Corindus Vascular Robotics (CVRS) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 07, 2018
Document And Entity Information
Entity Registrant Name	Corindus Vascular Robotics, Inc.
Entity Central Index Key	1,528,557
Document Type	10-Q
Trading Symbol	CVRS
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Voluntary Filers	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		188,787,381
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash	$ 43,951	$ 17,458
Accounts receivable	2,009	2,863
Inventories, net	3,040	2,103
Prepaid expenses and other current assets	694	539
Total current assets	49,694	22,963
Property and equipment, net	1,526	1,452
Deposits and other assets	511	151
Total assets	51,731	24,566
Current Liabilities:
Accounts payable	2,482	2,416
Accrued expenses	3,397	3,637
Customer deposits	95	93
Deferred revenue	337	339
Current portion of capital lease obligation	51	49
Total current liabilities	6,362	6,534
Long-term liabilities:
Deferred revenue, net of current portion	273	342
Long-term capital lease obligation	89	102
Other liabilities	94	73
Long-term debt, net of current portion	11,482
Warrant liability	180
Total long-term liabilities	12,118	517
Total liabilities	18,480	7,051
Commitments and Contingencies
Preferred stock:
Total preferred stock	20,689
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 2,000,000 shares designated at March 31, 2018 and none designated, issued or outstanding at December 31, 2017
Common stock, $0.0001 par value; 250,000,000 shares authorized; 188,782,041 shares issued and outstanding at March 31, 2018 and 188,764,851 shares issued and outstanding at December 31, 2017	19	19
Additional paid-in capital	202,994	198,337
Accumulated deficit	(190,451)	(180,841)
Total stockholders' equity	12,562	17,515
Total liabilities, preferred stock and stockholders' equity	51,731	$ 24,566
Series A Preferred Stock [Member]
Preferred stock:
Total preferred stock	20,564
Series A-1 Preferred Stock [Member]
Preferred stock:
Total preferred stock	$ 125

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, designated shares	2,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized shares	250,000,000	250,000,000
Common stock, issued shares	188,782,041	188,764,851
Common stock, outstanding shares	188,782,041	188,764,851
Series A Preferred Stock [Member]
Series Preferred stock, par value (in dollars per share)	$ 0.0001
Series Preferred stock, issued shares	1,000,000
Series Preferred stock, outstanding shares	1,000,000
Preferred stock, designated shares	1,000,000
Series A-1 Preferred Stock [Member]
Series Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, designated shares	1,000,000

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenue	$ 1,485	$ 777
Cost of revenue	1,929	1,892
Gross loss	(444)	(1,115)
Operating expenses:
Research and development	2,135	2,564
Selling, general and administrative	7,455	6,072
Total operating expense	9,590	8,636
Operating loss	(10,034)	(9,751)
Other income (expense)
Warrant revaluation	30
Interest, net	(46)	(134)
Total other income (expense), net	(16)	(134)
Net loss	(10,050)	(9,885)
Accretion of beneficial conversion feature of Series A preferred stock	(5,236)
Accrued dividends on Series A preferred stock	(125)
Net loss attributable to common stockholders	$ (15,411)	$ (9,885)
Net loss per share attributable to common stockholders--basic and diluted (in dollars per share)	$ (0.08)	$ (0.07)
Weighted-average common shares used in computing net loss per share attributable to common stockholders--basic and diluted (in shares)	188,771,216	131,880,187
Comprehensive loss:
Net loss	$ (10,050)	$ (9,885)
Comprehensive loss	$ (10,050)	$ (9,885)

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PREFERRED STOCK AND STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Dec. 31, 2017		$ 19	$ 198,337	$ (180,841)	$ 17,515
Beginning balance, (in shares) at Dec. 31, 2017		188,764,851			188,764,851
Cumulative effect of a change in accounting principles				440	$ 440
Stock-based compensation expense			674		674
Issuance of Series A preferred stock in in connection with private placement, net of issuance costs of $329	$ 20,564
Issuance of Series A preferred stock in in connection with private placement, net of issuance costs of $329 (in shares)	1,000,000
Issuance of warrants in connection with private placement			4,108		4,108
Beneficial conversion feature of Series A preferred stock	$ (5,236)		5,236		5,236
Accretion of beneficial conversion feature of Series A preferrred stock	5,236		(5,236)		(5,236)
Accrued dividends on Series A preferred stock	125		(125)		(125)
Issuance of common stock upon vesting of restricted stock units (in shares)		17,190
Net loss				(10,050)	(10,050)
Ending balance at Mar. 31, 2018	$ 20,689	$ 19	$ 202,994	$ (190,451)	$ 12,562
Ending balance, (in shares) at Mar. 31, 2018	1,000,000	188,782,041			188,782,041

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 329

UNAUDITED CONDENSED CONSOLIDAT7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net loss	$ (10,050)	$ (9,885)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	163	175
Stock-based compensation expense	674	792
Accretion of interest expense	16	57
Write down of inventories	192	201
Warrant liability revaluation	(30)
Changes in operating assets and liabilities:
Accounts receivable	854	(12)
Due from related party		250
Prepaid expenses and other current assets	(117)	52
Inventories	(1,325)	(1,166)
Deposits and other assets	11	(1)
Accounts payable, accrued expenses, and other liabilities	(309)	(316)
Customer deposits	2	2,000
Deferred revenue	10	83
Net cash used in operating activities	(9,909)	(7,770)
Investing activities
Purchase of property and equipment	(41)	(20)
Net cash used in investing activities	(41)	(20)
Financing activities
Proceeds from issuance of Series A preferred stock and warrants, net of offering costs	24,809
Proceeds from issuance of long-term debt and warrants, net of deferred financing costs and discounts	11,645
Payments on capital lease obligation	(11)
Proceeds from issuance of common stock, net of issuance costs		45,005
Payments on debt		(1,169)
Net cash provided by financing activities	36,443	43,836
Net increase in cash and cash equivalents	26,493	36,046
Cash and cash equivalents at beginning of period	17,458	9,183
Cash and cash equivalents at end of period	43,951	45,229
Supplemental Disclosure of Cash Flow Information:
Fair value of warrants issued with Series A Preferred Stock	4,162
Fair value of warrants issued with long-term debt	210
Transfer from inventories to property and equipment in the field	196	125
Deferred offering costs in accounts payable and accrued expenses	138	394
Financing costs in accounts payable and accrued expenses	19
Interest paid	$ 27	$ 89

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1 Nature of Operations The Company Corindus Vascular Robotics, Inc. (the “Company”), a Delaware corporation, has corporate headquarters, manufacturing, and a research and development facility in Waltham, Massachusetts and the Company is engaged in the design, manufacture and sale of precision vascular robotic-assisted systems (“CorPath System”) for use in interventional vascular procedures. The Company’s future capital requirements will depend upon many factors, including progress with developing, manufacturing and marketing its technologies, the time and costs involved in preparing, filing, prosecuting, maintaining and enforcing patent claims and other proprietary rights, its ability to establish collaborative arrangements, marketing activities and competing technological and market developments, including regulatory changes affecting medical procedure reimbursement, and overall economic conditions in the Company’s target markets. Liquidity On March 16, 2018, the Company closed on a private placement of convertible preferred stock for net proceeds of $24,671. The preferred stock is convertible into an aggregate of 20,000,000 shares of common stock, and is entitled to receive non-compounding dividends in additional shares of preferred stock, at the rate of 12% per annum, subject to reduction in the event certain milestones are achieved. The preferred stock purchasers were also issued warrants to purchase an aggregate of 8,750,000 shares of common stock at an exercise price of $1.40 per share, exercisable either for cash or on a cashless basis. See Note 5 for further details. On March 16, 2018, the Company completed a financing arrangement with two lenders which provides for borrowings of up to $26,000 in the form of up to $23,000 in term loans and up to a $3,000 revolving line-of-credit through March 2022. The Company received $11,626 in net proceeds under the term loan facility and $0 in principal outstanding under the revolving loan facility. An additional $5,500 in term loans may become available in the future provided the Company has achieved a specified gross profit milestone prior to January 1, 2019, and an additional $5,500 may become available provided the Company receives net cash proceeds of $30,000 from a future sale of the Company’s equity securities prior to July 1, 2019 and achieves a specified gross profit milestone prior to September 1, 2019. Until such time that the Company achieves the specified criteria, the additional term loans are not available to the Company. The Company can provide no assurance that it will achieve the gross profit or equity financing milestones that will trigger the Company’s ability to further draw the term loan facility. The revolving line-of-credit also has various clauses which restrict its availability and for which the Company currently does not meet such restrictions. See Note 4 for additional details. The Company has incurred losses since inception and has funded its cash flow deficits primarily through the issuance of capital stock and debt. As of March 31, 2018, the Company had an accumulated deficit of $190,451. As of March 31, 2018, the Company had cash of $43,951 and working capital of $43,332. The Company anticipates that these available resources will be sufficient to meet its cash requirements for at least the next 12 months from May 15, 2018 (“evaluation period”). However, the Company’s historical and originally projected cash flow needs during the evaluation period raises substantial doubt about the Company’s ability to continue as a going concern through the evaluation period. In order to ensure that its existing resources on hand are adequate through the evaluation period, management has developed cost cutting measures which it began to implement subsequent to the first quarter of 2018. These cost cutting initiatives include reduced spending on items including headcount, consulting, travel, marketing and other discretionary items, and the delay of certain capital expenditures. The reduction in headcount undertaken in the second quarter of 2018 is expected to result in costs and cash expenditures estimated at approximately $300, substantially all of which are related to employee severance and benefits costs, and the Company anticipates estimated annualized savings in personnel-related costs of approximately $4,800 beginning in the third quarter of 2018. The Company has evaluated whether or not its cash on hand would be sufficient to sustain projected operating activities through the evaluation period as required by Accounting Standards Codification (ASC) 205-40 Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. Based on its updated forecasts of annual cash flow deficits, which are estimated to be approximately $29,000 to $31,000 per year, the Company anticipates that these resources will be sufficient to meet the Company’s cash requirements during the evaluation period. However, if the Company is unable to substantially achieve its operating plans, the Company’s existing capital resources at March 31, 2018 would not be sufficient to support the current operating plan through the evaluation period. Under current accounting standards, since the Company’s contingency plans to mitigate the risk and extend cash resources through the evaluation period are not considered probable, substantial doubt exists about the Company’s ability to continue as a going concern. Due to the inherent uncertainty in predicting revenues and certain variable costs, the Company has considered its ability to reduce cash flow deficits and has determined that if it does not achieve its revenue forecast, the Company would undertake the following activities to reduce its cash flow deficits: ● Defer or limit some or all of its spending on capital equipment on CorPath Systems to be used in marketing and training activities that were otherwise planned for 2018; ● eliminate or defer the 2018 discretionary bonus payouts for all bonus eligible employees including executive management; and ● further reduce spending on travel, clinical programs and prototypes. The Company believes its current plan and any other future required plans can be effectively implemented as all of the actions are within its control and will be finalized and will be able to be effectively implemented, if required. However, such contingency actions have not been finalized (because the specifics would depend on the situation at the time); therefore, these and other such actions are also not considered probable for purposes of current accounting standards. As the Company continues to incur losses, its transition to profitability is dependent upon achieving a level of revenues adequate to support its cost structure. The Company may never achieve profitability, and unless and until doing so, the Company intends to fund future operations through additional non-dilutive or dilutive financings. There can be no assurances, however, that additional funding will be available on terms acceptable to the Company, if at all.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial statements for interim periods in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The information included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Form 10-K”). The Company’s accounting policies are described in the “ Notes to Consolidated Financial Statements Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Corindus, Inc. and Corindus Security Corporation. All intercompany transactions and balances have been eliminated in consolidation. The functional currency of both wholly-owned subsidiaries is the U.S. dollar and, therefore, the Company has not recorded any currency translation adjustments. In the fourth quarter of 2014, the Company participated in the formation of a not-for-profit, which was established to generate awareness of the health risks linked to the use of fluoroscopy in hospital catheterization. As of March 31, 2018, the Company’s Chief Executive Officer and one of its senior executives represented two of the four voting members of the board of directors of the entity. As a result, under the voting model used for the consolidation of related parties, which are controlled by a company, the Company has consolidated the financial statements of the entity, and recognized expenses of $5 and $12 for the three months ended March 31, 2018 and 2017, respectively, and other income of $0 and $15 for the three months ended March 31, 2018 and 2017, respectively. The entity had assets and liabilities of $6 and $1 respectively, on the Company’s condensed consolidated balance sheet at March 31, 2018 and assets and liabilities of $15 and $7 respectively, on the Company’s balance sheet at December 31, 2017. Segment Information The Company operates in one business segment, which is the development, marketing and sales of robotic-assisted vascular interventions. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the chief operating decision maker has made such decisions and assessed performance at the company level, as one segment. The Company’s chief operating decision maker is the Chief Executive Officer. Use of Estimates The process of preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements. Such management estimates include those relating to revenue recognition, inventory valuation, assumptions used in the valuation of the Company's preferred stock and warrants, valuation of stock-based awards, and valuation allowances against deferred income tax assets. Actual results could differ from those estimates. Significant Customers The table below sets forth the Company’s customers that accounted for greater than 10% of its revenues for the three-month periods ended March 31, 2018 and 2017, respectively: Three months ended Customer 2018 2017 A 47 % 33 % B 34 % 1 % C — % 33 % Customers A and B accounted for 36% and 25%, respectively, of the Company’s accounts receivable balance at March 31, 2018 while one other customer accounted for 25% of the Company’s accounts receivable balance at March 31, 2018. Given the current revenue levels, in a period in which the Company sells a system, that customer is likely to represent a significant customer. Revenues from domestic customers were $1,431 and $753 for the three months ended March 31, 2018 and 2017, respectively. Revenues from international customers were $54 and $24 for the three months ended March 31, 2018 and 2017, respectively. Off-Balance Sheet Arrangements The Company has no significant off-balance sheet risks such as foreign exchange contracts, option contracts, or other hedging arrangements. Fair Value Measurements In accordance with ASC 820, Fair Value Measurements and Disclosures, the Company generally defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company uses a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: ● Level 1 — ● Level 2 ● Level 3 At March 31, 2018, the Company had one item, its warrant liability, measured at fair value on a recurring basis. At December 31, 2017, the Company had no assets that were measured at fair value on a recurring basis. The warrant liability relates to warrants to purchase shares of the Company’s common stock that were issued to the Company’s lenders in connection with a debt financing arrangement executed on March 16, 2018 (see Note 4). The fair value of these warrants was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. In order to determine the fair value of these warrants, the Company utilized a Monte-Carlo simulation in combination with a Black-Scholes option model. Estimates and assumptions impacting the fair value measurement include the fair value of the underlying shares of common stock, the remaining contractual term of the warrant, risk-free interest rate, expected dividend yield, expected volatility of the price of the underlying preferred stock and management’s assessment of the probability of additional borrowing on the credit facility. Due to the available public market information for the Company’s common stock for only a limited period of time, the Company estimates its expected stock volatility based on the historical volatility of publicly traded guideline companies for a term equal to the estimated remaining contractual term of the warrants. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrants. The Company estimated no expected dividend yield based on the fact that the Company has never paid or declared dividends and does not intend to do so in the foreseeable future. The Company also estimated the number of shares issuable under the warrant based upon its assessment of the timing and amounts of future advances drawn under the financing arrangement. The assumptions that the Company used to determine the fair value of these warrants are as follows: March 16, 2018 (Date of Issuance) March 31, 2018 Volatility 75% to 83% 75% to 83% Risk-free interest free 2.8% 2.7% Estimate term (in years) 8.5 to 10 8.5 to 10 The following table sets forth a summary of changes in the fair value of the Company’s common stock warrant based on Level 3 inputs: Balance at December 31, 2017 $ — Issuance of warrants in connection with debt financing arrangement 210 Revaluation of warrants (30 ) Balance at March 31, 2018 $ 180 The Company’s financial instruments of deposits and other assets are carried at cost and approximate their fair values given the liquid nature of such items. The fair value of the Company’s long-term debt and capital lease obligation approximates their carrying values due to their recent negotiation and variable market rate for the long-term debt. Cash Equivalents The Company considers highly liquid short-term investments, which consists of money market funds, to be cash equivalents. From time to time, the Company’s cash balances may exceed federal deposit insurance limits. Inventories Inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. The Company routinely monitors the recoverability of its inventory and records the lower of cost or net realizable value reserves based on current selling prices and reserves for excess and obsolete inventory based on historical and forecasted usage, as required. Scrap and excess manufacturing costs are charged to cost of revenue as incurred and not capitalized as part of inventories. The Company only capitalizes pre-launch inventories when purchased for commercial use and it deems regulatory approval to be probable. Customer Deposits Customer deposits represent cash received from customers for whom related products have not been delivered or services have not yet been performed. Revenue from Contracts with Customers Adoption of ASC Topic 606, Revenue from Contracts with Customers The Company adopted Topic 606 on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for 2018 reflect the application of Topic 606 guidance while the reported results for 2017 were prepared under the guidance of ASC 605, Revenue Recognition (ASC 605), which is also referred to herein as “legacy GAAP” or the “previous guidance”. The adoption of Topic 606 resulted in a cumulative impact of $353 related to revenue and $87 related to capitalized contract costs as of adoption date. The adoption of Topic 606 represents a change in accounting principle that will more closely align revenue recognition with the delivery of the Company’s products to its customers and will provide financial statement readers with enhanced disclosures. Financial Statement Impact of Adopting Topic 606 The cumulative effect of applying the new guidance to all contracts with customers that were not completed as of December 31, 2017, was recorded as an adjustment to accumulated deficit as of the adoption date. As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to accounts on the condensed consolidated balance sheet as of January 1, 2018: As Reported at December 31, 2017 Adjustments Due to Topic 606 Balance at Assets: Prepaid expenses and other current assets $ 539 $ 38 $ 577 Deposits and other assets $ 151 $ 321 $ 472 Liabilities: Deferred revenue $ 339 $ (68 ) $ 271 Deferred revenue, net of current portion $ 342 $ (13 ) $ 329 Stockholders’ equity: Accumulated deficit $ (180,841 ) $ 440 $ (180,401 ) The following tables compare the reported condensed consolidated balance sheet and statement of operations, as of and for the three months ended March 31, 2018, to the pro-forma amounts as if the previous guidance had been in effect: As of March 31, 2018 Balance Sheet As reported Pro-forma as if the previous guidance was in effect Assets: Prepaid expenses and other current assets $ 694 $ 625 Deposits and other assets $ 511 $ 191 Liabilities: Deferred revenue $ 337 $ 377 Deferred revenue, net of current portion $ 273 $ 269 Stockholders' Equity: Accumulated deficit $ (190,451 ) $ (190,875 ) Three months Ended March 31, 2018 Statement of Operations As reported Pro-forma as if the previous guidance was in effect Revenue $ 1,485 $ 1,496 Selling, general and administrative 7,455 7,450 Net loss $ (10,050 ) $ (10,034 ) Net loss attributable to common stockholders $ (15,411 ) $ (15,395 ) Net loss per share attributable to common stockholders-basic and diluted $ (0.08 ) $ (0.08 ) The most significant impact was the recognition pattern for promised goods and services related to the Company’s service plans. The new standard requires revenues to be estimated and recognized upon transfer of the promised goods and services, which resulted in a cumulative adjustment of approximately $353. Under the new standard, the Company was able to recognize limited revenues upon delivery of certain promised goods, prior to the customers being invoiced based on the contractual arrangement with the Company. Specifically, the Company sells certain extended service plans which may include a specified upgrade or an unspecified upgrade right. Under legacy GAAP, the Company recognized revenue for service plans ratably over the term of the services to be provided. Under the new standard, the Company concluded that the service plans and upgrade rights were distinct performance obligations, and therefore would be recognized as the individual components of the service were delivered. The Company determined that the service component of the plans would continue to be recognized ratably over the term of the agreement, whereas the unspecified upgrade component would be recognized ratably over the term of the unspecified upgrade right, and the specified upgrade component would be recognized at a point in time upon delivery. The change in the timing of revenue recognition is primarily related to the impact associated with the accelerated recognition of specified upgrades. Another impact relates to the requirement to capitalize incremental costs to acquire new contracts, which consist of sales commissions. During previous periods, these costs were expensed as incurred. Adoption of the new standard resulted in the capitalization of $87 of such incremental costs. Revenue Recognition The Company generates revenues primarily from the sale of the CorPath System, CorPath Cassettes, accessories and service contracts. Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of the new revenue recognition accounting standard, the Company performs the following five steps: (i) identifies the contract with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method to which it expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information (historical, current and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when it performs its obligations under the contract and when the customer pays is one year or less. For contract where the period between performance and payment is greater than one year, the Company assesses whether a significant financing component exists, by applying a discount rate to the expected cash collections. If this difference is significant, the Company will conclude that a significant financing component exists. The Company identified a small number of contracts where the period between performance and payment was greater than one year; however, none of the Company's contracts contained a significant financing component as of March 31, 2018. Contracts that are modified to account for changes in contract specifications and requirements are assessed if the modification either creates new or changes the existing enforceable rights and obligations. Generally, contract modifications are for products or services that are not distinct from the existing contract due to the inability to use, consume or sell the products or services on their own to generate economic benefits and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Revenue is generally recognized when the customer obtains control of our product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract, or upon installation when the combined performance obligation is not distinct within the context of the contract. Service revenue is generally recognized over time as the services are delivered to the customer based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. Services are expected to be delivered to the customer throughout the term of the contract and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. The Company enters into certain contracts that have multiple performance obligations, one or more of which may be delivered subsequent to the delivery of other performance obligations. These performance obligations may include installation, training, maintenance and support services, and cassettes. The Company allocates the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price considering available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Revenue is then allocated to the performance obligations using the relative selling prices of each of the performance obligations in the contract. For all performance obligations, the Company determines the revenue for each deliverable based on its relative selling price in the contract and recognizes revenue upon delivery of the product or service, assuming all other revenue recognition criteria have been met. Revenue for equipment is recognized when the equipment has been delivered, and installation and training have been completed. Revenue for cassettes and option equipment is recognized when the goods have been delivered. Revenue for maintenance and support services is recognized ratably over the term of the service contract. Contract Assets Contract assets include unbilled amounts for primarily maintenance and support service and future cassette purchases where revenue recognized exceeds the amount billed to the customer, and the Company's right to bill is not until the maintenance and support service period commence or the cassettes are delivered. Amounts may not exceed their net realizable value. Short-term contract assets are included in prepaid expenses and other current assets on the Company's consolidated balance sheets in 2018. Long-term contract assets are included in deposits and other assets on the Company's consolidated balance sheets in 2018. Deferred Commissions The Company’s incremental direct costs of obtaining a contract, which consist of sales commissions, are deferred and amortized over the period of contract performance. Applying the practical expedient, the Company recognizes sales commission expense when incurred if the amortization period of the assets that it otherwise would have recognized in one year or less. At March 31, 2018 and January 1, 2018, the Company had $82 and $87 of deferred commissions, respectively. The Company had $5 of amortization expense related to deferred commissions during the three months ended March 31, 2018. These costs are included in Selling, general and administrative expenses. Contract Liabilities The Company contract liabilities consist of advance payments and billings in excess of revenue recognized (deferred revenue and customer deposits). The Company contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current or noncurrent based on the timing of when it expects to recognize revenue. In order to determine revenue recognized in the period from contract liabilities, the Company first allocates revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. If additional advances are received on those contracts in subsequent periods, the Company assumes all revenue recognized in the reporting period first applies to the beginning contract liability as opposed to a portion applying to the new advances for the period. Disaggregation of Revenue The following table summarizes revenue by revenue source for the three-month period ended March 31, 2018: Major Products/Service Lines Q1 2018 Product revenue $ 1,381 Service revenue 104 Total $ 1,485 Timing of Revenue Recognition Q1 2018 Products transferred at a point in time 1,381 Services transferred over time $ 104 Total $ 1,485 Product Revenue The Company generates revenue through the commercial production and sale of precision vascular robotic-assisted systems, the single-use accessories used in conjunction with such systems. Revenue from the sale of products is recognized at a point in time when the customer obtains control of the product. The Company recognizes system revenue when the CorPath System is delivered and installed, and accepted by the end user customer. The Company recognized cassette revenue when the related cassettes have been delivered to the end customer. All costs related to product sales are recognized at time of delivery. The Company does not provide for rights of return to customers on product sales and, therefore, does not record a provision for returns. Service Revenue Revenue generated from the maintenance and support service contracts is typically recognized ratably over the term of the service contract. Deferred Revenues The Company records deferred revenues when cash payments are received or due in advance of performance. Amounts received prior to satisfying the related performance obligations are recorded as deferred revenue in the accompanying balance sheets. Transaction Price Allocated to Future Performance Obligations Topic 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2018. The guidance provides certain practical expedients that limit this requirement and, therefore, the Company does not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less and (2) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of March 31, 2018: Less than Greater than 1 year Total Product revenue $ 247 $ 341 $ 588 Service and other revenue 504 755 1,259 Total $ 751 $ 1,096 $ 1,847 Contract Balances from Contracts with Customers Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract liabilities consist of deferred revenue and customer deposits. The following table presents changes in contract assets and contract liabilities during the three months ended March 31, 2018: Balance at Beginning of Period Additions Subtractions Balance at End of Period Three months ended March 31, 2018: Contract assets $ 359 $ 25 $ (5 ) 379 Contract liabilities: Deferred revenue $ 600 $ 90 $ (80 ) 610 Customer deposits $ 93 $ 2 $ — 95 During the three months ended March 31, 2018, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands): Three months ended Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period $ 80 Performance obligations satisfied in previous periods $ — The timing of revenue recognition, billings and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the goods or services is transferred to the customer and all revenue recognition criteria have been met. Costs to Obtain or Fulfill a Customer Contract Prior to the adoption of Topic 606, the Company expensed incremental commissions paid to sales representatives for obtaining product sales as well as service contracts. Under Topic 606, the Company currently capitalizes these incremental costs of obtaining customer contracts unless the capitalization and amortization of such costs are not expected to have a material impact on the financial statements. Capitalized commissions are amortized based on the transfer of the products or services to which the assets relate. Applying the practical expedient in paragraph ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general, and administrative expenses. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. Warrants to Purchase Common Stock The Company reviews the terms of warrants issued in connection with the applicable accounting guidance and classifies warrants as a long-term liability on the consolidated balance sheets if the warrant does not meet the equity criteria when the number of shares issuable are variable. Warrants to purchase shares of common stock issued in connection with the Company’s long-term debt agreement met these criteria because the number of shares will vary with additional draws on the debt and therefore required liability-classification. Liability-classified warrants are subject to re-measurement at each balance sheet date, and any change in fair value is recognized as a component of other income (expense) in the consolidated statements of operations. The Company estimated the fair value of these warrants at issuance and each balance sheet date thereafter using the Black-Scholes Model based on the estimated market value of the underlying common stock at the valuation measurement date, the remaining contractual term of the warrant, risk-free interest rates, expected dividends and expected volatility of the price of the underlying common stock. The Company classifies warrants within stockholders’ equity on the consolidated balance sheets if the warrants are considered to be indexed to the Company’s own capital stock, and otherwise would be recorded in stockholders’ equity. Warrants to purchase common stock issued in connection with the Company’s private placement of convertible preferred stock met these criteria and therefore were equity classified. The table below is a summary of the Company’s warrant activity during the three months ended March 31, 2018: Number of Warrants Weighted-average exercise price Outstanding at December 31, 2017 355,028 $ 1.41 Granted 8,891,287 1.40 Exercised — — Expired — — Outstanding at March 31, 2018 9,246,315 $ 1.40 Stock-Based Compensation The Company recognizes compensation costs resulting from the issuance of service stock-based awards to employees and directors as an expense in the consolidated statements of operations over the requisite service period based on a measurement of fair value for each stock award. The awards issued to date have primarily been stock options with service-based vesting periods over two or four years, restricted stock units with service-based vesting periods of one year, and shares of unrestricted common stock. During 2016, the Company also issued certain stock-based awards that contain both performance and service-based vesting conditions which vested over 25 months. The Company records expense on these awards when it becomes probable that the performance condition and requisite service will be met. The Company recognizes compensation costs resulting from the issuance of stock-based awards to non-employees as an expense in the consolidated statements of operations over the service period based on a measurement of fair value for each stock award at each performance date and period end. Upon vesting of the restricted stock units, the Company issues shares of its common stock which have a required holding period of 36 months from the date of grant of the restricted stock unit. As a result, the Company values the restricted stock units based on the closing price of the Company’s common stock on the date of grant less a discount for lack of marketability during the holding period. Research and Development Costs for research and development are expensed as incurred. Research and development expense consists primarily of salaries, salary-related expenses and costs of contractors and materials. Cash receipts from collaboration agreements accounted for under ASC 808, Collaborative Arrangements, are netted against the related research and development expenses in the period received and totaled $145 for the three months ended March 31, 2018. There were no such items during the three months ended March 31, 2017. Income Taxes The Company accounts for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to amounts that are realizable. Consistent with all prior periods, the Company did not record any income tax benefit for its operating losses for the three months ended March 31, 2018 and 2017 due to the uncertainty regarding future taxable income. On December 22, 2

Inventories

Inventories	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventories	Note 3 Inventories Inventories are valued at the lower of cost or net realizable value using the FIFO method and consist of the following: March 31, 2018 December 31, 2017 Raw material $ 1,517 $ 945 Work in progress 725 310 Finished goods 798 848 Total $ 3,040 $ 2,103 The Company wrote down inventories by $192 and $201 during the three months ended March 31, 2018 and 2017, respectively, to properly state amounts at the lower of cost or net realizable value.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Note 4 Long-Term Debt On March 16, 2018, the Company completed a financing arrangement with two lenders which provides for borrowings of up to $26,000 in the form of up to $23,000 in term loans and up to a $3,000 revolving line-of-credit through March 2022. Term Loan As of March 31, 2018, the Company had $12,000 in principal outstanding under the term loan facility and $0 in principal outstanding under the revolving loan facility. The initial term loan was made on March 16, 2018 in the amount of $12,000 (Term A Loan) and is repayable in equal monthly installments of principal and interest over 30 months beginning on October 1, 2019. Prior to October 1, 2019, the Company is required to make interest only payments. Term A Loan bears interest at a rate equal to the greater of (a) the ICE Benchmark LIBOR Rate plus 7.25% or (b) 8.83%. The interest rate in effect on Term A Loan was 9.0% at March 31, 2018. An additional $5,500 in term loans may become available in the future provided the Company has achieved a specified gross profit milestone prior to January 1, 2019, and an additional $5,500 may become available provided the Company draws on the first $5,500 term loan, receives net cash proceeds of $30,000 from a future sale of the Company’s equity prior to July 1, 2019 and achieves a specified gross profit milestone prior to September 1, 2019. Until such time that the Company achieves the specified criteria, the additional term loans are not available to the Company. The Company can provide no assurances that it will achieve the gross profit or equity financing milestones that will trigger the Company’s ability to further draw the term loan facility. The outstanding principal under the revolving line bears interest at a floating rate per annum equal to the greater of (i) 5.0% and (ii) the sum of (a) the “prime rate,” as reported in the Wall Street Journal, plus (b) 0.5%, which interest is payable monthly. Both loan facilities are secured by substantially all of the Company’s personal property other than the Company’s intellectual property. Both loan facilities include customary affirmative and negative covenants. Upon the earlier of the second advance under the term loan facility or the first advance under the revolving loan facility, the Company must also achieve minimum revenue on a monthly basis measured against a percentage of the Company’s Board of Directors-approved projections for the applicable fiscal year. The Company’s failure to satisfy the revenue, or any other, covenant could result in an event of default under the loan facilities. Revolving Loan Facility. The Company also has a revolving line of credit with the lenders, pursuant to which the lenders agreed to make a revolving line of credit available to the Company in an aggregate amount of up to the lesser of (i) $3 million or (ii) a borrowing base equal to 80% of the Company’s eligible accounts receivable. The revolving line-of-credit also has various clauses which restrict its availability and, as such, the Company is not currently eligible to draw down on the revolving line-of-credit. Proceeds from the revolving line of credit may be used for working capital and general business purposes. The revolving line of credit is secured by substantially all of the Company’s personal property other than intellectual property. The principal amount outstanding under the revolving line bears interest at a floating rate per annum equal to the greater of (i) 5.0% and (ii) the sum of (a) the “prime rate,” as reported in The Wall Street Journal, plus (b) 0.5%, which interest is payable monthly. Principal amounts borrowed under the revolving line of credit may be repaid and, prior to the maturity date, re-borrowed, subject to the terms and conditions set forth in the Revolving Loan Facility. The revolving line terminates, and all unpaid principal and accrued and unpaid interest with respect thereto is due and payable in full, on March 1, 2022. The Company is also required to pay an annual facility fee on the revolving line of $15 on each anniversary of the Effective Date, a termination fee of $22 if the revolving line is terminated prior to the maturity date for any reason, and an unused revolving line facility fee in an amount equal to 0.5% per annum of the average unused portion of the revolving line payable monthly. Both loan facilities also include other events of default, the occurrence and continuation of which could cause interest to be charged at the rate that is otherwise applicable plus 5.0% and would provide the collateral agent under the term loan facility or the lender under the revolving loan facility, as applicable, with the right to exercise remedies against the Company and the collateral securing the loan facilities. These events of default include, among other things, any failure by the Company to pay principal or interest due under the loan facilities, a breach of certain covenants under the loan facilities, the Company’s insolvency, a material adverse change, the occurrence of any default under certain other indebtedness in an amount greater than $250, one or more judgments against the Company in an amount greater than $250 individually or in the aggregate, and any default under the other loan facility. The Company was not in default on any conditions of the loan facilities at March 31, 2018. In connection with Term A Loan, the Company issued the lenders warrants to purchase 141,287 shares of the Company’s common stock at an exercise price of $1.27 per share. The fair value of the warrants issued were determined to be $210 at the date of issuance and $180 at March 31, 2018 (see Note 2), and were recorded as a liability in the accompanying consolidated balance sheet. The Company also incurred costs of $373 related to the issuance of the credit facility. After allocating the costs between the Term Loan and the revolving line of credit the Company recorded a debt discount of $532 to the Term loan which will be amortized to interest expense using the effective interest method and $51 of costs allocated to the revolving line of credit were recorded in other assets and will be recognized as interest expense on a straight-line basis. Future principal payments under the term loan facility as of March 31, 2018 are as follows: Year Ending Amount 2018 $ — 2019 1,200 2020 4,800 2021 4,800 2022 1,200 $ 12,000

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Preferred Stock	Note 5 Preferred Stock The Company is authorized to issue 10,000,000 million shares, $0.0001 par value per share, preferred stock. Of these shares, 1,000,000 shares of preferred stock have been designated as Series A Preferred Stock and 1,000,000 shares have been designated as Series A-1 Preferred Stock. On March 16, 2018, the Company issued 1,000,000 shares of Series A Preferred Stock along with warrants to purchase up to 8,750,000 shares of the Company’s common stock at an exercise price per share of $1.40 for proceeds of $24,671, net of issuance costs of $329. The Series A Preferred Stock is classified outside of stockholders’ equity because the shares contain certain redemption features which require redemption upon a change in control of the Company. The warrants were determined to be equity classified and are recorded in additional paid-in capital. The Company recorded the Series A Preferred Stock and the warrant at their relative fair values which were $20,838 and $4,162, respectively. The conversion option was determined to have a beneficial conversion feature which was valued at $5,236 and was recorded to additional paid-in capital and as a discount to the Series A Preferred Stock. This resulting discount was immediately amortized as the Series A Preferred Stock has no set redemption date but is currently convertible. The Company estimated the fair value of the warrants at issuance using the Black-Scholes Model based on the estimated market value of the underlying common stock at the valuation measurement date, the remaining contractual term of the warrants, risk-free interest rates, expected dividends and expected volatility of the price of the underlying common stock. The Company used the following assumptions for the valuation of these warrants at the issuance date: Risk-free interest rate 2.9 % Dividend yield 0.0 % Expected volatility 61.6 % Expected term (years) 10.0 The Company estimated the fair value of the Series A Preferred Stock using a Monte Carlo simulation to determine the applicable dividend rate for each respective period based on the financial performance milestone and market condition milestone, as well as to determine the ultimate settlement method of the Series A Preferred Stock. The Company used the following assumptions utilized in the valuation of the Series A Preferred Stock at the issuance date: Expected volatility of future equity 45.9 % Estimated timing of Series A Preferred stock liquidity event (years) 3.8 Once the fair value of both the Series A Preferred Stock and warrants described above were determined, a relative fair value calculation was performed to allocate the gross proceeds from the transaction to each component. Dividends Voting Rights Rank Liquidation Preference Conversion Issuance Limitation Forced Conversion As of March 31, 2018, the redemption value and liquidation preference of the Series A Preferred Stock was $25,125 and it was convertible into 20,000 shares of the Company’s common stock. As of March 31, 2018, the Company has not issued any shares of Series A-1 Preferred Stock. On April 15, 2018 (the Series A dividend payment date), the Company issued 10,400 shares of Series A-1 Preferred stock to the holders of Series A to fulfill the dividend payment obligation.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 6 Stock-based Compensation Stock-based compensation expense was allocated based on the employees’ or non-employees’ function as follows: Three Months Ended March 31, 2018 2017 Cost of revenue $ 28 $ — Research and development 61 56 Selling, general and administrative 585 736 Total $ 674 $ 792 The Company granted options to purchase 1,921,000 shares of common stock at an exercise price of $1.05 per share during the three months ended March 31, 2018. The weighted-average fair value of the stock options granted was $1.05 per share for the three months ended March 31, 2018. The Company did not grant any options to purchase shares of common stock or shares of restricted units during the three months ended March 31, 2017. The following assumptions were used to estimate the fair value of stock options granted using the Black-Scholes option-pricing model for the three months ended March 31, 2018: Risk-free interest 2.69-2.84% Expected term in years 6.25-10.00 Expected volatility 67-71% Expected dividend yield 0% The following table summarizes the activities for the Company’s unvested restricted stock units for the three months ended March 31, 2018: Unvested Restricted Stock Units Number of shares Weighted-average Grant-Date Fair Value Unvested as of December 31, 2017 42,406 $ 0.87 Granted 14,999 $ 1.19 Vested (17,190 ) $ 0.87 Forfeited/Cancelled (16,036 ) $ 0.87 Unvested as of March 31, 2018 24,179 $ 1.07

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Loss per Share	Note 7 Net Loss per Share The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2018 2017 Options to purchase common stock 19,534,224 17,417,388 Warrants to purchase common stock 9,246,315 5,083,219 Restricted stock units 24,179 — Series A preferred stock 1,000,000 —

Significant Accounting Polici15

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Corindus, Inc. and Corindus Security Corporation. All intercompany transactions and balances have been eliminated in consolidation. The functional currency of both wholly-owned subsidiaries is the U.S. dollar and, therefore, the Company has not recorded any currency translation adjustments. In the fourth quarter of 2014, the Company participated in the formation of a not-for-profit, which was established to generate awareness of the health risks linked to the use of fluoroscopy in hospital catheterization. As of March 31, 2018, the Company’s Chief Executive Officer and one of its senior executives represented two of the four voting members of the board of directors of the entity. As a result, under the voting model used for the consolidation of related parties, which are controlled by a company, the Company has consolidated the financial statements of the entity, and recognized expenses of $5 and $12 for the three months ended March 31, 2018 and 2017, respectively, and other income of $0 and $15 for the three months ended March 31, 2018 and 2017, respectively. The entity had assets and liabilities of $6 and $1 respectively, on the Company’s condensed consolidated balance sheet at March 31, 2018 and assets and liabilities of $15 and $7 respectively, on the Company’s balance sheet at December 31, 2017.
Segment Information	Segment Information The Company operates in one business segment, which is the development, marketing and sales of robotic-assisted vascular interventions. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the chief operating decision maker has made such decisions and assessed performance at the company level, as one segment. The Company’s chief operating decision maker is the Chief Executive Officer.
Use of Estimates	Use of Estimates The process of preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements. Such management estimates include those relating to revenue recognition, inventory valuation, assumptions used in the valuation of the Company's preferred stock and warrants, valuation of stock-based awards, and valuation allowances against deferred income tax assets. Actual results could differ from those estimates.
Significant Customers	Significant Customers The table below sets forth the Company’s customers that accounted for greater than 10% of its revenues for the three-month periods ended March 31, 2018 and 2017, respectively: Three months ended March 31, Customer 2018 2017 A 47 % 33 % B 34 % 1 % C — % 33 % Customers A and B accounted for 36% and 25%, respectively, of the Company’s accounts receivable balance at March 31, 2018 while one other customer accounted for 25% of the Company’s accounts receivable balance at March 31, 2018. Given the current revenue levels, in a period in which the Company sells a system, that customer is likely to represent a significant customer. Revenues from domestic customers were $1,431 and $753 for the three months ended March 31, 2018 and 2017, respectively. Revenues from international customers were $54 and $24 for the three months ended March 31, 2018 and 2017, respectively.
Off-Balance Sheet Arrangements	Off-Balance Sheet Arrangements The Company has no significant off-balance sheet risks such as foreign exchange contracts, option contracts, or other hedging arrangements.
Fair Value Measurements	Fair Value Measurements In accordance with ASC 820, Fair Value Measurements and Disclosures, the Company generally defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company uses a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: ● Level 1 — ● Level 2 ● Level 3 At March 31, 2018, the Company had one item, its warrant liability, measured at fair value on a recurring basis. At December 31, 2017, the Company had no assets that were measured at fair value on a recurring basis. The warrant liability relates to warrants to purchase shares of the Company’s common stock that were issued to the Company’s lenders in connection with a debt financing arrangement executed on March 16, 2018 (see Note 4). The fair value of these warrants was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. In order to determine the fair value of these warrants, the Company utilized a Monte-Carlo simulation in combination with a Black-Scholes option model. Estimates and assumptions impacting the fair value measurement include the fair value of the underlying shares of common stock, the remaining contractual term of the warrant, risk-free interest rate, expected dividend yield, expected volatility of the price of the underlying preferred stock and management’s assessment of the probability of additional borrowing on the credit facility. Due to the available public market information for the Company’s common stock for only a limited period of time, the Company estimates its expected stock volatility based on the historical volatility of publicly traded guideline companies for a term equal to the estimated remaining contractual term of the warrants. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrants. The Company estimated no expected dividend yield based on the fact that the Company has never paid or declared dividends and does not intend to do so in the foreseeable future. The Company also estimated the number of shares issuable under the warrant based upon its assessment of the timing and amounts of future advances drawn under the financing arrangement. The assumptions that the Company used to determine the fair value of these warrants are as follows: March 16, 2018 (Date of Issuance) March 31, 2018 Volatility 75% to 83% 75% to 83% Risk-free interest free 2.8% 2.7% Estimate term (in years) 8.5 to 10 8.5 to 10 The following table sets forth a summary of changes in the fair value of the Company’s common stock warrant based on Level 3 inputs: Balance at December 31, 2017 $ — Issuance of warrants in connection with debt financing arrangement 210 Revaluation of warrants (30 ) Balance at March 31, 2018 $ 180 The Company’s financial instruments of deposits and other assets are carried at cost and approximate their fair values given the liquid nature of such items. The fair value of the Company’s long-term debt and capital lease obligation approximates their carrying values due to their recent negotiation and variable market rate for the long-term debt.
Cash Equivalents	Cash Equivalents The Company considers highly liquid short-term investments, which consists of money market funds, to be cash equivalents. From time to time, the Company’s cash balances may exceed federal deposit insurance limits.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. The Company routinely monitors the recoverability of its inventory and records the lower of cost or net realizable value reserves based on current selling prices and reserves for excess and obsolete inventory based on historical and forecasted usage, as required. Scrap and excess manufacturing costs are charged to cost of revenue as incurred and not capitalized as part of inventories. The Company only capitalizes pre-launch inventories when purchased for commercial use and it deems regulatory approval to be probable.
Customer Deposits	Customer Deposits Customer deposits represent cash received from customers for whom related products have not been delivered or services have not yet been performed.
Revenue from Contracts with Customers	Revenue from Contracts with Customers Adoption of ASC Topic 606, Revenue from Contracts with Customers The Company adopted Topic 606 on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for 2018 reflect the application of Topic 606 guidance while the reported results for 2017 were prepared under the guidance of ASC 605, Revenue Recognition (ASC 605), which is also referred to herein as “legacy GAAP” or the “previous guidance”. The adoption of Topic 606 resulted in a cumulative impact of $353 related to revenue and $87 related to capitalized contract costs as of adoption date. The adoption of Topic 606 represents a change in accounting principle that will more closely align revenue recognition with the delivery of the Company’s products to its customers and will provide financial statement readers with enhanced disclosures. Financial Statement Impact of Adopting Topic 606 The cumulative effect of applying the new guidance to all contracts with customers that were not completed as of December 31, 2017, was recorded as an adjustment to accumulated deficit as of the adoption date. As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to accounts on the condensed consolidated balance sheet as of January 1, 2018: As Reported at December 31, 2017 Adjustments Due to Topic 606 Balance at Assets: Prepaid expenses and other current assets $ 539 $ 38 $ 577 Deposits and other assets $ 151 $ 321 $ 472 Liabilities: Deferred revenue $ 339 $ (68 ) $ 271 Deferred revenue, net of current portion $ 342 $ (13 ) $ 329 Stockholders’ equity: Accumulated deficit $ (180,841 ) $ 440 $ (180,401 ) The following tables compare the reported condensed consolidated balance sheet and statement of operations, as of and for the three months ended March 31, 2018, to the pro-forma amounts as if the previous guidance had been in effect: As of March 31, 2018 Balance Sheet As reported Pro-forma as if the previous guidance was in effect Assets: Prepaid expenses and other current assets $ 694 $ 625 Deposits and other assets $ 511 $ 191 Liabilities: Deferred revenue $ 337 $ 377 Deferred revenue, net of current portion $ 273 $ 269 Stockholders' Equity: Accumulated deficit $ (190,451 ) $ (190,875 ) Three months Ended March 31, 2018 Statement of Operations As reported Pro-forma as if the previous guidance was in effect Revenue $ 1,485 $ 1,496 Selling, general and administrative 7,455 7,450 Net loss $ (10,050 ) $ (10,034 ) Net loss attributable to common stockholders $ (15,411 ) $ (15,395 ) Net loss per share attributable to common stockholders-basic and diluted $ (0.08 ) $ (0.08 ) The most significant impact was the recognition pattern for promised goods and services related to the Company’s service plans. The new standard requires revenues to be estimated and recognized upon transfer of the promised goods and services, which resulted in a cumulative adjustment of approximately $353. Under the new standard, the Company was able to recognize limited revenues upon delivery of certain promised goods, prior to the customers being invoiced based on the contractual arrangement with the Company. Specifically, the Company sells certain extended service plans which may include a specified upgrade or an unspecified upgrade right. Under legacy GAAP, the Company recognized revenue for service plans ratably over the term of the services to be provided. Under the new standard, the Company concluded that the service plans and upgrade rights were distinct performance obligations, and therefore would be recognized as the individual components of the service were delivered. The Company determined that the service component of the plans would continue to be recognized ratably over the term of the agreement, whereas the unspecified upgrade component would be recognized ratably over the term of the unspecified upgrade right, and the specified upgrade component would be recognized at a point in time upon delivery. The change in the timing of revenue recognition is primarily related to the impact associated with the accelerated recognition of specified upgrades. Another impact relates to the requirement to capitalize incremental costs to acquire new contracts, which consist of sales commissions. During previous periods, these costs were expensed as incurred. Adoption of the new standard resulted in the capitalization of $87 of such incremental costs.
Revenue Recognition	Revenue Recognition The Company generates revenues primarily from the sale of the CorPath System, CorPath Cassettes, accessories and service contracts. Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of the new revenue recognition accounting standard, the Company performs the following five steps: (i) identifies the contract with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method to which it expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information (historical, current and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when it performs its obligations under the contract and when the customer pays is one year or less. For contract where the period between performance and payment is greater than one year, the Company assesses whether a significant financing component exists, by applying a discount rate to the expected cash collections. If this difference is significant, the Company will conclude that a significant financing component exists. The Company identified a small number of contracts where the period between performance and payment was greater than one year; however, none of the Company's contracts contained a significant financing component as of March 31, 2018. Contracts that are modified to account for changes in contract specifications and requirements are assessed if the modification either creates new or changes the existing enforceable rights and obligations. Generally, contract modifications are for products or services that are not distinct from the existing contract due to the inability to use, consume or sell the products or services on their own to generate economic benefits and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Revenue is generally recognized when the customer obtains control of our product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract, or upon installation when the combined performance obligation is not distinct within the context of the contract. Service revenue is generally recognized over time as the services are delivered to the customer based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. Services are expected to be delivered to the customer throughout the term of the contract and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. The Company enters into certain contracts that have multiple performance obligations, one or more of which may be delivered subsequent to the delivery of other performance obligations. These performance obligations may include installation, training, maintenance and support services, and cassettes. The Company allocates the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price considering available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Revenue is then allocated to the performance obligations using the relative selling prices of each of the performance obligations in the contract. For all performance obligations, the Company determines the revenue for each deliverable based on its relative selling price in the contract and recognizes revenue upon delivery of the product or service, assuming all other revenue recognition criteria have been met. Revenue for equipment is recognized when the equipment has been delivered, and installation and training have been completed. Revenue for cassettes and option equipment is recognized when the goods have been delivered. Revenue for maintenance and support services is recognized ratably over the term of the service contract.
Contract Assets	Contract Assets Contract assets include unbilled amounts for primarily maintenance and support service and future cassette purchases where revenue recognized exceeds the amount billed to the customer, and the Company's right to bill is not until the maintenance and support service period commence or the cassettes are delivered. Amounts may not exceed their net realizable value. Short-term contract assets are included in prepaid expenses and other current assets on the Company's consolidated balance sheets in 2018. Long-term contract assets are included in deposits and other assets on the Company's consolidated balance sheets in 2018.
Deferred Commissions	Deferred Commissions The Company’s incremental direct costs of obtaining a contract, which consist of sales commissions, are deferred and amortized over the period of contract performance. Applying the practical expedient, the Company recognizes sales commission expense when incurred if the amortization period of the assets that it otherwise would have recognized in one year or less. At March 31, 2018 and January 1, 2018, the Company had $82 and $87 of deferred commissions, respectively. The Company had $5 of amortization expense related to deferred commissions during the three months ended March 31, 2018. These costs are included in Selling, general and administrative expenses.
Contract Liabilities	Contract Liabilities The Company contract liabilities consist of advance payments and billings in excess of revenue recognized (deferred revenue and customer deposits). The Company contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. The Company classifies deferred revenue as current or noncurrent based on the timing of when it expects to recognize revenue. In order to determine revenue recognized in the period from contract liabilities, the Company first allocates revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. If additional advances are received on those contracts in subsequent periods, the Company assumes all revenue recognized in the reporting period first applies to the beginning contract liability as opposed to a portion applying to the new advances for the period.
Disaggregation of Revenue	Disaggregation of Revenue The following table summarizes revenue by revenue source for the three-month period ended March 31, 2018: Major Products/Service Lines Q1 2018 Product revenue $ 1,381 Service revenue 104 Total $ 1,485 Timing of Revenue Recognition Q1 2018 Products transferred at a point in time 1,381 Services transferred over time $ 104 Total $ 1,485
Transaction Price Allocated to Future Performance Obligations	Transaction Price Allocated to Future Performance Obligations Topic 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2018. The guidance provides certain practical expedients that limit this requirement and, therefore, the Company does not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less and (2) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of March 31, 2018: Less than Greater than 1 year Total Product revenue $ 247 $ 341 $ 588 Service and other revenue 504 755 1,259 Total $ 751 $ 1,096 $ 1,847
Contract Balances from Contracts with Customers	Contract Balances from Contracts with Customers Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract liabilities consist of deferred revenue and customer deposits. The following table presents changes in contract assets and contract liabilities during the three months ended March 31, 2018: Balance at Beginning of Period Additions Subtractions Balance at End of Period Three months ended March 31, 2018: Contract assets $ 359 $ 25 $ (5 ) 379 Contract liabilities: Deferred revenue $ 600 $ 90 $ (80 ) 610 Customer deposits $ 93 $ 2 $ — 95 During the three months ended March 31, 2018, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands): Three months ended Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period $ 80 Performance obligations satisfied in previous periods $ — The timing of revenue recognition, billings and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the goods or services is transferred to the customer and all revenue recognition criteria have been met.
Costs to Obtain or Fulfill a Customer Contract	Costs to Obtain or Fulfill a Customer Contract Prior to the adoption of Topic 606, the Company expensed incremental commissions paid to sales representatives for obtaining product sales as well as service contracts. Under Topic 606, the Company currently capitalizes these incremental costs of obtaining customer contracts unless the capitalization and amortization of such costs are not expected to have a material impact on the financial statements. Capitalized commissions are amortized based on the transfer of the products or services to which the assets relate. Applying the practical expedient in paragraph ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general, and administrative expenses. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products.
Warrants to Purchase Common Stock	Warrants to Purchase Common Stock The Company reviews the terms of warrants issued in connection with the applicable accounting guidance and classifies warrants as a long-term liability on the consolidated balance sheets if the warrant does not meet the equity criteria when the number of shares issuable are variable. Warrants to purchase shares of common stock issued in connection with the Company’s long-term debt agreement met these criteria because the number of shares will vary with additional draws on the debt and therefore required liability-classification. Liability-classified warrants are subject to re-measurement at each balance sheet date, and any change in fair value is recognized as a component of other income (expense) in the consolidated statements of operations. The Company estimated the fair value of these warrants at issuance and each balance sheet date thereafter using the Black-Scholes Model based on the estimated market value of the underlying common stock at the valuation measurement date, the remaining contractual term of the warrant, risk-free interest rates, expected dividends and expected volatility of the price of the underlying common stock. The Company classifies warrants within stockholders’ equity on the consolidated balance sheets if the warrants are considered to be indexed to the Company’s own capital stock, and otherwise would be recorded in stockholders’ equity. Warrants to purchase common stock issued in connection with the Company’s private placement of convertible preferred stock met these criteria and therefore were equity classified. The table below is a summary of the Company’s warrant activity during the three months ended March 31, 2018: Number of Warrants Weighted-average exercise price Outstanding at December 31, 2017 355,028 $ 1.41 Granted 8,891,287 1.40 Exercised — — Expired — — Outstanding at March 31, 2018 9,246,315 $ 1.40
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation costs resulting from the issuance of service stock-based awards to employees and directors as an expense in the consolidated statements of operations over the requisite service period based on a measurement of fair value for each stock award. The awards issued to date have primarily been stock options with service-based vesting periods over two or four years, restricted stock units with service-based vesting periods of one year, and shares of unrestricted common stock. During 2016, the Company also issued certain stock-based awards that contain both performance and service-based vesting conditions which vested over 25 months. The Company records expense on these awards when it becomes probable that the performance condition and requisite service will be met. The Company recognizes compensation costs resulting from the issuance of stock-based awards to non-employees as an expense in the consolidated statements of operations over the service period based on a measurement of fair value for each stock award at each performance date and period end. Upon vesting of the restricted stock units, the Company issues shares of its common stock which have a required holding period of 36 months from the date of grant of the restricted stock unit. As a result, the Company values the restricted stock units based on the closing price of the Company’s common stock on the date of grant less a discount for lack of marketability during the holding period.
Research and Development	Research and Development Costs for research and development are expensed as incurred. Research and development expense consists primarily of salaries, salary-related expenses and costs of contractors and materials. Cash receipts from collaboration agreements accounted for under ASC 808, Collaborative Arrangements, are netted against the related research and development expenses in the period received and totaled $145 for the three months ended March 31, 2018. There were no such items during the three months ended March 31, 2017.
Income Taxes	Income Taxes The Company accounts for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to amounts that are realizable. Consistent with all prior periods, the Company did not record any income tax benefit for its operating losses for the three months ended March 31, 2018 and 2017 due to the uncertainty regarding future taxable income. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allows the recording of provisional amounts during a measurement period not to extend beyond one year of the enactment date. The final impact may differ from this provisional amount due to, among other things, changes in interpretations and assumptions the Company has made thus far and the issuance of additional regulatory or other guidance. The Company expects to complete the final impact within the measurement period. As of March 31, 2018, we have not recorded incremental accounting adjustments related to the SAB 118 as we continue to consider interpretations of its application.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted-average number of common shares outstanding during the period and, if dilutive, the weighted-average number of potential common shares, including the assumed exercise of share options. The Company applies the two-class method to calculate its basic and diluted net loss per share attributable to common stockholders, as its Series A preferred shares are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. However, for the periods presented, the two-class method does not impact the net loss per common share as the Company was in a net loss position for each of the periods presented and holders of Series A preferred shares do not participate in losses. The Company’s Series A preferred shares contractually entitle the holders of such shares to participate in dividends but do not contractually require the holders of such shares to participate in losses of the Company. Accordingly, for periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which amends leasing accounting requirements. The new standard requires lessee recognition on the balance sheet of a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. It further requires recognition in the income statement of a single lease cost, calculated so that the cost of the lease is allocated over the lease term generally on a straight-line basis. Finally, it requires classification of all cash payments within operating activities in the statement of cash flows. It is effective for fiscal years commencing after December 15, 2018 and early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments, which reduces diversity in how certain cash receipts and cash payments are presented and classified in the Consolidated Statements of Cash Flows. It is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and will be required to be applied retrospectively, with early adoption permitted. The Company adopted this update on January 1, 2018 and the adoption had no impact to the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718) - Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. It is effective prospectively for annual periods beginning on or after December 15, 2017, with early adoption permitted. The Company adopted this update on January 1, 2018 and the adoption had no impact to the Company’s consolidated financial statements.

Significant Accounting Polici16

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of significant customers	The table below sets forth the Company’s customers that accounted for greater than 10% of its revenues for the three-month periods ended March 31, 2018 and 2017, respectively: Three months ended March 31, Customer 2018 2017 A 47 % 33 % B 34 % 1 % C — % 33 %
Schedule of fair value of warrants	The assumptions that the Company used to determine the fair value of these warrants are as follows: March 16, 2018 (Date of Issuance) March 31, 2018 Volatility 75% to 83% 75% to 83% Risk free interest free 2.8% 2.7% Estimate term (in years) 8.5 to 10 8.5 to 10 Probability of additional advances 10-20% 10-20% Estimated number of warrant shares issuable 158,500 162,000
Schedule of fair value common stock warrant based on Level 3 inputs	The following table sets forth a summary of changes in the fair value of the Company’s common stock warrant based on Level 3 inputs: Balance at December 31, 2017 $ — Issuance of warrants in connection with debt financing arrangement 210 Revaluation of warrants (30 ) Balance at March 31, 2018 $ 180
Schedule of changes for retrospective method to adopt new revenue guidance	As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to accounts on the condensed consolidated balance sheet as of January 1, 2018: As Reported at December 31, 2017 Adjustments Due to Topic 606 Balance at Assets: Prepaid expenses and other current assets $ 539 $ 38 $ 577 Deposits and other assets $ 151 $ 321 $ 472 Liabilities: Deferred revenue $ 339 $ (68 ) $ 271 Deferred revenue, net of current portion $ 342 $ (13 ) $ 329 Stockholders’ equity: Accumulated deficit $ (180,841 ) $ 440 $ (180,401 ) The following tables compare the reported condensed consolidated balance sheet and statement of operations, as of and for the three months ended March 31, 2018, to the pro-forma amounts as if the previous guidance had been in effect: As of March 31, 2018 Balance Sheet As reported Pro-forma as if the previous guidance was in effect Assets: Prepaid expenses and other current assets $ 694 $ 625 Deposits and other assets $ 511 $ 191 Liabilities: Deferred revenue $ 337 $ 377 Deferred revenue, net of current portion $ 273 $ 269 Stockholders' Equity: Accumulated deficit $ (190,451 ) $ (190,875 ) Three months Ended March 31, 2018 Statement of Operations As reported Pro-forma as if the previous guidance was in effect Revenue $ 1,485 $ 1,496 Selling, general and administrative 7,455 7,450 Net loss $ (10,050 ) $ (10,034 ) Net loss attributable to common stockholders $ (15,411 ) $ (15,395 ) Net loss per share attributable to common stockholders-basic and diluted $ (0.08 ) $ (0.08 )
Schedule of disaggregation of revenue	The following table summarizes revenue by revenue source for the three-month period ended March 31, 2018: Major Products/Service Lines Q1 2018 Product revenue $ 1,381 Service revenue 104 Total $ 1,485 Timing of Revenue Recognition Q1 2018 Products transferred at a point in time 1,381 Services transferred over time $ 104 Total $ 1,485
Schedule of estimated revenues expected for performance obligations	The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of March 31, 2018: Less than Greater than 1 year Total Product revenue $ 110 $ 669 $ 779 Service and other revenue 366 543 909 Total $ 476 $ 1,212 $ 1,688
Schedule of changes in contract assets and contract liabilities	The following table presents changes in contract assets and contract liabilities during the three months ended March 31, 2018: Balance at Beginning of Period Additions Subtractions Balance at End of Period Three months ended March 31, 2018: Contract assets $ 359 $ 25 $ (5 ) 379 Contract liabilities: Deferred revenue $ 600 $ 90 $ (80 ) 610 Customer deposits $ 93 $ 2 $ — 95 During the three months ended March 31, 2018, the Company recognized the following revenues as a result of changes in the contract asset and the contract liability balances in the respective periods (in thousands): Three months ended Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period $ 80 Performance obligations satisfied in previous periods $ —
Schedule of rollforward of warrant activity	The table below is a summary of the Company’s warrant activity during the three months ended March 31, 2018: Number of Warrants Weighted-average exercise price Outstanding at December 31, 2017 355,028 $ 1.41 Granted 8,891,287 1.40 Exercised — — Expired — — Outstanding at March 31, 2018 9,246,315 $ 1.40

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories are valued at the lower of cost or net realizable value using the FIFO method and consist of the following: March 31, 2018 December 31, 2017 Raw material $ 1,517 $ 945 Work in progress 725 310 Finished goods 798 848 Total $ 3,040 $ 2,103

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of future principal payments	Future principal payments under the term loan facility as of March 31, 2018 are as follows: Year Ending Amount 2018 $ — 2019 1,200 2020 4,800 2021 4,800 2022 1,200 $ 12,000

Preferred Stock (Tables)

Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of assumptions for fair value	The Company used the following assumptions for the valuation of these warrants at the issuance date: Risk-free interest rate 2.9 % Dividend yield 0.0 % Expected volatility 61.6 % Expected term (years) 10.0 The Company used the following assumptions utilized in the valuation of the Series A Preferred Stock at the issuance date: Expected volatility of future equity 45.9 % Estimated timing of Series A Preferred stock liquidity event (years) 3.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation expense	Stock-based compensation expense was allocated based on the employees’ or non-employees’ function as follows: Three Months Ended March 31, 2018 2017 Cost of revenue $ 28 $ — Research and development 61 56 Selling, general and administrative 585 736 Total $ 674 $ 792
Schedule of assumptions used for fair value of stock options	The following assumptions were used to estimate the fair value of stock options granted using the Black-Scholes option-pricing model for the three months ended March 31, 2018: Risk-free interest 2.69-2.84% Expected term in years 6.25-10.00 Expected volatility 67-71% Expected dividend yield 0%
Schedule of activity unvested restricted stock units	The following table summarizes the activities for the Company’s unvested restricted stock units for the three months ended March 31, 2018: Unvested Restricted Stock Units Number of shares Weighted-average Grant-Date Fair Value Unvested as of December 31, 2017 42,406 $ 0.87 Granted 14,999 $ 1.19 Vested (17,190 ) $ 0.87 Forfeited/Cancelled (16,036 ) $ 0.87 Unvested as of March 31, 2018 24,179 $ 1.07

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of securities excluded from the calculation of diluted net loss per share	The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2018 2017 Options to purchase common stock 19,534,224 17,417,388 Warrants to purchase common stock 9,246,315 5,083,219 Restricted stock units 24,179 — Series A preferred stock 1,000,000 —

Nature of Operations (Details N

Nature of Operations (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Mar. 16, 2018	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Cash and cash equivalents		$ 43,951		$ 17,458	$ 45,229	$ 9,183
Accumulated deficit		(190,451)	$ (180,401)	$ (180,841)
Working capital		43,332
Reduction inemployee severance and benefits costs		300
Estimated annualized savings in personnel-related costs		$ 4,800
Financing Arrangement [Member]
Default basis spread on variable interest rate	5.00%
Financing Arrangement [Member] | Term Loans [Member]
Basis spread on variable interest rate	7.25%
Description of variable interest rate base	ICE Benchmark LIBOR
Financing Arrangement [Member] | Revolving Credit Facility [Member]
Basis spread on variable interest rate	0.50%
Description of variable interest rate base	Prime Rate
Financing Arrangement [Member] | Two Lenders [Member]
Debt facility maximum capacity	$ 26,000
Financing Arrangement [Member] | Two Lenders [Member] | Term Loans [Member]
Debt facility maximum capacity	23,000
Additional debt facility capacity available with gross profit milestone	5,500
Additional debt facility capacity available after equity sales	5,500
Net cash proceeds from future sale of equity securities	30,000
Financing Arrangement [Member] | Two Lenders [Member] | Revolving Credit Facility [Member]
Debt facility maximum capacity	$ 3,000
Credit facility, expiration year	2,022
Series A Preferred Stock [Member]
Number of common stock issued against convertible shares		20,000
Percentage of dividend		12.00%
Private Placement [Member] | Convertible Preferred Stock [Member]
Number of common stock issued against convertible shares	20,000,000
Private Placement [Member] | Series A Preferred Stock [Member]
Net proceeds from stock issuance	$ 24,671
Percentage of dividend	12.00%
Number of warrants issued	$ 8,750,000
Warrants exercise price (in dollars per share)	$ 1.40
Minimum [Member]
Annual cash flow deficits		$ 29,000
Minimum [Member] | Financing Arrangement [Member] | Term Loans [Member]
Interest rate	8.83%
Minimum [Member] | Financing Arrangement [Member] | Revolving Credit Facility [Member]
Interest rate	5.00%
Maximum [Member]
Annual cash flow deficits		$ 31,000

Significant Accounting Polici23

Significant Accounting Policies (Details) - Sales Revenue, Net [Member]	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Customer A [Member]
Concentration percentage	47.00%	33.00%
Customer B [Member]
Concentration percentage	34.00%	1.00%
Customer C [Member]
Concentration percentage		33.00%

Significant Accounting Polici24

Significant Accounting Policies (Details 1) - Warrant [Member]	Mar. 31, 2018	Mar. 16, 2018
Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		.616
Volatility [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.75	0.75
Volatility [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.83	0.83
Risk-Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.028	0.027
Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimate term (in years)		10 years
Expected Term [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimate term (in years)	8 years 6 months	8 years 6 months
Expected Term [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimate term (in years)	10 years	10 years

Significant Accounting Polici25

Significant Accounting Policies (Details 2) - Warrant [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Beginning Balance
Issuance of warrants in connection with debt financing arrangement	210
Revaluation of warrants	(30)
Ending Balance	$ 180

Significant Accounting Polici26

Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets:
Prepaid expenses and other current assets	$ 694	$ 577	$ 539
Deposits and other assets	511	472	151
Liabilities:
Deferred revenue	337	271	339
Deferred revenue, net of current portion	273	329	342
Stockholders' equity:
Accumulated deficit	(190,451)	$ (180,401)	(180,841)
Pro-forma as if the Previous Accounting Was In Effect [Member]
Assets:
Prepaid expenses and other current assets	625
Deposits and other assets	191
Liabilities:
Deferred revenue	377
Deferred revenue, net of current portion	269
Stockholders' equity:
Accumulated deficit	$ (190,875)
Adjustments Due to Topic 606 [Member]
Assets:
Prepaid expenses and other current assets			38
Deposits and other assets			321
Liabilities:
Deferred revenue			(68)
Deferred revenue, net of current portion			(13)
Stockholders' equity:
Accumulated deficit			$ 440

Significant Accounting Polici27

Significant Accounting Policies (Details 4) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue	$ 1,485
Selling, general and administrative	7,455	$ 6,072
Net loss	(10,050)	(9,885)
Net loss attributable to common stockholders	$ (15,411)	$ (9,885)
Net loss per share attributable to common stockholders--basic and diluted (in dollars per share)	$ (0.08)	$ (0.07)
Pro-forma as if the Previous Accounting Was In Effect [Member]
Revenue	$ 1,496
Selling, general and administrative	7,450
Net loss	(10,034)
Net loss attributable to common stockholders	$ (15,395)
Net loss per share attributable to common stockholders--basic and diluted (in dollars per share)	$ (0.08)

Significant Accounting Polici28

Significant Accounting Policies (Details 5) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Revenue	$ 1,485
Services Transferred over Time [Member]
Revenue	104
Products Transferred at Point in Time [Member]
Revenue	1,381
Product Revenue [Member]
Revenue	1,381
Service Revenue [Member]
Revenue	$ 104

Significant Accounting Polici29

Significant Accounting Policies (Details 6) $ in Thousands	Mar. 31, 2018USD ($)
Estimated revenues	$ 1,688
Less than 1 Year [Member]
Estimated revenues	476
Greater than 1 Year [Member]
Estimated revenues	1,212
Product Revenue [Member]
Estimated revenues	779
Product Revenue [Member] | Less than 1 Year [Member]
Estimated revenues	110
Product Revenue [Member] | Greater than 1 Year [Member]
Estimated revenues	669
Service Revenue [Member]
Estimated revenues	909
Service Revenue [Member] | Less than 1 Year [Member]
Estimated revenues	366
Service Revenue [Member] | Greater than 1 Year [Member]
Estimated revenues	$ 543

Significant Accounting Polici30

Significant Accounting Policies (Details 7) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Change in Contract with Customer, Asset [Abstract]
Balance at Beginning of Period	$ 359
Additions	25
Subtractions	(5)
Balance at End of Period	379
Deferred Revenue [Member]
Change in Contract with Customer, Liability [Abstract]
Balance at Beginning of Period	600
Additions	90
Subtractions	(80)
Balance at End of Period	610
Customer Deposits [Member]
Change in Contract with Customer, Liability [Abstract]
Balance at Beginning of Period	93
Additions	2
Balance at End of Period	$ 95

Significant Accounting Polici31

Significant Accounting Policies (Details 8) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Revenue recognized in the period from:
Amounts included in the contract liability at the beginning of the period	$ 80

Significant Accounting Polici32

Significant Accounting Policies (Details 9) - Warrant [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Number of Warrants
Outstanding Beginning | shares	355,028
Granted | shares	8,891,287
Exercised | shares
Expired | shares
Outstanding Ending | shares	9,246,315
Weighted-average exercise price
Outstanding Beginning | $ / shares	$ 1.41
Granted | $ / shares	1.4
Exercised | $ / shares
Expired | $ / shares
Outstanding Ending | $ / shares	$ 1.4

Significant Accounting Polici33

Significant Accounting Policies (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)Number	Mar. 31, 2017USD ($)	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Number of segments | Number	1
Assets	$ 51,731			$ 24,566
Liabilities	18,480			7,051
Revenue	1,485
Adoption of Topic 606 resulted in a cumulative impact to revenue	353
Adoption of Topic 606 resulted in a cumulative impact to capitalized contract costs	87
Amortization of deferred commissions	5
Deferred commissions	82		$ 87
Collaborative Arrangement [Member] | Research and Development Expense [Member]
Collaborative arrangements	145
Domestic Customers [Member]
Revenue	1,431	$ 753
International Customers [Member]
Revenue	$ 54	24
Accounts Receivable [Member] | Customer A [Member]
Concentration percentage	36.00%
Accounts Receivable [Member] | Customer B [Member]
Concentration percentage	25.00%
Accounts Receivable [Member] | Other One Customer [Member]
Concentration percentage	25.00%
Not-For-Profit Subsidiary [Member]
Recognized expenses	$ 5	12
Other income	0	$ 15
Assets	6			15
Liabilities	$ 1			$ 7

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw material	$ 1,517	$ 945
Work in progress	725	310
Finished goods	798	848
Inventories, net	$ 3,040	$ 2,103

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventory write-down	$ 192	$ 201

Long-Term Debt (Details)

Long-Term Debt (Details) - Financing Arrangement [Member] - Term Loans [Member] $ in Thousands	Mar. 31, 2018USD ($)
Year Ending December 31,
2,018
2,019	1,200
2,020	4,800
2,021	4,800
2,022	1,200
Future principal payments under the term loan facility	$ 12,000

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($)	Mar. 16, 2018	Mar. 16, 2018	Mar. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Fair value of the warrants			$ 180,000	$ 180,000
Warrant [Member]
Number of warrants issued				$ 1.4
Warrants exercise price (in dollars per share)			$ 1.4	$ 1.4	$ 1.41
Financing Arrangement [Member]
Default basis spread on variable interest rate	5.00%
Financing Arrangement [Member] | Minimum [Member]
Event of default amount as defined in agreement			$ 250,000	$ 250,000
Financing Arrangement [Member] | Two Lenders [Member]
Debt facility maximum capacity	$ 26,000,000	$ 26,000,000
Financing Arrangement [Member] | Term Loan A [Member]
Principle amount outstanding	12,000,000	12,000,000
Basis spread on variable interest rate			7.25%
Description of variable interest rate base			ICE Benchmark LIBOR
Effective interest rate			9.00%	9.00%
Debt discount	532,000	$ 532,000
Financing Arrangement [Member] | Term Loan A [Member] | Warrant [Member]
Number of warrants issued		$ 141,287
Warrants exercise price (in dollars per share)			$ 1.27	$ 1.27
Fair value of the warrants	$ 210,000	$ 210,000	$ 180,000	$ 180,000
Financing Arrangement [Member] | Term Loans [Member]
Principle amount outstanding			$ 12,000,000	$ 12,000,000
Basis spread on variable interest rate	7.25%
Description of variable interest rate base	ICE Benchmark LIBOR
Debt final payment fee (percent)			6.00%
Financing Arrangement [Member] | Term Loans [Member] | Year One of Loan Issuance [Member]
Debt prepayment fee (percent)			2.50%
Financing Arrangement [Member] | Term Loans [Member] | Year 2 of Loan Issuance [Member]
Debt prepayment fee (percent)			1.50%
Financing Arrangement [Member] | Term Loans [Member] | Year 3 of Loan Issuance [Member]
Debt prepayment fee (percent)			1.00%
Financing Arrangement [Member] | Term Loans [Member] | Minimum [Member]
Interest rate	8.83%	8.83%
Financing Arrangement [Member] | Term Loans [Member] | Two Lenders [Member]
Debt facility maximum capacity	$ 23,000,000	$ 23,000,000
Net proceeds from debt	11,432,000
Additional debt facility capacity available with gross profit milestone	5,500,000	5,500,000
Additional debt facility capacity available after equity sales	5,500,000	5,500,000
Net cash proceeds from future sale of equity securities	30,000,000
Financing Arrangement [Member] | Revolving Credit Facility [Member]
Principle amount outstanding	$ 0	0
Basis spread on variable interest rate	0.50%
Description of variable interest rate base	Prime Rate
Annual facility fee	$ 15,000
Termination fee	$ 22,000
Unused revolving line facility fee (percent)	0.50%
Deferred financing costs	$ 51,000	$ 51,000
Financing costs incurred	$ 373,000
Financing Arrangement [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Interest rate	5.00%	5.00%
Financing Arrangement [Member] | Revolving Credit Facility [Member] | Two Lenders [Member]
Debt facility maximum capacity	$ 3,000,000	$ 3,000,000
Credit facility, expiration year	2,022
Borrowing base of revolving facility (percent)	80.00%	80.00%
Description of borrowing base of revolving facility	Accounts Receivable

Preferred Stock (Details)

Preferred Stock (Details)	Mar. 16, 2018	Mar. 31, 2018
Volatility [Member] | Series A Preferred Stock [Member]
Preferred stock measurement input	.459
Expected Term [Member] | Series A Preferred Stock [Member]
Preferred stock estimate term (in years)	3 years 9 months 24 days
Warrant [Member] | Risk-Free Interest Rate [Member]
Warrant measurement input	0.027	0.028
Warrant [Member] | Volatility [Member]
Warrant measurement input	.616
Warrant [Member] | Expected Term [Member]
Warrant estimate term (in years)	10 years
Warrant [Member] | Expected Dividend Rate [Member]
Warrant measurement input	0

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Apr. 15, 2018	Mar. 16, 2018	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, authorized shares			10,000,000	10,000,000
Series A-1 Preferred Stock [Member]
Preferred stock, par value (in dollars per share)			$ 0.0001
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)			0.0001
Preferred stock liquidation preference			$ 25
Preferred stock redemption value			$ 25,125
Convertible into common shares			20,000
Number of shares issued		1,000,000
Fair value of preferred stock			$ 4,162
Fair value of the warrants			$ 20,838
Beneficial conversion feature		$ 5,236
Percentage of dividend			12.00%
Series A Preferred Stock [Member] | Private Placement [Member]
Number of warrants issued		$ 8,750,000
Warrants exercise price (in dollars per share)		$ 1.40
Net proceeds from stock issuance		$ 24,671
Percentage of dividend		12.00%
Financing costs incurred		$ 329
Subsequent Event [Member] | Series A-1 Preferred Stock [Member]
Issuance of shares for dividend payment (shares)	10,400

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation expense	$ 674	$ 792
Cost of revenue [Member]
Stock-based compensation expense	28
Research and Development Expense [Member]
Stock-based compensation expense	61	56
Selling General And Administrative Expense [Member]
Stock-based compensation expense	$ 585	$ 736

Stock-Based Compensation (Det41

Stock-Based Compensation (Details 1) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2018
Expected dividend yield	0.00%
Minimum [Member]
Risk-free interest rate	2.69%
Expected term in years	6 years 3 months
Expected volatility	67.00%
Maximum [Member]
Risk-free interest rate	2.84%
Expected term in years	10 years
Expected volatility	71.00%

Stock-Based Compensation (Det42

Stock-Based Compensation (Details 2) - Restricted Common Stock [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Number of shares
Unvested Beginning | shares	42,406
Granted | shares	14,999
Vested | shares	(17,190)
Forfeited/Cancelled | shares	(16,036)
Unvested Ending | shares	24,179
Weighted-average Grant-Date Fair Value
Unvested Beginning | $ / shares	$ 0.87
Granted | $ / shares	1.19
Vested | $ / shares	0.87
Forfeited/Cancelled | $ / shares	0.87
Unvested Ending | $ / shares	$ 1.07

Stock-Based Compensation (Det43

Stock-Based Compensation (Details Narrative)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Numbers of option granted | shares	1,921,000
Option weighted average exercise price (in dollars per share)	$ 1.05
Option weighted-average fair value (in dollars per share)	$ 1.05

Net Loss per Share (Details)

Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities	19,534,224	17,417,388
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities	9,246,315	5,083,219
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities	24,179
Series A preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities	1,000,000