Avinger (AVGR) 10-Q 13 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document and Entity Information
Entity Registrant Name	Avinger Inc
Entity Central Index Key	1506928
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		12,240,164
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$69,404	$12,316
Accounts receivable, net	1,292	2,068
Inventories	4,045	3,991
Prepaid expenses and other current assets	1,628	562
Total current assets	76,369	18,937
Property and equipment, net	2,585	2,608
Other assets	939	3,235
Total assets	79,893	24,780
Current liabilities:
Accounts payable	1,654	1,013
Accrued compensation	1,359	1,147
Accrued expenses and other current liabilities	4,476	4,850
Borrowings	3,745	1,873
Total current liabilities	11,234	8,883
Borrowings, net of current portion	16,747	18,537
Convertible notes and accrued interest	9,064	8,643
Other longterm liabilities	258	325
Total liabilities	37,303	36,388
Convertible preferred stock issuable in series, par value of $0.001 Shares authorized: none at March 31, 2015 and 6,819,197 at December 31, 2014 Shares issued and outstanding: none at March 31, 2015 and 5,262,728 at December 31, 2014 Liquidation preference: none at March 31, 2015 and $231,826 at December 31, 2014		132,260
Stockholders' equity (deficit):
Preferred stock issuable in series, par value of $0.001 Shares authorized: 5,000,000 at March 31, 2015 and none at December 31, 2014 Shares issued and outstanding: none at March 31, 2015 and December 31, 2014
Common stock, par value of $0.001, Shares authorized: 100,000,000 at March 31, 2015 and 15,555,555 at December 31, 2014 Shares issued and outstanding: 12,240,164 at March 31, 2015 and 243,260 at December 31, 2014	12
Additional paid-in capital	201,912	2,665
Accumulated deficit	-159,334	-146,533
Total stockholders' equity (deficit)	42,590	-143,868
Total liabilities, convertible preferred stock, and stockholders' equity (deficit)	$79,893	$24,780

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
BALANCE SHEETS
Convertible preferred stock, par value	$0.00	$0.00
Convertible preferred stock, authorized	0	6,819,197
Convertible preferred stock, issued	0	5,262,728
Convertible preferred stock, outstanding	0	5,262,728
Liquidation preference value	$0	$231,826
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	15,555,555
Common stock, shares issued	12,240,164	243,260
Common stock, shares outstanding	12,240,164	243,260

CONDENSED_STATEMENTS_OF_OPERAT

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$2,088	$2,119
Cost of revenues	1,288	1,503
Gross profit	800	616
Operating expenses:
Research and development	3,860	2,856
Selling, general and administrative	6,365	4,139
Total operating expenses	10,225	6,995
Loss from operations	-9,425	-6,379
Interest income	3	1
Interest expense	-1,323	-1,573
Other income (expense), net	329	1
Loss before provision for income taxes	-10,416	-7,950
Provision for income taxes	1	21
Net loss and comprehensive loss	-10,417	-7,971
Adjustment to net loss resulting from convertible preferred stock modification	-2,384
Net loss and comprehensive loss attributable to common stockholders	($12,801)	($7,971)
Net loss per share, basic and diluted (in dollars per share)	($1.53)	($32.94)
Weighted average common shares used to compute net loss per share, basic and diluted	8,373	242

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net loss	($10,417,000)	($7,971,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	317,000	406,000
Amortization of debt issuance costs and debt discount	50,000	55,000
Stockbased compensation	1,232,000	188,000
Remeasurement of warrant and embedded derivatives	-344,000	27,000
Non-cash interest expense	487,000	747,000
Provision for excess and obsolete inventories	-8,000	-66,000
Changes in operating assets and liabilities:
Accounts receivable	775,000	167,000
Inventories	-133,000	551,000
Prepaid expenses and other current assets	-1,058,000	157,000
Other assets		-22,000
Accounts payable	642,000	-174,000
Accrued compensation	212,000	26,000
Accrued expenses and other current liabilities	388,000	561,000
Other liabilities	-64,000	-54,000
Net cash used in operating activities	-7,921,000	-5,402,000
Cash flows from investing activities:
Purchase of property and equipment	-208,000	-1,000
Net cash used in investing activities	-208,000	-1,000
Cash flows from financing activities:
Principal payments on capital lease obligation	-4,000	-4,000
Proceeds from the issuance of convertible preferred stock, net of issuance costs	6,176,000
Proceeds from initial public offering, net of issuance costs	58,745,000
Proceeds from the exercise of common stock warrants	300,000
Proceeds from the issuance of common stock		7,000
Net cash provided by financing activities	65,217,000	3,000
Net change in cash and cash equivalents	57,088,000	-5,400,000
Cash and cash equivalents, beginning of period	12,316,000	12,221,000
Cash and cash equivalents, end of period	69,404,000	6,821,000
Supplemental disclosure of cash flow information
Cash paid for interest	55,000	585,000
Noncash investing and financing activities:
Conversion of convertible preferred stock to common stock upon initial public offering	137,632,000
Modification of convertible preferred stock	2,384,000
Accounts payable for purchases of property and equipment	37,000
Vesting of common stock subject to repurchase	2,000	2,000
Issuance of common stock warrants	804,000
Transfer between inventory and property and equipment	$87,000	$42,000

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization
Organization
	1. Organization
	Organization, Nature of Business
	Avinger, Inc. (the “Company”), a Delaware corporation, was founded in March 2007 by cardiologist and medical device entrepreneur Dr. John B. Simpson. The Company designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral arterial disease (“PAD”). Patients with PAD have a build-up of plaque in the arteries that supply blood to the arms and legs. The Company manufactures and sells a suite of products in the United States and in select European markets. The Company has developed its lumivascular platform, which integrates optical coherence tomography (“OCT”) visualization with interventional catheters and is the industry’s only system that provides real-time intravascular imaging during the treatment portion of PAD procedures. The Company’s lumivascular platform consists of a capital component, Lightbox, as well as a variety of disposable catheter products. The Company’s current products include its non-imaging catheters, Wildcat and Kittycat, as well as its lumivascular platform products, Ocelot, Ocelot PIXL and Ocelot MVRX, all of which are designed to allow physicians to penetrate a total blockage in an artery, known as a chronic total occlusion (“CTO”). The Company is also developing Pantheris, its image-guided atherectomy device, designed to allow physicians to precisely remove arterial plaque in PAD patients. Pantheris is currently undergoing a U.S. clinical trial intended to support a 510(k) submission to the U.S. Food and Drug Administration (“FDA”) in the second half of 2015. The Company is located in Redwood City, California.
	Initial Public Offering
	In January 2015, the Company issued and sold 5,000,000 shares of its common stock in its initial public offering (“IPO”) at a public offering price of $13.00 per share, for net proceeds of approximately $56,897,000 after deducting underwriting discounts and commissions of approximately $4,550,000 and expenses of approximately $3,553,000. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into an aggregate of 6,967,925 shares of common stock resulting in the reclassification of $137,626,000 from outside of stockholders’ equity (deficit) to additional paid-in capital.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
	2. Summary of Significant Accounting Policies
	Basis of Presentation
	On January 14, 2015, the Company’s Board of Directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 1-for-45 reverse stock split of the Company’s common stock and convertible preferred stock. The par value of the common stock and convertible preferred stock was not adjusted as a result of the reverse stock split. All common stock, convertible preferred stock, stock options and warrants, and per share amounts in the financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split. The reverse stock split was effected on January 28, 2015.
	The financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”).
	The accompanying condensed balance sheet as of March 31, 2015, the condensed statements of operations and comprehensive loss and cash flows for the three months ended March 31, 2015 and 2014 are unaudited. The financial data and other information disclosed in these notes to the financial statements related to March 31, 2015, and the three months ended March 31, 2015 and 2014, are also unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of March 31, 2015, and the results of its operations and cash flows for the three months ended March 31, 2015 and 2014. The results for the three months ended March 31, 2015, are not necessarily indicative of results to be expected for the year ending December 31, 2015, or for any other interim period or for any future year. The December 31, 2014 condensed balance sheet data has been derived from audited financial statements. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. These unaudited condensed financial statements and notes should be read in conjunction with the financial statements included in the Company’s Form 10-K for the fiscal year ended December 31, 2014, which was filed with the SEC on March 27, 2015. The Company’s significant accounting policies are more fully described in Note 2 of the Notes to the  Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its common stock valuation and related stock-based compensation, the valuation of the common stock warrants, the valuation of compound embedded derivatives, provisions for doubtful accounts receivable and excess and obsolete inventories, clinical trial accruals, and its reserves for sales returns and warranty costs. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
	Fair Value of Financial Instruments
	The Company has evaluated the estimated fair value of its financial instruments as of March 31, 2015 and December 31, 2014. Financial instruments consist of cash and cash equivalents, accounts receivable and payable, and other current liabilities, borrowings, convertible notes and embedded derivatives. The carrying amounts of cash and cash equivalents, accounts receivable and payable, and other current liabilities approximate their respective fair values because of the short-term nature of those instruments. Based upon the borrowing terms and conditions currently available to the Company, the carrying values of the borrowings and convertible notes approximate fair value. Fair value accounting is applied to the warrant liabilities and embedded derivatives that are recorded at fair value in the financial statements.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents are considered available-for-sale marketable securities and are recorded at fair value, using level 1 inputs, based on quoted market prices. As of March 31, 2015 and December 31, 2014, the Company’s cash equivalents are entirely comprised of investments in money market funds. Any related unrealized gains and losses are recorded in other comprehensive income (loss) and included as a separate component of stockholders’ equity (deficit). There were no unrealized gains and losses as of March 31, 2015 and 2014.  Any realized gains and losses and interest and dividends on available-for-sale securities are included in interest income or expense and computed using the specific identification cost method.
	Concentration of Credit Risk, and Other Risks and Uncertainties
	Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and accounts receivable to the extent of the amounts recorded on the balance sheets.
	The Company’s policy is to invest in cash and cash equivalents, consisting of money market funds. These financial instruments are held in Company accounts at one financial institution. The counterparties to the agreements relating to the Company’s investments consist of financial institutions of high credit standing.
	The Company provides for uncollectible amounts when specific credit problems arise. Management’s estimates for uncollectible amounts have been adequate, and management believes that all significant credit risks have been identified at March 31, 2015 and December 31, 2014.
	The Company’s accounts receivable are due from a variety of health-care organizations in the United States and select European markets. At March 31, 2015 and December 31, 2014, there were two customers and no customers that represented 10% or more of the Company’s accounts receivable, respectively. For the three months ended March 31, 2015 and 2014, there were two customers and no customers that represented 10% or more of revenues, respectively. Disruption of sales orders or a deterioration of financial condition of its customers would have a negative impact on the Company’s financial position and results of operations.
	The Company manufactures certain of its commercial products in-house, including the production of the Ocelot family of catheters. Certain of the Company’s product components and sub-assemblies continue to be manufactured by sole suppliers. Disruption in component or sub-assembly supply from these manufacturers or from in-house production would have a negative impact on the Company’s financial position and results of operations.
	The Company is subject to certain risks, including that its devices may not be approved or cleared for marketing by governmental authorities or be successfully marketed. There can be no assurance that the Company’s products will continue to be accepted in the marketplace, nor can there be any assurance that any future devices can be developed or manufactured at an acceptable cost and with appropriate performance characteristics. The Company is also subject to risks common to companies in the medical device industry, including, but not limited to, new technological innovations, dependence upon third-party payors to provide adequate coverage and reimbursement, dependence on key personnel and suppliers, protection of proprietary technology, product liability claims, and compliance with government regulations.
	Existing or future devices developed by the Company may require approvals or clearances from the FDA or international regulatory agencies. In addition, in order to continue the Company’s operations, compliance with various federal and state laws is required. If the Company were denied or delayed in receiving such approvals or clearances, it may be necessary to adjust operations to align with the Company’s currently approved portfolio. If clearance for the products in the current portfolio were withdrawn by the FDA, this may have a material adverse impact on the Company.
	Deferred Initial Public Offering Costs
	Deferred offering costs, which primarily consist of direct incremental legal and accounting fees relating to the IPO, were capitalized. As of December 31, 2014, $2,608,000 of deferred offering costs were capitalized in other assets on the balance sheet, of which $1,848,000 had been paid. The Company incurred $3,553,000 in offering costs and in January 2015, these initial public offering costs were offset against the proceeds obtained from the Company’s IPO.
	Convertible Preferred Stock
	Prior to its IPO the Company recorded its convertible preferred stock at fair value on the dates of issuance, net of issuance costs and classified the convertible preferred stock outside of stockholders’ deficit on the balance sheets as events triggering the liquidation preferences were not solely within the Company’s control. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into an aggregate of 6,967,925 shares of common stock resulting in the reclassification of $137,626,000 from outside of stockholders’ equity (deficit) to additional paid-in capital.
	Warrant Liability and Embedded Derivative Instruments
	The Company accounts for its warrants for shares of common stock in accordance with the accounting guidance for derivatives. The accounting guidance provides a two-step model to be applied in determining whether a financial instrument is indexed to an entity’s own stock and, therefore, qualifies for a scope exception. The two-step model requires a contract for a financial instrument to be both (1) indexed to the entity’s own stock and (2) classified in the stockholders’ deficit section of the balance sheet. If a financial instrument qualifies for a scope exception, it would not be considered a derivative financial instrument.
	As the price per share of the common stock warrants issued with the convertible notes was not fixed until the issuance of the Series E Convertible Preferred Stock in September 2014, these warrants were initially classified as a derivative liability. As a derivative liability, the warrants were initially recorded at fair value and were subject to remeasurement at each balance sheet date until September 2014. Any change in fair value as a result of a remeasurement was recognized as a component of other income (expense), net in the statements of operations and comprehensive loss. The Company re-evaluated the terms of the common stock warrants issued with the convertible notes after the issuance of the Series E Convertible Preferred Stock in September 2014 and determined that they then met the first criterion of the two-step model. Accordingly, the associated current fair value of the warrant liability was reclassified to additional paid-in capital in the stockholders’ deficit section of the balance sheet at that time, thus satisfying the second criterion of the two-step model.
	The Company records a compound derivative asset or liability related to redemption features embedded within the outstanding convertible notes. The convertible notes issued in 2013 and 2014 included features which were determined to be embedded derivatives requiring bifurcation and separate accounting. The embedded derivatives were initially recorded at fair value and are subject to remeasurement as of each balance sheet date. Any change in fair value is recognized as a component of other income (expense), net in the statements of operations and comprehensive loss.
	Revenue Recognition
	The Company’s revenues are derived from (1) sale of its Lightbox (2) sale of disposables, which consist of catheters and accessories, and (3) sale of customer service contracts. The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 605-10, Revenue Recognition, when persuasive evidence of an arrangement exists, the fee is fixed or determinable, collection of the fee is probable and delivery has occurred. For all sales, the Company uses either a signed agreement or a binding purchase order as evidence of an arrangement.
	The Company’s revenue recognition policies generally result in revenue recognition at the following points:
		1		Lighbox sales: The Company sells its products directly to hospitals and medical centers. Provided all other criteria for revenue recognition have been met, the Company recognizes revenue for Lightbox sales directly to end customers when delivery and acceptance occurs, which is defined as receipt by the Company of an executed form by the customer acknowledging that the training and installation process is complete.
		2		Sales of disposables: Disposable revenues consist of sales of the Company’s catheters and accessories and are recognized when the product has shipped, risk of loss and title has passed to the customer and collectability is reasonably assured.
		3		Service revenue: Service revenue is recognized ratably over the term of the service period. To date service revenue has been insignificant.
	The Company offers its customers the ability to purchase or lease its Lightbox. The Company recovers the cost of providing the leased Lightbox through a premium in the amount charged for its disposable products in comparison to a standalone purchase. When a Lightbox is placed under a lease agreement, the Company retains title to the equipment and it remains capitalized on its balance sheet under property and equipment. Depreciation expense on these leased Lightboxes is recorded to cost of revenues on a straight-line basis. The costs to maintain these leased Lightboxes are charged to cost of revenues as incurred.
	The Company evaluates its lease agreements and accounts for these contracts under the guidance in ASC 840, Leases and ASC 605-25, Revenue Recognition—Multiple Element Arrangements. The guidance requires arrangement consideration to be allocated between a lease deliverable and a non-lease deliverable based upon the relative selling-price of the deliverables, using a specific hierarchy. The hierarchy is as follows: vendor- specific objective evidence of fair value of the respective elements, third-party evidence of selling price, or best estimate of selling price (“BESP”). The Company allocates arrangement consideration using BESP.
	The Company assessed whether the embedded lease is an operating lease or sales-type lease. Based on the Company’s assessment of the guidance and given that any payments under the lease agreements are dependent upon contingent future sales, it was determined that collectability of the minimum lease payments is not reasonably predictable. Accordingly, the Company concluded the embedded lease did not meet the criteria of a sales-type lease and accounts for it as an operating lease. The Company recognizes revenue allocated to the lease as the contingent disposable product purchases are delivered and are included in revenues within the statement of operations and comprehensive loss.
	The Company estimates reductions in revenue for potential returns of products by customers. In making such estimates, management analyzes historical returns, current economic trends and changes in customer demand and acceptance of its products. The Company expenses shipping and handling costs as incurred and includes them in the cost of revenues. In those cases where the Company bills shipping and handling costs to customers, it will classify the amounts billed as a component of revenue.
	Cost of Revenues
	Cost of revenues consists primarily of manufacturing overhead costs, material costs and direct labor. A significant portion of the Company’s cost of revenues currently consists of manufacturing overhead costs. These overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management. Cost of revenues also includes depreciation expense for the Lightboxes under lease agreements and certain direct costs such as shipping costs.
	Product Warranty Costs
	The Company typically offers a one-year warranty for parts and labor on its products commencing upon the transfer of title and risk of loss to the customer. The Company accrues for the estimated cost of product warranties upon invoicing its customers, based on historical results. The warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from these estimates, revisions to the estimated warranty liability would be required. Periodically the Company assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Warranty provisions and claims are summarized as follows (in thousands):
			Amount
	Balance at December 31, 2014		$	167
	Warranty provision		21
	Usage		(19		)
	Balance at March 31, 2015		$	169
	Common Stock Valuation and Stock-Based Compensation
	Stock-based awards issued to employees are recorded at fair value as of the grant date using the Black-Scholes option-pricing model and recognized as expense on a straight-line basis over the vesting period of the award. Because noncash stock-based compensation expense is based on awards ultimately expected to vest, it is reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates.
	Prior to completion of the Company’s IPO the fair value of the Company’s common stock was determined by its Board of Directors with assistance from management and third-party valuation specialists. Management’s approach to estimating the fair value of the Company’s common stock is consistent with the methods outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation. Management considered several factors to estimate enterprise value, including significant milestones that would generally contribute to increases in the value of the Company’s common stock. Following the closing of the Company’s IPO in January 2015, the fair value of its common stock is determined based on the closing price of its common stock on The NASDAQ Stock Market.
	Net Loss per Share Attributable to Common Stockholders
	Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Common stock shares subject to repurchase are excluded from the calculations as the continued vesting of such shares is contingent upon the holders’ continued service to the Company. For the computation of net loss per share attributable to common stockholders, common stock shares subject to repurchase of 415 and 583 were excluded from the calculations as of March 31, 2015 and December 31, 2014, respectively. Since the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders as the inclusion of all potential dilutive common shares would have been anti-dilutive.
	The Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. The shares of the Company’s convertible preferred stock participate in any dividends declared by the Company and are therefore considered to be participating securities.
	Net loss per share attributable to common stockholders was determined as follows (in thousands, except per share data):
			Three Months Ended
			March 31,
			2015			2014
	Net loss		$	(10,417	)	$	(7,971	)
	Adjustment to net loss resulting from convertible preferred stock modification		(2,384		)	—
	Net loss attributable to common stockholders		$	(12,801	)	$	(7,971	)
	Weighted average common stock outstanding		8,373			242
	Net loss attributable to common stockholders per share, basic and diluted		$	(1.53	)	$	(32.94	)
	In addition to the outstanding convertible notes (Note 6), the following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding because such securities have an anti-dilutive impact due to losses reported, in common stock equivalent shares:
			March 31,
		2015		2014
Convertible preferred stock outstanding		—		2,591,102
Common stock options		3,035,348		384,614
Common stock warrants		2,213,395		160,367
		5,248,743		3,136,083
Comprehensive Loss
For the three months ended March 31, 2015 and 2014, there was no difference between comprehensive loss and the Company’s net loss.
Segment and Geographical Information
The Company operates in one segment. Primarily all of the Company’s long-lived assets are based in the United States. Long-lived assets are comprised of property and equipment. For the three months ended March 31, 2015 and 2014, 99% and 100%, respectively, of the Company’s revenues, were in the United States, based on the shipping location of the external customer.
Recent Accounting Pronouncements
In April 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The updated standard requires retrospective adoption and is effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its financial statements.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Fair Value Measurements
	3. Fair Value Measurements
	The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and the derivative instruments related to redemption features embedded within its outstanding convertible notes. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value:
	Level 1—Quoted prices in active markets for identical assets or liabilities.
	Level 2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices 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 assets or liabilities.
	Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	As of March 31, 2015 and December 31, 2014, cash equivalents and restricted cash were all categorized as Level 1 and consisted of money market funds. The Company issued convertible notes in 2013 and 2014 (Note 6). In connection with the convertible notes, the Company agreed to issue warrants to purchase shares of its common stock. As the price per share of the common stock warrants was not fixed until the issuance of the Series E Convertible Preferred Stock in September 2014, they were classified as a derivative liability and were subject to remeasurement at each balance sheet date until September 2014. The convertible notes also contained redemption features which were determined to be a compound embedded derivative requiring fair value accounting. The common stock warrant liability and embedded derivatives in the convertible notes were categorized as Level 3. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable inputs, observable inputs (that is, components that are actively quoted and can be validated to external sources). Any change in fair value is recognized as a component of other income (expense), net, on the statements of operations and comprehensive loss.
	There were no transfers between fair value hierarchy levels during the three months ended March 31, 2015 and 2014.
	Common Stock Warrant Liability
	The Company’s common stock warrant liability represented a financial instrument classified as Level 3. As the price per share of the common stock warrants was not fixed until the issuance of the Series E Convertible Preferred Stock in September 2014, they were classified as a derivative liability and were subject to remeasurement at each balance sheet date. Contemporaneous with the Series E Convertible Preferred Stock issuance, the Company determined that these common stock warrants met the requirements for equity classification and the fair value of the common stock warrant liability was reclassified to additional paid-in capital. Subsequent to September 2014, there were no changes in fair value.
	Embedded Derivatives in Convertible Notes
	The following table sets forth a summary of the changes in the estimated fair value of the Company’s compound embedded derivative associated with its convertible notes, which represent a financial instrument classified as Level 3. Accordingly, the income (expense) in the table below includes changes in fair value due in part to observable factors that are part of the Level 3 methodology (in thousands):
		Amount
	Fair value at December 31, 2014	$	231
	Issuance of convertible notes	—
	Change in fair value recorded in other income (expense), net	344
	Fair value at March 31, 2015	$	575
	Through December 31, 2014 the Company determined the value of the compound derivative utilizing a Monte Carlo Simulation model. The inputs used to determine the estimated fair value of the derivative instrument include the probability of an underlying event triggering the embedded derivative occurring and its timing. The fair value measurement is based upon significant inputs not observable in the market. The inputs included the probability that the Company would need to raise additional equity in 2014, as well as various financing and exit events in 2015. These assumptions are inherently subjective and involve significant management judgment. The following table summarizes these various assumptions:
		December 31,
		2014
	Equity financing in 2014	100.0	%
	Equity financing in 2015	14.3	%
	Liquidation	0.1	%
	Initial public offering	79.5	%
	Change of control	6.2	%
	Subsequent to the Company’s IPO the value of the compound derivative was determined utilizing a Black-Derman-Toy model. The inputs used to determine the estimated fair value of the derivative instrument include the term structure of yields which are observed in the market, the credit spread, which was estimated by the Company, and the volatility, which was estimated using an analysis of comparable bonds in the market. The fair value measurement is based upon significant inputs not observable in the market.  These assumptions are inherently subjective and involve significant management judgment. The following table summarizes these various assumptions:
		March 31,
		2015
	Time to first call option (years)	0.5
	Credit spread	20.0	%
	Expected volatility	35.0	%
	The compound embedded derivative asset is included in other long-term assets as of March 31, 2015 and December 31, 2014, on the balance sheets.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
Inventories
Inventories
	4. Inventories
	Inventories consisted of the following (in thousands):
		March 31,		December 31,
		2015		2014
	Raw materials	$	2,203	$	2,265
	Work-in-process	104		61
	Finished products	1,738		1,665
	Total inventories	$	4,045	$	3,991

Borrowings

Borrowings (Credit Agreement)	3 Months Ended
	Mar. 31, 2015
Credit Agreement
Borrowings
Borrowings
	5. Borrowings
	On April 18, 2013, the Company entered into a Credit Agreement (“Agreement”) with PDL BioPharma, Inc. (“PDL”) whereby PDL agreed to loan up to $40,000,000. Contemporaneous with the execution of the Agreement the Company borrowed an initial $20,000,000 (“Term Note”). Under the terms of the Agreement, if the Company achieved certain net revenue milestones prior to June 30, 2014, the Company would be eligible to borrow an additional amount between $10,000,000 and $20,000,000 (net of fees) at the Company’s election. The Company did not achieve the net revenue milestones and accordingly, there are no additional available funds to borrow under the Agreement.
	The Term Note matures on April 18, 2018, has a stated interest rate of 12.0% per annum and can be prepaid by the Company at any time. A fee of 1.0% ($200,000) of the original principal amount is payable upon maturity or prepayment in full of the Term Note, and is being amortized into the Term Note. The Company pays interest-only through the first ten quarters and, thereafter, will commence repayment of principal in equal installments including accrued and unpaid interest, payable each quarter. Under the terms of the Agreement, for the first eight quarterly interest payments, or through 2015, on the Term Note the Company may elect to convert an amount of interest, up to 1.5% per annum, into additional loans, referred to as paid-in-kind, or PIK, loans. The PIK loans will accrue, be capitalized and compounded, and added to the aggregate principal balance of the Term Note. In addition to the interest and principal payments, the Company also pays a royalty, referred to as Assigned Interests, equal to 1.8% of the Company’s quarterly net revenues. Upon prepayment of the Term Note, the Company’s obligations relating to Assigned Interests continue, and will be payable through the maturity date at a reduced rate of 0.9% of the quarterly net revenues, subject to certain quarterly minimum mandatory amounts as follows (in thousands), which are payable quarterly:
	Period Ending December 31,	Mandatory
		Minimum Quarterly
		Payment
	2015	$	229
	2016	305
	2017	305
	2018	310
		$	1,149
	The Term Note grants PDL a security interest in substantially all current and future assets of the Company and contains customary affirmative covenants and customary negative covenants limiting the Company’s ability to, among other things and for so long as any amounts are due and owing under the Agreement, dispose of assets, undergo a change in control, merge or consolidate, enter into certain transactions with affiliates, make acquisitions, incur debt, incur liens, pay dividends, repurchase stock and make investments, in each case subject to certain exceptions. Additionally, even if the Term Note is prepaid, until there are no further obligations relating to Assigned Interests, it must comply with certain affirmative covenants and negative covenants limiting its ability to, among other things, undergo a change in control and dispose of assets, in each case subject to certain exceptions. The Agreement and the security interest agreement also contain customary events of default including, among others, payment defaults, breaches of covenants, bankruptcy and insolvency events, cross defaults with certain material indebtedness, defaults upon the entry of certain judgments against the Company, and breaches of representations and warranties. Upon an event of default, all obligations may become immediately due and payable and the stated interest rate would likely be increased to a default rate of 14.0% per annum.
	The Company incurred fees and legal expenses of $519,000 in connection with the Agreement, which have been recorded as deferred financing costs on the accompanying balance sheets and are amortized using the effective interest method. The Company also paid $200,000 in fees to PDL upon origination of the Term Note, which is reflected as a discount on the debt and is being accreted over the life of the Term Note. The Company calculated an effective interest rate of 27.2% upon origination of the Term Note based on its best estimate of future cash outflows. The Company reviews its estimate of forecasted Assigned Interests payable annually and revisions to estimated cash flows are reflected using the retrospective method. Under the retrospective method, the Company computes a new effective interest rate based on the original carrying amount, actual cash flows to date, and remaining estimated cash flows over the maturity of the Term Note. The new effective interest rate, 18.3% as of December 31, 2014, is then used to adjust the carrying amount to the present value of the revised estimated cash flows, discounted at the new effective interest rate. For the three months ended March 31, 2015 and 2014, the Company incurred interest expense of $900,000 and $895,000, respectively.
	Principal and PIK loan repayments of the Term Note as of March 31, 2015 are as follows (in thousands):
		Principal and PIK
	Period Ending December 31,	Loan Repayments
	2015	$	1,818
	2016	7,273
	2017	7,273
	2018	3,636
		20,000
	Add: Payment in kind interest	600
		20,600
	Less: Amount representing debt discount	(108		)
		20,492
	Less: Current portion of long-term borrowings	(3,745		)
	Borrowings, net of current portion	$	16,747

Convertible_Notes

Convertible Notes (Convertible Notes.)	3 Months Ended
	Mar. 31, 2015
Convertible Notes.
Convertible Notes
Convertible Notes
	6. Convertible Notes
	On October 29, 2013, the Company entered into a Note and Warrant Purchase Agreement (the “Convertible Note Agreement”), as amended in May 2014, with certain existing convertible preferred stockholders, third-parties and employees for the issuance of convertible notes for up to an aggregate principal amount of $25,000,000. Under the terms of the Convertible Note Agreement, the Company issued convertible notes in October and November 2013 for total proceeds of $13,472,000, and in May and July 2014 for additional total proceeds of $4,720,000. The convertible notes bear interest at a rate of 30-day LIBOR, plus 6% per annum subject to a minimum internal rate of return of 20%. The notes will mature and the accrued interest thereon will become payable on the earlier of: (i) October 29, 2018, (ii) an event of default, or (iii) a change of control event.
	The principal and accrued interest on the notes were convertible, at the option of the holder, upon a future issuance of the Company’s convertible preferred stock or common stock (the “Equity Financing”) into that same stock at a conversion price equal to 85% of the price paid by other investors in the financing event. For holders who elected not to convert their notes upon the closing of the Company’s Series E Preferred Stock financing or upon its IPO, the Company may repay the holder, at its sole election, a payment equal to the greater of (i) 125% of the outstanding principal and accrued and unpaid interest, or (ii) the amount providing the investor with a 20% minimum internal rate of return, at any time prior to their maturity date. Upon a change of control, the Company will repay the holder, at the election of such holder, a payment equal to the greater of (i) 125% of the outstanding principal and accrued and unpaid interest, (ii) an amount equal to the return the holders of Series D preferred stock would be entitled to receive in such change of control, or (iii) the amount providing the investor with a 20% minimum internal rate of return, provided that in the event that the change of control includes any contingent payments based on future performance, the amount due and payable under clause (ii) will be recalculated at the time each installment or contingent payment is made.
	In conjunction with the issuance of the convertible notes, the Company issued warrants to purchase up to the number of shares of common stock equal to 15% of the principal amount of the convertible notes divided by an exercise price per share equal to the lesser of $39.15 per share, or the price per share paid by the investors in the first bona fide preferred stock financing subsequent to the date of the convertible notes. Upon the Series E Convertible Preferred Stock issuance in September 2014, the exercise price per share was fixed at $12.60 per share and the Company issued warrants to purchase a total of 216,547 shares of common stock. The warrants, which were immediately exercisable, expired upon the closing of the Company’s IPO. The estimated fair value of the warrants upon issuance, of $1,000, was based on an option pricing model. The Company recorded the fair value of the warrants at issuance as a debt discount and as a warrant liability. The debt discount is being accreted using the effective interest method as additional interest expense over the term of the convertible notes.
	The convertible notes have redemption features that were determined to be compound embedded derivatives requiring bifurcation and separate accounting. The fair value of the compound embedded derivative upon issuance was determined to be a liability of $179,000. The fair value of these derivative instruments was recognized as an additional discount and as a derivative liability on the balance sheets upon issuance of the convertible notes. The compound embedded derivative associated with the convertible notes requires periodic re-measurements to fair value while the instruments are still outstanding.
	The Company incurred total debt issuance costs of $93,000 in connection with the issuance of the convertible notes. The deferred issuance costs will be amortized over the term of the convertible notes.
	In September and November 2014, in connection with the issuance of the Series E Convertible Preferred Stock, $11,582,000 of the outstanding convertible notes and accrued interest thereon was converted into shares of Series E Convertible Preferred Stock. As of March 31, 2015, the Company had $9,064,000 in principal and accrued interest underlying outstanding convertible notes.
	The Company’s interest expense associated with the convertible notes amounted to $423,000 and $677,000 during the three months ended March 31, 2015 and 2014, respectively, based on the minimum internal rate of return of 20%.

Capital_Leases

Capital Leases	3 Months Ended
	Mar. 31, 2015
Capital Leases
Capital Leases
	7. Capital Leases
	Capital lease obligations consist of leased office equipment. As of March 31, 2015 and December 31, 2014, the aggregate amount of capital leases recorded within property and equipment, net, on the accompanying balance sheet is $35,000 and $12,000, respectively. The current portion of the capital lease obligations is included in accrued liabilities and the balance included within other long-term liabilities represents the long-term portion.
	The future minimum lease payments as of March 31, 2015, are as follows (in thousands):
		Future Minimum
	Period ending December 31,	Lease Payments
	2015	$	15
	2016	11
	2017	10
	2018	1
	Total minimum payments	37
	Less: Amount representing future interest	2
	Present value of minimum lease payments	$	35

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies
Commitments and Contingencies
	8. Commitments and Contingencies
	Lease Commitments
	The Company’s operating lease obligations primarily consist of leased office, laboratory, and manufacturing space under a non-cancelable operating lease that expires in November 2016. The lease agreement includes two renewal provisions allowing the Company to extend this lease for additional periods of three years each. In addition to the minimum future lease commitments presented below, the lease requires the Company to pay property taxes, insurance, maintenance, and repair costs. The lease includes a rent holiday concession and escalation clauses for increased rent over the lease term. Rent expense is recognized using the straight-line method over the term of the lease. The Company records deferred rent calculated as the difference between rent expense and the cash rental payments. In connection with the facility lease, the landlord also provided incentives of $369,000 to the Company in the form of leasehold improvements. These amounts have been reflected as deferred rent and are being amortized as a reduction to rent expense over the term of the Company’s operating lease. Rent expense was $230,000 and $230,000 for the three months ended March 31, 2015 and 2014, respectively.
	The future minimum lease payments as of March 31, 2015, are as follows (in thousands):
		Future Minimum
	Period ending December 31,	Lease Payments
	2015	$	844
	2016	1,060
	Total minimum lease payments	$	1,904
	Purchase Obligations
	Purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. The Company had noncancellable commitments to suppliers for purchases totaling $1,456,000 and $1,334,000 as of March 31, 2015 and December 31, 2014, respectively.
	Indemnification
	In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and may provide for indemnification of the counterparty. The Company’s exposure under these agreements is unknown because it involves claims that may be made against it in the future, but have not yet been made. To date, the Company has not been subject to any claims or been required to defend any action related to its indemnification obligations.
	In accordance with the Company’s amended and restated certificate of incorporation and its amended and restated bylaws, the Company has indemnification obligations to its officers and directors, subject to some limits, with respect to their service in such capacities. The Company has also entered into indemnification agreements with its directors and certain of its officers. To date, the Company has not been subject to any claims, and it maintains director and officer insurance that may enable it to recover a portion of any amounts paid for future potential claims. The Company’s exposure under these agreements is unknown because it involves claims that may be made against it in the future, but have not yet been made. The Company believes that the fair value of these indemnification obligations is minimal, and accordingly, it has not recognized any liabilities relating to these obligations for any period presented.
	Legal Proceedings
	The Company was not party to any legal proceedings at March 31, 2015 and December 31, 2014. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Reserve estimates are recorded when and if it is determined that a loss-related matter is both probable and reasonably estimable.
	On February 15, 2014, the Company entered into an engagement letter with a financial advisor which provided for such firm to serve as its placement agent and for the Company to make certain payments to them in connection with its Series E Convertible Preferred Stock financing. After the entry into such engagement letter, the financial advisor did not provide the level of service the Company was expecting and was not responsible for introducing the Company to any of the Series E Convertible Preferred Stock investors.  In December 2014, the Company and its former financial advisor agreed to amend and to terminate their engagement letter, effective immediately. Pursuant to the terms of the amended engagement letter, the Company agreed to pay the former financial advisor a transaction fee of $650,000, to be paid in four equal quarterly installments starting on December 31, 2014, and ending on September 30, 2015 and $35,000 for reimbursement of the former financial advisor’s out-of-pocket expenses, which were due upon execution of the amendment. The transaction fee and out-of-pocket expenses were reflected as additional Series E Convertible Preferred Stock issuance costs during the year ended December 31, 2014.

Convertible_Preferred_Stock

Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2015
Convertible Preferred Stock
Convertible Preferred Stock
	9. Convertible Preferred Stock
	At December 31, 2014, convertible preferred stock authorized and outstanding consisted of the following (in thousands except share amounts):
			Shares			Preferential
		Shares	Issued and	Carrying		Liquidation
	Series	Authorized	Outstanding	Value		Value
	Series A	326,595	326,591	$	6,183	$	6,212
	Series A-1	225,235	225,235	6,649		3,243
	Series B	755,516	755,486	27,272		27,538
	Series C	561,448	561,423	22,397		22,485
	Series D	800,000	722,367	37,153		37,708
	Series E	4,150,403	2,671,626	32,606		134,650
		6,819,197	5,262,728	$	132,260	$	231,836
	On January 9, 2015, the Company issued a total of 490,472 shares of Series E Convertible Preferred Stock at $12.60 per share for total cash proceeds of $6,180,000. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into an aggregate of 6,967,925 shares of common stock. As of March 31, 2015, the Company does not have any convertible preferred stock issued or outstanding.

Stockholders_Equity_Deficit

Stockholders' Equity (Deficit)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit)
	10. Stockholders’ Equity (Deficit)
	Preferred Stock
	At March 31, 2015, the Company’s certificate of incorporation, as amended and restated, authorizes the Company to issue up to 5,000,000 shares of preferred stock with $0.001 par value per share, of which no shares were issued and outstanding.
	Common Stock
	At March 31, 2015, the Company’s certificate of incorporation, as amended and restated, authorizes the Company to issue up to 100,000,000 shares of common stock with $0.001 par value per share, of which 12,240,164 shares were issued and outstanding.
	Restricted Stock
	In May 2012, the Company entered into two Restricted Stock Purchase Agreements with two individuals in return for certain intellectual property (“IP”) and ongoing consulting services. 1,666 shares of common stock were issued under each Restricted Stock Purchase Agreement for a total of 3,332 shares at a fair market value of $14.85 per share for a total purchase price of $49,500. The shares are subject to repurchase at cost, or $14.85 per share, with 20% being released from the repurchase option at the date of assignment of the IP and 1/48th of the remaining 80% being released monthly thereafter. Stock compensation expense of $49,500, representing the intrinsic value of the shares was recorded to consulting expense in 2012. Since it was not possible to value the IP, this noncash compensation expense was calculated at the fair market value of the shares of $14.85 per share.
	As of March 31, 2015 and December 31, 2014, a total of 415 and 583 shares, respectively, were subject to repurchase, at cost, under these Restricted Stock Purchase Agreements.
	Common Stock Warrants
	In connection with the issuance of the Company’s Series E Convertible Preferred Stock in September 2014 through January 2015, the Company issued, to each investor who purchased shares of Series E Convertible Preferred Stock, warrants to purchase up to the number of shares of common stock equal to 50% of the number of shares of the Company’s Series E Convertible Preferred Stock purchased.
	The warrants are immediately exercisable, at an exercise price per share of $12.60, and expire upon the earlier of September 2, 2019 or upon the consummation of a change of control of the Company. The Company determined that these common stock warrants meet the requirements for equity classification. As of December 31, 2014, in connection with the issuance of its Series E Convertible Preferred Stock, the Company issued warrants to purchase an aggregate of 1,335,779 shares of common stock. The common stock warrants were recorded at their allocated fair value of $175,000 within stockholders’ deficit.
	In connection with the issuance of the Company’s Series E Convertible Preferred Stock in January 2015, the Company issued warrants to purchase an aggregate of purchase 245,235 shares of common stock. The common stock warrants were recorded at their allocated fair value of $804,000 within stockholders’ equity (deficit).
	On January 14, 2015, the Company amended its Series E Convertible Preferred Stock Purchase agreement to provide for the issuance of common stock warrants to each investor who purchased shares of Series E Convertible Preferred Stock equal to 70% of the number of shares of the Company’s Series E Convertible Preferred Stock purchased by such investor. As with the common stock warrants previously issued, any new common stock warrants are immediately exercisable, at an exercise price of $12.60 per share, and expire upon the earlier of September 2, 2019 or upon consummation of a change in control of the Company. As a result of this amendment, the Company issued additional warrants to purchase 632,381 shares of common stock to investors who previously acquired shares of Series E Convertible Preferred Stock from September 2014 through January 2015.
	The Company determined that the amendment to the Series E Convertible Preferred Stock Purchase agreement should be accounted for as a modification.  Accordingly, the incremental fair value from the modification, the additional warrants to purchase 632,381 shares of common stock warrants, of $2,384,000, was recorded as an increase to stockholders’ equity (deficit) and as an adjustment to net loss attributable to common stockholders in the Company’s statement of operations and comprehensive loss for the three months ended March 31, 2015. This amount represents a return to the preferred stockholders and is treated in a manner similar to the treatment of dividends paid to holders of preferred stock in the computation of earnings per share.  As a result, the “deemed dividend” is subtracted from net loss available to common stockholders in reconciling net loss to net loss available for common shareholders.
	Stock Plans
	In January 2015, the Company’s Board of Directors adopted and the Company’s stockholders approved the 2015 Equity Incentive Plan (“2015 Plan”). The 2015 Plan replaced the 2009 Stock Plan (the “2009 Plan”) which was terminated immediately prior to consummation of the Company’s IPO, collectively the “Plans.” The 2015 Plan provides for the grant of ISOs to employees and for the grant of NSOs, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to employees, directors and consultants. A total of 1,320,000 shares of common stock were reserved for issuance pursuant to the 2015 Plan. In addition, the shares reserved for issuance under the 2015 Plan will also include shares reserved but not issued under the 2009 Plan, plus any share awards granted under the 2009 Plan that expire or terminate without having been exercised in full or that are forfeited or repurchased. In addition, the number of shares available for issuance under the 2015 Plan will also include an annual increase on the first day of each fiscal year beginning in fiscal 2016, equal to the lesser of 1,690,000 shares, 5.0% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year or an amount as determined by the Board of Directors.
	Pursuant to the Plans ISOs and NSOs may be granted with exercise prices at not less than 100% of the fair value of the common stock on the date of grant and the exercise price of ISOs granted to a stockholder, who, at the time of grant, owns stock representing more than 10% of the voting power of all classes of the stock of the Company, shall be not less than 110% of the fair market value per share of common stock on the date of grant. The Company’s Board of Directors determines the vesting schedule of the options. Options granted generally vest over four years and expire ten years from the date of grant.
	Activity under the Plans is set forth below:
				Options Outstanding
		Shares				Weighted		Aggregate
		Available for		Number of		Average		Intrinsic Value
		Grant		Shares		Exercise Price		(in thousands)
	Balance at December 31, 2014	21,705		3,010,373		$	5.78	$	13,188
	Additional shares reserved	1,320,000		—
	Granted	(32,444	)	32,444		$	10.91
	Exercised	—		—		$	—
	Cancelled	7,469		(7,469	)	$	14.34
	Balance at March 31, 2015	1,316,730		3,035,348		$	5.78	$	17,714
	The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2015 and 2014 was $5.83 and $0.13 per share, respectively. As of March 31, 2015, the aggregate intrinsic value of options outstanding and vested was $188,000.  The aggregate intrinsic value of options exercised was none and none during the three months ended March 31, 2015 and 2014, respectively.  The aggregate intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise. Because of the Company’s net operating losses, the Company did not realize any tax benefits from share-based payment arrangements for the three months ended March 31, 2015 and 2014.
	At March 31, 2015 and at December 31, 2014, there were 212,498 and 201,018 shares, respectively, vested with a weighted-average exercise price of $14.66 and $5.38 per share, respectively, and a weighted average contractual life of 6.77 and 7.03 years, respectively.
	2015 Employee Stock Purchase Plan
	In January 2015, the Company’s Board of Directors adopted and the Company’s stockholders approved the 2015 Employee Stock Purchase Plan (“ESPP”) under which eligible employees are permitted to purchase common stock at a discount through payroll deductions. 500,000 shares of common stock are reserved for issuance and will be increased on the first day of each fiscal year, commencing in 2016, by an amount equal to the lesser of (i) 493,000 shares (ii) 1.5% of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) an amount as determined by the Board of Directors. The price of the common stock purchased will be the lower of 85% of the fair market value of the common stock at the beginning of an offering period or at the end of a purchase period. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code of 1986, as amended. The first offering under the ESPP began in February 2015. The Company incurred $23,000 in stock-based compensation expense related to the ESPP for the three months ended March 31, 2015.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation
Stock-Based Compensation
	11. Stock-Based Compensation
	The Company estimates the fair value of stock-based compensation on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model determines the fair value of stock-based payment awards based on the fair market value of the Company’s common stock on the date of grant and is affected by assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, the fair value of the Company’s common stock, and the volatility over the expected term of the awards. The Company has opted to use the “simplified method” for estimating the expected term of options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, stage of development, risk profile, and position within the industry as well as selecting companies with historical share price information sufficient to meet the expected life of the stock-based awards. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the share-based payments. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. The risk-free rate assumption is based on the U.S. Treasury instruments with maturities similar to the expected term of the Company’s stock options. The expected dividend assumption is based on the Company’s history of not paying dividends and its expectation that it will not declare dividends for the foreseeable future.
	As stock-based compensation expense recognized in the financial statements is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, over the service period to the extent that actual forfeitures differ, or are expected to differ, from prior estimates. Forfeitures are estimated based on estimated future employee turnover and historical experience. The fair value for the Company’s employee stock options was estimated at the date of grant using the Black-Scholes valuation model with the following average assumptions:
		Three Months Ended March 31,
		2015		2014
	Expected term (years)	6.3		7.0
	Expected volatility	55.0	%	52.1	%
	Risk-free interest rate	1.7	%	2.1	%
	Dividend rate	—		—
	As of March 31, 2015 and December 31, 2014, the total unamortized compensation expense related to stock-based awards granted to employees and directors was $17,875,000 and $18,938,000, which is expected to be amortized over the next 3.68 and 3.92 years, respectively.
	The fair value of the shares to be issued under the Company’s ESPP was estimated using the Black-Scholes valuation model with the following average assumptions for the three months ended March 31, 2015:
		Three Months Ended
		March 31, 2015
	Expected term (years)	0.5
	Expected volatility	47.2	%
	Risk-free interest rate	0.07	%
	Dividend rate	—
	Total stock-based compensation expense recognized during the three months ended March 31, 2015 and 2014, is as follows (in thousands):
		Three Months Ended March 31,
		2015			2014
	Cost of revenues	$	60		$	13
	Research and development expenses	552			50
	Selling, general and administrative expenses	620			125
		$	1,232		$	188

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Basis of Presentation
	Basis of Presentation
	On January 14, 2015, the Company’s Board of Directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 1-for-45 reverse stock split of the Company’s common stock and convertible preferred stock. The par value of the common stock and convertible preferred stock was not adjusted as a result of the reverse stock split. All common stock, convertible preferred stock, stock options and warrants, and per share amounts in the financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split. The reverse stock split was effected on January 28, 2015.
	The financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”).
	The accompanying condensed balance sheet as of March 31, 2015, the condensed statements of operations and comprehensive loss and cash flows for the three months ended March 31, 2015 and 2014 are unaudited. The financial data and other information disclosed in these notes to the financial statements related to March 31, 2015, and the three months ended March 31, 2015 and 2014, are also unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of March 31, 2015, and the results of its operations and cash flows for the three months ended March 31, 2015 and 2014. The results for the three months ended March 31, 2015, are not necessarily indicative of results to be expected for the year ending December 31, 2015, or for any other interim period or for any future year. The December 31, 2014 condensed balance sheet data has been derived from audited financial statements. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. These unaudited condensed financial statements and notes should be read in conjunction with the financial statements included in the Company’s Form 10-K for the fiscal year ended December 31, 2014, which was filed with the SEC on March 27, 2015. The Company’s significant accounting policies are more fully described in Note 2 of the Notes to the  Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Use of Estimates
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its common stock valuation and related stock-based compensation, the valuation of the common stock warrants, the valuation of compound embedded derivatives, provisions for doubtful accounts receivable and excess and obsolete inventories, clinical trial accruals, and its reserves for sales returns and warranty costs. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
Fair Value of Financial Instruments
	Fair Value of Financial Instruments
	The Company has evaluated the estimated fair value of its financial instruments as of March 31, 2015 and December 31, 2014. Financial instruments consist of cash and cash equivalents, accounts receivable and payable, and other current liabilities, borrowings, convertible notes and embedded derivatives. The carrying amounts of cash and cash equivalents, accounts receivable and payable, and other current liabilities approximate their respective fair values because of the short-term nature of those instruments. Based upon the borrowing terms and conditions currently available to the Company, the carrying values of the borrowings and convertible notes approximate fair value. Fair value accounting is applied to the warrant liabilities and embedded derivatives that are recorded at fair value in the financial statements.
Cash and Cash Equivalents
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents are considered available-for-sale marketable securities and are recorded at fair value, using level 1 inputs, based on quoted market prices. As of March 31, 2015 and December 31, 2014, the Company’s cash equivalents are entirely comprised of investments in money market funds. Any related unrealized gains and losses are recorded in other comprehensive income (loss) and included as a separate component of stockholders’ equity (deficit). There were no unrealized gains and losses as of March 31, 2015 and 2014.  Any realized gains and losses and interest and dividends on available-for-sale securities are included in interest income or expense and computed using the specific identification cost method.
Concentration of Credit Risk, and Other Risks and Uncertainties
	Concentration of Credit Risk, and Other Risks and Uncertainties
	Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and accounts receivable to the extent of the amounts recorded on the balance sheets.
	The Company’s policy is to invest in cash and cash equivalents, consisting of money market funds. These financial instruments are held in Company accounts at one financial institution. The counterparties to the agreements relating to the Company’s investments consist of financial institutions of high credit standing.
	The Company provides for uncollectible amounts when specific credit problems arise. Management’s estimates for uncollectible amounts have been adequate, and management believes that all significant credit risks have been identified at March 31, 2015 and December 31, 2014.
	The Company’s accounts receivable are due from a variety of health-care organizations in the United States and select European markets. At March 31, 2015 and December 31, 2014, there were two customers and no customers that represented 10% or more of the Company’s accounts receivable, respectively. For the three months ended March 31, 2015 and 2014, there were two customers and no customers that represented 10% or more of revenues, respectively. Disruption of sales orders or a deterioration of financial condition of its customers would have a negative impact on the Company’s financial position and results of operations.
	The Company manufactures certain of its commercial products in-house, including the production of the Ocelot family of catheters. Certain of the Company’s product components and sub-assemblies continue to be manufactured by sole suppliers. Disruption in component or sub-assembly supply from these manufacturers or from in-house production would have a negative impact on the Company’s financial position and results of operations.
	The Company is subject to certain risks, including that its devices may not be approved or cleared for marketing by governmental authorities or be successfully marketed. There can be no assurance that the Company’s products will continue to be accepted in the marketplace, nor can there be any assurance that any future devices can be developed or manufactured at an acceptable cost and with appropriate performance characteristics. The Company is also subject to risks common to companies in the medical device industry, including, but not limited to, new technological innovations, dependence upon third-party payors to provide adequate coverage and reimbursement, dependence on key personnel and suppliers, protection of proprietary technology, product liability claims, and compliance with government regulations.
	Existing or future devices developed by the Company may require approvals or clearances from the FDA or international regulatory agencies. In addition, in order to continue the Company’s operations, compliance with various federal and state laws is required. If the Company were denied or delayed in receiving such approvals or clearances, it may be necessary to adjust operations to align with the Company’s currently approved portfolio. If clearance for the products in the current portfolio were withdrawn by the FDA, this may have a material adverse impact on the Company.
Deferred Initial Public Offering Costs
	Deferred Initial Public Offering Costs
	Deferred offering costs, which primarily consist of direct incremental legal and accounting fees relating to the IPO, were capitalized. As of December 31, 2014, $2,608,000 of deferred offering costs were capitalized in other assets on the balance sheet, of which $1,848,000 had been paid. The Company incurred $3,553,000 in offering costs and in January 2015, these initial public offering costs were offset against the proceeds obtained from the Company’s IPO.
Convertible Preferred Stock
	Convertible Preferred Stock
	Prior to its IPO the Company recorded its convertible preferred stock at fair value on the dates of issuance, net of issuance costs and classified the convertible preferred stock outside of stockholders’ deficit on the balance sheets as events triggering the liquidation preferences were not solely within the Company’s control. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into an aggregate of 6,967,925 shares of common stock resulting in the reclassification of $137,626,000 from outside of stockholders’ equity (deficit) to additional paid-in capital.
Warrant Liability and Embedded Derivative Instruments
	Warrant Liability and Embedded Derivative Instruments
	The Company accounts for its warrants for shares of common stock in accordance with the accounting guidance for derivatives. The accounting guidance provides a two-step model to be applied in determining whether a financial instrument is indexed to an entity’s own stock and, therefore, qualifies for a scope exception. The two-step model requires a contract for a financial instrument to be both (1) indexed to the entity’s own stock and (2) classified in the stockholders’ deficit section of the balance sheet. If a financial instrument qualifies for a scope exception, it would not be considered a derivative financial instrument.
	As the price per share of the common stock warrants issued with the convertible notes was not fixed until the issuance of the Series E Convertible Preferred Stock in September 2014, these warrants were initially classified as a derivative liability. As a derivative liability, the warrants were initially recorded at fair value and were subject to remeasurement at each balance sheet date until September 2014. Any change in fair value as a result of a remeasurement was recognized as a component of other income (expense), net in the statements of operations and comprehensive loss. The Company re-evaluated the terms of the common stock warrants issued with the convertible notes after the issuance of the Series E Convertible Preferred Stock in September 2014 and determined that they then met the first criterion of the two-step model. Accordingly, the associated current fair value of the warrant liability was reclassified to additional paid-in capital in the stockholders’ deficit section of the balance sheet at that time, thus satisfying the second criterion of the two-step model.
	The Company records a compound derivative asset or liability related to redemption features embedded within the outstanding convertible notes. The convertible notes issued in 2013 and 2014 included features which were determined to be embedded derivatives requiring bifurcation and separate accounting. The embedded derivatives were initially recorded at fair value and are subject to remeasurement as of each balance sheet date. Any change in fair value is recognized as a component of other income (expense), net in the statements of operations and comprehensive loss.
Revenue Recognition
	Revenue Recognition
	The Company’s revenues are derived from (1) sale of its Lightbox (2) sale of disposables, which consist of catheters and accessories, and (3) sale of customer service contracts. The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 605-10, Revenue Recognition, when persuasive evidence of an arrangement exists, the fee is fixed or determinable, collection of the fee is probable and delivery has occurred. For all sales, the Company uses either a signed agreement or a binding purchase order as evidence of an arrangement.
	The Company’s revenue recognition policies generally result in revenue recognition at the following points:
		1		Lighbox sales: The Company sells its products directly to hospitals and medical centers. Provided all other criteria for revenue recognition have been met, the Company recognizes revenue for Lightbox sales directly to end customers when delivery and acceptance occurs, which is defined as receipt by the Company of an executed form by the customer acknowledging that the training and installation process is complete.
		2		Sales of disposables: Disposable revenues consist of sales of the Company’s catheters and accessories and are recognized when the product has shipped, risk of loss and title has passed to the customer and collectability is reasonably assured.
		3		Service revenue: Service revenue is recognized ratably over the term of the service period. To date service revenue has been insignificant.
	The Company offers its customers the ability to purchase or lease its Lightbox. The Company recovers the cost of providing the leased Lightbox through a premium in the amount charged for its disposable products in comparison to a standalone purchase. When a Lightbox is placed under a lease agreement, the Company retains title to the equipment and it remains capitalized on its balance sheet under property and equipment. Depreciation expense on these leased Lightboxes is recorded to cost of revenues on a straight-line basis. The costs to maintain these leased Lightboxes are charged to cost of revenues as incurred.
	The Company evaluates its lease agreements and accounts for these contracts under the guidance in ASC 840, Leases and ASC 605-25, Revenue Recognition—Multiple Element Arrangements. The guidance requires arrangement consideration to be allocated between a lease deliverable and a non-lease deliverable based upon the relative selling-price of the deliverables, using a specific hierarchy. The hierarchy is as follows: vendor- specific objective evidence of fair value of the respective elements, third-party evidence of selling price, or best estimate of selling price (“BESP”). The Company allocates arrangement consideration using BESP.
	The Company assessed whether the embedded lease is an operating lease or sales-type lease. Based on the Company’s assessment of the guidance and given that any payments under the lease agreements are dependent upon contingent future sales, it was determined that collectability of the minimum lease payments is not reasonably predictable. Accordingly, the Company concluded the embedded lease did not meet the criteria of a sales-type lease and accounts for it as an operating lease. The Company recognizes revenue allocated to the lease as the contingent disposable product purchases are delivered and are included in revenues within the statement of operations and comprehensive loss.
	The Company estimates reductions in revenue for potential returns of products by customers. In making such estimates, management analyzes historical returns, current economic trends and changes in customer demand and acceptance of its products. The Company expenses shipping and handling costs as incurred and includes them in the cost of revenues. In those cases where the Company bills shipping and handling costs to customers, it will classify the amounts billed as a component of revenue.
Cost of Revenues
	Cost of Revenues
	Cost of revenues consists primarily of manufacturing overhead costs, material costs and direct labor. A significant portion of the Company’s cost of revenues currently consists of manufacturing overhead costs. These overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management. Cost of revenues also includes depreciation expense for the Lightboxes under lease agreements and certain direct costs such as shipping costs.
Product Warranty Costs
	Product Warranty Costs
	The Company typically offers a one-year warranty for parts and labor on its products commencing upon the transfer of title and risk of loss to the customer. The Company accrues for the estimated cost of product warranties upon invoicing its customers, based on historical results. The warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from these estimates, revisions to the estimated warranty liability would be required. Periodically the Company assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. Warranty provisions and claims are summarized as follows (in thousands):
			Amount
	Balance at December 31, 2014		$	167
	Warranty provision		21
	Usage		(19		)
	Balance at March 31, 2015		$	169
Common Stock Valuation and Stock-Based Compensation
	Common Stock Valuation and Stock-Based Compensation
	Stock-based awards issued to employees are recorded at fair value as of the grant date using the Black-Scholes option-pricing model and recognized as expense on a straight-line basis over the vesting period of the award. Because noncash stock-based compensation expense is based on awards ultimately expected to vest, it is reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates.
	Prior to completion of the Company’s IPO the fair value of the Company’s common stock was determined by its Board of Directors with assistance from management and third-party valuation specialists. Management’s approach to estimating the fair value of the Company’s common stock is consistent with the methods outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation. Management considered several factors to estimate enterprise value, including significant milestones that would generally contribute to increases in the value of the Company’s common stock. Following the closing of the Company’s IPO in January 2015, the fair value of its common stock is determined based on the closing price of its common stock on The NASDAQ Stock Market.
Net Loss per Share Attributable to Common Stockholders
	Net Loss per Share Attributable to Common Stockholders
	Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Common stock shares subject to repurchase are excluded from the calculations as the continued vesting of such shares is contingent upon the holders’ continued service to the Company. For the computation of net loss per share attributable to common stockholders, common stock shares subject to repurchase of 415 and 583 were excluded from the calculations as of March 31, 2015 and December 31, 2014, respectively. Since the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders as the inclusion of all potential dilutive common shares would have been anti-dilutive.
	The Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. The shares of the Company’s convertible preferred stock participate in any dividends declared by the Company and are therefore considered to be participating securities.
	Net loss per share attributable to common stockholders was determined as follows (in thousands, except per share data):
			Three Months Ended
			March 31,
			2015			2014
	Net loss		$	(10,417	)	$	(7,971	)
	Adjustment to net loss resulting from convertible preferred stock modification		(2,384		)	—
	Net loss attributable to common stockholders		$	(12,801	)	$	(7,971	)
	Weighted average common stock outstanding		8,373			242
	Net loss attributable to common stockholders per share, basic and diluted		$	(1.53	)	$	(32.94	)
	In addition to the outstanding convertible notes (Note 6), the following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding because such securities have an anti-dilutive impact due to losses reported, in common stock equivalent shares:
			March 31,
			2015		2014
	Convertible preferred stock outstanding		—		2,591,102
	Common stock options		3,035,348		384,614
	Common stock warrants		2,213,395		160,367
			5,248,743		3,136,083
Comprehensive Loss
	Comprehensive Loss
	For the three months ended March 31, 2015 and 2014, there was no difference between comprehensive loss and the Company’s net loss.
Segment and Geographical Information
	Segment and Geographical Information
	The Company operates in one segment. Primarily all of the Company’s long-lived assets are based in the United States. Long-lived assets are comprised of property and equipment. For the three months ended March 31, 2015 and 2014, 99% and 100%, respectively, of the Company’s revenues, were in the United States, based on the shipping location of the external customer.
Recent Accounting Pronouncements
	Recent Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The updated standard requires retrospective adoption and is effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Schedule of warranty provisions and claims
	Warranty provisions and claims are summarized as follows (in thousands):
		Amount
	Balance at December 31, 2014	$	167
	Warranty provision	21
	Usage	(19		)
	Balance at March 31, 2015	$	169
Schedule of net loss per share
	Net loss per share attributable to common stockholders was determined as follows (in thousands, except per share data):
		Three Months Ended
		March 31,
		2015			2014
	Net loss	$	(10,417	)	$	(7,971	)
	Adjustment to net loss resulting from convertible preferred stock modification	(2,384		)	—
	Net loss attributable to common stockholders	$	(12,801	)	$	(7,971	)
	Weighted average common stock outstanding	8,373			242
	Net loss attributable to common stockholders per share, basic and diluted	$	(1.53	)	$	(32.94	)
Schedule of outstanding securities excluded from the computation due to antidilutive impact
		March 31,
		2015		2014
	Convertible preferred stock outstanding	—		2,591,102
	Common stock options	3,035,348		384,614
	Common stock warrants	2,213,395		160,367
		5,248,743		3,136,083

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of changes in the estimated fair value of the compound embedded derivative
	Accordingly, the income (expense) in the table below includes changes in fair value due in part to observable factors that are part of the Level 3 methodology (in thousands):
		Amount
	Fair value at December 31, 2014	$	231
	Issuance of convertible notes	—
	Change in fair value recorded in other income (expense), net	344
	Fair value at March 31, 2015	$	575
Monte Carlo Simulation model
Schedule of assumptions used to determine the fair value of the compound derivative
		December 31,
		2014
	Equity financing in 2014	100.0	%
	Equity financing in 2015	14.3	%
	Liquidation	0.1	%
	Initial public offering	79.5	%
	Change of control	6.2	%
Black-Derman-Toy model
Schedule of assumptions used to determine the fair value of the compound derivative
		March 31,
		2015
	Time to first call option (years)	0.5
	Credit spread	20.0	%
	Expected volatility	35.0	%

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2015
Inventories
Schedule of inventories
	Inventories consisted of the following (in thousands):
		March 31,		December 31,
		2015		2014
	Raw materials	$	2,203	$	2,265
	Work-in-process	104		61
	Finished products	1,738		1,665
	Total inventories	$	4,045	$	3,991

Borrowings_Tables

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2015
Borrowings
Schedule of quarterly minimum mandatory payments of Assigned Interests
	Upon prepayment of the Term Note, the Company’s obligations relating to Assigned Interests continue, and will be payable through the maturity date at a reduced rate of 0.9% of the quarterly net revenues, subject to certain quarterly minimum mandatory amounts as follows (in thousands), which are payable quarterly:
	Period Ending December 31,	Mandatory
		Minimum Quarterly
		Payment
	2015	$	229
	2016	305
	2017	305
	2018	310
		$	1,149
Schedule of principal and PIK loan repayments of Term Note
	Principal and PIK loan repayments of the Term Note as of March 31, 2015 are as follows (in thousands):
		Principal and PIK
	Period Ending December 31,	Loan Repayments
	2015	$	1,818
	2016	7,273
	2017	7,273
	2018	3,636
		20,000
	Add: Payment in kind interest	600
		20,600
	Less: Amount representing debt discount	(108		)
		20,492
	Less: Current portion of long-term borrowings	(3,745		)
	Borrowings, net of current portion	$	16,747

Capital_Leases_Tables

Capital Leases (Tables)	3 Months Ended
	Mar. 31, 2015
Capital Leases
Schedule of future minimum lease payments
	The future minimum lease payments as of March 31, 2015, are as follows (in thousands):
		Future Minimum
	Period ending December 31,	Lease Payments
	2015	$	15
	2016	11
	2017	10
	2018	1
	Total minimum payments	37
	Less: Amount representing future interest	2
	Present value of minimum lease payments	$	35

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies
Schedule of future minimum lease payments
	The future minimum lease payments as of March 31, 2015, are as follows (in thousands):
		Future Minimum
	Period ending December 31,	Lease Payments
	2015	$	844
	2016	1,060
	Total minimum lease payments	$	1,904

Convertible_Preferred_Stock_Ta

Convertible Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2015
Convertible Preferred Stock
Schedule of convertible preferred stock authorized and outstanding
	At December 31, 2014, convertible preferred stock authorized and outstanding consisted of the following (in thousands except share amounts):
			Shares			Preferential
		Shares	Issued and	Carrying		Liquidation
	Series	Authorized	Outstanding	Value		Value
	Series A	326,595	326,591	$	6,183	$	6,212
	Series A-1	225,235	225,235	6,649		3,243
	Series B	755,516	755,486	27,272		27,538
	Series C	561,448	561,423	22,397		22,485
	Series D	800,000	722,367	37,153		37,708
	Series E	4,150,403	2,671,626	32,606		134,650
		6,819,197	5,262,728	$	132,260	$	231,836

Stockholders_Equity_Deficit_Ta

Stockholders' Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity (Deficit)
Summary of option activity				Options Outstanding
		Shares				Weighted		Aggregate
		Available for		Number of		Average		Intrinsic Value
		Grant		Shares		Exercise Price		(in thousands)
	Balance at December 31, 2014	21,705		3,010,373		$	5.78	$	13,188
	Additional shares reserved	1,320,000		—
	Granted	(32,444	)	32,444		$	10.91
	Exercised	—		—		$	—
	Cancelled	7,469		(7,469	)	$	14.34
	Balance at March 31, 2015	1,316,730		3,035,348		$	5.78	$	17,714

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation
Schedule of fair value of employee stock options estimated at the date of grant using Black-Scholes valuation model
		Three Months Ended March 31,
		2015		2014
	Expected term (years)	6.3		7.0
	Expected volatility	55.0	%	52.1	%
	Risk-free interest rate	1.7	%	2.1	%
	Dividend rate	—		—
Schedule of fair value of shares to be issued under ESSP estimated at the date of grant using Black-Scholes valuation model
		Three Months Ended
		March 31, 2015
	Expected term (years)	0.5
	Expected volatility	47.2	%
	Risk-free interest rate	0.07	%
	Dividend rate	—
Schedule of total stock-based compensation expense recognized before taxes
	Total stock-based compensation expense recognized during the three months ended March 31, 2015 and 2014, is as follows (in thousands):
		Three Months Ended March 31,
		2015			2014
	Cost of revenues	$	60		$	13
	Research and development expenses	552			50
	Selling, general and administrative expenses	620			125
		$	1,232		$	188

Organization_Details

Organization (Details) (USD $)	1 Months Ended	3 Months Ended
	Jan. 31, 2015	Mar. 31, 2015
Common stock
Net proceeds from initial public offering		$58,745,000
Other offering expenses	3,553,000
Reclassification from mezzanine equity to additional paid-in capital	137,626,000	137,626,000
Common Stock
Common stock
Shares issued for convertible preferred stock	6,967,925	6,967,925
Initial Public Offering | Common Stock
Common stock
Shares sold in initial public offering	5,000,000
Public offering price (in dollars per share)	$13
Net proceeds from initial public offering	56,897,000
Underwriting discounts and commissions	4,550,000
Other offering expenses	$3,553,000

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 14, 2015	Jan. 31, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Reverse stock split ratio	0.022
Cash and Cash Equivalents
Unrealized gains and losses on money market funds			$0	$0
Deferred Initial Public Offering Costs
Deferred offering costs capitalized					2,608,000
Payment of deferred offering costs					1,848,000
Other offering expenses		3,553,000
Convertible Preferred Stock
Reclassification from mezzanine equity to additional paid-in capital		$137,626,000	$137,626,000
Common Stock
Convertible Preferred Stock
Shares issued for convertible preferred stock		6,967,925	6,967,925

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Product Warranty Costs
Warranty period	1 year
Changes in warranty provisions
Balance beginning of period	$167
Warranty provision	21
Usage	-19
Balance end of period	$169

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Net Loss per Share
Common stock shares subject to repurchase, excluded from net loss per share calculations	415		583
Loss allocated to participating securities, diluted	$0	$0
Net loss	-10,417	-7,971
Adjustment to net loss resulting from convertible preferred stock modification	-2,384
Net loss attributable to common stockholders	($12,801)	($7,971)
Weighted average common stock outstanding (in shares)	8,373	242
Net loss per share, basic and diluted (in dollars per share)	($1.53)	($32.94)
Anti-dilutive shares excluded from computation of earnings per share	5,248,743	3,136,083
Convertible preferred stock outstanding
Net Loss per Share
Anti-dilutive shares excluded from computation of earnings per share		2,591,102
Common stock options
Net Loss per Share
Anti-dilutive shares excluded from computation of earnings per share	3,035,348	384,614
Common stock warrants
Net Loss per Share
Anti-dilutive shares excluded from computation of earnings per share	2,213,395	160,367

Summary_of_Significant_Account6

Summary of Significant Accounting Policies (Details 4)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment and Geographical Information
Number of Operating Segments	1
Revenues | Customer | UNITED STATES
Segment and Geographical Information
Percentage of revenue	99.00%	100.00%

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Fair Value Measurements
Transfer of assets and liabilities between fair value hierarchy	$0	$0

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	3 Months Ended	10 Months Ended	12 Months Ended
	Mar. 31, 2015	Jul. 31, 2014	Dec. 31, 2014
Assumptions used in determining fair value
Time to first call option (years)	6 months
Credit spread	20.00%
Expected volatility	35.00%
Embedded derivatives in convertible notes | Convertible Notes.
Changes in estimated fair value, financial instrument classified as Level 3
Fair value - beginning of period	$231,000
Issuance of convertible notes		-179,000
Change in fair value recorded in other income (expense), net	344,000
Fair value - end of period	$575,000		$231,000
Assumptions used in determining fair value
Equity financing in 2014			100.00%
Equity financing in 2015			14.30%
Liquidation			0.10%
Initial public offering			79.50%
Change of control			6.20%

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Inventories
Raw materials	$2,203	$2,265
Work-in-process	104	61
Finished products	1,738	1,665
Total inventories	$4,045	$3,991

Borrowings_Details

Borrowings (Details) (USD $)	0 Months Ended	3 Months Ended
	Apr. 18, 2013	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Apr. 18, 2013
Borrowings
Interest expense		$1,323,000	$1,573,000
Credit Agreement | PDL
Borrowings
Maximum borrowing capacity	40,000,000				40,000,000
Additional borrowing capacity		0
Fees and legal expenses	519,000
Credit Agreement | PDL | Scenario, Plan Assuming Achievement of Milestone Revenues | Minimum
Borrowings
Additional borrowing capacity	10,000,000				10,000,000
Credit Agreement | PDL | Scenario, Plan Assuming Achievement of Milestone Revenues | Maximum
Borrowings
Additional borrowing capacity	20,000,000				20,000,000
Credit Agreement | PDL | Term Note
Borrowings
Initial amount borrowed	20,000,000	20,000,000			20,000,000
Stated interest rate (as a percent)		12.00%
Fee payable upon maturity or prepayment in full (as a percent)		1.00%
Amount of fee payable upon maturity or prepayment in full		200,000
Period for interest-only payments	2 years 6 months
Period for convertibility of interest into additional loans	2 years
Interest convertible into additional loans (as a percent)	1.50%
Assigned Interests (as a percent)		1.80%
Reduced Assigned Interests upon prepayment (as a percent)		0.90%
Interest rate in event of default (as a percent)		14.00%
Discount on the debt	200,000	108,000			200,000
Effective interest rate	27.20%			18.30%	27.20%
Interest expense		$900,000	$895,000

Borrowings_Details_2

Borrowings (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Apr. 18, 2013
Maturities of Long-term Debt
Less: Current portion of long-term borrowings	($3,745,000)	($1,873,000)
Borrowings, net of current portion	16,747,000	18,537,000
Credit Agreement | PDL | Term Note
Mandatory Minimum Quarterly Payment
2015	229,000
2016	305,000
2017	305,000
2018	310,000
Mandatory Minimum Quarterly Payment	1,149,000
Maturities of Long-term Debt
2015	1,818,000
2016	7,273,000
2017	7,273,000
2018	3,636,000
Total	20,000,000		20,000,000
Add: Payment in kind interest	600,000
Long-term borrowings, before debt discount	20,600,000
Less: Amount representing debt discount	-108,000		-200,000
Long-term borrowings	20,492,000
Less: Current portion of long-term borrowings	-3,745,000
Borrowings, net of current portion	$16,747,000

Convertible_Notes_Details

Convertible Notes (Details) (USD $)	3 Months Ended	2 Months Ended	3 Months Ended		15 Months Ended	10 Months Ended	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Nov. 30, 2013	Jul. 31, 2014	Mar. 31, 2014	Dec. 31, 2014	Jul. 31, 2014	Sep. 30, 2014	Nov. 30, 2014	Jan. 14, 2015	Jan. 09, 2015	Oct. 29, 2013
Outstanding notes and accrued interest converted into shares of preferred stock	$137,632,000
Convertible notes and accrued interest	9,064,000				8,643,000
Series E Convertible Preferred Stock | Common stock warrants
Exercise price of warrants issued (in dollars per share)									$12.60	$12.60
Convertible Notes.
Maximum aggregate principal amount											25,000,000
Proceeds from convertible notes, net of issuance costs		13,472,000	4,720,000
Minimum internal rate of return (as a percent)	20.00%
Conversion price as a percentage of the stock price paid by other investors	85.00%
Debt issuance costs in connection with the issuance of convertible notes					93,000
Interest expense	423,000			677,000
Convertible Notes. | Embedded derivatives in convertible notes
Fair value of embedded derivative liability recorded upon issuance						179,000
Convertible Notes. | Common stock warrants
Percentage of principal amount of debt used to calculate number of shares under warrant						15.00%
Exercise price of warrants issued (in dollars per share)							$12.60
Number of shares of common stock for which warrants were issued							216,547
Fair value of warrants at issuance							1,000
Convertible Notes. | Common stock warrants | Maximum
Exercise price of warrants issued (in dollars per share)			$39.15			$39.15
Convertible Notes. | Series E Convertible Preferred Stock
Redemption price upon Equity Financing (as a percent)	125.00%
Minimum redemption price upon change of control (as a percent)	125.00%
Outstanding notes and accrued interest converted into shares of preferred stock								$11,582,000
Convertible Notes. | LIBOR
LIBOR period used to calculate interest rate	30 days
Percentage added to interest rate base per annum	6.00%

Capital_Leases_Details

Capital Leases (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Capital Leases
Value of equipment acquired under capital lease agreement	$35,000	$12,000
Future minimum lease payments
2015	15,000
2016	11,000
2017	10,000
2018	1,000
Total minimum payments	37,000
Less: Amount representing future interest	2,000
Present value of minimum lease payments	$35,000

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
		item
Commitments and Contingencies
Number of renewal provisions		2
Term of additional lease renewals		3 years
Leasehold improvements		$369,000
Rent expense		230,000	230,000
Annual minimum lease payments under non-cancelable future operating lease commitments
2015		844,000
2016		1,060,000
Total minimum payments		1,904,000
Purchase Obligations
Noncancellable purchase obligations to suppliers		1,456,000		1,334,000
Legal Proceedings
Transaction fees and reimbursement of a former financial advisor's out of pocket expenses	$35,000			$650,000
Number of installments to pay transaction fees and reimbursement of a former financial advisor's out of pocket expenses				1 year

Convertible_Preferred_Stock_De

Convertible Preferred Stock (Details) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended
	Jan. 09, 2015	Jan. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Convertible Preferred Stock
Shares Authorized			0	6,819,197
Shares Issued			0	5,262,728
Shares Outstanding			0	5,262,728
Carrying value				$132,260,000
Preferential Liquidation Value				231,836,000
Convertible Preferred Stock Series A
Convertible Preferred Stock
Shares Authorized				326,595
Shares Issued				326,591
Shares Outstanding				326,591
Carrying value				6,183,000
Preferential Liquidation Value				6,212,000
Convertible Preferred Stock Series A-1
Convertible Preferred Stock
Shares Authorized				225,235
Shares Issued				225,235
Shares Outstanding				225,235
Carrying value				6,649,000
Preferential Liquidation Value				3,243,000
Convertible Preferred Stock Series B
Convertible Preferred Stock
Shares Authorized				755,516
Shares Issued				755,486
Shares Outstanding				755,486
Carrying value				27,272,000
Preferential Liquidation Value				27,538,000
Convertible Preferred Stock Series C
Convertible Preferred Stock
Shares Authorized				561,448
Shares Issued				561,423
Shares Outstanding				561,423
Carrying value				22,397,000
Preferential Liquidation Value				22,485,000
Convertible Preferred Stock Series D
Convertible Preferred Stock
Shares Authorized				800,000
Shares Issued				722,367
Shares Outstanding				722,367
Carrying value				37,153,000
Preferential Liquidation Value				37,708,000
Convertible Preferred Stock Series E
Convertible Preferred Stock
Shares Authorized				4,150,403
Shares Issued				2,671,626
Shares Outstanding				2,671,626
Carrying value				32,606,000
Preferential Liquidation Value				134,650,000
Shares issued during the period	490,472
Price of shares issued (in dollars per share)	$12.60
Total cash proceeds	$6,180,000
Common Stock
Convertible Preferred Stock
Shares issued for convertible preferred stock		6,967,925	6,967,925

Stockholders_Equity_Deficit_De

Stockholders' Equity (Deficit) (Details) (USD $)	3 Months Ended		1 Months Ended	0 Months Ended	1 Months Ended	4 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	31-May-12	Jan. 14, 2015	Jan. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jan. 09, 2015	Jul. 31, 2014
			item
Stockholders' Equity (Deficit)
Preferred stock, shares authorized	5,000,000					0
Preferred stock, par value	$0.00					$0.00
Preferred stock, shares issued	0					0
Preferred stock, shares outstanding	0					0
Common stock, shares authorized	100,000,000					15,555,555
Common stock, par value (in dollars per share)	$0.00					$0.00
Common stock, shares issued	12,240,164					243,260
Common stock, shares outstanding	12,240,164					243,260
Share based compensation expense	$1,232,000	$188,000
Modification of convertible preferred stock	2,384,000
Restricted stock
Stockholders' Equity (Deficit)
Number of agreements entered into for certain intellectual property			2
Number of individuals entered in stock purchase agreements			2
Number of common stock shares issued for each agreement			1,666
Total shares issued			3,332
Fair market value (in dollars per share)			$14.85
Total purchase price of shares issued			49,500
Percentage of shares released on the date of assignment			20.00%
Monthly release ratio			0.020833
Percentage of shares remaining to be released on the date of assignment			80.00%
Share based compensation expense			49,500
Shares outstanding	415					583
Common stock warrants | Convertible Notes.
Stockholders' Equity (Deficit)
Exercise price of warrants issued (in dollars per share)							$12.60
Common stock warrants | Series E Convertible Preferred Stock
Stockholders' Equity (Deficit)
Percentage of convertible preferred stock shares for issuance of warrants				70.00%				50.00%
Exercise price of warrants issued (in dollars per share)				$12.60				$12.60
Warrants issued to purchase shares of common stock				632,381	245,235	1,335,779
Allocated fair value of warrants recorded in stockholders' deficit					804,000	175,000
Common stock warrants | Amended Convertible Preferred Stock Series E
Stockholders' Equity (Deficit)
Warrants issued to purchase shares of common stock	632,381
Modification of convertible preferred stock	$2,384,000
Maximum
Stockholders' Equity (Deficit)
Preferred stock, shares authorized	5,000,000
Common stock, shares authorized	100,000,000
Maximum | Common stock warrants | Convertible Notes.
Stockholders' Equity (Deficit)
Exercise price of warrants issued (in dollars per share)									$39.15

Stockholders_Equity_Deficit_De1

Stockholders' Equity (Deficit) (Details 2) (USD $)	3 Months Ended		12 Months Ended	1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jan. 31, 2015
Weighted Average Exercise Price
Share based compensation expense	$1,232,000	$188,000
2015 Plan
Stock options
Shares reserved for issuance				1,320,000
Maximum annual increase in shares available for issuance (in shares)	1,690,000
Maximum annual increase in shares available for issuance, percentage of outstanding shares	5.00%
Stock options
Stock options
Vesting period	4 years
Expiration term	10 years
Shares available for grant
Balance at the beginning of the period (in shares)	21,705			21,705
Additional shares reserved (in shares)	1,320,000
Granted (in shares)	-32,444
Cancelled (in shares)	7,469
Balance at the end of the period (in shares)	1,316,730		21,705
Options outstanding
Balance outstanding at the beginning of the period (in shares)	3,010,373			3,010,373
Granted (in shares)	32,444
Cancelled (in shares)	-7,469
Balance outstanding at the end of the period (in shares)	3,035,348		3,010,373
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$5.78			5.78
Granted (in dollars per shares)	$10.91
Cancelled (in dollars per share)	$14.34
Balance at the end of the period (in dollars per share)	$5.78		$5.78
Aggregate Intrinsic Value	17,714,000		13,188,000
Weighted-average grant date fair value of options granted	$5.83	$0.13
Aggregate intrinsic value of options outstanding and vested	188,000
Shares vested	212,498		201,018
Weighted average exercise price of options vested	$14.66		$5.38
Weighted average remaining contractual term	6 years 9 months 7 days		7 years 11 days
Stock options | Minimum
Stock options
Exercise price as percentage of fair value of shares	100.00%
Stock options | Minimum | Stockholder with more than 10% voting power
Stock options
Exercise price as percentage of fair value of shares	110.00%
2015 Employee Stock Purchase Plan
Stock options
Shares reserved for issuance				500,000
Maximum annual increase in shares available for issuance (in shares)	493,000
Maximum annual increase in shares available for issuance, percentage of outstanding shares	1.50%
Weighted Average Exercise Price
Maximum percentage of fair value to be considered under the plan				85.00%
Share based compensation expense	$23,000

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Unamortized compensation
Total unamortized compensation expense	$17,875,000		$18,938,000
Expected amortization period	3 years 8 months 5 days		3 years 11 months 1 day
Stock-based compensation expense
Total stock-based compensation expense	1,232,000	188,000
Common stock options
Valuation model average assumptions
Expected term (years)	6 years 3 months 18 days	7 years
Expected volatility	55.00%	52.10%
Risk-free interest rate	1.70%	2.10%
2015 Employee Stock Purchase Plan
Valuation model average assumptions
Expected term (years)	6 months
Expected volatility	47.20%
Risk-free interest rate	0.07%
Stock-based compensation expense
Total stock-based compensation expense	23,000
Cost of revenues
Stock-based compensation expense
Total stock-based compensation expense	60,000	13,000
Research and development expenses
Stock-based compensation expense
Total stock-based compensation expense	552,000	50,000
Selling, general and administrative expenses
Stock-based compensation expense
Total stock-based compensation expense	$620,000	$125,000