to an aggregate of 158,848 shares of common stock at an exercise price per share of $7.50. (3) On November 20, 2018, the Company entered into agreements with holders of certain of its warrants to purchase common stock with an exercise price per share of $6.25 originally issued on November 24, 2017 (Existing Warrants), whereby the holders and the Company agreed that the holders would cash exercise up to 1,066,670 shares of common stock underlying such Existing Warrants at a reduced price of $3.50, and the Company would issue new warrants to such holders to purchase up to an aggregate of 1,067,670 shares of common stock (New Warrants). The New Warrants are exercisable after the six-month anniversary of their issuance and terminate on the 30-month anniversary following their issuance. The New Warrants have an exercise price per share of $4.10. The Company recorded a charge for the incremental fair value of approximately $874,000 in the other expense line item in the consolidated statements of operations and comprehensive loss. The fair value of the warrants exercised was computed as of the date of exercise using the following assumptions: risk-free interest rate of 2.51%, contractual term of 6 months, expected volatility of 78.4% and a dividend rate of 0%. Equity Incentive Plan On July 5, 2016, the Company adopted the 2016 Equity Incentive Plan (2016 Plan), which permits the Company to grant equity awards to directors, officers, employees and consultants. In connection with the adoption of the 2016 Plan, the Company ceased to grant equity awards under its 2014 Equity Incentive Plan (2014 Plan), which was adopted on January 23, 2014. All grants and awards under the 2014 Plan, including stock options previously issued under BioPharmX, Inc.’s 2011 Equity Incentive Plan that were substituted with stock options issued under the 2014 Plan, remain in effect in accordance with their terms. Stock options generally vest in one to four years and expire ten years from the date of grant. In March 2017, the 2016 Plan was amended and the shares reserved for issuance were increased by 800,000 shares to a total of 960,000 shares of common stock. In August 2018, the 2016 Plan was amended and the shares reserved for issuance were increased by 2,000,000 shares to a total of 2,960,000 shares of common stock. The 2014 Plan and 2016 Plan are referred to collectively as the “Plans.” The following table summarizes the Company’s stock option awards under the Plans: Weighted Average Remaining Aggregate Available for Exercise Contractual Intrinsic Grant Shares Prices Life Value (in thousands) Balance as of February 1, 2019 2,107,575 917,945 $ $ 23 Granted (16,720) 16,720 $ 3.21 Exercised — (1,667) $ 2.50 Canceled and expired under the 2014 Plan — $ 28.27 Canceled under the 2016 Plan 69,180 (69,180) $ 8.84 Balance as of April 30, 2019 2,160,035 $ 8.27 8.35 $ — Vested and exercisable $ 11.70 7.20 $ — Vested and expected to vest $ 8.67 8.21 $ — Inducement Grants The Company has also awarded inducement option grants to purchase common stock to new employees outside of the 2016 Plan as permitted under Section 711(a) of the NYSE American Company Guide. Such options vest at the rate of 25% of the shares on the first anniversary of the commencement of such employee’s employment with the Company, and then one forty-eighth (1/48) of the shares monthly thereafter subject to such employee’s continued service. The following table summarizes the Company’s inducement grant stock option awards: Weighted Average Remaining Exercise Contractual Aggregate Shares Prices Life Intrinsic Value (in thousands) Balance as of February 1, 2019 31,000 $ $ — Canceled (6,000) $ Balance as of April 30, 2019 25,000 $ $ — Vested and exercisable 12,542 $ $ — Vested and expected to vest 21,833 $ $ — The following table summarizes significant ranges of outstanding and exercisable options as of April 30, 2019: Options Outstanding Options Vested and Exercisable Weighted Average Weighted Weighted Remaining Average Number Average Number Contractual Exercise Vested and Exercise Range of Exercise Prices Outstanding Life (in Years) Prices Exercisable Prices $2.50 - $4.00 $ $ $4.01 - $8.75 $ $ $8.76 - $16.25 $ $ $16.26 - $28.50 $ $ $28.51 - $75.00 $ 19,579 $ 48.29 $ $ The total intrinsic value of stock options exercised during the three months ended April 30, 2019 was less than $1,000 and approximately $2,000 for the three months ended April 30, 2018. |
STOCK-BASED COMPENSATION
| STOCK-BASED COMPENSATION | 3 Months Ended |
| Apr. 30, 2019 | |
| STOCK-BASED COMPENSATION | |
| STOCK-BASED COMPENSATION | 7. STOCK-BASED COMPENSATION The following table summarizes the stock-based compensation expenses included in the condensed consolidated statement of operations and comprehensive loss (in thousands): For the three months ended April 30, 2019 2018 Research and development $ 103 $ 200 Sales and marketing 21 129 General and administrative 67 264 Total $ 191 $ 593 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 April 30, 2019, total compensation costs related to unvested, but not yet recognized, stock-based awards was $1.5 million, net of estimated forfeitures. This cost will be amortized on a straight-line basis over a weighted average remaining period of 2.5 years and will be adjusted for subsequent changes in estimated forfeitures. Valuation Assumptions During the three months ended April 30, 2019, the grant date fair value of stock options granted was $1.36 per share. The following assumptions were used to calculate the estimated fair value of awards granted for the periods ended: For the three months ended April 30, 2019 2018 Expected volatility Expected term in years Risk-free interest rate Expected dividend yield — — 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 shares of common stock of selected public companies, including the Company’s stock price, 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 model 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 shares of common stock and currently does not intend to do so and, accordingly, the dividend yield percentage is zero for all periods. |
INCOME TAXES
| INCOME TAXES | 3 Months Ended |
| Apr. 30, 2019 | |
| INCOME TAXES | |
| INCOME TAXES | 8. INCOME TAXES 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 April 30, 2019 and January 31, 2019, the Company has not recorded any liability for unrecognized tax benefits related to uncertain tax positions. The 2010 to 2019 tax years remain open for examination by the federal and state authorities. |
LEASES
| LEASES | 3 Months Ended |
| Apr. 30, 2019 | |
| LEASES | |
| LEASES | 9. LEASES On October 30, 2018, the Company signed a lease for 11,793 square feet of office and laboratory space in San Jose, California. The lease commenced in December 2018 and will terminate in December 2023. The lease requires payment of maintenance, utilities, taxes, insurance and other operating expenses associated with the leased space. Effective February 1, 2019, the Company adopted ASU No. 2016-02, Leases , as amended, which resulted in the recording of an operating lease right-to-use asset of $1.2 million and corresponding short-term and long-term liabilities of $0.3 million and $1.0 million, respectively. The right-to-use asset and corresponding liability for the facility lease have been measured at the present value of the future minimum lease payments. Lease expense is recognized on a straight line basis over the lease term and was approximately $93,000 and $160,000 for the three months ended April 30, 2019 and 2018, respectively. Cash paid for amounts included in the measurement of operating lease liability for the three months ended April 30, 2019 was approximately $65,000 and was included in net cash used in operating activities in the statement of cash flows. The future minimum payments under our operating lease as of April 30, 2019 are as follows (in thousands): Operating Lease Fiscal years ending January 31, 2020 $ 273 2021 372 2022 382 2023 392 2024 334 Total future minimum lease payments 1,753 Less: present value discount (537) Present value of operating lease liabilities $ 1,216 The Company recorded a financing lease obligation related to laboratory equipment in March 2018. The leased asset value was approximately $61,000, and the corresponding current and long-term liabilities were recorded in accrued expenses and other current liabilities and other long-term liabilities, respectively. Total future payments representing interest until the termination of lease were approximately $4,000 as of April 30, 2019. The following table summarizes the Company’s financing lease commitment as of April 30, 2019 (in thousands): Fiscal years ending January 31, Total 2020 2021 2022 2023 2024 Financing lease for laboratory equipment $ 41 $ 17 $ 22 $ 2 $ — $ — Total $ 41 $ 17 $ 22 $ 2 $ - $ - |
SUBSEQUENT EVENTS
| SUBSEQUENT EVENTS | 3 Months Ended |
| Apr. 30, 2019 | |
| SUBSEQUENT EVENTS | |
| SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS On May 16, 2019, the Company entered into a Capital on Demand TM Sales Agreement (Sales Agreement) with JonesTrading Institutional Services LLC, as agent (JonesTrading), pursuant to which the Company may offer and sell, from time to time through JonesTrading, shares of the Company’s common stock, par value $0.001 per share (the Common Stock), having an aggregate offering price of up to $8.5 million. As of the filing of this report, the Company has sold an aggregate of 1,236,420 shares of Common Stock pursuant to the terms of such Sales Agreement for aggregate gross proceeds of $1.1 million. Net proceeds received from the date of execution to the date of this report were $1.0 million, including initial expenses for executing the “at the market offering” and commissions to the placement agent. |
DESCRIPTION OF BUSINESS AND S_2
| DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
| Apr. 30, 2019 | |
| 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. 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 January 31, 2019, filed on March 14, 2019. The condensed consolidated balance sheet as of January 31, 2019, 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 April 30, 2019 and January 31, 2019, and the Company’s results of operations and cash flows for the three months ended April 30, 2019 and 2018. The results for the three months ended April 30, 2019 are not necessarily indicative of the results to be expected for the year ending January 31, 2020 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. |
| Reclassification | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Accounts receivable has been included in prepaid expenses and other current assets in the condensed consolidated balance sheets. The amount for the prior period has been reclassified to be consistent with the current year presentation and has no impact on previously reported total assets, total stockholders’ equity or net loss. |
| Reverse Stock Split | Reverse Stock Split On April 25, 2019, the Company effected a 1-for-25 reverse stock split of its common stock. As a result of the reverse stock split, every twenty-five shares of the Company’s pre-reverse split outstanding common stock was combined and reclassified into one share of common stock. Par value per share remained unchanged at $0.001 per share. Proportionate voting rights and other rights of common stockholders were not affected by the reverse stock split. No fractional shares were issued in connection with the reverse stock split; stockholders who would otherwise hold a fractional share of common stock received cash in an amount equal to the product obtained by multiplying (i) the closing price of the Company’s common stock on the last trading day prior to the effective date of the reverse stock split, by (ii) the number of shares of the Company’s common stock held by the stockholder that would otherwise have been exchanged for the fractional share interest. All stock options and warrants outstanding and common stock reserved for issuance under the Company’s equity incentive plans immediately prior to the reverse stock split were adjusted by dividing the number of affected shares of common stock by 25 and, as applicable, multiplying the exercise price by 25, as a result of the reverse stock split. All of the share numbers, share prices and exercise prices have been adjusted on a retroactive basis as if such 1-for-25 reverse stock split occurred on the first day of the first period presented. Certain amounts in the notes to the financial statements may be slightly different than previously reported due to rounding of fractional shares as a result of the reverse stock split. |
| 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 did not identify any impairment losses for either of the three months ended April 30, 2019 or April 30, 2018. |
| Net Loss per Share | Net Loss per Share Basic net loss per share is calculated based on the weighted-average number of shares of the Company’s common stock outstanding during the period. The weighted-average shares outstanding for the three months ended April 30, 2019 and 2018 excludes 7,733 shares of unvested restricted common stock. 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. As of April 30, 2019 and 2018, approximately 7,207,000 and 7,372,000 of potentially dilutive securities, respectively, were excluded from the computation of diluted net loss per share because their effect on net loss per share would be anti-dilutive. |
| Warrant Liability | Warrant Liability The Company accounts for certain of its warrants as derivative liabilities based on provisions relating to cash settlement options. The Company recorded a liability for the fair value of the warrants at the time of issuance, and at each reporting date the warrants are revalued to the instrument’s fair value. The fair value of the warrants are estimated using the Black-Scholes pricing model. This liability is subject to fair value re-measurement until the warrants are exercised or expired, and any change in fair value is recognized as other income or expense in the condensed consolidated statements of operations and comprehensive loss. |
| Summary of Significant Accounting Policies | 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 consolidated financial statements and notes thereto contained in the Annual Report on Form 10-K for the fiscal year ended January 31, 2019. There have been no significant changes in the Company’s significant accounting policies for the three months ended April 30, 2019, except for the adoption of Accounting Standards Update 2016-02, Leases , as discussed below, as compared to the significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended January 31, 2019. |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases , and in July 2018, ASU No. 2018-11, Targeted Improvements , which requires entities to recognize assets and liabilities for leases with lease terms greater than twelve months. The Company adopted this standard as of February 1, 2019, and the Company’s leases are classified as operating leases and will continue to be classified as operating leases under the new accounting method. Adoption of the new standard resulted in the recording of an operating lease right-to-use asset of $1.2 million, which represents the present value of the remaining lease payments as of the date of adoption discounted using an incremental borrowing rate of 15%, and an operating lease liability of $1.3 million. The adoption did not have an impact on the Company’s condensed statement of operations and comprehensive loss or cash flows. See Note 9 for further information. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The amendment is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company adopted this update as of February 1, 2019 and the adoption did not have a material effect on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which amended certain disclosure requirements over Level 1, Level 2 and Level 3 fair value measurements. The amendment is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of adopting this amendment, but does not anticipate it will have a material impact on its disclosures. The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or no material effect is expected on the condensed consolidated financial statements as a result of future adoption. |
FAIR VALUE MEASUREMENTS (Tables
| FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
| Apr. 30, 2019 | |
| FAIR VALUE MEASUREMENTS | |
| Schedule of Fair Value of Warrant Liability Classified as Level 3 Liabilities | The table below presents the activity within Level 3 of the fair value hierarchy (in thousands): Warrant Liability Balance as of January 31, 2019 $ 11 Change in fair value of warrants (9) Balance as of April 30, 2019 $ 2 |
BALANCE SHEET DETAILS (Tables)
| BALANCE SHEET DETAILS (Tables) | 3 Months Ended |
| Apr. 30, 2019 | |
| BALANCE SHEET DETAILS | |
| Schedule accrued expenses and other current liabilities | April 30, January 31, 2019 2019 (in thousands) Accrued expenses and other current liabilities: Research and development $ 539 $ 399 Payroll 391 371 Operating lease liability - current portion 260 — Legal 65 45 Other 91 119 $ 1,346 $ 934 |
CONVERTIBLE PREFERRED STOCK A_2
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (Tables) | 3 Months Ended |
| Apr. 30, 2019 | |
| Schedule of outstanding warrants | A summary of warrants outstanding as of April 30, 2019 is as follows: Total Price per Share Expiration Date Warrants related to January 2014 agreement 11,581 $ 46.25 May 2019 Warrants related to May 2014 agreement 12,656 $50.875 May 2019 Warrants related to April to November 2014 financing 61,062 $ 92.50 April 2019 - November 2019 Warrants related to June 2015 financing 4,363 $ 68.75 June 2020 Warrants related to April 2016 financing 70,581 $ 30.00 April 2021 Warrants related to September 2016 financing (1) 51,466 $ 18.75 September 2021 to March 2022 Warrants related to November 2016 financing 1,216,230 $ 8.75 November 2022 to November 2024 Warrants related to November 2016 financing 35,818 $10.938 November 2022 Warrants related to November 2016 financing 7,926 $ 8.25 November 2022 Warrants related to April 2017 financing 32,053 $ 22.50 October 2022 Warrants related to October 2017 financing (2) 153,848 $ 7.50 October 2022 Warrants related to November 2017 financing 2,277,412 $ 5.00 November 2022 Warrants related to November 2017 financing (3) 1,336,886 $ 6.25 May 2019 Warrants related to November 2018 financing (3) 1,066,670 $ 4.10 May/June 2021 (1) In connection with the sale of common stock in September 2016, warrants to purchase 51,466 shares of common stock were issued at an exercise price of $18.75 per share. These warrants included a cash settlement option requiring the Company to record a liability for the fair value of the warrants at the time of issuance and at each reporting period with any change in the fair value reported as other income or expense. At the time of issuance, approximately $566,000 was recorded as a warrant liability. To value the warrant liability, the Company used the Black-Scholes pricing model with the following assumptions: risk-free interest rate of 1.1%, contractual term of 5 years, expected volatility of 95.8% and a dividend rate of 0%. As of April 30, 2019, the fair value of the warrant liability was approximately $2,000 and was included in other long-term liabilities. (2) On October 23, 2017, the Company entered into agreements with certain of these warrant holders to permit their immediate exercise of 102,564 shares of common stock underlying the warrants at an exercise price per share of $6.00. The Company recorded a charge for the incremental fair value of approximately $151,000 in the other expense line item in the condensed consolidated statement of operations and comprehensive loss. The fair value of the warrants exercised was computed as of the date of exercise using the following assumptions: risk-free interest rate of 2.03%, contractual term of 5 years, expected volatility of 83.9% and a dividend rate of 0%. In addition, these warrant holders were issued new warrants to purchase up to an aggregate of 158,848 shares of common stock at an exercise price per share of $7.50. (3) On November 20, 2018, the Company entered into agreements with holders of certain of its warrants to purchase common stock with an exercise price per share of $6.25 originally issued on November 24, 2017 (Existing Warrants), whereby the holders and the Company agreed that the holders would cash exercise up to 1,066,670 shares of common stock underlying such Existing Warrants at a reduced price of $3.50, and the Company would issue new warrants to such holders to purchase up to an aggregate of 1,067,670 shares of common stock (New Warrants). The New Warrants are exercisable after the six-month anniversary of their issuance and terminate on the 30-month anniversary following their issuance. The New Warrants have an exercise price per share of $4.10. The Company recorded a charge for the incremental fair value of approximately $874,000 in the other expense line item in the consolidated statements of operations and comprehensive loss. The fair value of the warrants exercised was computed as of the date of exercise using the following assumptions: risk-free interest rate of 2.51%, contractual term of 6 months, expected volatility of 78.4% and a dividend rate of 0%. |
| Schedule of significant ranges of outstanding and exercisable options | Options Outstanding Options Vested and Exercisable Weighted Average Weighted Weighted Remaining Average Number Average Number Contractual Exercise Vested and Exercise Range of Exercise Prices Outstanding Life (in Years) Prices Exercisable Prices $2.50 - $4.00 $ $ $4.01 - $8.75 $ $ $8.76 - $16.25 $ $ $16.26 - $28.50 $ $ $28.51 - $75.00 $ 19,579 $ 48.29 $ $ |
| 2014 Equity Incentive Plan | |
| Stock option plan activity | Weighted Average Remaining Aggregate Available for Exercise Contractual Intrinsic Grant Shares Prices Life Value (in thousands) Balance as of February 1, 2019 2,107,575 917,945 $ $ 23 Granted (16,720) 16,720 $ 3.21 Exercised — (1,667) $ 2.50 Canceled and expired under the 2014 Plan — $ 28.27 Canceled under the 2016 Plan 69,180 (69,180) $ 8.84 Balance as of April 30, 2019 2,160,035 $ 8.27 8.35 $ — Vested and exercisable $ 11.70 7.20 $ — Vested and expected to vest $ 8.67 8.21 $ — |
| Outside of the 2016 Equity Incentive Plan | |
| Stock option plan activity | Weighted Average Remaining Exercise Contractual Aggregate Shares Prices Life Intrinsic Value (in thousands) Balance as of February 1, 2019 31,000 $ $ — Canceled (6,000) $ Balance as of April 30, 2019 25,000 $ $ — Vested and exercisable 12,542 $ $ — Vested and expected to vest 21,833 $ $ — |
STOCK-BASED COMPENSATION (Table
| STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
| Apr. 30, 2019 | |
| STOCK-BASED COMPENSATION | |
| Summary of stock based compensation expense | The following table summarizes the stock-based compensation expenses included in the condensed consolidated statement of operations and comprehensive loss (in thousands): For the three months ended April 30, 2019 2018 Research and development $ 103 $ 200 Sales and marketing 21 129 General and administrative 67 264 Total $ 191 $ 593 |
| Black-Scholes option pricing model fair value assumptions | For the three months ended April 30, 2019 2018 Expected volatility Expected term in years Risk-free interest rate Expected dividend yield — — |
LEASES (Tables)
| LEASES (Tables) | 3 Months Ended |
| Apr. 30, 2019 | |
| LEASES | |
| Schedule of future minimum payments under our operating lease | The future minimum payments under our operating lease as of April 30, 2019 are as follows (in thousands): Operating Lease Fiscal years ending January 31, 2020 $ 273 2021 372 2022 382 2023 392 2024 334 Total future minimum lease payments 1,753 Less: present value discount (537) Present value of operating lease liabilities $ 1,216 |
| Schedule of financing lease commitment | The following table summarizes the Company’s financing lease commitment as of April 30, 2019 (in thousands): Fiscal years ending January 31, Total 2020 2021 2022 2023 2024 Financing lease for laboratory equipment $ 41 $ 17 $ 22 $ 2 $ — $ — Total $ 41 $ 17 $ 22 $ 2 $ - $ - |
DESCRIPTION OF BUSINESS AND S_3
| DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Apr. 25, 2019$ / sharesshares | Apr. 30, 2019subsidiary$ / sharesshares | Apr. 30, 2018shares | Jan. 31, 2019$ / shares |
| DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
| Number of wholly owned subsidiaries | subsidiary | 1 | |||
| Conversion reverse stock split ratio | 0.04 | |||
| Number of fractional shares issued | 0 | |||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |
| Net Loss Per Share | ||||
| Unvested restricted common stock shares | 7,733 | 7,733 | ||
| Potentially dilutive securities excluded from computation of diluted loss per share | 7,207,000 | 7,372,000 |
DESCRIPTION OF BUSINESS AND S_4
| DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncement (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Feb. 01, 2019 |
| Recent Accounting Pronouncements | ||
| operating lease asset | $ 1,136 | $ 1,200 |
| Operating lease discount rate | 15.00% | |
| Operating lease liability | $ 1,216 | $ 1,300 |
GOING CONCERN (Details)
| GOING CONCERN (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
| Apr. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2019 | |
| GOING CONCERN | |||
| Cash and cash equivalents | $ 3,283 | $ 3,069 | |
| Working capital | 1,000 | ||
| Net loss | 3,621 | $ 4,400 | |
| Accumulated deficit | $ 82,157 | $ 78,534 | |
FAIR VALUE MEASUREMENTS (Detail
| FAIR VALUE MEASUREMENTS (Details) - Level 1 - Money Market Funds - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
| Apr. 30, 2019 | Jan. 31, 2019 | |
| Fair Value Measurements | ||
| Securities | $ 2.8 | $ 2.5 |
| Unrealized gains (losses) | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Fair
| FAIR VALUE MEASUREMENTS - Fair Value of Warrant Liability Classified as Level 3 Liabilities (Details) - Level 3 $ in Thousands | 3 Months Ended |
| Apr. 30, 2019USD ($) | |
| Fair Value of Warrant Liability Classified as Level 3 Liabilities | |
| Beginning balance | $ 11 |
| Change in fair value of warrants | (9) |
| Ending balance | $ 2 |
BALANCE SHEET DETAILS (Details)
| BALANCE SHEET DETAILS (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Feb. 01, 2019 | Jan. 31, 2019 |
| Accrued expenses and other current liabilities: | |||
| Research and development | $ 539 | $ 399 | |
| Payroll | 391 | 371 | |
| Operating lease liability - current portion | 260 | $ 300 | |
| Legal | 65 | 45 | |
| Other | 91 | 119 | |
| Accrued expenses and other current liabilities | $ 1,346 | $ 934 |
COMMITMENTS AND CONTINGENCIES (
| COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 3 Months Ended |
| Apr. 30, 2019USD ($) | |
| CRO agreements, remaining cost | $ 0.4 |
| Maximum | |
| Termination fees | $ 0.5 |
CONVERTIBLE PREFERRED STOCK A_3
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended |
| Mar. 31, 2019 | Apr. 30, 2019 | |
| Net proceeds from the sale of common stock | $ 3,554 | |
| Private placement | ||
| Issuance of stock (in shares) | 1,745,800 | |
| Share price (in dollars per share) | $ 0.09 |
CONVERTIBLE PREFERRED STOCK A_4
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Preferred Stock & Warrants (Details) | Nov. 20, 2018USD ($)item$ / sharesshares | Oct. 23, 2017USD ($)item$ / sharesshares | Apr. 30, 2018USD ($) | Apr. 30, 2019$ / sharesshares | Mar. 31, 2019$ / shares | Jan. 31, 2019shares | Oct. 31, 2018USD ($) | Nov. 24, 2017$ / shares | Sep. 30, 2016USD ($)item$ / sharesshares |
| Equity | |||||||||
| Proceeds from warrant exercises to purchase common stock | $ | $ 6,961,000 | ||||||||
| Series A convertible preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||||
| Series A convertible preferred stock, shares issued | 0 | 0 | |||||||
| Private placement | |||||||||
| Equity | |||||||||
| Share price (in dollars per share) | $ / shares | $ 0.09 | ||||||||
| Warrant | Series B Warrants | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 6.25 | $ 3.50 | |||||||
| Issuance of common stock due to exercise of warrants (in shares) | 1,066,670 | ||||||||
| Warrant | New Warrants | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 4.10 | ||||||||
| Warrants expiry after number of months from issuance | 30 months | ||||||||
| Warrants exercisable period after anniversary of issuance (in months) | 6 months | ||||||||
| Warrant | New Warrants | Maximum | |||||||||
| Equity | |||||||||
| Number of shares of common stock subject to warrant (in shares) | 1,067,670 | ||||||||
| Warrants related to January 2014 agreement | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 46.25 | ||||||||
| Warrants outstanding | 11,581 | ||||||||
| Warrants related to May 2014 agreement | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 50.875 | ||||||||
| Warrants outstanding | 12,656 | ||||||||
| Warrants related to April to November 2014 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 92.50 | ||||||||
| Warrants outstanding | 61,062 | ||||||||
| Warrants related to June 2015 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 68.75 | ||||||||
| Warrants outstanding | 4,363 | ||||||||
| Warrants related to April 2016 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 30 | ||||||||
| Warrants outstanding | 70,581 | ||||||||
| Warrants related to September 2016 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 18.75 | $ 18.75 | |||||||
| Warrant liability | $ | $ 2,000 | $ 566,000 | |||||||
| Number of shares of common stock subject to warrant (in shares) | 51,466 | ||||||||
| Warrants outstanding | 51,466 | ||||||||
| Warrants related to September 2016 financing | Warrant | Risk-free interest rate | |||||||||
| Equity | |||||||||
| Warrants, measurement input | item | 1.1 | ||||||||
| Warrants related to September 2016 financing | Warrant | Contractual term | |||||||||
| Equity | |||||||||
| Warrants, contractual term | 5 years | ||||||||
| Warrants related to September 2016 financing | Warrant | Expected volatility | |||||||||
| Equity | |||||||||
| Warrants, measurement input | item | 95.8 | ||||||||
| Warrants related to September 2016 financing | Warrant | Dividend rate | |||||||||
| Equity | |||||||||
| Warrants, measurement input | item | 0 | ||||||||
| Warrants related to November 2016 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 8.75 | ||||||||
| Warrants outstanding | 1,216,230 | ||||||||
| Warrants related to November 2016 financing, tranche two | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 10.938 | ||||||||
| Warrants outstanding | 35,818 | ||||||||
| Warrants related to November 2016 financing, tranche three | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 8.25 | ||||||||
| Warrants outstanding | 7,926 | ||||||||
| Warrants related to April 2017 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 22.50 | ||||||||
| Warrants outstanding | 32,053 | ||||||||
| Warrants related to October 2017 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 6 | $ 7.50 | |||||||
| Number of shares of common stock subject to warrant (in shares) | 102,564 | ||||||||
| Warrants outstanding | 153,848 | ||||||||
| Incremental fair value of warrants | $ | $ 151,000 | ||||||||
| Warrants related to October 2017 financing | Warrant | Risk-free interest rate | |||||||||
| Equity | |||||||||
| Warrants, measurement input | 2.03 | ||||||||
| Warrants related to October 2017 financing | Warrant | Contractual term | |||||||||
| Equity | |||||||||
| Warrants, contractual term | 5 years | ||||||||
| Warrants related to October 2017 financing | Warrant | Expected volatility | |||||||||
| Equity | |||||||||
| Warrants, measurement input | 83.9 | ||||||||
| Warrants related to October 2017 financing | Warrant | Dividend rate | |||||||||
| Equity | |||||||||
| Warrants, measurement input | item | 0 | ||||||||
| Warrants related to November 2017 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 5 | ||||||||
| Warrants outstanding | 2,277,412 | ||||||||
| Warrants related to November 2017 financing, tranche two | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 6.25 | ||||||||
| Warrants outstanding | 1,336,886 | ||||||||
| Incremental fair value of warrants | $ | $ 874,000 | ||||||||
| Warrants related to November 2017 financing, tranche two | Warrant | Risk-free interest rate | |||||||||
| Equity | |||||||||
| Warrants, measurement input | 2.51 | ||||||||
| Warrants related to November 2017 financing, tranche two | Warrant | Contractual term | |||||||||
| Equity | |||||||||
| Warrants, contractual term | 6 months | ||||||||
| Warrants related to November 2017 financing, tranche two | Warrant | Expected volatility | |||||||||
| Equity | |||||||||
| Warrants, measurement input | item | 78.4 | ||||||||
| Warrants related to November 2017 financing, tranche two | Warrant | Dividend rate | |||||||||
| Equity | |||||||||
| Warrants, measurement input | item | 0 | ||||||||
| Warrants related To November 2018 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 4.100 | ||||||||
| Warrants outstanding | 1,066,670 | ||||||||
| Common Stock | Warrants related to October 2017 financing | Warrant | |||||||||
| Equity | |||||||||
| Warrants exercise price (in dollars per share) | $ / shares | $ 7.50 | ||||||||
| Warrants outstanding | 158,848 |
CONVERTIBLE PREFERRED STOCK A_5
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Equity Incentive Plan (Details) - 2016 Equity Incentive Plan - shares | 1 Months Ended | 3 Months Ended | |
| Aug. 31, 2018 | Mar. 31, 2017 | Apr. 30, 2019 | |
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Additional shares authorized | 2,000,000 | 800,000 | |
| Number of shares reserved for issuance | 2,960,000 | 960,000 | |
| 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 | 1 year | ||
| Maximum | Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Vesting period | 4 years | ||
CONVERTIBLE PREFERRED STOCK A_6
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Stock Option Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
| Aug. 31, 2018 | Mar. 31, 2017 | Apr. 30, 2019 | Jan. 31, 2019 | |
| Plans | ||||
| Available for Grant | ||||
| Available for grant, beginning | 2,107,575 | |||
| Granted | (16,720) | |||
| Available for grant, ending | 2,160,035 | 2,107,575 | ||
| Shares | ||||
| Outstanding, Beginning | 917,945 | |||
| Granted | 16,720 | |||
| Exercised | (1,667) | |||
| Outstanding, Ending | 835,338 | 917,945 | ||
| Vested and exercisable | 323,214 | |||
| Vested and expected to vest | 711,218 | |||
| Weighted Average Exercise Prices | ||||
| Outstanding, Beginning | $ 9.02 | |||
| Granted | 3.21 | |||
| Exercised | 2.50 | |||
| Outstanding, Ending | 8.27 | $ 9.02 | ||
| Vested and exercisable | 11.70 | |||
| Vested and expected to vest | $ 8.67 | |||
| Remaining Contractual Life | ||||
| Outstanding | 8 years 4 months 6 days | 7 years 11 months 1 day | ||
| Vested and exercisable | 7 years 2 months 12 days | |||
| Vested and expected to vest | 8 years 2 months 16 days | |||
| Aggregate Intrinsic Value | ||||
| Outstanding | $ 23 | |||
| 2014 Equity Incentive Plan | ||||
| Available for Grant | ||||
| Canceled | 28,480 | |||
| Shares | ||||
| Canceled | (28,480) | |||
| Weighted Average Exercise Prices | ||||
| Canceled | $ 28.27 | |||
| 2016 Equity Incentive Plan | ||||
| Available for Grant | ||||
| Shares authorized for issuance | 2,000,000 | 800,000 | ||
| Canceled | 69,180 | |||
| Shares | ||||
| Canceled | (69,180) | |||
| Weighted Average Exercise Prices | ||||
| Canceled | $ 8.84 | |||
| Outside of the 2016 Equity Incentive Plan | ||||
| Available for Grant | ||||
| Canceled | 6,000 | |||
| Shares | ||||
| Outstanding, Beginning | 31,000 | |||
| Canceled | (6,000) | |||
| Outstanding, Ending | 25,000 | 31,000 | ||
| Vested and exercisable | 12,542 | |||
| Vested and expected to vest | 21,833 | |||
| Weighted Average Exercise Prices | ||||
| Outstanding, Beginning | $ 17.86 | |||
| Canceled | 38.75 | |||
| Outstanding, Ending | 12.85 | $ 17.86 | ||
| Vested and exercisable | 18.88 | |||
| Vested and expected to vest | $ 13.95 | |||
| Remaining Contractual Life | ||||
| Outstanding | 7 years 11 months 1 day | 6 years 7 months 6 days | ||
| Vested and exercisable | 7 years 3 months 18 days | |||
| Vested and expected to vest | 7 years 9 months 22 days | |||
| Outside of the 2016 Equity Incentive Plan | First anniversary | ||||
| Available for Grant | ||||
| Vesting percentage | 25.00% | |||
| Outside of the 2016 Equity Incentive Plan | Subsequent to first anniversary | ||||
| Available for Grant | ||||
| Vesting percentage | 2.083% | |||
CONVERTIBLE PREFERRED STOCK A_7
| CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Range of Exercise Price (Details) - USD ($) | 3 Months Ended | |
| Apr. 30, 2019 | Apr. 30, 2018 | |
| Options Outstanding | ||
| Number Outstanding (in shares) | 860,338 | |
| Weighted Average Remaining Contractual Life | 8 years 3 months 29 days | |
| Weighted Average Exercise Prices (in dollars per share) | $ 8.40 | |
| Options Exercisable | ||
| Number Vested and Exercisable (in shares) | 335,756 | |
| Weighted Average Exercise Prices (in dollars per share) | $ 11.97 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | ||
| Total intrinsic value of options exercised | $ 2,000 | |
| $2.50 - $4.00 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||
| Exercise prices, low end of range (in dollars per share) | 2.50 | |
| Exercise prices, high end of range (in dollars per share) | $ 4 | |
| Options Outstanding | ||
| Number Outstanding (in shares) | 201,946 | |
| Weighted Average Remaining Contractual Life | 8 years 5 months 19 days | |
| Weighted Average Exercise Prices (in dollars per share) | $ 2.65 | |
| Options Exercisable | ||
| Number Vested and Exercisable (in shares) | 103,180 | |
| Weighted Average Exercise Prices (in dollars per share) | $ 2.51 | |
| $4.01 - $8.75 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||
| Exercise prices, low end of range (in dollars per share) | 4.01 | |
| Exercise prices, high end of range (in dollars per share) | $ 8.75 | |
| Options Outstanding | ||
| Number Outstanding (in shares) | 435,012 | |
| Weighted Average Remaining Contractual Life | 9 years 22 days | |
| Weighted Average Exercise Prices (in dollars per share) | $ 5.34 | |
| Options Exercisable | ||
| Number Vested and Exercisable (in shares) | 65,133 | |
| Weighted Average Exercise Prices (in dollars per share) | $ 5.25 | |
| $8.76 - $16.25 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||
| Exercise prices, low end of range (in dollars per share) | 8.76 | |
| Exercise prices, high end of range (in dollars per share) | $ 16.25 | |
| Options Outstanding | ||
| Number Outstanding (in shares) | 88,894 | |
| Weighted Average Remaining Contractual Life | 6 years 9 months 26 days | |
| Weighted Average Exercise Prices (in dollars per share) | $ 13.16 | |
| Options Exercisable | ||
| Number Vested and Exercisable (in shares) | 68,844 | |
| Weighted Average Exercise Prices (in dollars per share) | $ 13.21 | |
| $16.26 to $28.50 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||
| Exercise prices, low end of range (in dollars per share) | 16.26 | |
| Exercise prices, high end of range (in dollars per share) | $ 28.50 | |
| Options Outstanding | ||
| Number Outstanding (in shares) | 114,245 | |
| Weighted Average Remaining Contractual Life | 6 years 11 months 23 days | |
| Weighted Average Exercise Prices (in dollars per share) | $ 19.48 | |
| Options Exercisable | ||
| Number Vested and Exercisable (in shares) | 79,020 | |
| Weighted Average Exercise Prices (in dollars per share) | $ 19.79 | |
| $28.51 to $75.00 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||
| Exercise prices, low end of range (in dollars per share) | 28.51 | |
| Exercise prices, high end of range (in dollars per share) | $ 75 | |
| Options Outstanding | ||
| Number Outstanding (in shares) | 20,241 | |
| Weighted Average Remaining Contractual Life | 5 years 6 months 15 days | |
| Weighted Average Exercise Prices (in dollars per share) | $ 48.02 | |
| Options Exercisable | ||
| Number Vested and Exercisable (in shares) | 19,579 | |
| Weighted Average Exercise Prices (in dollars per share) | $ 48.29 | |
| Maximum | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures | ||
| Total intrinsic value of options exercised | $ 1,000 | |
STOCK-BASED COMPENSATION - Expe
| STOCK-BASED COMPENSATION - Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
| Apr. 30, 2019 | Apr. 30, 2018 | |
| Share-based Compensation | ||
| Stock-based compensation expense | $ 191 | $ 593 |
| Total compensation costs not yet recognized | $ 1,500 | |
| Average remaining amortization period for recognition of expense | 2 years 6 months | |
| Research and development | ||
| Share-based Compensation | ||
| Stock-based compensation expense | $ 103 | 200 |
| Sales and marketing | ||
| Share-based Compensation | ||
| Stock-based compensation expense | 21 | 129 |
| General and administrative | ||
| Share-based Compensation | ||
| Stock-based compensation expense | $ 67 | $ 264 |
STOCK-BASED COMPENSATION - Assu
| STOCK-BASED COMPENSATION - Assumptions (Details) - $ / shares | 3 Months Ended | |
| Apr. 30, 2019 | Apr. 30, 2018 | |
| STOCK-BASED COMPENSATION | ||
| Grant date fair value of stock options granted | $ 1.36 | |
| Expected volatility | 68.30% | 84.00% |
| Expected term in years | 4 years | 4 years |
| Risk-free interest rate | 2.51% | 2.43% |
INCOME TAXES (Details)
| INCOME TAXES (Details) - USD ($) | Apr. 30, 2019 | Jan. 31, 2019 |
| INCOME TAXES | ||
| Liability for unrecognized tax benefits | $ 0 | $ 0 |
LEASES (Details)
| LEASES (Details) | 3 Months Ended | |||
| Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Feb. 01, 2019USD ($) | Oct. 30, 2018ft² | |
| LEASES | ||||
| operating lease asset | $ 1,136,000 | $ 1,200,000 | ||
| Short-term operating lease liabilities | 260,000 | 300,000 | ||
| Long-term operating lease liabilities | 956,000 | $ 1,000,000 | ||
| Operating lease expense | 93,000 | $ 160,000 | ||
| Cash paid | $ 65,000 | |||
| San Jose, California | ||||
| LEASES | ||||
| Leased office and laboratory area | ft² | 11,793 | |||
LEASES - Future minimum payment
| LEASES - Future minimum payments (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Feb. 01, 2019 |
| Future minimum payments under operating lease | ||
| 2020 | $ 273 | |
| 2021 | 372 | |
| 2022 | 382 | |
| 2023 | 392 | |
| 2024 | 334 | |
| Total future minimum lease payments | 1,753 | |
| Less: present value discount | (537) | |
| Present value of operating lease liabilities | $ 1,216 | $ 1,300 |
LEASES - Financing Lease Commit
| LEASES - Financing Lease Commitments (Details) $ in Thousands | Apr. 30, 2019USD ($) |
| Financing lease | |
| Total | $ 41 |
| 2020 | 17 |
| 2021 | 22 |
| 2022 | 2 |
| Laboratory Equipment | |
| Financing lease | |
| Total | 41 |
| 2020 | 17 |
| 2021 | 22 |
| 2022 | $ 2 |
SUBSEQUENT EVENTS (Details)
| SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 11, 2019 | May 31, 2019 | Apr. 30, 2019 | May 16, 2019 | Apr. 25, 2019 | Jan. 31, 2019 |
| SUBSEQUENT EVENTS | ||||||
| Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
| Aggregate offering price | 450,000,000 | 450,000,000 | ||||
| Proceeds from the issuance of common stock, net of issuance costs | $ 3,554 | |||||
| Subsequent Event | Sales Agreement | JonesTrading | ||||||
| SUBSEQUENT EVENTS | ||||||
| Common stock, par value | $ 0.001 | |||||
| Aggregate offering price | 8,500,000 | |||||
| Number of shares issued | 1,236,420 | 1,236,420 | ||||
| Proceeds from the issuance of common stock, net of issuance costs | $ 1,100 | $ 1,100 | ||||
| Net proceeds received | $ 1,000 | $ 1,000 |