Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ECOR | |
Entity Registrant Name | electroCore, Inc. | |
Entity Central Index Key | 0001560258 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 70,697,680 | |
Entity File Number | 001-38538 | |
Entity Tax Identification Number | 20-3454976 | |
Entity Address, Address Line One | 200 Forge Way | |
Entity Address, Address Line Two | Suite 205 | |
Entity Address, City or Town | Rockaway | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07866 | |
City Area Code | 973 | |
Local Phone Number | 290-0097 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 37,995,008 | $ 4,241,937 |
Marketable securities | 1,001,080 | 18,386,160 |
Accounts receivable, net | 329,778 | 270,546 |
Inventories, net | 1,082,325 | 876,436 |
Prepaid expenses and other current assets | 1,476,348 | 1,288,588 |
Total current assets | 41,884,539 | 25,063,667 |
Inventories, noncurrent | 4,349,009 | 4,865,181 |
Property and equipment, net | 171,028 | 244,047 |
Operating lease right of use assets | 539,728 | 517,257 |
Other assets, net | 626,445 | 828,011 |
Total assets | 47,570,749 | 31,518,163 |
Current liabilities: | ||
Accounts payable | 1,250,534 | 2,078,699 |
Accrued expenses and other current liabilities | 4,429,843 | 2,965,702 |
Notes payable, current | 311,354 | |
Current portion of operating lease liabilities | 58,482 | 534,547 |
Total current liabilities | 5,738,859 | 5,890,302 |
Noncurrent liabilities: | ||
Operating lease liabilities, noncurrent | 715,530 | 885,333 |
Note payable, noncurrent | 1,097,946 | |
Total liabilities | 6,454,389 | 7,873,581 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred Stock, par value $0.001 per share; 10,000,000 shares authorized at September 30, 2021 and December 31, 2020; 0 shares issued and outstanding at September 30, 2021 and December 31, 2020 | ||
Common Stock, par value $0.001 per share; 500,000,000 shares authorized at September 30, 2021 and December 31, 2020; 70,442,309 shares issued and outstanding at September 30, 2021 and 45,559,765 shares issued and outstanding at December 31, 2020 | 70,442 | 45,560 |
Additional paid-in capital | 159,796,442 | 130,205,027 |
Accumulated deficit | (119,261,417) | (106,990,148) |
Accumulated other comprehensive loss | (124,717) | (251,467) |
Total stockholders' equity | 40,480,750 | 23,008,972 |
Noncontrolling interest | 635,610 | 635,610 |
Total equity | 41,116,360 | 23,644,582 |
Total liabilities and equity | $ 47,570,749 | $ 31,518,163 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 70,442,309 | 45,559,765 |
Common stock, shares outstanding | 70,442,309 | 45,559,765 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,487,093 | $ 1,080,841 | $ 3,960,401 | $ 2,567,567 |
Cost of goods sold | 355,046 | 347,504 | 1,093,304 | 918,605 |
Gross profit | 1,132,047 | 733,337 | 2,867,097 | 1,648,962 |
Operating expenses | ||||
Research and development | 470,275 | 629,002 | 1,794,146 | 3,182,646 |
Selling, general and administrative | 4,646,815 | 4,592,936 | 15,644,324 | 16,426,991 |
Restructuring and other severance related charges | 464,606 | |||
Total operating expenses | 5,117,090 | 5,221,938 | 17,438,470 | 20,074,243 |
Loss from operations | (3,985,043) | (4,488,601) | (14,571,373) | (18,425,281) |
Other (income) expense | ||||
Gain on extinguishment of debt | 1,422,214 | |||
Interest and other income | 3,834 | 5,719 | 8,493 | 80,460 |
Other expense | 3,771 | 3,522 | 7,293 | 13,350 |
Total other (income) expense | 63 | 2,197 | 1,423,414 | 67,110 |
Loss before income taxes | (3,984,980) | (4,486,404) | (13,147,959) | (18,358,171) |
(Provision) benefit from income taxes | (8,705) | 876,690 | 1,170,890 | |
Net loss | $ (3,993,685) | $ (4,486,404) | $ (12,271,269) | $ (17,187,281) |
Net loss per share of common stock - Basic and Diluted (see Note 12) | $ (0.06) | $ (0.10) | $ (0.22) | $ (0.47) |
Weighted average common shares outstanding - Basic and Diluted (see Note 12) | 69,511,498 | 44,030,685 | 55,308,381 | 36,847,548 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (3,993,685) | $ (4,486,404) | $ (12,271,269) | $ (17,187,281) |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | (22,282) | (81,602) | 124,366 | (145,617) |
Unrealized gain (loss) on securities, net of taxes as applicable | 27 | (2,210) | 2,384 | (3,443) |
Other comprehensive (loss) income | (22,255) | (83,812) | 126,750 | (149,060) |
Comprehensive loss | $ (4,015,940) | $ (4,570,216) | $ (12,144,519) | $ (17,336,341) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive income (loss) | Total Electrocore,Inc. Stockholders' Equity | Noncontrolling interest | |
Balances, beginning of period at Dec. 31, 2019 | $ 24,897,118 | $ 29,835 | $ 107,752,066 | $ (83,479,098) | $ (41,295) | $ 24,261,508 | $ 635,610 | |
Balances, beginning of period, shares at Dec. 31, 2019 | 29,835,183 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (7,959,349) | (7,959,349) | (7,959,349) | |||||
Other comprehensive income | 51,148 | 51,148 | 51,148 | |||||
Equity financing commitment fee | [1] | $ 462 | (462) | |||||
Equity financing commitment fee, shares | [1] | 461,676 | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures | $ 125 | (125) | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures, shares | 124,568 | |||||||
Stock based compensation | 744,865 | 744,865 | 744,865 | |||||
Balances, end of period at Mar. 31, 2020 | 17,733,782 | $ 30,422 | 108,496,344 | (91,438,447) | 9,853 | 17,098,172 | 635,610 | |
Balances, end of period, shares at Mar. 31, 2020 | 30,421,427 | |||||||
Balances, beginning of period at Dec. 31, 2019 | 24,897,118 | $ 29,835 | 107,752,066 | (83,479,098) | (41,295) | 24,261,508 | 635,610 | |
Balances, beginning of period, shares at Dec. 31, 2019 | 29,835,183 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (17,187,281) | |||||||
Balances, end of period at Sep. 30, 2020 | 28,896,026 | $ 45,199 | 129,071,951 | (100,666,379) | (190,355) | 28,260,416 | 635,610 | |
Balances, end of period, shares at Sep. 30, 2020 | 45,199,088 | |||||||
Balances, beginning of period at Dec. 31, 2019 | 24,897,118 | $ 29,835 | 107,752,066 | (83,479,098) | (41,295) | 24,261,508 | 635,610 | |
Balances, beginning of period, shares at Dec. 31, 2019 | 29,835,183 | |||||||
Balances, end of period at Dec. 31, 2020 | 23,644,582 | $ 45,560 | 130,205,027 | (106,990,148) | (251,467) | 23,008,972 | 635,610 | |
Balances, end of period, shares at Dec. 31, 2020 | 45,559,765 | |||||||
Balances, beginning of period at Mar. 31, 2020 | 17,733,782 | $ 30,422 | 108,496,344 | (91,438,447) | 9,853 | 17,098,172 | 635,610 | |
Balances, beginning of period, shares at Mar. 31, 2020 | 30,421,427 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (4,741,528) | (4,741,528) | (4,741,528) | |||||
Other comprehensive income | (116,396) | (116,396) | (116,396) | |||||
Issuance of stock | 7,831,535 | $ 8,028 | 7,823,507 | 7,831,535 | ||||
Issuance of stock, Shares | 8,028,372 | |||||||
Equity financing commitment fee | [1] | $ 181 | (181) | |||||
Equity financing commitment fee, shares | [1] | 181,273 | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures | $ 184 | (184) | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures, shares | 184,073 | |||||||
Stock based compensation | 1,002,758 | 1,002,758 | 1,002,758 | |||||
Financing fees | (167,299) | (167,299) | (167,299) | |||||
Balances, end of period at Jun. 30, 2020 | 21,542,852 | $ 38,815 | 117,154,945 | (96,179,975) | (106,543) | 20,907,242 | 635,610 | |
Balances, end of period, shares at Jun. 30, 2020 | 38,815,145 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (4,486,404) | (4,486,404) | (4,486,404) | |||||
Other comprehensive income | (83,812) | (83,812) | (83,812) | |||||
Issuance of stock | 11,203,661 | $ 6,080 | 11,197,581 | 11,203,661 | ||||
Issuance of stock, Shares | 6,079,676 | |||||||
Equity financing commitment fee | [1] | $ 49 | (49) | |||||
Equity financing commitment fee, shares | [1] | 49,565 | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures | $ 255 | (255) | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures, shares | 254,702 | |||||||
Stock based compensation | 742,928 | 742,928 | 742,928 | |||||
Financing fees | (23,199) | (23,199) | (23,199) | |||||
Balances, end of period at Sep. 30, 2020 | 28,896,026 | $ 45,199 | 129,071,951 | (100,666,379) | (190,355) | 28,260,416 | 635,610 | |
Balances, end of period, shares at Sep. 30, 2020 | 45,199,088 | |||||||
Balances, beginning of period at Dec. 31, 2020 | 23,644,582 | $ 45,560 | 130,205,027 | (106,990,148) | (251,467) | 23,008,972 | 635,610 | |
Balances, beginning of period, shares at Dec. 31, 2020 | 45,559,765 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (5,383,832) | (5,383,832) | (5,383,832) | |||||
Other comprehensive income | 144,144 | 144,144 | 144,144 | |||||
Issuance of stock | 6,920,350 | $ 2,750 | 6,917,600 | 6,920,350 | ||||
Issuance of stock, Shares | 2,750,000 | |||||||
Issuance of stock related to employee compensation plans, net of forfeitures | $ 18 | (18) | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures, shares | 17,599 | |||||||
Settlement of accrued bonus | 399,997 | $ 165 | 399,832 | 399,997 | ||||
Settlement of accrued bonus, shares | 165,413 | |||||||
Stock based compensation | 942,183 | 942,183 | 942,183 | |||||
Balances, end of period at Mar. 31, 2021 | 26,667,424 | $ 48,493 | 138,464,624 | (112,373,980) | (107,323) | 26,031,814 | 635,610 | |
Balances, end of period, shares at Mar. 31, 2021 | 48,492,777 | |||||||
Balances, beginning of period at Dec. 31, 2020 | 23,644,582 | $ 45,560 | 130,205,027 | (106,990,148) | (251,467) | 23,008,972 | 635,610 | |
Balances, beginning of period, shares at Dec. 31, 2020 | 45,559,765 | |||||||
Balances, end of period at Sep. 30, 2021 | 41,116,360 | $ 70,442 | 159,796,442 | (119,261,417) | (124,717) | 40,480,750 | 635,610 | |
Balances, end of period, shares at Sep. 30, 2021 | 70,442,309 | |||||||
Balances, beginning of period at Mar. 31, 2021 | 26,667,424 | $ 48,493 | 138,464,624 | (112,373,980) | (107,323) | 26,031,814 | 635,610 | |
Balances, beginning of period, shares at Mar. 31, 2021 | 48,492,777 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (2,893,752) | (2,893,752) | ||||||
Other comprehensive income | 4,861 | 4,861 | 4,861 | |||||
Issuance of stock related to employee compensation plans, net of forfeitures | $ 197 | (197) | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures, shares | 197,647 | |||||||
Stock based compensation | 837,973 | 837,973 | 837,973 | |||||
Balances, end of period at Jun. 30, 2021 | 24,616,506 | $ 48,690 | 139,302,400 | (115,267,732) | (102,462) | 23,980,896 | 635,610 | |
Balances, end of period, shares at Jun. 30, 2021 | 48,690,424 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (3,993,685) | (3,993,685) | (3,993,685) | |||||
Other comprehensive income | (22,255) | (22,255) | (22,255) | |||||
Issuance of stock | 18,764,882 | $ 20,700 | 18,744,182 | 18,764,882 | ||||
Issuance of stock, Shares | 20,700,000 | |||||||
Issuance of stock related to employee compensation plans, net of forfeitures | $ 100 | (100) | ||||||
Issuance of stock related to employee compensation plans, net of forfeitures, shares | 99,505 | |||||||
Stock based compensation | 760,437 | 760,437 | 760,437 | |||||
Issuance of stock to satisfy legal fee obligation | 990,475 | $ 952 | 989,523 | 990,475 | ||||
Issuance of stock to satisfy legal fee obligation, shares | 952,380 | |||||||
Balances, end of period at Sep. 30, 2021 | $ 41,116,360 | $ 70,442 | $ 159,796,442 | $ (119,261,417) | $ (124,717) | $ 40,480,750 | $ 635,610 | |
Balances, end of period, shares at Sep. 30, 2021 | 70,442,309 | |||||||
[1] | Reflects commitment shares issued in accordance with the Company's equity facility purchase agreement with Lincoln Park. For additional information see Note 11 . Lincoln Park Stock Purchase Agreement. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (12,271,269) | $ (17,187,281) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,540,593 | 2,490,551 |
Depreciation and amortization | 286,448 | 288,589 |
Amortization of marketable securities discount | 141,159 | 23,422 |
Gain on extinguishment of debt | (1,422,214) | |
Gain on legal fee obligation settled with stock | (9,525) | 156,434 |
Net noncash lease expense | 56,151 | 273,070 |
Inventory reserve charge | 39,478 | |
Other | 14,893 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (59,232) | 320,186 |
Inventories | 270,805 | (15,922) |
Prepaid expenses and other current assets | 703,257 | 561,248 |
Accounts payable | 171,835 | (1,631,839) |
Accrued expenses and other current liabilities | 324,316 | (1,407,813) |
Right of use operating leases | (78,622) | |
Operating lease liabilities | 33,277 | (355,274) |
Net cash used in operating activities | (9,273,543) | (16,469,736) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (5,082,730) | (22,166,376) |
Proceeds from maturities of marketable securities | 22,300,000 | 10,500,000 |
Net cash provided by (used in) investing activities | 17,217,270 | (11,666,376) |
Cash flows from financing activities: | ||
Shares issued net of related expenses | 25,685,232 | 17,139,563 |
Proceeds from note issued | 1,410,524 | |
Net cash provided by financing activities | 25,685,232 | 18,550,087 |
Effect of changes in exchange rates on cash and cash equivalents | 124,112 | (145,312) |
Net increase in cash and cash equivalents | 33,753,071 | (9,731,337) |
Cash and cash equivalents – beginning of period | 4,241,937 | 13,563,791 |
Cash and cash equivalents – end of period | 37,995,008 | 3,832,454 |
Supplemental cash flows disclosures: | ||
Proceeds from sale of state net operating losses | 1,425,935 | 1,170,890 |
Interest paid | 4,649 | 9,366 |
Income taxes paid | 38,622 | 3,254 |
Supplemental schedule of noncash activity: | ||
2020 Accrued bonus awarded in equity | 399,997 | |
Accounts payable paid through issuance of common stock | $ 1,000,000 | $ 1,548,702 |
The Company
The Company | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | Note 1. The Company electroCore, Inc. (“electroCore” or the “Company”) is a medical device company, engaged in the commercialization and development of a platform non-invasive Vagus Nerve Stimulation (“ nVNS”) therapy that can be self-administered by patients. electroCore was founded in 2005 and has primarily focused on primary headache conditions (migraine and cluster headache). electroCore, headquartered in New Jersey, has two wholly owned subsidiaries: electroCore Germany GmbH, and electroCore UK Ltd. The Company has ceased its operations in Germany, although sales to Germany are still supported by electroCore UK Ltd. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 . Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2021 . The results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period. (b) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of electroCore and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. (c) Use of Estimates The preparation of 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 contingent assets and liabilities at the date of these condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, trade credits, rebates, co-payment assistance and sales returns, valuation of inventory , stock compensation, and contingencies. (d) Revision of Statement of Cash Flows Activity In preparation of its financial statements for the quarter ended March 31, 2021, the Company realized that proceeds from its July 1, 2020 Commercial Insurance Premium Finance and Security Agreement should have been treated as a noncash activity instead of grossed up on the accompanying condensed consolidated statement of cash flows. Even though the amount was not considered material, the financial statements have been revised. As a result, cash used in operating and cash provided by financing activities for the nine months ended September 30, 2020, decreased by approximately $600,000. (e) Reclassification of Statement of Cash Flows Activity Certain prior period amounts have been reclassified to conform to current period presentation. The reclassifications did not have an impact on net loss as previously reported. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2021 | |
Risks And Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Note 3 . Significant Risks and Uncertainties Liquidity The Company has experienced significant net losses, and it expects to continue to incur net losses for the near future as it works to increase market acceptance of its gammaCore therapy for the acute treatment of episodic cluster headache (“eCH”), the prevention of cluster headache in adults, and the preventive and acute treatment of migraine in adults and adolescents. The Company has never been profitable and has incurred net losses in each year since its inception. The Company incurred net losses of $12.3 million and $17.2 million for the nine months ended September 30, 2021 and 2020 The Company’s expected cash requirements for the next 12 months and beyond are largely based on the commercial success of its products. There are significant risks and uncertainties as to its ability to achieve these operating results, including as a result of the adverse impact on its headache business from the ongoing COVID-19 pandemic. The Company has historically funded its operations from the sale of its common stock. During the nine months ended September 30, 2021, the Company received net proceeds of approximately $25.7 million from such sales and as of September 30, 2021, the Company’s cash, cash equivalents and marketable securities totaled $39.0 million. The Company believes that the substantial doubt of its ability to continue as a going concern is alleviated based on proceeds received from its common stock offerings. The Company believes its cash and marketable securities will enable it to fund its operating expenses and capital expenditure requirements, as currently planned, for at least the next 12 months from the date the accompanying financial statements are issued. Concentration of Revenue Risks The Company earns a significant amount of its revenue (i) in the United States from the Department of Veterans Affairs and Department of Defense pursuant to its qualifying contract under the Federal Supply Schedule and open market sales to individual Department of Veterans Affairs facilities and (ii) in the United Kingdom from the National Health Service. Each o Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenue channel: Department of Veterans Affairs and Department of Defense 63.6 59.8 60.7 59.0 National Health Service 24.1 24.2 25.6% 28.1% During the three September 30, 2021 five specific VA/DoD facilities represented approximately 53.9% and 58.6% of the Company’s revenue from this channel, and two facilities accounted for more than 10% individually, respectively. During the nine months ended September 30, 2021 and and specific VA/DoD facilities represented approximately % and % of the Company’s revenue from this channel, and facilities accounted for more than 10% individually Foreign Currency Exchange The Company has foreign currency exchange risk related to revenue and operating expenses in currencies other than the local currencies in which it operates. The Company is exposed to currency risk from the potential changes in functional currency values of its assets, liabilities, and cash flows denominated in foreign currencies COVID- 19 The Company continues to monitor the impact of the coronavirus coronavirus coronavirus COVID-19 has significantly adversely impacted global economic activity and has contributed to significant volatility and negative pressure in financial markets. Depending upon the duration and severity of the pandemic, the continuing effect on the Company's results and outlook over the long term remains uncertain. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 4 . Revenue Recognition Geographical Net Sales The following table presents net sales disaggregated by geographic area: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Geographic Market United States $ 1,103,604 $ 800,767 $ 2,810,152 $ 1,759,477 United Kingdom 366,966 278,340 1,037,908 801,055 Other 16,523 1,734 112,341 7,035 Total Net Sales $ 1,487,093 $ 1,080,841 $ 3,960,401 $ 2,567,567 Performance Obligations Revenue, net of discounts, vouchers, rebates, returns, and co-payment assistance is solely generated from the sales of the gammaCore products. Revenue is recognized when delivery of the product is completed. The Company deems control to have transferred upon the completion of delivery because that is the point in which (1) it has a present right to payment for the product, (2) it has transferred the physical possession of the product, (3) the customer has legal title to the product, (4) the customer has risks and rewards of ownership and (5) the customer has accepted the product. After the products have been delivered and control has transferred, the Company has no remaining unsatisfied performance obligations. Revenue is measured based on the consideration that the Company expects to receive in exchange for gammaCore, which represents the transaction price. The transaction price includes the fixed per-unit price of the product and variable consideration in the form of trade credits, rebates, and co-payment assistance. The per-unit price is based on the Company’s established wholesale acquisition cost less a contractually agreed upon distributor discount with the customer. Trade credits are discounts that are contingent upon a timely remittance of payment and are estimated based on historical experience. For the three and nine months ended September 30, 2021 and 2020, trade credits and discounts were immaterial. Reimbursement for co-payments made by patients under the co-payment assistance program is considered variable consideration. Effective March 1, 2020, the amount of monthly co-payment assistance was reduced to a maximum of $100 per prescription. For the three and nine months ended September 30, 2021 and 2020, net sales reflect a reduction for the reduced cost of therapy under the co-payment assistance program. The calculation of the accrual is based on an estimate of claims and the cost per claim that the Company expects to incur associated with inventory that exists in the distribution channel at period end. Managed care rebates represent our estimated obligations to pharmacy benefit managers. Rebate accruals are recognized in the same period the related revenue is recognized. Gross to net accruals based on estimated rebates were determined to be de minimis. Contract Balances The Company generally invoices the customer and recognizes revenue once its performance obligations are satisfied, at which point payment is unconditional. Accordingly, under ASC 606, the Company’s contracts with customers did not give rise to contract assets or liabilities during the three and nine months ended September 30, 2021 and 2020. Agreed upon payment terms with customers are within 120 days of shipment. Accordingly, contracts with customers do not include a significant financing component. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | Note 5 . Cash, Cash Equivalents and Marketable Securities The following tables summarize the Company’s cash, cash equivalents and marketable securities as of and December 31, 2020 . As of Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Cash and cash equivalents $ 37,995,008 $ — $ — $ 37,995,008 Marketable securities: U.S. Treasury Bonds 1,001,506 — (426 ) 1,001,080 Total cash, cash equivalents, and marketable securities $ 38,996,514 $ — $ (426 ) $ 38,996,088 A s of December 31, 2020 Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Cash and cash equivalents $ 4,241,937 $ — $ — $ 4,241,937 Marketable securities: U.S. Treasury Bonds 18,388,970 — (2,810 ) 18,386,160 Total cash, cash equivalents, and marketable securities $ 22,630,907 $ — $ (2,810 ) $ 22,628,097 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6 . Fair Value Measurements Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. A summary of the assets and liabilities carried at fair value in accordance with the hierarchy d efined above is as follows: Fair Value Hierarchy September 30, 2021 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 37,995,008 $ 37,995,008 $ — $ — Marketable Securities: U.S. treasury bonds 1,001,080 1,001,080 — — Total $ 38,996,088 $ 38,996,088 $ — $ — Fair Value Hierarchy December 31, 2020 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 4,241,937 $ 4,241,937 $ — $ — Marketable Securities: U.S. treasury bonds 18,386,160 18,386,160 — — Total $ 22,628,097 $ 22,628,097 $ — $ — The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the nine and year ended December 31, 2020. The carrying amount of the Company’s receivables and payables approximate their fair values due to their short maturities. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7 . Inventories As of and , inventories consisted of the following: September 30, 2021 December 31, 2020 Raw materials $ 820,227 $ 1,008,653 Work in process 4,163,251 4,304,415 Finished goods 447,856 428,549 Total inventories, net 5,431,334 5,741,617 Less: noncurrent inventories 4,349,009 4,865,181 Current inventories, net $ 1,082,325 $ 876,436 The reserve for obsolete invent ory was $760,940 and as September 30, 2021 and respectively. The Company records charges for obsolete inventory in cost of goods sold. As of September 30, 2021 and December 31, 2020, noncurrent inventory was comprised of approximately $1.1 million $3.2 million |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 8. Leases For the three and nine months ended September 30, 2021, the Company recognized lease expense of $52,351 and $139,597, respectively, and $149,731 and $422,765 for the three and nine months ended September 30, 2020, respectively. This expense does not include non- lease co On September 27, 2021, the Company entered into the Termination and Settlement Agreement ("Agreement") with the lessor associated with its former headquarters located in Basking Ridge, NJ. The Agreement provided for the immediate termination of the Basking Ridge lease in its entirety. In consideration for the lease termination, the Company agreed to pay the lessor a total of $500,000 in cash and issue to the lessor 200,000 shares of its common stock. As of September 30, 2021, the Company paid a total of $398,523 in cash to the lessor and accrued approximately $320,000 for the Company's remaining obligation under the Agreement. On October 4, 2021, the 200,000 shares of stock were issued to the lessor. On October 5, 2021, the Company paid to the lessor the remaining cash payment of $101,477. The tables below provide the details of the right of use assets and lease liabilities as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Operating leases: Operating lease right of use assets $ 539,728 $ 517,257 Operating lease liabilities: Current portion of operating lease liabilities 58,482 534,547 Noncurrent operating lease liabilities 715,530 885,333 Total operating lease liabilities $ 774,012 $ 1,419,880 Weighted average remaining lease term (in years) 7.3 5.7 Weighted average discount rate 13.8 % 13.8 % Future minimum lease payments under non-cancellable operating leases as of : Remainder of 2021 $ 39,414 2022 160,486 2023 163,962 2024 167,524 2025 and thereafter 704,900 Total future minimum lease payments 1,236,286 Less: Amounts representing interest (462,274 ) Total $ 774,012 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 9 . Accrued Expenses and Other Current Liabilities Accrued expenses as of and consisted of the following: September 30, 2021 December 31, 2020 Accrued professional fees $ 166,050 $ 270,543 Accrued bonuses 1,400,403 1,424,878 Accrued insurance expense 873,592 164,832 Other employee related expenses 425,067 371,033 Accrued state taxes 548,705 — Lease settlement liability 320,000 — Other 696,026 734,416 $ 4,429,843 $ 2,965,702 Finance and Security Agreements On July 2, 2021, the Company entered into a Commercial Insurance Premium Finance and Security Agreement ("the Agreement"). The 2021 Agreement provides for a single borrowing by the Company of $ 1.2 million, with a ten -month term and an annual interest rate of 1.55 %. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company's insurance policies. The amounts payable are secured by the Company's rights under such policies. The Company began to pay monthly installments of approximately $ 124,800 in July 2021. As of September 30, 2021, the remaining balance under the Agreement is $ 873,592 and during the three and nine months ended September 30, 2021, the Company recognized $ 2,646 in interest expense. On July 1, 2020, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (“the 2020 2020 1.2 million, with a seven -month term and an annual interest rate of 2.18 %. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company’s insurance policies. All borrowings related to the 2020 |
Note Payable
Note Payable | 9 Months Ended |
Sep. 30, 2021 | |
Notes Payable [Abstract] | |
Note Payable | Note 10. Notes Payable Loan Under the PPP On May 4, 2020, the Company received proceeds of $ 1.4 On May 18, 2021 , the Company received notification from the Lender of SBA's approval of the Company's application for loan forgiveness. Accordingly, the Company is not required to repay the loan. The Company has recorded the loan forgiveness as a gain in the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2021 under the caption Gain on extinguishment of debt. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 11. Stockholders’ Equity Public Offering of Common Stock On July 2, 2021, the Company completed a public offering of 20,700,000 shares of its common stock at a purchase price of $1.00 per share. The net proceeds of the offering to the Company were approximately $18.8 million, after deducting the underwriting discounts, commissions, and other offering expenses. The Company intends to use the net proceeds of the offering for sales and marketing, working capital, and general corporate purposes. While the Company has no current agreements or commitments for any specific acquisitions, in-licenses or investments at this time, it may use a portion of the net proceeds for these purposes. Other Securities Purchase Agreements On August 30, 2021, the Company entered into a Securities Purchase Agreement with its legal counsel pursuant to which the Company issued 952,380 shares of common stock, at a purchase price of $1.05 per share. Upon issuance of the shares, certain of the Company's outstanding financial obligations to its legal counsel were deemed paid and satisfied in full. Lincoln Park Purchase Agreement On March 27, 2020, the Company and Lincoln Park Capital Fund, LLC ("Lincoln Park") entered into an equity facility purchase agreement ("Purchase Agreement") pursuant to which the Company had the right to sell to Lincoln Park shares of its common stock having an aggregate value of up to $25,000,000, subject to certain limitations and conditions set forth in the Purchase Agreement. Upon entering into the Purchase Agreement, the Company issued an aggregate of shares of common stock to Lincoln Park as a commitment fee. The fair value of these shares on the date of issuance was approximately $ . During 2020, the Company issued an additional shares of common stock to Lincoln Park as a further commitment fee based on the first $ of shares of common stock issued to Lincoln Park under the Purchase Agreement as Purchase Shares (as such term is defined in the Purchase Agreement). T he Company did not receive any cash proceeds from the issuance of any of the foregoing commitment shares. During 2020, the Company sold 10,179,676 2021 , the Company sold an additional 2,750,000 shares of its common stock under the Purchase Agreement, resulting in aggregate proceeds of approximately $6.9 million to the Company. The Company expects to use the proceeds from this agreement for general corporate purposes and working capital. On March 11, 2021, the Company terminated the Purchase Agreement and, accordingly, the Company will not sell any further shares of its common stock to Lincoln Park under the Purchase Agreement. Settlement of Accrued Bonus In January 2021, the Company issued 165,413 shares of its common stock as payment for certain executive incentive bonuses accrued in 2020. Settlement of Lease Liability On September 27, 2021, the Company agreed to issue 200,000 shares of its common stock in connection with the lease termination related to its former headquarters located in Basking Ridge, NJ. As of September 30, 2021, these shares were not issued (see Note 8). |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 12 Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. Restricted stock and unit awards, stock options, and warrants have not been included in the diluted loss per share calculation as their inclusion would have had an anti-dilutive effect. The potential common stock equivalents that have been excluded from the computation of diluted loss per share consist of the following: Nine months ended September 30, 2021 2020 Outstanding stock options 5,131,263 3,693,943 Nonvested restricted stock and unit awards 1,153,364 1,230,651 Stock purchase warrants 216,944 715,199 6,501,571 5,639,793 The following table presents a summary of stock purchase warrants outstanding at September 30, 2021: Number of Warrants Exercise Price Expiration Date 22,253 $ 5.68 3/30/2022 17,066 $ 12.60 6/30/2022 151,364 $ 12.60 8/18/2022 14,286 $ 12.60 8/31/2022 11,975 $ 15.30 12/22/2025 216,944 During the nine months ended September 30, 2021, a total of 498,255 warrants expired. The exercise price of these warrants ranged between $8.86 and $12.60. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 13 . Stock Based Compensation The following table presents a summary of activity related to stock options during the nine months ended September 30, 2021: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2021 3,815,585 $ 5.56 8.9 $ 342,551 Granted 1,345,136 1.97 21,600 Exercised — — — Cancelled (29,458 ) 5.22 * Outstanding, September 30, 2021 5,131,263 $ 4.62 8.2 $ 73,800 Exercisable, September 30, 2021 1,988,192 $ 7.67 7.6 $ 36,000 * de minimis The intrinsic value is calculated as the difference between the fair market value at and the exercise price per share of the stock options. The options granted to employees generally vest over a four The following table presents a summary of activity related to restricted stock awards (“RSAs”) granted during the nine months ended September 30, 2021: Number of Shares Weighted Average Grant Date Fair Value Nonvested, January 1, 2021 25,645 $ 10.07 Granted 165,413 2.41 Vested (149,894 ) 2.82 Cancelled (5,687 ) 6.38 Nonvested, September 30, 2021 35,477 $ 2.82 In general, RSAs granted to employees vest over a four The following table presents a summary of activity related to restricted and deferred stock units (“Stock Units”) granted during the nine months ended : Number of Shares Weighted Average Grant Date Fair Value Nonvested, January 1, 2021 1,014,123 $ 1.50 Granted 438,316 2.07 Vested (329,198 ) 1.67 Cancelled (5,354 ) 1.97 Nonvested, September 30, 2021 1,117,887 $ 1.67 In general, Stock Units granted to employees vest over two four Immediately following the Company’s annual meeting of stockholders, the Company generally grants each non-employee director an equity award that vests over a 12-month period. Upon a non-employee director’s initial appointment or election to the board of directors, the Company grants such non-employee director an equity award subject to vesting as determined by the board of directors. The Company recognized stock compensation expense for its equity awards as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Selling, general and administrative $ 658,314 $ 541,757 $ 2,171,122 $ 1,789,122 Research and development 87,222 179,664 314,710 649,485 Cost of goods sold 14,901 21,507 54,761 51,944 Total expense $ 760,437 $ 742,928 $ 2,540,593 $ 2,490,551 Total unrecognized compensation cost related to unvested awards as of was $5.1 million and is expected to be recognized over the next 2.2 years. Valuation Information for Stock-Based Compensation The fair value of each stock option award during the three and nine months ended and 2020 was estimated on the date of grant using the Black-Scholes model. For the nine months ended September 30, 2021, expected volatility was based on historical common stock volatility of the Company’s peers xpected volatility for the nine months ended September 30, 2020, was based on historical volatility of the Company’s common stock. The weighted average assumptions used in the Black-Scholes option pricing model in valuing stock options granted in the three and nine months ended September 30, 2021 and 2020 are summarized in the table below. Nine months ended September 30, 2021 2020 Fair value at grant date $ 1.33 $ 0.98 Expected volatility 80.2 % 142.1 % Risk-free interest rate 0.7 % 0.7 % Expected holding period, in years 6.0 6.1 Dividend yield — % — % |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 . Income Taxes The Company may be eligible, from time to time, to receive cash from the sale of its net operating losses and research and development tax credits under New Jersey's Department of the Treasury - Division of Taxation NOL Transfer Program. On June 7, 2021, the Company received a net cash amount of approximately $ 1.4 and tax credits and recorded a tax benefit of approximately $880,000 in connection with this receipt. On September 22, 2021, the Company received notification from the New Jersey's Department of the Treasury - Division of Taxation requesting the return of an overpayment of roximately $549,000 T On May 6, 2020, the Company received a net cash amount of approximately 1.2 sale of its New Jersey state net operating losses and research and development tax credits related to the year ended December 31, 2018 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15. Commitments and Contingencies Stockholders Litigation On July 8, 2019 and August 1, 2019, purported stockholders of the Company served putative class action lawsuits in the Superior Court of New Jersey for Somerset County, captioned Paul Kuehl vs. electroCore, Inc., et al. Shirley Stone vs. electroCore, Inc., et al. Kuehl Stone On October 31, 2019, the Company and the other defendants filed a motion to dismiss the complaint or in the alternative to stay the action in favor of the pending federal action (discussed below). On February 21, 2020, the court granted the defendants’ motion to dismiss the consolidated amended complaint with prejudice. On March 2, 2020 the court entered an amended order dismissing the consolidated amended complaint with prejudice. On March 27, 2020, the plaintiffs filed a notice of appeal with the N.J. Superior Court – Appellate Division. The appeal was argued on September 27, 2021. On October 8, 2021, the Appellate Division issued an order reversing the decision of the Superior Court. The case has been remanded to the Superior Court for oral argument on the motion to dismiss or the alternative stay. On September 26, 2019 and October 31, 2019, purported stockholders of the Company served putative class action lawsuits in the United States District Court for the District of New Jersey captioned Allyn Turnofsky vs. electroCore, Inc., et al. Priewe vs. electroCore, Inc., et al. In the Turnofsky Turnofsky A session with the JAMS mediator occurred on March 30, 2021. The Priewe On March 4, 2021, purported stockholder Richard Maltz brought a purported stockholder derivative action in the United States District Court for the District of New Jersey. The action is captioned Richard Maltz, derivatively on behalf of electroCore, Inc., vs. Francis R. Amato, et al. Turnofsky On March 8, 2021, purported stockholder Erin Yuson brought a purported stockholder derivative action in the United States District Court for the District of New Jersey. The action is captioned Erwin Yuson, derivatively on behalf of electroCore, Inc., vs. Francis R. Amato, et al. The plaintiffs in the Maltz Yuson Turnofsky The Company intends to continue to vigorously defend itself in these matters. However, in light of, among other things, the preliminary stage of these litigation matters, the Company is unable to determine the reasonable probability of loss or a range of potential loss. Accordingly, the Company has not established an accrual for potential losses, if any, that could result from any unfavorable outcome, and there can be no assurance that these litigation matters will not result in substantial defense costs and/or judgments or settlements that could adversely affect the Company’s financial condition. The Company expenses associated legal fees in the period they are incurred. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2021 . The results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period. |
Principles of Consolidation | (b) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of electroCore and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | (c) Use of Estimates The preparation of 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 contingent assets and liabilities at the date of these condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, trade credits, rebates, co-payment assistance and sales returns, valuation of inventory , stock compensation, and contingencies. |
Reclass of Statement of Cash Flows Activity | (d) Revision of Statement of Cash Flows Activity In preparation of its financial statements for the quarter ended March 31, 2021, the Company realized that proceeds from its July 1, 2020 Commercial Insurance Premium Finance and Security Agreement should have been treated as a noncash activity instead of grossed up on the accompanying condensed consolidated statement of cash flows. Even though the amount was not considered material, the financial statements have been revised. As a result, cash used in operating and cash provided by financing activities for the nine months ended September 30, 2020, decreased by approximately $600,000. (e) Reclassification of Statement of Cash Flows Activity Certain prior period amounts have been reclassified to conform to current period presentation. The reclassifications did not have an impact on net loss as previously reported. |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks And Uncertainties [Abstract] | |
Schedule of revenue channels accounted for 10% or more of the Company's net sales | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenue channel: Department of Veterans Affairs and Department of Defense 63.6 59.8 60.7 59.0 National Health Service 24.1 24.2 25.6% 28.1% |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of net sales disaggregated by geographic area | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Geographic Market United States $ 1,103,604 $ 800,767 $ 2,810,152 $ 1,759,477 United Kingdom 366,966 278,340 1,037,908 801,055 Other 16,523 1,734 112,341 7,035 Total Net Sales $ 1,487,093 $ 1,080,841 $ 3,960,401 $ 2,567,567 |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of cash, cash equivalents and marketable securities | As of Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Cash and cash equivalents $ 37,995,008 $ — $ — $ 37,995,008 Marketable securities: U.S. Treasury Bonds 1,001,506 — (426 ) 1,001,080 Total cash, cash equivalents, and marketable securities $ 38,996,514 $ — $ (426 ) $ 38,996,088 A s of December 31, 2020 Amortized Cost Unrealized Gain Unrealized (Loss) Fair Value Cash and cash equivalents $ 4,241,937 $ — $ — $ 4,241,937 Marketable securities: U.S. Treasury Bonds 18,388,970 — (2,810 ) 18,386,160 Total cash, cash equivalents, and marketable securities $ 22,630,907 $ — $ (2,810 ) $ 22,628,097 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities carried at fair value | Fair Value Hierarchy September 30, 2021 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 37,995,008 $ 37,995,008 $ — $ — Marketable Securities: U.S. treasury bonds 1,001,080 1,001,080 — — Total $ 38,996,088 $ 38,996,088 $ — $ — Fair Value Hierarchy December 31, 2020 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 4,241,937 $ 4,241,937 $ — $ — Marketable Securities: U.S. treasury bonds 18,386,160 18,386,160 — — Total $ 22,628,097 $ 22,628,097 $ — $ — |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories stated at lower of cost or market | September 30, 2021 December 31, 2020 Raw materials $ 820,227 $ 1,008,653 Work in process 4,163,251 4,304,415 Finished goods 447,856 428,549 Total inventories, net 5,431,334 5,741,617 Less: noncurrent inventories 4,349,009 4,865,181 Current inventories, net $ 1,082,325 $ 876,436 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information for Operating Leases | September 30, 2021 December 31, 2020 Operating leases: Operating lease right of use assets $ 539,728 $ 517,257 Operating lease liabilities: Current portion of operating lease liabilities 58,482 534,547 Noncurrent operating lease liabilities 715,530 885,333 Total operating lease liabilities $ 774,012 $ 1,419,880 Weighted average remaining lease term (in years) 7.3 5.7 Weighted average discount rate 13.8 % 13.8 % |
Future Minimum Lease Payments under Non-Cancellable Operating Leases | Remainder of 2021 $ 39,414 2022 160,486 2023 163,962 2024 167,524 2025 and thereafter 704,900 Total future minimum lease payments 1,236,286 Less: Amounts representing interest (462,274 ) Total $ 774,012 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | September 30, 2021 December 31, 2020 Accrued professional fees $ 166,050 $ 270,543 Accrued bonuses 1,400,403 1,424,878 Accrued insurance expense 873,592 164,832 Other employee related expenses 425,067 371,033 Accrued state taxes 548,705 — Lease settlement liability 320,000 — Other 696,026 734,416 $ 4,429,843 $ 2,965,702 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Common Stock Equivalents Excluded from Computation of Diluted Loss per Share | Nine months ended September 30, 2021 2020 Outstanding stock options 5,131,263 3,693,943 Nonvested restricted stock and unit awards 1,153,364 1,230,651 Stock purchase warrants 216,944 715,199 6,501,571 5,639,793 |
Schedule of stock purchase warrants outstanding | Number of Warrants Exercise Price Expiration Date 22,253 $ 5.68 3/30/2022 17,066 $ 12.60 6/30/2022 151,364 $ 12.60 8/18/2022 14,286 $ 12.60 8/31/2022 11,975 $ 15.30 12/22/2025 216,944 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity Related to Stock Options | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2021 3,815,585 $ 5.56 8.9 $ 342,551 Granted 1,345,136 1.97 21,600 Exercised — — — Cancelled (29,458 ) 5.22 * Outstanding, September 30, 2021 5,131,263 $ 4.62 8.2 $ 73,800 Exercisable, September 30, 2021 1,988,192 $ 7.67 7.6 $ 36,000 |
Summary of Activity Related to Restricted Stock Awards Granted | Number of Shares Weighted Average Grant Date Fair Value Nonvested, January 1, 2021 25,645 $ 10.07 Granted 165,413 2.41 Vested (149,894 ) 2.82 Cancelled (5,687 ) 6.38 Nonvested, September 30, 2021 35,477 $ 2.82 |
Summary of Activity Related to Restricted Stock and Deferred Stock Units Granted | Number of Shares Weighted Average Grant Date Fair Value Nonvested, January 1, 2021 1,014,123 $ 1.50 Granted 438,316 2.07 Vested (329,198 ) 1.67 Cancelled (5,354 ) 1.97 Nonvested, September 30, 2021 1,117,887 $ 1.67 |
Schedule of Recognized Stock Compensation for Equity Awards | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Selling, general and administrative $ 658,314 $ 541,757 $ 2,171,122 $ 1,789,122 Research and development 87,222 179,664 314,710 649,485 Cost of goods sold 14,901 21,507 54,761 51,944 Total expense $ 760,437 $ 742,928 $ 2,540,593 $ 2,490,551 |
Summary of Weighted Average Assumptions Used in Valuing Plans | Nine months ended September 30, 2021 2020 Fair value at grant date $ 1.33 $ 0.98 Expected volatility 80.2 % 142.1 % Risk-free interest rate 0.7 % 0.7 % Expected holding period, in years 6.0 6.1 Dividend yield — % — % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of stock purchase warrants outstanding | Number of Warrants Exercise Price Expiration Date 22,253 $ 5.68 3/30/2022 17,066 $ 12.60 6/30/2022 151,364 $ 12.60 8/18/2022 14,286 $ 12.60 8/31/2022 11,975 $ 15.30 12/22/2025 216,944 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Accounting Policies [Abstract] | |
Decrease in operating lease liabilities | $ (600,000) |
Significant Risks and Uncerta_3
Significant Risks and Uncertainties - Additional Information (Details) $ in Millions | Jun. 07, 2021USD ($) | May 06, 2020USD ($) | Sep. 30, 2021USD ($)facility | Sep. 30, 2020facility | Sep. 30, 2021USD ($)facility | Sep. 30, 2020USD ($)facility |
Risks And Uncertainties [Line Items] | ||||||
Sale of net operating losses | $ 1.4 | $ 1.2 | ||||
Incurred loss | $ 12.3 | $ 17.2 | ||||
Cash, cash equivalents and marketable securities | $ 39 | 39 | ||||
Net proceeds from sale receivable | $ 25.7 | |||||
Channel One [Member] | VA/DoD facilities | ||||||
Risks And Uncertainties [Line Items] | ||||||
Number of channels | facility | 4 | 3 | ||||
Channel One [Member] | VA/DoD facilities | Net Sales | ||||||
Risks And Uncertainties [Line Items] | ||||||
Number of channels | facility | 4 | 5 | ||||
Channel One [Member] | VA/DoD facilities | Net Sales | Revenue from Rights Concentration Risk | ||||||
Risks And Uncertainties [Line Items] | ||||||
Percentage of net sales | 53.90% | 58.60% | 52.10% | 41.00% | ||
Channel Two [Member] | Net Sales | Revenue from Rights Concentration Risk | ||||||
Risks And Uncertainties [Line Items] | ||||||
Percentage of net sales | 10.00% | |||||
Channel Two [Member] | VA/DoD facilities | Net Sales | ||||||
Risks And Uncertainties [Line Items] | ||||||
Number of channels | facility | 2 | 2 | ||||
Channel Two [Member] | VA/DoD facilities | Net Sales | Revenue from Rights Concentration Risk | ||||||
Risks And Uncertainties [Line Items] | ||||||
Percentage of net sales | 10.00% | |||||
Channel Two [Member] | VA/DoD facilities | Minimum | Net Sales | Revenue from Rights Concentration Risk | ||||||
Risks And Uncertainties [Line Items] | ||||||
Percentage of net sales | 10.00% |
Significant Risks and Uncerta_4
Significant Risks and Uncertainties - Schedule of company's net sales (Details) - Net Sales - Revenue from Rights Concentration Risk | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Department of Veterans Affairs and Department of Defense [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue, percentage | 63.60% | 59.80% | 60.70% | 59.00% |
National Health Service [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue, percentage | 24.10% | 24.20% | 25.60% | 28.10% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Net Sales Disaggregated by Geographic Area (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Net Sales | $ 1,487,093 | $ 1,080,841 | $ 3,960,401 | $ 2,567,567 |
United States | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Net Sales | 1,103,604 | 800,767 | 2,810,152 | 1,759,477 |
United Kingdom | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Net Sales | 366,966 | 278,340 | 1,037,908 | 801,055 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Net Sales | $ 16,523 | $ 1,734 | $ 112,341 | $ 7,035 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | Sep. 30, 2021USD ($) |
Revenue From Contract With Customer [Abstract] | |
Maximum amount of reduction in monthly co-payments of each prescription | $ 100 |
Cash, Cash Equivalents, and Mar
Cash, Cash Equivalents, and Marketable Securities - Summary of Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and Cash Equivalents, Amortized Cost | $ 37,995,008 | $ 4,241,937 |
Cash and Cash Equivalents, Unrealized Gain | ||
Cash and Cash Equivalents, Unrealized (Loss) | ||
Cash and cash equivalents | 37,995,008 | 4,241,937 |
Marketable securities, Fair Value | 1,001,080 | 18,386,160 |
Cash, cash equivalents and marketable securities, Amortized Cost | 38,996,514 | 22,630,907 |
Cash, cash equivalents and marketable securities, Unrealized Gain | ||
Cash, cash equivalents, and marketable securities, Unrealized (Loss) | (426) | (2,810) |
Cash, cash equivalents, and marketable securities, Fair Value | 38,996,088 | 22,628,097 |
U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Marketable securities, Amortized Cost | 1,001,506 | 18,388,970 |
Marketable securities, Unrealised Gain | ||
Marketable securities, Unrealized (Loss) | (426) | (2,810) |
Marketable securities, Fair Value | 1,001,080 | 18,386,160 |
Cash, cash equivalents, and marketable securities, Fair Value | $ 1,001,080 | $ 18,386,160 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Carried at Fair Value (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 37,995,008 | $ 4,241,937 |
Marketable Securities | 38,996,088 | 22,628,097 |
U.S. Treasury Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | 1,001,080 | 18,386,160 |
(Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 37,995,008 | 4,241,937 |
Marketable Securities | 38,996,088 | 22,628,097 |
(Level 1) | U.S. Treasury Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | 1,001,080 | 18,386,160 |
(Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Marketable Securities | ||
(Level 2) | U.S. Treasury Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | ||
(Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Marketable Securities | ||
(Level 3) | U.S. Treasury Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 820,227 | $ 1,008,653 |
Work in process | 4,163,251 | 4,304,415 |
Finished goods | 447,856 | 428,549 |
Total inventories, net | 5,431,334 | 5,741,617 |
Less: noncurrent inventories | 4,349,009 | 4,865,181 |
Current inventories, net | $ 1,082,325 | $ 876,436 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Noncurrent inventory raw materials | $ 1,100,000 | $ 700,000 |
Noncurrent inventory work in process | 3,200,000 | 4,200,000 |
Inventory Valuation and Obsolescence [Member] | ||
Inventory [Line Items] | ||
Reserves for obsolete inventory | $ 760,940 | $ 721,462 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information for Operating Leases (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Operating leases: | ||
Operating lease right of use assets | $ 539,728 | $ 517,257 |
Current portion of operating lease liabilities | 58,482 | 534,547 |
Noncurrent operating lease liabilities | 715,530 | 885,333 |
Total operating lease liabilities | $ 774,012 | $ 1,419,880 |
Weighted average remaining lease term (in years) | 7 years 3 months 18 days | 5 years 8 months 12 days |
Weighted average discount rate | 13.80% | 13.80% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments under Non-Cancellable Operating Leases (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remainder of 2021 | $ 39,414 | |
2022 | 160,486 | |
2023 | 163,962 | |
2024 | 167,524 | |
2025 and thereafter | 704,900 | |
Total future minimum lease payments | 1,236,286 | |
Less: Amounts representing interest | (462,274) | |
Total | $ 774,012 | $ 1,419,880 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 05, 2021 | Oct. 04, 2021 | Sep. 27, 2021 | |
Lessor, Lease, Description [Line Items] | |||||||
Recognized lease expenses | $ 52,351 | $ 149,731 | $ 139,597 | $ 422,765 | |||
Cash | 398,523 | 398,523 | $ 500,000 | ||||
Accrued lessor amount | $ 320,000 | $ 320,000 | |||||
Shares issued | 200,000 | ||||||
Lessor [Member] | Subsequent Event [Member] | |||||||
Lessor, Lease, Description [Line Items] | |||||||
Cash | $ 101,477 | ||||||
Shares issued | 200,000 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Accrued professional fees | $ 166,050 | $ 270,543 |
Accrued bonuses | 1,400,403 | 1,424,878 |
Accrued insurance expense | 873,592 | 164,832 |
Other employee related expenses | 425,067 | 371,033 |
Accrued state taxes | 548,705 | |
Lease settlement liability | 320,000 | |
Other | 696,026 | 734,416 |
Accrued expenses | $ 4,429,843 | $ 2,965,702 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Jul. 02, 2021 | Jul. 02, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 31, 2021 |
Accrued Expenses and Other Current Liabilities [Line Item] | |||||
Proceeds from borrowings | $ 1,410,524 | ||||
Interest expense | 2,646 | ||||
Remaining balance of notes payable | $ 873,592 | ||||
Finance and Security Agreement | |||||
Accrued Expenses and Other Current Liabilities [Line Item] | |||||
Proceeds from borrowings | $ 1,200,000 | $ 1,200,000 | |||
Interest rate on the Loan | 1.55% | 2.18% | |||
Monthly installments payable | $ 124,800 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Details) - USD ($) | May 04, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Notes Payable [Line Items] | |||
Proceeds from borrowings | $ 1,410,524 | ||
Promissory Note | Citibank, N.A. | Paycheck Protection Program | |||
Notes Payable [Line Items] | |||
Proceeds from borrowings | $ 1,400,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Jul. 02, 2021 | Aug. 30, 2021 | Mar. 27, 2020 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 27, 2021 |
Stock Purchase Agreement [Line Items] | ||||||||||
Net proceeds of offering amount | $ 18.8 | |||||||||
Common stock, shares issued | 70,442,309 | 70,442,309 | 45,559,765 | |||||||
Settlement of accrued bonus, shares | 1,345,136 | |||||||||
Common Stock | ||||||||||
Stock Purchase Agreement [Line Items] | ||||||||||
Issuance of stock, Shares | 20,700,000 | 952,380 | 20,700,000 | 2,750,000 | 6,079,676 | 8,028,372 | ||||
purchase per share value | $ 1 | $ 1.05 | ||||||||
Common stock, shares issued | 200,000 | |||||||||
Shares issued. price per share | $ 1 | $ 1.05 | ||||||||
Settlement of accrued bonus, shares | 165,413 | |||||||||
Lincoln Park | ||||||||||
Stock Purchase Agreement [Line Items] | ||||||||||
Proceeds from shares issued | $ 25,000,000 | |||||||||
Stock Purchase Agreement | Lincoln Park | ||||||||||
Stock Purchase Agreement [Line Items] | ||||||||||
Issuance of stock, Shares | 2,750,000 | 10,179,676 | ||||||||
Value of shares issued | $ 5,000,000 | |||||||||
Common stock, shares issued | 461,676 | |||||||||
Fair value of common stock shares issued | $ 186,300 | |||||||||
Additional commitment shares issued | 230,838 | |||||||||
Proceeds from shares issued | $ 6,900,000 | $ 15,500,000 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)$ / shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrants expired | $ | $ 498,255 |
Minimum | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price | $ 8.86 |
Maximum | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise Price | $ 12.60 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Loss per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 6,501,571 | 5,639,793 |
Outstanding stock options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,131,263 | 3,693,943 |
Nonvested restricted stock and unit awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,153,364 | 1,230,651 |
Stock purchase warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 216,944 | 715,199 |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of stock purchase warrants outstanding (Details 2) | 9 Months Ended |
Sep. 30, 2021USD ($)$ / shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrants | $ 216,944,000 |
Exercise Price 5.68 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrants | $ 22,253 |
Exercise Price | $ / shares | $ 5.68 |
Expiration Date | Mar. 30, 2022 |
Exercise Price 12.60 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrants | $ 17,066 |
Exercise Price | $ / shares | $ 12.60 |
Expiration Date | Jun. 30, 2022 |
Exercise Price 12.60 One [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrants | $ 151,364 |
Exercise Price | $ / shares | $ 12.60 |
Expiration Date | Aug. 18, 2022 |
Exercise Price 12.60 Two [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrants | $ 14,286 |
Exercise Price | $ / shares | $ 12.60 |
Expiration Date | Aug. 31, 2022 |
Exercise Price 12.60 Three [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrants | $ 11,975 |
Exercise Price | $ / shares | $ 15.30 |
Expiration Date | Dec. 22, 2025 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 4 years |
Unrecognized compensation cost related to unvested awards | $ 5.1 |
Unrecognized compensation expected to be recognized | 2 years 2 months 12 days |
RSAs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 4 years |
Stock Units | Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 2 years |
Stock Units | Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 4 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Activity Related to Stock Options (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Number of Options | ||
Number of Options, Outstanding, January 1, 2021 | 3,815,585 | |
Number of Options, Granted | 1,345,136 | |
Number of Options, Exercised | ||
Number of Options, Cancelled | (29,458) | |
Number of Options, Outstanding, September 30, 2021 | 5,131,263 | 3,815,585 |
Number of Options, Exercisable, September 30, 2021 | 1,988,192 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Outstanding, January 1, 2021 | $ 5.56 | |
Weighted Average Exercise Price, Granted | 1.97 | |
Weighted Average Exercise Price, Exercised | ||
Weighted Average Exercise Price, Cancelled | 5.22 | |
Weighted Average Exercise Price, Outstanding, September 30, 2021 | 4.62 | $ 5.56 |
Weighted Average Exercise Price, Exercisable, September 30, 2021 | $ 7.67 | |
Weighted Average Remaining Contractual Term (Years), Outstanding, January 1, 2021 | 8 years 2 months 12 days | 8 years 10 months 24 days |
Weighted Average Remaining Contractual Term (Years), Exercisable, September 30, 2021 | 7 years 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding, January 1, 2021 | $ 73,800 | $ 342,551 |
Aggregate Intrinsic Value, Granted | 21,600 | |
Aggregate Intrinsic Value, Exercised | ||
Aggregate Intrinsic Value, Exercisable, September 30, 2021 | $ 36,000 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Activity Related to Restricted Stock Awards Granted (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
RSAs | |
Number of Shares | |
Number of Shares, Nonvested, January 1,2021 | shares | 25,645 |
Number of Shares, Granted | shares | 165,413 |
Number of Shares, Vested | shares | (149,894) |
Number of Shares, Cancelled | shares | (5,687) |
Number of Shares, Nonvested, September 30, 2021 | shares | 35,477 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grand Date Fair Value, Nonvested, January 1, 2021 | $ / shares | $ 10.07 |
Weighted Average Grand Date Fair Value, Granted | $ / shares | 2.41 |
Weighted Average Grand Date Fair Value, Vested | $ / shares | 2.82 |
Weighted Average Grand Date Fair Value, Cancelled | $ / shares | 6.38 |
Weighted Average Grand Date Fair Value, Nonvested, September 30, 2021 | $ / shares | $ 2.82 |
Restricted Stock And Deferred Stock [Member] | |
Number of Shares | |
Number of Shares, Nonvested, January 1,2021 | shares | 1,014,123 |
Number of Shares, Granted | shares | 438,316 |
Number of Shares, Vested | shares | (329,198) |
Number of Shares, Cancelled | shares | (5,354) |
Number of Shares, Nonvested, September 30, 2021 | shares | 1,117,887 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grand Date Fair Value, Nonvested, January 1, 2021 | $ / shares | $ 1.50 |
Weighted Average Grand Date Fair Value, Granted | $ / shares | 2.07 |
Weighted Average Grand Date Fair Value, Vested | $ / shares | 1.67 |
Weighted Average Grand Date Fair Value, Cancelled | $ / shares | 1.97 |
Weighted Average Grand Date Fair Value, Nonvested, September 30, 2021 | $ / shares | $ 1.67 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Activity Related to Restricted Stock and Deferred Stock Units Granted (Details) - Stock Units | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Number of Shares | |
Number of Shares, Nonvested, January 1,2021 | shares | 1,014,123 |
Number of Shares, Granted | shares | 438,316 |
Number of Shares, Vested | shares | (329,198) |
Number of Shares, Cancelled | shares | (5,354) |
Number of Shares, Nonvested, September 30, 2021 | shares | 1,117,887 |
Weighted Average Grant Date Fair Value | |
Weighted Average Grand Date Fair Value, Nonvested, January 1, 2021 | $ / shares | $ 1.50 |
Weighted Average Grand Date Fair Value, Granted | $ / shares | 2.07 |
Weighted Average Grand Date Fair Value, Vested | $ / shares | 1.67 |
Weighted Average Grand Date Fair Value, Cancelled | $ / shares | 1.97 |
Weighted Average Grand Date Fair Value, Nonvested, September 30, 2021 | $ / shares | $ 1.67 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Recognized Stock Compensation for Equity Awards (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation | $ 760,437 | $ 742,928 | $ 2,540,593 | $ 2,490,551 |
Selling, General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation | 658,314 | 541,757 | 2,171,122 | 1,789,122 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation | 87,222 | 179,664 | 314,710 | 649,485 |
Cost of Goods Sold | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation | $ 14,901 | $ 21,507 | $ 54,761 | $ 51,944 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Weighted Average Assumptions Used in Valuing Plans (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Fair value at grant date | $ 1.33 | $ 0.98 |
Expected volatility | 80.20% | 142.10% |
Risk-free interest rate | 0.70% | 0.70% |
Expected holding period, in years | 6 years | 6 years 1 month 6 days |
Dividend yield |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Jun. 07, 2021 | May 06, 2020 | Sep. 22, 2021 |
Operating Loss Carryforwards [Line Items] | |||
Net cash from sale of New Jersey state net operating losses | $ 1,400,000 | $ 1,200,000 | |
Income tax return of overpayment | $ 549,000 | ||
Tax benefit | $ 880,000,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Jul. 17, 2020 |
Class Of Warrant Or Right [Line Items] | |
Number of investors as defendants | 2 |