Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 02, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WATT | ||
Entity Registrant Name | Energous Corp | ||
Entity Central Index Key | 1,575,793 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,155,547 | ||
Entity Public Float | $ 288,974,313 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 12,795,254 | $ 31,258,637 |
Accounts receivable | 149,500 | |
Prepaid expenses and other current assets | 1,026,310 | 1,374,585 |
Prepaid rent, current | 80,784 | 80,784 |
Total current assets | 13,902,348 | 32,863,506 |
Property and equipment, net | 1,413,917 | 2,209,475 |
Prepaid rent, non-current | 56,668 | 137,452 |
Other assets | 32,512 | 48,507 |
Total assets | 15,405,445 | 35,258,940 |
Current liabilities: | ||
Accounts payable | 2,024,690 | 4,707,763 |
Accrued expenses | 1,622,025 | 1,867,995 |
Deferred revenue | 131,959 | |
Total current liabilities | 3,646,715 | 6,707,717 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2017 and December 31, 2016; no shares issued or outstanding | ||
Common Stock, $0.00001 par value, 50,000,000 shares authorized at December 31, 2017 and December 31, 2016; 22,584,588 and 20,367,929 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively. | 225 | 202 |
Additional paid-in capital | 185,659,954 | 153,075,595 |
Accumulated deficit | (173,901,449) | (124,524,574) |
Total stockholders' equity | 11,758,730 | 28,551,223 |
Total liabilities and stockholders' equity | $ 15,405,445 | $ 35,258,940 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
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 | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 22,584,588 | 20,367,929 |
Common stock, shares outstanding | 22,584,588 | 20,367,929 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenue | $ 1,154,009 | $ 1,451,941 | $ 2,500,000 |
Operating expenses: | |||
Research and development | 33,230,668 | 32,832,677 | 18,825,041 |
Sales and marketing | 5,207,746 | 3,201,549 | 3,221,303 |
General and administrative | 12,103,423 | 11,248,435 | 8,030,995 |
Total operating expenses | 50,541,837 | 47,282,661 | 30,077,339 |
Loss from operations | (49,387,828) | (45,830,720) | (27,577,339) |
Other income (expense): | |||
Interest income, net | 11,679 | 13,326 | 15,637 |
Loss on sale of property and equipment | (726) | ||
Total | 10,953 | 13,326 | 15,637 |
Net loss | $ (49,376,875) | $ (45,817,394) | $ (27,561,702) |
Basic and diluted loss per common share | $ (2.31) | $ (2.60) | $ (2.07) |
Weighted average shares outstanding, basic and diluted | 21,343,001 | 17,649,013 | 13,303,715 |
Statement of Changes in Stockho
Statement of Changes in Stockholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2014 | $ 31,320,563 | $ 127 | $ 82,465,914 | $ (51,145,478) |
Beginning balance (in shares) at Dec. 31, 2014 | 12,781,502 | |||
Issuance of shares for services | 147,900 | 147,900 | ||
Issuance of shares for services (in shares) | 15,000 | |||
Stock-based compensation - stock options | 1,037,399 | 1,037,399 | ||
Stock-based compensation - IR warrants | 85,831 | 85,831 | ||
Stock-based compensation - restricted stock units ("RSUs") | 4,225,728 | 4,225,728 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 113,217 | 113,217 | ||
Stock-based compensation - performance share units ("PSUs") | 489,239 | 489,239 | ||
Issuance of shares for RSUs | $ 3 | (3) | ||
Issuance of shares for RSUs (in shares) | 304,340 | |||
Issuance of shares for PSUs (in shares) | 1,072 | |||
Exercise of stock options | 65,647 | 65,647 | ||
Exercise of stock options (in shares) | 21,786 | |||
Disgorgement on account of short swing profit | 12,611 | 12,611 | ||
Cashless exercise of warrants | $ 1 | (1) | ||
Cashless exercise of warrants (in shares) | 128,480 | |||
Shares purchased from contributions to the ESPP | 289,787 | 289,787 | ||
Shares purchased from contributions to the ESPP (in shares) | 46,023 | |||
Secondary offering net of underwriter's discount and offering costs | 19,048,456 | $ 30 | 19,048,426 | |
Secondary offering net of underwriter's discount and offering costs (in shares) | 3,000,005 | |||
Net loss | (27,561,702) | (27,561,702) | ||
Ending balance at Dec. 31, 2015 | 29,274,676 | $ 161 | 107,981,695 | (78,707,180) |
Ending balance (in shares) at Dec. 31, 2015 | 16,298,208 | |||
Stock-based compensation - stock options | 1,045,081 | 1,045,081 | ||
Stock-based compensation - restricted stock units ("RSUs") | 5,735,032 | 5,735,032 | ||
Stock based compensation - deferred stock units ("DSUs") | 123,644 | 123,644 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 318,735 | 318,735 | ||
Stock-based compensation - performance share units ("PSUs") | 2,285,683 | 2,285,683 | ||
Issuance of shares for RSUs | $ 5 | (5) | ||
Issuance of shares for RSUs (in shares) | 519,200 | |||
Shares repurchased for tax withholdings on vesting of RSUs | (266,217) | (266,217) | ||
Shares repurchased for tax withholdings on vesting of RSUs (in shares) | (20,669) | |||
Issuance of shares for PSUs | $ 2 | (2) | ||
Issuance of shares for PSUs (in shares) | 209,673 | |||
Shares repurchased for tax withholdings on vesting of PSUs | (46,463) | (46,463) | ||
Shares repurchased for tax withholdings on vesting of PSUs (in shares) | (3,607) | |||
Exercise of stock options | 382,351 | $ 1 | 382,350 | |
Exercise of stock options (in shares) | 130,354 | |||
Cashless exercise of warrants | $ 5 | (5) | ||
Cashless exercise of warrants (in shares) | 475,683 | |||
Shares purchased from contributions to the ESPP | 727,784 | $ 1 | 727,783 | |
Shares purchased from contributions to the ESPP (in shares) | 85,356 | |||
Issuance of shares and warrants in private placements, net of issuance costs | 34,788,311 | $ 27 | 34,788,284 | |
Issuance of shares and warrants in private placements, net of issuance costs (in shares) | 2,673,731 | |||
Net loss | (45,817,394) | (45,817,394) | ||
Ending balance at Dec. 31, 2016 | 28,551,223 | $ 202 | 153,075,595 | (124,524,574) |
Ending balance (in shares) at Dec. 31, 2016 | 20,367,929 | |||
Stock-based compensation - stock options | 764,723 | 764,723 | ||
Stock-based compensation - restricted stock units ("RSUs") | 13,043,171 | 13,043,171 | ||
Stock based compensation - deferred stock units ("DSUs") | 1,362 | 1,362 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 331,913 | 331,913 | ||
Stock-based compensation - performance share units ("PSUs") | 1,661,650 | 1,661,650 | ||
Issuance of shares for RSUs | $ 8 | (8) | ||
Issuance of shares for RSUs (in shares) | 781,051 | |||
Issuance of shares for DSUs | 0 | $ 0 | 0 | 0 |
Issuance of shares for DSUs (in shares) | 14,953 | |||
Issuance of shares for PSUs | $ 1 | (1) | ||
Issuance of shares for PSUs (in shares) | 90,000 | |||
Exercise of stock options | 979,950 | $ 3 | 979,947 | |
Exercise of stock options (in shares) | 272,205 | |||
Cashless exercise of warrants (in shares) | 19,611 | |||
Shares purchased from contributions to the ESPP | 869,066 | $ 1 | 869,065 | |
Shares purchased from contributions to the ESPP (in shares) | 62,700 | |||
Issuance of shares and warrants in private placements, net of issuance costs | 14,932,547 | $ 10 | 14,932,537 | |
Issuance of shares and warrants in private placements, net of issuance costs (in shares) | 976,139 | |||
Net loss | (49,376,875) | (49,376,875) | ||
Ending balance at Dec. 31, 2017 | $ 11,758,730 | $ 225 | $ 185,659,954 | $ (173,901,449) |
Ending balance (in shares) at Dec. 31, 2017 | 22,584,588 |
Statement of Changes in Stockh6
Statement of Changes in Stockholder's Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Partners' Capital Account, Public Sale of Units Net of Offering Costs | $ 1,651,578 | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 67,388 | $ 211,676 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (49,376,875) | $ (45,817,394) | $ (27,561,702) |
Adjustments to reconcile net loss to Net cash used in operating activities: | |||
Depreciation and amortization | 1,309,980 | 957,836 | 817,729 |
Stock based compensation | 15,802,819 | 9,508,175 | 5,951,414 |
Loss on sale of property and equipment | 726 | ||
Amortization of prepaid rent from stock issuance to landlord | 80,784 | 80,784 | 80,784 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 149,500 | (149,500) | |
Prepaid expenses and other current assets | 348,275 | (652,336) | (157,769) |
Other assets | 15,995 | 2,823 | (28,682) |
Accounts payable | (2,683,073) | 2,382,790 | 608,962 |
Accrued expenses | 53,530 | 492,616 | 283,530 |
Deferred revenue | (131,959) | 131,959 | |
Net cash used in operating activities | (34,430,298) | (33,062,247) | (20,005,734) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (817,448) | (1,137,446) | (1,032,795) |
Proceeds from the sale of property and equipment | 2,800 | ||
Net cash used in investing activities | (814,648) | (1,137,446) | (1,032,795) |
Cash flows from financing activities: | |||
Proceeds from shares issued under shelf registration, net of underwriter's discount and offering expenses | 19,048,456 | ||
Net proceeds from issuance of shares to private investors | 14,932,547 | 34,788,311 | |
Proceeds from the exercise of stock options | 979,950 | 382,351 | 65,647 |
Proceeds from contributions to employee stock purchase plan | 869,066 | 727,784 | 289,787 |
Proceeds from the disgorgement of short-swing profit | 12,611 | ||
Net cash provided by financing activities | 16,781,563 | 35,585,766 | 19,416,501 |
Net (decrease) increase in cash and cash equivalents | (18,463,383) | 1,386,073 | (1,622,028) |
Cash and cash equivalents - beginning | 31,258,637 | 29,872,564 | 31,494,592 |
Cash and cash equivalents - ending | 12,795,254 | 31,258,637 | 29,872,564 |
Supplemental disclosure of non-cash financing activities: | |||
Common stock issued for services | 147,900 | ||
Cashless exercise of warrants | 5 | 1 | |
Increase in accrued expenses for the purchase of property and equipment | 299,500 | ||
Restricted Stock Units (RSUs) [Member] | |||
Cash flows from financing activities: | |||
Shares repurchased for tax withholdings on vesting | (266,217) | ||
Supplemental disclosure of non-cash financing activities: | |||
Common stock issued | 8 | 6 | $ 3 |
Performance Shares [Member] | |||
Cash flows from financing activities: | |||
Shares repurchased for tax withholdings on vesting | (46,463) | ||
Supplemental disclosure of non-cash financing activities: | |||
Common stock issued | $ 1 | $ 2 |
Business Organization, Nature o
Business Organization, Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization, Nature of Operations | Note 1 – Business Organization, Nature of Operations Energous Corporation (the “Company”) was incorporated in Delaware on October 30, 2012. The Company has developed a technology called WattUp ® RF-based RF-based e-book The Company is using its WattUp technology to develop solutions that charge electronic devices by surrounding them with a contained 3D RF energy pocket. The Company is engineering solutions that are expected to enable the wire-free transmission of energy from multiple WattUp transmitters to multiple WattUp receiving devices within a range of up to 15 feet in radius or in a circular charging envelope of up to 30 feet. The Company is also developing a transmitter technology to seamlessly mesh, like a network of Wi-Fi room-to-room The market for products using the Company’s technology is nascent and unproven, so the Company’s success is sensitive to many factors, including technological feasibility, regulatory approval, customer acceptance, competition and global market fluctuations. |
Liquidity and Management Plans
Liquidity and Management Plans | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Liquidity and Management Plans | Note 2 – Liquidity and Management Plans During the year ended December 31, 2017, the Company has recorded revenue of $1,154,009. The Company incurred a net loss of $49,376,875, $45,817,394 and $27,561,702 for the years ended December 31, 2017, 2016 and 2015, respectively. Net cash used in operating activities was $34,430,298, $33,062,247 and $20,005,734 for the years ended December 31, 2017, 2016 and 2015, respectively. The Company is currently meeting its liquidity requirements principally through sales of shares to three different private investors during August 2016, November 2016, December 2016 and July 2017, raising net proceeds of $49,720,858, and payments received under product development projects. As of December 31, 2017, the Company had cash on hand of $12,795,254. The Company expects that cash on hand as of December 31, 2017, together with anticipated payments to be received under current product development projects and anticipated royalties from chip revenue, together with potential new financing activities including potential sales of stock, will be sufficient to fund the Company’s operations into the first quarter of 2019. As noted in Note 12—Subsequent Events, the Company raised $38,999,989 (net of underwriters’ discount of $1,000,000) from the sales of stock in January 2018. Research and development of new technologies is, by its nature, unpredictable. Although the Company intends to undertake development efforts with commercially reasonable diligence, there can be no assurance that its available resources will be sufficient to enable it to develop and obtain regulatory approval of its technology to the extent needed to create future revenues sufficient to sustain its operations. The Company expects to pursue additional financing, which could include follow-on co-development |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). 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 the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. The Company’s significant estimates and assumptions include the valuation of stock-based compensation instruments, recognition of revenue, the useful lives of long-lived assets, and income tax expense. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. Revenue Recognition The Company recognizes revenue when all of the following criteria have been met: persuasive evidence of an arrangement exists, services have been rendered, collection of the revenue is reasonably assured, and the fees are fixed or determinable. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these projects are associated with complex technology development, and as such the Company does not have certainty about its ability to achieve the program milestones. Achievement of the milestone is dependent on our performance and the milestone typically needs to be accepted by the customer. The payment associated with achieving the milestone is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these projects, generally included in research and development expense, in the periods incurred. The Company also receives nonrefundable payments, typically at the beginning of a customer relationship, for which there are no milestones. The Company recognizes this revenue ratably over the initial engineering product development period. The Company records the expenses related to these projects, generally included in research and development expense, in the periods incurred. Research and Development Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $33,230,668, $32,832,677 and $18,825,041 for the years ended December 31, 2017, 2016 and 2015, respectively. Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. On April 10, 2015, the Company’s board of directors approved the Energous Corporation Employee Stock Purchase Plan (the “ESPP”), under which 600,000 shares of common stock were reserved for purchase by the Company’s employees, subject to approval by the stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Under the plan, employees may purchase a limited number of shares of the Company’s common stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes compensation expense for the fair value of the purchase options, as measured on the grant date. Income Taxes Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2017, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2017, 2016 and 2015. The Company files income tax returns with the United States and California governments. Net Loss Per Common Share Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 7,324,400, 6,975,651 and 4,994,425 for the years ended December 31, 2017, 2016 and 2015, respectively, because their inclusion would be antidilutive. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2017 2016 2015 Consulting Warrant to purchase common stock — — 146,252 Financing Warrant to purchase common stock 13,889 13,889 152,778 IPO Warrants to purchase common stock 11,600 11,600 460,000 IR Consulting Warrant — 23,250 36,000 IR Incentive Warrant — 15,000 15,000 Warrants issued to private investors 3,035,688 2,381,675 — Options to purchase common stock 1,037,239 1,309,444 1,487,785 RSUs 2,274,327 2,052,223 1,560,996 PSUs 951,657 1,153,617 1,135,614 DSUs — 14,953 — Total potentially dilutive securities 7,324,400 6,975,651 4,994,425 Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, 2014-09”), 2014-09 2014-09 2014-09 2014-09; 2014-09 2014-09. 2014-09 one-year In August 2014, FASB issued ASU No. 2014-15, 205-40): 2014-15 In April 2015, the FASB issued ASU No. 2015-03, 2015-03, In August 2015, the FASB issued ASU No. 2015-15, Line-of-Credit line-of-credit 2015-15 2015-03. 2015-15, In November 2015, the FASB issued ASU No. 2015-17, 2015-17”). 2015-17 2015-17 2015-17 In January 2016, the FASB issued ASU No. 2016-01, 825-10): 2016-01”). 2016-01 In January 2016, the FASB issued ASU No. 2016-02, 2016-02”). right-of-use 2016-02 In March 2016, the FASB issued ASU No. 2016-09, No. 2016-09 No. 2016-09 2016-09 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 In August 2016, the FASB issued ASU No. 2016-15, No. 2016-15 In November 2016, the FASB issued ASU No. 2016-18, No. 2016-18 beginning-of-period end-of-period In December 2016, the FASB issued ASU No. 2016-20, No. 2016-20 No. 2014-09 No. 2014-09. In May 2017, the FASB issued ASU No. 2017-09, No. 2017-09 In July 2017, the Financial Accounting Standards Board (“FASB”) issued a two-part No. 2017-11, 2017-11”). 2017-11 2017-11 2017-11 re-characterize 2017-11 Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of December 31, 2017, through the date which the financial statements are issued. Based upon the review, other than the event disclosed in Note 12 – Subsequent Events, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 4 – Property and Equipment Property and equipment are as follows: As of December 31, 2017 2016 Computer software $ 1,418,457 $ 1,085,258 Computer hardware 2,289,687 2,109,983 Furniture and fixtures 529,287 533,175 Leasehold improvements 613,111 613,111 4,850,542 4,341,527 Less – accumulated depreciation (3,436,625 ) (2,132,052 ) Total property and equipment, net $ 1,413,917 $ 2,209,475 The Company currently uses the following expected life terms for depreciating property and equipment: computer software – 1-2 Total depreciation and amortization expense of the Company’s property and equipment was $1,309,980, $957,836 and $817,729 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 5 – Accrued Expenses Accrued expenses consist of the following: As of December 31, 2017 2016 Accrued compensation $ 948,935 $ 997,908 Accrued legal expenses 445,684 283,160 Accrued equipment cost — 299,500 Other accrued expenses 227,406 287,427 Total $ 1,622,025 $ 1,867,995 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies Operating Leases On September 10, 2014, the Company entered into a Lease Agreement with Balzer Family Investments, L.P. (the “Landlord”) related to space located at Northpointe Business Center, 3590 North First Street, San Jose, California. The initial term of the lease is 60 months, with initial monthly base rent of $36,720 and the lease is subject to certain annual escalations as defined in the agreement. On October 1, 2014, the Company relocated its headquarters to this new location. The Company issued to the Landlord 41,563 shares of the Company’s common stock valued at $500,000, of which $400,000 will be applied to reduce the Company’s monthly base rent obligation by $6,732 per month and of which $100,000 was for certain tenant improvements. The Company recorded $400,000 as prepaid rent on its balance sheet, which is being amortized over the term of the lease and recorded $100,000 as leasehold improvements. On February 26, 2015, the Company entered into a sub-lease sub-lease On July 9, 2015, the Company entered into a sub-lease The future minimum lease payments for leased locations are as follows: For the Years Ended December 31, Amount 2018 $ 640,202 2019 457,585 Total $ 1,097,787 Development and Licensing Agreements In 2015, the Company signed a development and licensing agreement with a consumer electronics company to embed WattUp wire-free charging receiver technology in various products including, but not limited to, certain mobile consumer electronics and related accessories. On March 31, 2016, the Company received payment of $500,000 pursuant to the February 15, 2016 commencement of the second phase described in the third amendment of this agreement, of which the Company recorded $108,959 and $391,041 in revenue during the years ended December 31, 2017 and 2016, respectively. During the years ended December 31, 2017 and 2016, the Company also recognized milestone revenue of $1,000,000 for both years related to this agreement. In 2016, the Company entered into a development and license agreement with a commercial and industrial supply company, under which the Company developed wire-free charging solutions. The Company recognized $44,550 and $59,400 of revenue from this agreement during the years ended December 31, 2017 and 2016, respectively. For the years ended December 31, 2017, 2016 and 2015, the customers from the development and license agreement accounted for approximately 100% of the Company’s revenue. As of December 31, 2017, the Company did not have an accounts receivable balance. As of December 31, 2016, the customers from these two agreements accounted for 100% of the accounts receivable balance. Hosted Design Solution Agreement On June 25, 2015, the Company entered into a three-year agreement to license electronic design automation software in a hosted environment. Pursuant to the agreement, under which services began July 13, 2015, the Company is required to remit quarterly payments in the amount of $100,568 with the last payment due March 30, 2018. On December 18, 2015, the agreement was amended to redefine the hardware and software configuration and the quarterly payments increased to $198,105. Amended Employee Agreement – Stephen Rizzone On April 3, 2015, the Company entered into an Amended and Restated Executive Employment Agreement with Stephen R. Rizzone, the Company’s President and Chief Executive Officer (“Employment Agreement”). The Employment Agreement has an effective date of January 1, 2015 and an initial term of four years (the “Initial Employment Period”). The Employment Agreement provides for an annual base salary of $365,000, and Mr. Rizzone is eligible to receive quarterly cash bonuses with a total target amount equal to 100% of his base salary based upon achievement of performance-based objectives established by the Company’s board of directors. Pursuant to Mr. Rizzone’s prior employment agreement, on December 12, 2013 Mr. Rizzone was granted a ten year option to purchase 275,689 shares of common stock at an exercise price of $1.68 vesting over four years in 48 monthly installments beginning October 1, 2013 (“First Option”). Mr. Rizzone was also granted a second option award to purchase 496,546 shares of common stock at an exercise price of $6.00 (“Second Option”). The Second Option vests over the same vesting schedule as the First Option. Effective May 21, 2015, with the approval by the Company’s stockholders of its new performance-based equity plan, the Employment Agreement provided and Mr. Rizzone received, a grant of 639,075 Performance Share Units (the “PSUs”). The PSUs, which represent the right to receive shares of common stock, shall be earned based on the Company’s achievement of market capitalization growth between the effective date of the Employment Agreement and the end of the Initial Employment Period. If the Company’s market capitalization is $100 million or less, no PSUs will be earned. If the Company reaches a market capitalization of $1.1 billion or more, 100% of the PSUs will be earned. For market capitalization between $100 million and $1.1 billion, the percentage of PSUs earned will be determined on a quarterly basis based on straight line interpolation. PSUs earned as of the end of a calendar quarter will be paid 50% immediately and 50% will be deferred until the end of the Initial Employment Period subject to Mr. Rizzone’s continued employment with the Company (See Note 8). Mr. Rizzone is also eligible to receive all customary and usual benefits generally available to senior executives of the Company. The Employment Agreement provides that if Mr. Rizzone’s employment is terminated due to his death or disability, if Mr. Rizzone’s employment is terminated by the Company without cause or if he resigns for good reason, twenty-five percent (25%) of the shares subject to the First Option and the Second Option shall immediately vest and become exercisable, he will have a period of one year post-termination to exercise the First Option and the Second Option, and if a Liquidation Event (as defined in the Employment Agreement) shall occur prior to the termination of the First Option and the Second Option, one hundred percent (100%) of the shares subject to the First Option and Second Option shall immediately vest and become exercisable effective immediately prior to the consummation of the Liquidation Event. In addition, any outstanding deferred PSUs shall be immediately vested and paid, but any remaining unearned portion of the PSUs shall immediately be canceled and forfeited. Strategic Alliance Agreement In November 2016, the Company and Dialog, a related party (see Note 10—Related Party Transactions), entered into a Strategic Alliance Agreement (“Alliance Agreement”) for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (“Licensed Products”). Pursuant to the terms of the Alliance Agreement, the Company agreed to engage Dialog as the exclusive supplier of the Licensed Products for specified fields of use, subject to certain exceptions (the “Company Exclusivity Requirement”). Dialog agreed to not distribute, sell or work with any third party to develop any competing products without the Company’s approval (the “Dialog Exclusivity Requirement”). In addition, both parties agreed on a revenue sharing arrangement and will collaborate on the commercialization of Licensed Products based on a mutually-agreed upon plan. Each party will retain all of its intellectual property. The Alliance Agreement has an initial term of seven years and will automatically renew annually thereafter unless terminated by either party upon 180 days’ prior written notice. The Company may terminate the Alliance Agreement at any time after the third anniversary of the Agreement upon 180 days’ prior written notice to Dialog, or if Dialog breaches certain exclusivity obligations. Dialog may terminate the Alliance Agreement if sales of Licensed Products do not meet specified targets. The Company Exclusivity Requirement will terminate upon the earlier of January 1, 2021 or the occurrence of certain events relating to the Company’s pre-existing In addition to the Alliance Agreement, the Company and Dialog entered into two securities purchase agreements (see Note 7 - Stockholders’ Equity). |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders’ Equity Authorized Capital The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution. Filing of Registration Statement On April 24, 2015, the Company filed a “shelf” registration statement on Form S-3, Pursuant to the shelf registration, on November 17, 2015, the Company consummated an offering of 3,000,005 shares of common stock at $6.90 per share and received from the underwriters’ net proceeds of $19,333,032 (net of underwriters’ discount of $1,242,002 and underwriters’ offering expenses of $125,000). The Company incurred additional offering expenses of $284,576, yielding net proceeds from the offering under shelf registration of $19,048,456. Also, as noted in Note 12—Subsequent Events, the Company raised net proceeds of $38,999,989 (net of underwriters’ discount of $1,000,000) from the sales of 2,221,455 shares of stock in January 2018. Private Placements On August 9, 2016, the Company entered into a securities purchase agreement with Ascend Legend Master Fund, Ltd. pursuant to which the Company agreed to sell to Ascend Legend Master Fund, Ltd., and its affiliates, 1,618,123 shares of common stock at a price of $12.36 per share and a warrant to purchase up to 1,618,123 shares of common stock at an exercise price of $23.00 per share. The aggregate proceeds from the sale of these shares was $20,000,000. On November 7, 2016, the Company and Dialog, a related party (see Note 10—Related Party Transactions), entered into a securities purchase agreement pursuant to which the Company agreed to sell to Dialog 763,552 shares of common stock at a price of $13.0967 per share and a warrant to purchase up to 763,552 shares of common stock that may be exercised only on a cashless basis at a price of $17.0257 per share, and may be exercised at any time between the date that is six months and a day after the closing date of the transaction and the three-year anniversary of the closing date. The aggregate proceeds from the sale of these shares was $10,000,011. On December 30, 2016, the Company and JT Group entered into a securities purchase agreement pursuant to which the Company agreed to sell to JT Group 292,056 shares of common stock at a price of $17.12 per share. The aggregate proceeds from the sale of these shares was $4,999,975. On June 28, 2017, the Company and Dialog Semiconductor, a related party (see Note 10 – Related Party Transactions), entered into a securities purchase agreement pursuant to which the Company agreed to sell Dialog 976,139 shares of common stock at a price of $15.3666 per share and a warrant to purchase up to 654,013 shares of common stock that may be exercised only on a cashless basis at a price of $19.9766 per share, and may be exercised at any time between the date that is six months and one day after the closing date of the transaction and the three-year anniversary of the closing date. The aggregate proceeds from the sale of these shares, which were issued on July 5, 2017, was $14,999,935. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Note 8 – Stock Based Compensation Equity Incentive Plans 2013 Equity Incentive Plan In December 2013, the Company’s board of directors and stockholders approved the Company’s 2013 Equity Incentive Plan, providing for the issuance of equity based instruments covering up to an initial total of 1,042,167 shares of common stock. Effective on March 10, 2014, the Company’s board of directors and stockholders approved the First Amendment to the 2013 Equity Incentive Plan which provided for an increase in the aggregate number of shares of common stock that may be issued pursuant to the Plan to equal 18% of the total number of shares of common stock outstanding immediately following the completion of the IPO (assuming for this purpose the issuance of all shares issuable under the Company’s equity plans, the conversion into common stock of all outstanding securities that are convertible by their terms into common stock and the exercise of all options and warrants exercisable for shares of common stock and including shares and warrants issued to the underwriters for such IPO upon exercise of its over-allotment options). Effective March 27, 2014, the aggregate total shares which may be issued under the 2013 Equity Incentive Plan were increased to 2,335,967. Effective on May 19, 2016, the Company’s stockholders approved the amendment and restatement of the 2013 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 2,150,000 shares, bringing the total number of approved shares to 4,485,967 under the 2013 Equity Incentive Plan. As of December 31, 2017, 829,515 shares of common stock remain eligible to be issued through equity-based instruments under the 2013 Equity Incentive Plan. 2014 Non-Employee On March 6, 2014, the Company’s board of directors and stockholders approved the 2014 Non-Employee non-employees. Effective on May 19, 2016, the Company’s stockholders approved the amendment and restatement of the 2014 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 350,000 shares, bringing the total number of approved shares to 600,000 under the 2014 Non-Employee As of December 31, 2017, 292,655 shares of common stock remain eligible to be issued through equity-based instruments under the 2014 Non-Employee 2015 Performance Share Unit Plan On April 10, 2015, the Company’s board of directors approved the Energous Corporation 2015 Performance Share Unit Plan (the “Performance Share Plan”), under which 1,310,104 shares of common stock became available for issuance as PSUs to a select group of employees and directors, subject to approval by the stockholders. On May 21, 2015 the Company’s stockholders approved the Performance Share Plan. As of December 31, 2017, 31,951 shares of common stock remain eligible to be issued through equity based instruments under the Performance Share Unit Plan. 2017 Equity Inducement Plan On December 28, 2017, the Board of Directors approved the 2017 Equity Inducement Plan. Under the plan, the Board of Directors reserved 600,000 shares for the grant of RSUs. These grants will be administered by a committee of the Board of Directors or the Board of Directors acting as a Committee. These awards will be granted to individuals who (a) are being hired as an Employee by the Company or any Subsidiary and such Award is a material inducement to such person being hired; (b) are being rehired as an Employee following a bona fide period of interruption of employment with the Company or any Subsidiary; or (c) will become an Employee of the Company or any Subsidiary in connection with a merger or acquisition. Employee Stock Purchase Plan On April 10, 2015, the Company’s board of directors approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to approval by the stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Employees may designate an amount not less than 1% but not more than 10% of their annual compensation, but for not more than 7,500 shares during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. As of December 31, 2017, 405,921 shares of common stock remain eligible to be issued through equity based instruments under the ESPP. For the year ended December 31, 2017, eligible employees contributed $869,066 through payroll deductions to the ESPP and 64,542 shares were deemed delivered for the year ended December 31, 2017. For the year ended December 31, 2016, eligible employees contributed $727,784 through payroll deductions to the ESPP and 85,356 shares were deemed delivered for the year ended December 31, 2016. Stock Option Award Activity The following is a summary of the Company’s stock option activity during the year ended December 31, 2017: Number of Weighted Weighted Intrinsic Outstanding at January 1, 2017 1,309,444 $ 4.55 7.1 $ 16,107,929 Granted — — — — Exercised (272,205 ) 3.60 — — Forfeited — — — — Outstanding at December 31, 2017 1,037,239 $ 4.80 6.4 $ 15,198,044 Exercisable at December 31, 2017 1,037,239 $ 4.80 6.4 $ 15,198,044 As of December 31, 2017, the unamortized value of options was $0. The aggregate intrinsic value of options exercised was $2,864,845, $984,144 and $92,728 for the years ended December 31, 2017, 2016 and 2015, respectively. No options were granted during the years ended December 31, 2017, 2016 and 2015. Restricted Stock Units (“RSUs”) During the first quarter of 2017, the compensation committee of the board of directors (“Compensation Committee”) granted various directors RSUs under which the holders have the right to receive an aggregate of 48,844 shares of common stock. These awards were granted under the 2014 Non-Employee During the first quarter of 2017, the Compensation Committee granted employees RSU awards under which the holders have the right to receive an aggregate of 246,000 shares of common stock. The awards vest over four years beginning on the anniversary of the employee hire dates. During the first quarter of 2017, the Compensation Committee granted various employees RSU awards under the 2013 Equity Incentive Plan under which the holders have the right to receive an aggregate of 351,080 shares of common stock. The awards vest over terms from two to four years. During the second quarter of 2017, the Compensation Committee granted various consultants RSUs under which the holders have the right to receive an aggregate of 8,400 shares of common stock. These awards were granted under the 2014 Non-Employee During the second quarter of 2017, the Compensation Committee granted employees RSU awards under which the holders have the right to receive an aggregate of 120,000 shares of common stock. A majority of the awards vest over four years beginning on the anniversary of the employee hire dates. During the second quarter of 2017, the Compensation Committee granted employees RSU awards under the 2013 Equity Incentive Plan under which the holders have the right to receive an aggregate of 308,059 shares of common stock. The awards vest over terms from two to four years. During the third quarter of 2017, the Compensation Committee granted employees RSU awards under the 2013 Equity Incentive Plan under which the holders have the right to receive an aggregate of 117,514 shares of common stock. The awards vest over terms from two to four years. During the fourth quarter of 2017, the Compensation Committee granted employees RSU awards under the 2013 Equity Incentive Plan under which the holders have the right to receive an aggregate of 53,188 shares of common stock. A majority of the awards vest over a four year term. The Company accounts for RSUs granted to consultants using the accounting guidance included in ASC 505-50 Non-Employees” 505-50”). 505-50, At December 31, 2017, the unamortized value of the RSUs was $24,701,605. The unamortized amount will be expensed over a weighted average period of 2.7 years. A summary of the activity related to RSUs for the year ended December 31, 2017 is presented below: Total Weighted Outstanding at January 1, 2017 2,052,223 $ 11.58 RSUs granted 1,253,085 $ 15.81 RSUs forfeited (249,928 ) $ 12.63 RSUs vested (781,055 ) $ 11.53 Outstanding at December 31, 2017 2,274,325 $ 13.75 Performance Share Units (“PSUs”) Performance share units (“PSUs”) are grants that vest upon the achievement of certain performance goals. The goals are commonly related to the Company’s market capitalization or market share price of the common stock. The PSUs originally issued during 2015 to certain board members and senior management shall be earned based on the Company’s achievement of market capitalization growth between the effective date of the Employment Agreement and the end of the Initial Employment Period. If the Company’s market capitalization is $100 million or less, no PSUs will be earned. If the Company reaches a market capitalization of $1.1 billion or more, 100% of the PSUs will be earned. For market capitalization between $100 million and $1.1 billion, the percentage of PSUs earned will be determined on a quarterly basis based on straight line interpolation. The Company determined that the PSUs were equity awards with both market and service conditions. The Company utilized a Monte Carlo simulation to determine the fair value of the market condition, as described below. Grantees of PSUs are required to be employed through December 31, 2018 in order to earn the entire award, if and when vested. No PSUs were granted during the year ended December 31, 2017. Performance Share Market capitalization $ 106,600,000 Dividend yield 0 % Expected volatility 75 % Risk-free interest rate 1.04 % The fair value of the grants of PSUs to purchase a total of 1,342,061 shares of common stock (including 1,278,153 PSUs granted under the 2015 Performance Share Unit Plan and 63,908 granted as an inducement) was determined to be approximately $3,218,000, and is amortized over the service period of May 21, 2015 through December 31, 2018, on a straight-line basis. On October 24, 2016, the compensation committee of the board of directors granted Mr. Rizzone a PSU award under the 2013 Equity Incentive Plan under which Mr. Rizzone has the right to receive 150,000 shares of the Company’s common stock. The shares of this award vest upon the Company’s stock price meeting specific targets. For the PSU award grant issued to Mr. Rizzone, a Monte Carlo simulation was used to determine the fair value at each of the five target prices of the Company’s common stock, using a market capitalization of $298,857,000, dividend yield of 0%, expected volatility of 75% and a risk-free interest rate of 0.66%. The fair value of the PSUs granted to Mr. Rizzone under the 2013 Equity Incentive Plan was determined to be $2,332,000, and is amortized over the estimated service period from October 24, 2016 through October 30, 2017. Amortization for all PSU awards was $1,661,650 and $2,285,683 for the years ended December 31, 2017 and 2016, respectively. At December 31, 2017, the unamortized value of all PSUs was approximately $819,910. The unamortized amount will be expensed over a weighted average period of 1.0 years. A summary of the activity related to PSUs for the year ended December 31, 2017 is presented below: Total Weighted Outstanding at January 1, 2017 1,153,617 $ 3.66 PSUs granted — $ — PSUs forfeited (111,960 ) $ 2.62 PSUs vested (90,000 ) $ 13.82 Outstanding at December 31, 2017 951,657 $ 2.65 Deferred Stock Units (“DSUs”) On January 4, 2016, the compensation committee of the board of directors granted to John Gaulding, director and chairman of the board, DSUs under the 2014 Non-Employee At December 31, 2017, the unamortized value of the DSUs was $0. A summary of the activity related to DSUs for the year ended December 31, 2017 is presented below: Total Weighted Outstanding at January 1, 2017 14,953 $ 8.36 DSUs granted — $ — DSUs forfeited — $ — DSUs vested (14,953 ) $ 8.36 Outstanding at December 31, 2017 — $ — Employee Stock Purchase Plan (“ESPP”) During the year ended December 31, 2017, there were two offering periods for the ESPP. The first offering period started on January 1, 2017 and concluded on June 30, 2017. The second offering period started on July 1, 2017 and concluded on December 31, 2017. During the year ended December 31, 2016, there were also two offering periods for the ESPP. The first offering period started on January 1, 2016 and concluded on June 30, 2016. The second offering period started on July 1, 2016 and concluded on December 31, 2016. During the year ended December 31, 2015, there was one initial offering period for the ESPP which started on July 1, 2015 and concluded on December 31, 2015. The weighted-average grant-date fair value of the purchase option for each designated share purchased under this plan was approximately $5.42, $5.20 and $2.46 during the years ended December 31, 2017, 2016 and 2015, respectively, which represents the fair value of the option, consisting of three main components: (i) the value of the discount on the enrollment date, (ii) the proportionate value of the call option for 85% of the stock and (iii) the proportionate value of the put option for 15% of the stock. The Company recognized compensation expense for the plan of $331,913, $318,735 and $113,217 for the years ended December 31, 2017, 2016 and 2015, respectively. The Company estimated the fair value of the purchase options granted during the years ended December 31, 2017, 2016 and 2015 using the Black-Scholes option pricing model. The fair values of the purchase options granted were estimated using the following assumptions: For the Year Ended Stock price range $ 16.08 -17.59 Dividend yield 0 % Expected volatility range 56 – 66 % Risk-free interest rate range 0.62 – 1.11 % Expected life 6 months For the Year Ended Stock price range $ 8.36 – 12.16 Dividend yield 0 % Expected volatility range 56 – 100 % Risk-free interest rate range 0.37 – 0.49 % Expected life 6 months For the Year Ended Stock price $ 7.41 Dividend yield 0 % Expected volatility 65 % Risk-free interest rate 0.13 % Expected life 6 months Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Stock options $ 764,723 $ 1,045,081 $ 1,037,399 RSUs 13,043,171 5,735,032 4,225,728 PSUs 1,661,650 2,285,683 489,239 DSUs 1,362 123,644 — ESPP 331,913 318,735 113,217 IR warrants — — 85,831 Total $ 15,802,819 $ 9,508,175 $ 5,951,414 The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2017 2016 2015 Research and development $ 8,522,798 $ 4,226,304 $ 2,816,707 Sales and marketing 1,113,120 328,760 729,329 General and administrative 6,166,901 4,953,111 2,405,378 Total $ 15,802,819 $ 9,508,175 $ 5,951,414 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “2017 Tax Act”) was enacted. The 2017 Tax Act includes a number of changes to existing U.S. tax laws that impact the company, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. The company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Accordingly, the company’s deferred tax assets and liabilities were remeasured to reflect the reduction in the U.S. corporate income tax rate from 35% to 21%, resulting in a $19,432,000 decrease in net deferred tax assets for the year ended December 31, 2017 and a corresponding $19,432,000 decrease in valuation allowance as of December 31, 2017. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the 2017 Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the 2017 Tax Act enactment date for companies to complete the accounting for the income tax effects of certain elements of the 2017 Tax Act. In accordance with SAB 118, we have recognized the provisional tax impacts related to the remeasurement of deferred tax assets and liabilities and included these amounts in our financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions we have made, additional regulatory guidance that may be issued, and actions we may take as a result of the 2017 Tax Act. As of December 31, 2017, and 2016, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2017 2016 Deferred tax assets (liabilities): Tax credit $ 4,335,394 $ 2,802,573 Net operating loss carryovers 23,630,008 16,174,712 Property and equipment 99,756 (58,747 ) Research and development costs 15,372,328 18,628,913 Start-up 774 1,222 Stock-based compensation 2,473,591 1,829,843 Other accruals 260,113 341,090 Total gross deferred tax assets 46,171,964 39,719,606 Less: valuation allowance (46,171,964 ) (39,719,606 ) Deferred tax assets, net $ — $ — The change in the Company’s valuation allowance is as follows: 2017 2016 January 1, $ 39,719,606 $ 22,085,888 Increase in valuation allowance 6,452,358 17,633,718 December 31, $ 46,171,964 $ 39,719,606 The Company has federal and state net operating loss carryovers of approximately $84,418,000 and $85,515,000, respectively, available to offset future taxable income. The federal and state NOL carryforwards will expire at various dates beginning in 2033. The Company has federal and state research and development tax credit carryovers of approximately $2,686,000 and $2,088,000, respectively. The federal R&D credit carryovers will expire beginning in 2032 and state R&D credit carryovers do not expire. The ultimate realization of the net operating loss is dependent upon future taxable income, if any, of the Company and may be limited in any one period by alternative minimum tax rules. Although management believes that the Company may have sufficient future taxable income to absorb the net operating loss carryovers and research and development tax credit carryovers before the expiration of the carryover period, there may be circumstances beyond the Company’s control that limit such utilization. Accordingly, management has determined that a full valuation allowance of the deferred tax asset is appropriate at December 31, 2017 and 2016. Internal Revenue Code Section 382 imposes limitations on the use of net operating loss carryovers when the stock ownership of one or more 5% shareholders (shareholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. Management cannot control the ownership changes occurring as a result of public trading of the Company’s Common Stock. Accordingly, there is a risk of an ownership change beyond the control of the Company that could trigger a limitation of the use of the loss carryover. The Company completed a Section 382 analysis as of December 31, 2017 and determined that none of its NOLs or R&D credits would be limited. For the Year Ended December 31, Tax benefit at federal statutory rate (34.0 )% (34.0 )% State income taxes (10.2 ) (5.7 ) Permanent differences: Stock-based compensation (2.5 ) 0.8 Meals and entertainment 0.1 0.1 True-up (2.8 ) 1.7 True-up — 1.2 Change in effective tax rate 39.4 — Research and development tax credit, federal (1.4 ) (1.5 ) Research and development tax credit, state (1.6 ) (1.1 ) Increase in valuation allowance, federal 1.3 32.9 Increase in valuation allowance, state 11.7 5.6 Effective income tax rate 0.0 % 0.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 – Related Party Transactions On July 14, 2014, the Company’s Board of Directors appointed Howard Yeaton as the Company’s Interim Chief Financial Officer. On July 13, 2015, the Company appointed Brian Sereda as the Company’s Chief Financial Officer, replacing Interim Chief Financial Officer Howard Yeaton. Howard Yeaton is the Managing Principal of Financial Consulting Strategies LLC (“FCS”). During the years ended December 31, 2017, 2016 and 2015, the Company had incurred fees of $0, $0 and $61,848 in connection with Mr. Yeaton’s services as Interim Chief Financial Officer. During the years ended December 31, 2017, 2016 and 2015, the Company incurred fees of $0, $13,306 and $88,813 for other financial advisory and accounting services provided by FCS. In November 2016, the Company and Dialog Semiconductor plc (“Dialog”) entered into an Alliance Agreement for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (See Note 6 - Commitments and Contingencies, Strategic Alliance Agreement Private Placements |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Note 11 – Unaudited Quarterly Financial Information Summarized quarterly information for the years ended December 31, 2017 and 2016 is listed below: For the quarter ended March 31 June 30 September 30 December 31 2017 Revenue $ 575,368 $ 299,506 $ 250,000 $ 29,135 Operating expenses $ 13,051,387 $ 13,220,879 $ 13,001,623 $ 11,267,948 Net loss $ (12,473,140 ) $ (12,919,010 ) $ (12,748,248 ) $ (11,236,477 ) Loss per share, basic and diluted $ (0.61 ) $ (0.63 ) $ (0.58 ) $ (0.50 ) 2016 Revenue $ 136,364 $ 181,818 $ 1,003,973 $ 129,786 Operating expenses $ 10,936,772 $ 10,468,990 $ 11,131,994 $ 14,744,905 Net loss $ (10,796,542 ) $ (10,284,555 ) $ (10,125,063 ) $ (14,611,234 ) Loss per share, basic and diluted $ (0.66 ) $ (0.62 ) $ (0.57 ) $ (0.75 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 – Subsequent Events During January 2018, the Company raised $38,999,989 (net of underwriters’ discount of $1,000,000) from the sale of stock to the public in an “at-the-market” In March 2018, the Company’s Board of Directors (“Board”), on the recommendation of the Board’s Compensation Committee (“Compensation Committee”), approved the Energous Corporation MBO Bonus Plan (“Bonus Plan”) for executive officers of the Company. To be eligible to receive a bonus under the Bonus Plan, an executive officer must be continuously employed throughout the applicable performance period, and in good standing, and achieve the performance objectives selected by the Compensation Committee. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. The Company’s significant estimates and assumptions include the valuation of stock-based compensation instruments, recognition of revenue, the useful lives of long-lived assets, and income tax expense. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when all of the following criteria have been met: persuasive evidence of an arrangement exists, services have been rendered, collection of the revenue is reasonably assured, and the fees are fixed or determinable. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these projects are associated with complex technology development, and as such the Company does not have certainty about its ability to achieve the program milestones. Achievement of the milestone is dependent on our performance and the milestone typically needs to be accepted by the customer. The payment associated with achieving the milestone is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. The Company records the expenses related to these projects, generally included in research and development expense, in the periods incurred. The Company also receives nonrefundable payments, typically at the beginning of a customer relationship, for which there are no milestones. The Company recognizes this revenue ratably over the initial engineering product development period. The Company records the expenses related to these projects, generally included in research and development expense, in the periods incurred. |
Research and Development | Research and Development Research and development expenses are charged to operations as incurred. For internally developed patents, all patent application costs are expensed as incurred as research and development expense. Patent application costs, generally legal costs, are expensed as research and development costs until such time as the future economic benefits of such patents become more certain. The Company incurred research and development costs of $33,230,668, $32,832,677 and $18,825,041 for the years ended December 31, 2017, 2016 and 2015, respectively |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. On April 10, 2015, the Company’s board of directors approved the Energous Corporation Employee Stock Purchase Plan (the “ESPP”), under which 600,000 shares of common stock were reserved for purchase by the Company’s employees, subject to approval by the stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Under the plan, employees may purchase a limited number of shares of the Company’s common stock at a 15% discount from the lower of the closing market prices measured on the first and last days of each half-year period. The Company recognizes compensation expense for the fair value of the purchase options, as measured on the grant date. |
Income Taxes | Income Taxes Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2017, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2017, 2016 and 2015. The Company files income tax returns with the United States and California governments. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method), the vesting of restricted stock units (“RSUs”) and performance stock units (“PSUs”) and the enrollment of employees in the ESPP. The computation of diluted loss per share excludes potentially dilutive securities of 7,324,400, 6,975,651 and 4,994,425 for the years ended December 31, 2017, 2016 and 2015, respectively, because their inclusion would be antidilutive. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2017 2016 2015 Consulting Warrant to purchase common stock — — 146,252 Financing Warrant to purchase common stock 13,889 13,889 152,778 IPO Warrants to purchase common stock 11,600 11,600 460,000 IR Consulting Warrant — 23,250 36,000 IR Incentive Warrant — 15,000 15,000 Warrants issued to private investors 3,035,688 2,381,675 — Options to purchase common stock 1,037,239 1,309,444 1,487,785 RSUs 2,274,327 2,052,223 1,560,996 PSUs 951,657 1,153,617 1,135,614 DSUs — 14,953 — Total potentially dilutive securities 7,324,400 6,975,651 4,994,425 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, 2014-09”), 2014-09 2014-09 2014-09 2014-09; 2014-09 2014-09. 2014-09 one-year In August 2014, FASB issued ASU No. 2014-15, 205-40): 2014-15 In April 2015, the FASB issued ASU No. 2015-03, 2015-03, In August 2015, the FASB issued ASU No. 2015-15, Line-of-Credit line-of-credit 2015-15 2015-03. 2015-15, In November 2015, the FASB issued ASU No. 2015-17, 2015-17”). 2015-17 2015-17 2015-17 In January 2016, the FASB issued ASU No. 2016-01, 825-10): 2016-01”). 2016-01 In January 2016, the FASB issued ASU No. 2016-02, 2016-02”). right-of-use 2016-02 In March 2016, the FASB issued ASU No. 2016-09, No. 2016-09 No. 2016-09 2016-09 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 In August 2016, the FASB issued ASU No. 2016-15, No. 2016-15 In November 2016, the FASB issued ASU No. 2016-18, No. 2016-18 beginning-of-period end-of-period In December 2016, the FASB issued ASU No. 2016-20, No. 2016-20 No. 2014-09 No. 2014-09. In May 2017, the FASB issued ASU No. 2017-09, No. 2017-09 In July 2017, the Financial Accounting Standards Board (“FASB”) issued a two-part No. 2017-11, 2017-11”). 2017-11 2017-11 2017-11 re-characterize 2017-11 |
Management's Evaluation of Subsequent Events | Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of December 31, 2017, through the date which the financial statements are issued. Based upon the review, other than the event disclosed in Note 12 – Subsequent Events, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2017 2016 2015 Consulting Warrant to purchase common stock — — 146,252 Financing Warrant to purchase common stock 13,889 13,889 152,778 IPO Warrants to purchase common stock 11,600 11,600 460,000 IR Consulting Warrant — 23,250 36,000 IR Incentive Warrant — 15,000 15,000 Warrants issued to private investors 3,035,688 2,381,675 — Options to purchase common stock 1,037,239 1,309,444 1,487,785 RSUs 2,274,327 2,052,223 1,560,996 PSUs 951,657 1,153,617 1,135,614 DSUs — 14,953 — Total potentially dilutive securities 7,324,400 6,975,651 4,994,425 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment are as follows: As of December 31, 2017 2016 Computer software $ 1,418,457 $ 1,085,258 Computer hardware 2,289,687 2,109,983 Furniture and fixtures 529,287 533,175 Leasehold improvements 613,111 613,111 4,850,542 4,341,527 Less – accumulated depreciation (3,436,625 ) (2,132,052 ) Total property and equipment, net $ 1,413,917 $ 2,209,475 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following: As of December 31, 2017 2016 Accrued compensation $ 948,935 $ 997,908 Accrued legal expenses 445,684 283,160 Accrued equipment cost — 299,500 Other accrued expenses 227,406 287,427 Total $ 1,622,025 $ 1,867,995 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum lease payments for leased locations are as follows: For the Years Ended December 31, Amount 2018 $ 640,202 2019 457,585 Total $ 1,097,787 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following is a summary of the Company’s stock option activity during the year ended December 31, 2017: Number of Weighted Weighted Intrinsic Outstanding at January 1, 2017 1,309,444 $ 4.55 7.1 $ 16,107,929 Granted — — — — Exercised (272,205 ) 3.60 — — Forfeited — — — — Outstanding at December 31, 2017 1,037,239 $ 4.80 6.4 $ 15,198,044 Exercisable at December 31, 2017 1,037,239 $ 4.80 6.4 $ 15,198,044 |
Schedule of Restricted Stock Units Activity | A summary of the activity related to RSUs for the year ended December 31, 2017 is presented below: Total Weighted Outstanding at January 1, 2017 2,052,223 $ 11.58 RSUs granted 1,253,085 $ 15.81 RSUs forfeited (249,928 ) $ 12.63 RSUs vested (781,055 ) $ 11.53 Outstanding at December 31, 2017 2,274,325 $ 13.75 |
Summary of Fair Value of Market Condition | Grantees of PSUs are required to be employed through December 31, 2018 in order to earn the entire award, if and when vested. No PSUs were granted during the year ended December 31, 2017. Performance Share Market capitalization $ 106,600,000 Dividend yield 0 % Expected volatility 75 % Risk-free interest rate 1.04 % |
Summary of Activity Related to PSUs | A summary of the activity related to PSUs for the year ended December 31, 2017 is presented below: Total Weighted Outstanding at January 1, 2017 1,153,617 $ 3.66 PSUs granted — $ — PSUs forfeited (111,960 ) $ 2.62 PSUs vested (90,000 ) $ 13.82 Outstanding at December 31, 2017 951,657 $ 2.65 |
Summary of Activity Related to DSUs | A summary of the activity related to DSUs for the year ended December 31, 2017 is presented below: Total Weighted Outstanding at January 1, 2017 14,953 $ 8.36 DSUs granted — $ — DSUs forfeited — $ — DSUs vested (14,953 ) $ 8.36 Outstanding at December 31, 2017 — $ — |
Summary of Fair Values of Purchase Options Granted | The fair values of the purchase options granted were estimated using the following assumptions: For the Year Ended Stock price range $ 16.08 -17.59 Dividend yield 0 % Expected volatility range 56 – 66 % Risk-free interest rate range 0.62 – 1.11 % Expected life 6 months For the Year Ended Stock price range $ 8.36 – 12.16 Dividend yield 0 % Expected volatility range 56 – 100 % Risk-free interest rate range 0.37 – 0.49 % Expected life 6 months For the Year Ended Stock price $ 7.41 Dividend yield 0 % Expected volatility 65 % Risk-free interest rate 0.13 % Expected life 6 months |
Summary of Stock-based Compensation Costs Recognized | The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Stock options $ 764,723 $ 1,045,081 $ 1,037,399 RSUs 13,043,171 5,735,032 4,225,728 PSUs 1,661,650 2,285,683 489,239 DSUs 1,362 123,644 — ESPP 331,913 318,735 113,217 IR warrants — — 85,831 Total $ 15,802,819 $ 9,508,175 $ 5,951,414 |
Summary of Stock-based Compensation Reflected within Statements of Operations | The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2017 2016 2015 Research and development $ 8,522,798 $ 4,226,304 $ 2,816,707 Sales and marketing 1,113,120 328,760 729,329 General and administrative 6,166,901 4,953,111 2,405,378 Total $ 15,802,819 $ 9,508,175 $ 5,951,414 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2017, and 2016, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2017 2016 Deferred tax assets (liabilities): Tax credit $ 4,335,394 $ 2,802,573 Net operating loss carryovers 23,630,008 16,174,712 Property and equipment 99,756 (58,747 ) Research and development costs 15,372,328 18,628,913 Start-up 774 1,222 Stock-based compensation 2,473,591 1,829,843 Other accruals 260,113 341,090 Total gross deferred tax assets 46,171,964 39,719,606 Less: valuation allowance (46,171,964 ) (39,719,606 ) Deferred tax assets, net $ — $ — |
Summary of Valuation Allowance | The change in the Company’s valuation allowance is as follows: 2017 2016 January 1, $ 39,719,606 $ 22,085,888 Increase in valuation allowance 6,452,358 17,633,718 December 31, $ 46,171,964 $ 39,719,606 |
Schedule of Effective Income Tax Rate Reconciliation | For the Year Ended December 31, Tax benefit at federal statutory rate (34.0 )% (34.0 )% State income taxes (10.2 ) (5.7 ) Permanent differences: Stock-based compensation (2.5 ) 0.8 Meals and entertainment 0.1 0.1 True-up (2.8 ) 1.7 True-up — 1.2 Change in effective tax rate 39.4 — Research and development tax credit, federal (1.4 ) (1.5 ) Research and development tax credit, state (1.6 ) (1.1 ) Increase in valuation allowance, federal 1.3 32.9 Increase in valuation allowance, state 11.7 5.6 Effective income tax rate 0.0 % 0.0 % |
Unaudited Quarterly Financial27
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly information for the years ended December 31, 2017 and 2016 is listed below: For the quarter ended March 31 June 30 September 30 December 31 2017 Revenue $ 575,368 $ 299,506 $ 250,000 $ 29,135 Operating expenses $ 13,051,387 $ 13,220,879 $ 13,001,623 $ 11,267,948 Net loss $ (12,473,140 ) $ (12,919,010 ) $ (12,748,248 ) $ (11,236,477 ) Loss per share, basic and diluted $ (0.61 ) $ (0.63 ) $ (0.58 ) $ (0.50 ) 2016 Revenue $ 136,364 $ 181,818 $ 1,003,973 $ 129,786 Operating expenses $ 10,936,772 $ 10,468,990 $ 11,131,994 $ 14,744,905 Net loss $ (10,796,542 ) $ (10,284,555 ) $ (10,125,063 ) $ (14,611,234 ) Loss per share, basic and diluted $ (0.66 ) $ (0.62 ) $ (0.57 ) $ (0.75 ) |
Liquidity and Management Plans
Liquidity and Management Plans - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liquidity And Management Plans [Line Items] | |||||||||||||
Engineering product development | $ 1,154,009 | ||||||||||||
Net income (loss) | $ (11,236,477) | $ (12,748,248) | $ (12,919,010) | $ (12,473,140) | $ (14,611,234) | $ (10,125,063) | $ (10,284,555) | $ (10,796,542) | (49,376,875) | $ (45,817,394) | $ (27,561,702) | ||
Net cash provided by (used in) operating activities | (34,430,298) | (33,062,247) | (20,005,734) | ||||||||||
Proceeds from issuance of common stock | 14,932,547 | 34,788,311 | |||||||||||
Cash and cash equivalents, at carrying value, total | $ 12,795,254 | $ 31,258,637 | $ 12,795,254 | $ 31,258,637 | $ 29,872,564 | $ 31,494,592 | |||||||
Subsequent Event [Member] | |||||||||||||
Liquidity And Management Plans [Line Items] | |||||||||||||
Stock issued during period, shares, new issues | $ 38,999,989 | ||||||||||||
Common stock, discount on shares | $ 1,000,000 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | May 21, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 10, 2015 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Research and development expense, total | $ 33,230,668 | $ 32,832,677 | $ 18,825,041 | ||
Antidilutive securities excluded from computation of earnings per share, amount | 7,324,400 | 6,975,651 | 4,994,425 | ||
Employee Stock Purchase Plan [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 600,000 | ||||
Common stock purchase price discount percentage | 15.00% |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 7,324,400 | 6,975,651 | 4,994,425 |
Consulting Warrant to Purchase Common Stock [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 146,252 | ||
Financing Warrant to Purchase Common Stock [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 13,889 | 13,889 | 152,778 |
IPO Warrants to Purchase Common Stock [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 11,600 | 11,600 | 460,000 |
IR Consulting Warrant [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 23,250 | 36,000 | |
IR Incentive Warrant [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 15,000 | 15,000 | |
Warrants Issued to Private Investors [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 3,035,688 | 2,381,675 | |
Employee Stock Option [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 1,037,239 | 1,309,444 | 1,487,785 |
Restricted Stock Units (RSUs) [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 2,274,327 | 2,052,223 | 1,560,996 |
Performance Share Units [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 951,657 | 1,153,617 | 1,135,614 |
Deferred Stock Units [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Potentially dilutive securities | 14,953 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 4,850,542 | $ 4,341,527 |
Less - accumulated depreciation | (3,436,625) | (2,132,052) |
Total property and equipment, net | 1,413,917 | 2,209,475 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 1,418,457 | 1,085,258 |
Computer Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 2,289,687 | 2,109,983 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 529,287 | 533,175 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 613,111 | $ 613,111 |
Property Plant and Equipment -
Property Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, depletion and amortization, total | $ 1,309,980 | $ 957,836 | $ 817,729 |
Computer Hardware [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful lives | remaining life of the lease. | ||
Minimum [Member] | Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 1 year | ||
Maximum [Member] | Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 2 years |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Accrued Liabilities [Line Items] | ||
Accrued expenses | $ 1,622,025 | $ 1,867,995 |
Accrued Compensation [Member] | ||
Schedule of Accrued Liabilities [Line Items] | ||
Accrued expenses | 948,935 | 997,908 |
Accrued Legal Expenses [Member] | ||
Schedule of Accrued Liabilities [Line Items] | ||
Accrued expenses | 445,684 | 283,160 |
Accrued Equipment Cost [Member] | ||
Schedule of Accrued Liabilities [Line Items] | ||
Accrued expenses | 299,500 | |
Other Accrued Expenses [Member] | ||
Schedule of Accrued Liabilities [Line Items] | ||
Accrued expenses | $ 227,406 | $ 287,427 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($) | May 31, 2017 | Aug. 25, 2015 | Jul. 09, 2015 | Feb. 26, 2015 | Sep. 10, 2014 |
Commitments And Contingencies [Line Items] | |||||
Operating leases, rent expense | $ 9,040 | ||||
Operating leases, rent expense, net | $ 4,458 | ||||
Operating leases, rent expense, sublease rentals | $ 6,376 | $ 6,493 | |||
Sub lease expiration date | Sep. 30, 2019 | ||||
Balzer Family Investments Lp [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Operating leases expiration period | 60 months | ||||
Operating leases, rent expense | $ 36,720 | ||||
Number of shares issued to landlord as prepaid rent and tenant improvements | 41,563 | ||||
Payments for rent | $ 400,000 | ||||
Operating leases, rent expense, net | 6,732 | ||||
Balzer Family Investments Lp [Member] | Term Leases [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Payments for tenant improvements | 100,000 | ||||
Balzer Family Investments Lp [Member] | Common Stock [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares issued to landlord as prepaid rent and tenant improvements value | 500,000 | ||||
Payments for rent | $ 400,000 |
Commitments and Contingencies35
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 640,202 |
2,019 | 457,585 |
Total | $ 1,097,787 |
Commitments and Contingencies36
Commitments and Contingencies - Development and Licensing Agreement - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments And Contingencies [Line Items] | |||||||||||||
Revenues | $ 29,135 | $ 250,000 | $ 299,506 | $ 575,368 | $ 129,786 | $ 1,003,973 | $ 181,818 | $ 136,364 | $ 1,154,009 | $ 1,451,941 | $ 2,500,000 | ||
Revenue recognition, milestone method, revenue recognized | 44,550 | 59,400 | |||||||||||
Development and Licensing Agreements [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Licenses revenue | $ 500,000 | ||||||||||||
Revenues | 108,959 | 391,041 | |||||||||||
Revenue recognition, milestone method, revenue recognized | $ 1,000,000 | $ 1,000,000 | |||||||||||
Development and Licensing Agreements [Member] | Revenues [Member] | Customer Concentration Risk [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Concentration percentage | 100.00% | 100.00% | 100.00% | ||||||||||
Development and Licensing Agreements [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Concentration percentage | 100.00% |
Commitments and Contingencies37
Commitments and Contingencies - Hosted Design Solution Agreement - Additional Information (Detail) - Hosted Design Solution Agreement [Member] - USD ($) | Dec. 18, 2015 | Dec. 31, 2017 |
Commitments And Contingencies [Line Items] | ||
Other cost of services | $ 100,568 | |
Hardware and software configuration payments period increase | $ 198,105 |
Commitments and Contingencies38
Commitments and Contingencies - Amended Employee Agreement - Stephen Rizzone - Additional Information (Detail) - USD ($) | May 21, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 |
Commitments And Contingencies [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 0 | 0 | 0 | ||
Performance based equity plan market capitalization maximum amount | $ 1,100,000,000 | ||||
Performance based equity plan, market capitalization minimum amount | $ 100,000,000 | ||||
Performance Based Equity Plan [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Performance based equity plan market capitalization maximum amount | $ 1,100,000,000 | ||||
Performance based equity plan, market capitalization minimum amount | $ 100,000,000 | ||||
Percentage of performance share units to be earned on achievement of market capitalization growth | 100.00% | 100.00% | 100.00% | ||
Percentage of performance share units to be paid on quarterly basis | 50.00% | ||||
Percentage of performance share units deferred | 50.00% | ||||
Percentage of performance share units to be paid on termination of employment agreement | 25.00% | ||||
Performance Share Units [Member] | Performance Based Equity Plan [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 639,075 | ||||
Second Employee Stock Option [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Deferred compensation arrangement with individual, exercise price | $ 6 | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 496,546 | ||||
Employee Stock Option [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Deferred compensation arrangement with individual, maximum contractual term | 48 months | ||||
Deferred compensation arrangement with individual, exercise price | $ 1.68 | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 0 | ||||
Mr. Rizzone [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Officers' compensation | $ 365,000 | ||||
Employment agreement percentage of base salary | 100.00% | ||||
Mr. Rizzone [Member] | Employee Stock Option [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 275,689 |
Stockholders' Equity Note - Add
Stockholders' Equity Note - Additional Information (Detail) - USD ($) | Jul. 05, 2017 | Jun. 28, 2017 | Nov. 07, 2016 | Aug. 09, 2016 | Nov. 17, 2015 | Apr. 24, 2015 | Jan. 31, 2018 | Dec. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||||||||||
Proceeds from issuance of common stock | $ 14,932,547 | $ 34,788,311 | ||||||||
Dialog Semiconductor Plc [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of warrant or right, exercise price of warrants or rights | $ 19.9766 | $ 17.0257 | ||||||||
Dialog Semiconductor Plc [Member] | Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of warrant or right, number of securities called by warrants or rights | 654,013 | 763,552 | ||||||||
Dialog Semiconductor Plc [Member] | Warrants Issued to Private Investors [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period, shares, new issues | 976,139 | 763,552 | ||||||||
Stock issued during period, value, new issues | $ 14,999,935 | $ 10,000,011 | ||||||||
Subsequent Event [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period, shares, new issues | 2,221,455 | |||||||||
Common stock, discount on shares | $ 1,000,000 | |||||||||
Stock issued during period, value, new issues | $ 38,999,989 | |||||||||
Private Placement [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period, value, new issues | $ 20,000,000 | |||||||||
Class of warrant or right, exercise price of warrants or rights | $ 23 | |||||||||
Private Placement [Member] | Ascend Legemd Master Fund [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period, shares, new issues | 1,618,123 | |||||||||
Share price | $ 12.36 | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,618,123 | |||||||||
Private Placement [Member] | Dialog Semiconductor Plc [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share price | $ 15.3666 | $ 13.0967 | ||||||||
Private Placement [Member] | JT Group [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period, shares, new issues | 292,056 | |||||||||
Share price | $ 17.12 | |||||||||
Stock issued during period, value, new issues | $ 4,999,975 | |||||||||
Consummation of Offering Under Shelf Registration [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from shelf registration debt or equity securities | $ 75,000,000 | |||||||||
Stock issued during period, shares, new issues | 3,000,005 | |||||||||
Share price | $ 6.90 | |||||||||
Proceeds from issuance of common stock | $ 19,333,032 | |||||||||
Common stock, discount on shares | 1,242,002 | |||||||||
Stock offering expenses on issue of common stock | 125,000 | |||||||||
Additional stock offering expenses on issue of common stock | 284,576 | |||||||||
Proceeds from issuance of common stock net off offering expenses and discount | $ 19,048,456 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($) | Apr. 10, 2015 | Mar. 27, 2014 | Mar. 10, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 28, 2017 | May 19, 2016 | Mar. 06, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee contribution through payroll withholdings | $ 869,066 | $ 727,784 | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 1,253,085 | ||||||||
Performance Share Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 1,310,104 | ||||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 0 | ||||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock, capital shares reserved for future issuance | 600,000 | ||||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 405,921 | ||||||||
Lowest percentage of annual compensation to be utilized by an employee for the plan | 1.00% | ||||||||
Highest percentage of annual compensation to be utilized by an employee for the plan | 10.00% | ||||||||
Maximum number of shares permitted to purchase | 7,500 | ||||||||
Offering period | 6 months | ||||||||
Exercise price discount from fair value on offering date | 85.00% | ||||||||
Exercise price discount from fair value on exercise date | 85.00% | ||||||||
Share-based compensation arrangement by share-based payment award, terms of award | On April 10, 2015, the Company’s board of directors approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to approval by the stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Employees may designate an amount not less than 1% but not more than 10% of their annual compensation, but for not more than 7,500 shares during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 64,542 | 85,356 | |||||||
2013 Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 1,042,167 | ||||||||
Percentage of total number of shares to be issued under incentive plan | 18.00% | ||||||||
Share-based compensation arrangement by share-based payment award, other share increase (decrease) | 2,335,967 | ||||||||
Common stock to be issued | 829,515 | ||||||||
2013 Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 4,485,967 | ||||||||
Common stock, capital shares reserved for future issuance | 2,150,000 | ||||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 31,951 | ||||||||
Non-Employee Equity Compensation Plan 2014 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 600,000 | 250,000 | |||||||
Common stock, capital shares reserved for future issuance | 350,000 | ||||||||
Common stock available to be issued | 292,655 | ||||||||
2017 Equity Inducement Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock, capital shares reserved for future issuance | 600,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Granted | 0 | 0 | 0 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding | 1,309,444 | ||
Number of Options, Granted | 0 | ||
Number of Options, Exercised | (272,205) | ||
Number of Options, Forfeited | 0 | ||
Number of Options, Outstanding | 1,037,239 | 1,309,444 | |
Number of Options, Exercisable | 1,037,239 | ||
Weighted Average Exercise Price, Outstanding | $ 4.55 | ||
Weighted Average Exercise Price, Granted | 0 | ||
Weighted Average Exercise Price, Exercised | 3.60 | ||
Weighted Average Exercise Price, Forfeited | 0 | ||
Weighted Average Exercise Price, Outstanding | 4.80 | $ 4.55 | |
Weighted Average Exercise Price, Exercisable | $ 4.80 | ||
Weighted Average Remaining Life In Years, Outstanding | 6 years 4 months 14 days | 7 years 1 month 6 days | |
Weighted Average Remaining Life In Years, Exercisable | 6 years 4 months 24 days | ||
Intrinsic Value, Outstanding | $ 15,198,044 | $ 16,107,929 | |
Intrinsic Value, Exercisable | $ 15,198,044 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 2,864,845 | $ 984,144 | $ 92,728 |
Options granted | 0 | 0 | 0 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 0 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units - Additional Information (Detail) - USD ($) | Jan. 04, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 1,253,085 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | |||||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 24,701,605 | $ 24,701,605 | ||||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 8 months 12 days | |||||
2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 53,188 | 117,514 | 308,059 | 351,080 | ||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | |||||
Non-Employee Equity Compensation Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 8,400 | 48,844 | ||||
Inducement RSU Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 120,000 | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | |||||
Minimum [Member] | 2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 2 years | 2 years | 2 years | |||
Minimum [Member] | Non-Employee Equity Compensation Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 2 years | |||||
Maximum [Member] | 2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | 4 years | 4 years | |||
Maximum [Member] | Non-Employee Equity Compensation Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | |||||
Mr. Gaulding [Member] | Non-Employee Equity Compensation Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 14,953 | |||||
Mr. Gaulding [Member] | Non-Employee Equity Compensation Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 246,000 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Restricted Stock Units Activity (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Options, Outstanding | shares | 2,052,223 |
RSUs granted | shares | 1,253,085 |
RSUs forfeited | shares | (249,928) |
RSUs vested | shares | (781,055) |
Number of Options, Outstanding | shares | 2,274,325 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 11.58 |
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares | 15.81 |
Weighted Average Grant Date Fair Value, RSUs forfeited | $ / shares | 12.63 |
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares | 11.53 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 13.75 |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - USD ($) | Oct. 24, 2016 | May 21, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance based equity plan market capitalization minimum amount | $ 100,000,000 | ||||
Performance based equity plan market capitalization maximum amount | $ 1,100,000,000 | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 0 | 0 | 0 | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 1,253,085 | ||||
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ 106,600,000 | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate | 0.00% | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate | 75.00% | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate | 1.04% | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 0 | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 63,908 | ||||
Share based compensation arrangement by share based payment award options grants in period fair value | $ 3,218,000 | ||||
Share based compensation arrangement by share based payment award unamortized value | $ 819,910 | ||||
Share based compensation arrangement by share based payment award unamortized weighted average period | 1 year | ||||
Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 0 | ||||
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ 298,857,000 | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate | 0.00% | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate | 75.00% | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate | 0.66% | ||||
Allocated share-based compensation expense | $ 1,661,650 | $ 2,285,683 | $ 489,239 | ||
Performance Based Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance based equity plan market capitalization minimum amount | $ 100,000,000 | ||||
Performance based equity plan market capitalization maximum amount | $ 1,100,000,000 | ||||
Percentage of performance share units to be earned on achievement of market capitalization growth | 100.00% | 100.00% | 100.00% | ||
Performance Based Equity Plan [Member] | Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 639,075 | ||||
2013 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 31,951 | ||||
2013 Equity Incentive Plan [Member] | Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award options grants in period fair value | $ 2,332,000 | ||||
2015 Performance Share Unit Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1,342,061 | ||||
2015 Performance Share Unit Plan [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1,278,153 | ||||
Mr. Rizzone [Member] | 2013 Equity Incentive Plan [Member] | Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 150,000 |
Stock Based Compensation - Su46
Stock Based Compensation - Summary of Fair Value of Market Condition (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Market capitalization | $ 106,600,000 |
Dividend yield | 0.00% |
Expected volatility | 75.00% |
Risk-free interest rate | 1.04% |
Stock Based Compensation - Su47
Stock Based Compensation - Summary of Activity Related to PSUs (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
PSUs granted | 0 | 0 | 0 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding | 1,153,617 | ||
PSUs granted | 0 | ||
PSUs forfeited | (111,960) | ||
PSUs vested | (90,000) | ||
Number of Options, Outstanding | 951,657 | 1,153,617 | |
Weighted Average Grant Date Fair Value, Outstanding | $ 3.66 | ||
Weighted Average Grant Date Fair Value, PSUs granted | 0 | ||
Weighted Average Grant Date Fair Value, PSUs forfeited | 2.62 | ||
Weighted Average Grant Date Fair Value, PSUs vested | 13.82 | ||
Weighted Average Grant Date Fair Value, Outstanding | $ 2.65 | $ 3.66 |
Stock Based Compensation - Defe
Stock Based Compensation - Deferred Stock Units - Additional Information (Detail) - USD ($) | Jan. 04, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 1,253,085 | ||
Deferred Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 0 | ||
Allocated share-based compensation expense | $ 1,362 | $ 123,644 | |
Share based compensation arrangement by share based payment award unamortized value | $ 0 | ||
Mr. Gaulding [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued during period, value, share-based compensation, net of forfeitures | $ 75,000 | ||
Mr. Gaulding [Member] | Stipends [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued during period, value, share-based compensation, net of forfeitures | $ 50,000 | ||
Non-Employee Equity Compensation Plan 2014 [Member] | Mr. Gaulding [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 14,953 | ||
Stock issued during period, value, share-based compensation, net of forfeitures | $ 125,000 |
Stock Based Compensation - Su49
Stock Based Compensation - Summary of Activity Related to DSUs (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 2,052,223 |
DSUs granted | shares | 1,253,085 |
DSUs forfeited | shares | 249,928 |
DSUs vested | shares | (781,055) |
Number of Options, Outstanding | shares | 2,274,325 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 11.58 |
Weighted Average Grant Date Fair Value, DSUs granted | $ / shares | 15.81 |
Weighted Average Grant Date Fair Value, DSUs forfeited | $ / shares | 12.63 |
Weighted Average Grant Date Fair Value, DSUs vested | $ / shares | 11.53 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 13.75 |
Deferred Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 14,953 |
DSUs granted | shares | 0 |
DSUs forfeited | shares | 0 |
DSUs vested | shares | (14,953) |
Number of Options, Outstanding | shares | |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 8.36 |
Weighted Average Grant Date Fair Value, DSUs granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value, DSUs forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, DSUs vested | $ / shares | $ 8.36 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares |
Stock Based Compensation - Empl
Stock Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 15.81 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 5.42 | $ 5.20 | $ 2.46 |
Percentage of proportionate value of call option of stock | 85.00% | ||
Percentage of proportionate value of put option of stock | 15.00% | ||
Allocated share-based compensation expense | $ 331,913 | $ 318,735 | $ 113,217 |
Stock Based Compensation - Su51
Stock Based Compensation - Summary of Fair Values of Purchase Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Expected volatility | 75.00% | ||
Risk-free interest rate | 1.04% | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price | $ 7.41 | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 65.00% | ||
Risk-free interest rate | 0.13% | ||
Expected life | 6 months | 6 months | 6 months |
Minimum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price | $ 16.08 | $ 8.36 | |
Expected volatility | 56.00% | 56.00% | |
Risk-free interest rate | 0.62% | 0.37% | |
Maximum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price | $ 17.59 | $ 12.16 | |
Expected volatility | 66.00% | 100.00% | |
Risk-free interest rate | 1.11% | 0.49% |
Stock Based Compensation -Summa
Stock Based Compensation -Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total | $ 15,802,819 | $ 9,508,175 | $ 5,951,414 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 13,043,171 | 5,735,032 | 4,225,728 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 1,661,650 | 2,285,683 | 489,239 |
Deferred Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 1,362 | 123,644 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 331,913 | 318,735 | 113,217 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | $ 764,723 | $ 1,045,081 | 1,037,399 |
IR Consulting Warrant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | $ 85,831 |
Stock Based Compensation - Su53
Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based Compensation, Total | $ 15,802,819 | $ 9,508,175 | $ 5,951,414 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 8,522,798 | 4,226,304 | 2,816,707 |
Selling and Marketing Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 1,113,120 | 328,760 | 729,329 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | $ 6,166,901 | $ 4,953,111 | $ 2,405,378 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Federal statutory income tax rate | 34.00% | 34.00% | |
Decrease in net deferred tax assets due to reduction in the U.S. corporate income tax rate | $ 19,432,000 | ||
Decrease in valuation allowance due to reduction in the U.S. corporate income tax rate | $ 19,432,000 | ||
Tax credit carry forward expiration period | 2,033 | ||
Operating loss carryforwards, limitations on use | Stock ownership of one or more 5% shareholders (shareholders owning 5% or more of the Company's outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal statutory income tax rate | 35.00% | ||
Scenario, Forecast [Member] | |||
Income Tax Contingency [Line Items] | |||
Federal statutory income tax rate | 21.00% | ||
Domestic Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 84,418,000 | ||
Deferred tax assets, tax credit carryforwards, research | $ 2,686,000 | ||
Tax credit research and development expiration period | 2,032 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | $ 85,515,000 | ||
Deferred tax assets, tax credit carryforwards, research | $ 2,088,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets (liabilities): | |||
Tax credit | $ 4,335,394 | $ 2,802,573 | |
Net operating loss carryovers | 23,630,008 | 16,174,712 | |
Property and equipment | 99,756 | (58,747) | |
Research and development costs | 15,372,328 | 18,628,913 | |
Start-up and organizational costs | 774 | 1,222 | |
Stock-based compensation | 2,473,591 | 1,829,843 | |
Other accruals | 260,113 | 341,090 | |
Total gross deferred tax assets | 46,171,964 | 39,719,606 | |
Less: valuation allowance | (46,171,964) | (39,719,606) | $ (22,085,888) |
Deferred tax assets, net | $ 0 | $ 0 |
Income Taxes -Summary of Valuat
Income Taxes -Summary of Valuation Allowance (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
January 1 | $ 39,719,606 | $ 22,085,888 |
Increase in valuation allowance | 6,452,358 | 17,633,718 |
December 31 | $ 46,171,964 | $ 39,719,606 |
Income Taxes -Schedule of Effec
Income Taxes -Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||
Tax benefit at federal statutory rate | (34.00%) | (34.00%) |
State income taxes | (10.20%) | (5.70%) |
Permanent differences: | ||
Stock-based compensation | (2.50%) | 0.80% |
Meals and entertainment | 0.10% | 0.10% |
Change in effective tax rate | 39.40% | |
Effective income tax rate | 0.00% | 0.00% |
Domestic Tax Authority [Member] | ||
Permanent differences: | ||
Effective income tax rate reconciliation, prior year income taxes, percent | (2.80%) | 1.70% |
Effective income tax rate reconciliation, tax credit, research, percent | (1.40%) | (1.50%) |
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | 1.30% | 32.90% |
State and Local Jurisdiction [Member] | ||
Permanent differences: | ||
Effective income tax rate reconciliation, prior year income taxes, percent | 1.20% | |
Effective income tax rate reconciliation, tax credit, research, percent | (1.60%) | (1.10%) |
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | 11.70% | 5.60% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Aug. 09, 2016 | Jun. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Howard Yeatons Service [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments for fees | $ 0 | $ 0 | $ 61,848 | ||
Other Financial Advisory and Accounting Services [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments for fees | $ 0 | $ 13,306 | $ 88,813 | ||
Dialog Semiconductor Plc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity method investment, ownership percentage | 7.70% | ||||
Percentage of common shares potentially own outstanding shares | 13.20% | ||||
Private Placement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period, value, new issues | $ 20,000,000 | ||||
Private Placement [Member] | Dialog Semiconductor Plc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period, value, new issues | $ 1,739,691 | ||||
Private Placement [Member] | Warrants Issued to Private Investors [Member] | Dialog Semiconductor Plc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Class of warrant or right, number of securities called by warrants or rights | 1,417,565 | ||||
Research and Development Expense [Member] | Dialog Semiconductor Plc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments for fees | $ 516,725 |
Unaudited Quarterly Financial59
Unaudited Quarterly Financial Information - Schedule of Quarterly Financial Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 29,135 | $ 250,000 | $ 299,506 | $ 575,368 | $ 129,786 | $ 1,003,973 | $ 181,818 | $ 136,364 | $ 1,154,009 | $ 1,451,941 | $ 2,500,000 |
Operating expenses | 11,267,948 | 13,001,623 | 13,220,879 | 13,051,387 | 14,744,905 | 11,131,994 | 10,468,990 | 10,936,772 | 50,541,837 | 47,282,661 | 30,077,339 |
Net loss | $ (11,236,477) | $ (12,748,248) | $ (12,919,010) | $ (12,473,140) | $ (14,611,234) | $ (10,125,063) | $ (10,284,555) | $ (10,796,542) | $ (49,376,875) | $ (45,817,394) | $ (27,561,702) |
Loss per share, basic and diluted | $ (0.50) | $ (0.58) | $ (0.63) | $ (0.61) | $ (0.75) | $ (0.57) | $ (0.62) | $ (0.66) | $ (2.31) | $ (2.60) | $ (2.07) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | 1 Months Ended |
Jan. 31, 2018USD ($) | |
Subsequent Event [Line Items] | |
Proceeds from sale of stock | $ 38,999,989 |
Common stock, discount on shares | $ 1,000,000 |