Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | WATT | |
Entity Registrant Name | Energous Corp | |
Entity Central Index Key | 0001575793 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 62,874,625 | |
Title of 12(b) Security | Common Stock, $0.00001 par value | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36379 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1318953 | |
Entity Address, Address Line One | 3590 North First Street | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95134 | |
City Area Code | 408 | |
Local Phone Number | 963-0200 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 38,226,214 | $ 50,729,661 |
Accounts receivable | 121,970 | 75,850 |
Prepaid expenses and other current assets | 647,471 | 636,702 |
Total current assets | 38,995,655 | 51,442,213 |
Property and equipment, net | 479,330 | 402,711 |
Operating lease right-of-use assets | 899,355 | 1,293,291 |
Other assets | 1,610 | 1,610 |
Total assets | 40,375,950 | 53,139,825 |
Current liabilities: | ||
Accounts payable | 1,652,541 | 1,096,839 |
Accrued expenses | 1,607,538 | 1,576,287 |
Operating lease liabilities, current portion | 785,484 | 825,431 |
Deferred revenue | 13,500 | 12,000 |
Total current liabilities | 4,059,063 | 3,510,557 |
Operating lease liabilities, long-term portion | 194,176 | 576,762 |
Total liabilities | 4,253,239 | 4,087,319 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at June 30, 2021 and December 31, 2020; no shares issued or outstanding | ||
Common Stock, $0.00001 par value, 200,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 62,868,137 and 61,292,412 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. | 630 | 614 |
Additional paid-in capital | 350,636,419 | 344,024,638 |
Accumulated deficit | (314,514,338) | (294,972,746) |
Total stockholders’ equity | 36,122,711 | 49,052,506 |
Total liabilities and stockholders’ equity | $ 40,375,950 | $ 53,139,825 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 62,868,137 | 61,292,412 |
Common stock, shares outstanding | 62,868,137 | 61,292,412 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 184,960 | $ 114,375 | $ 330,025 | $ 175,850 |
Operating expenses: | ||||
Research and development | 6,103,694 | 4,330,433 | 10,694,938 | 8,905,736 |
Sales and marketing | 2,441,357 | 1,438,904 | 4,235,569 | 2,886,813 |
General and administrative | 2,656,748 | 2,470,683 | 4,944,144 | 5,123,077 |
Cost of services revenue | 86,995 | 126,539 | ||
Total operating expenses | 11,201,799 | 8,327,015 | 19,874,651 | 17,042,165 |
Loss from operations | (11,016,839) | (8,212,640) | (19,544,626) | (16,866,315) |
Other income: | ||||
Interest income | 1,010 | 7,974 | 3,034 | 63,913 |
Total other income | 1,010 | 7,974 | 3,034 | 63,913 |
Net loss | $ (11,015,829) | $ (8,204,666) | $ (19,541,592) | $ (16,802,402) |
Basic and diluted loss per common share | $ (0.18) | $ (0.20) | $ (0.32) | $ (0.45) |
Weighted average shares outstanding, basic and diluted | 62,080,250 | 40,641,264 | 61,825,044 | 37,728,909 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2019 | $ 19,012,874 | $ 333 | $ 282,153,201 | $ (263,140,660) |
Beginning balance (in shares) at Dec. 31, 2019 | 33,203,806 | |||
Stock-based compensation - restricted stock units ("RSUs") | 2,321,820 | 2,321,820 | ||
Stock-based compensation - performance share units ("PSUs") | (88,348) | (88,348) | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 42,827 | 42,827 | ||
Issuance of shares for RSUs | $ 4 | (4) | ||
Issuance of shares for RSUs (in shares) | 396,559 | |||
Proceeds from contributions to the ESPP | 113,059 | 113,059 | ||
Issuance of shares in an at-the-market ("ATM")offering, net of $141,322 in issuance costs | 5,506,880 | $ 44 | 5,506,836 | |
Issuance of shares in an at-the-market ("ATM") offering, net of issuance costs (in shares) | 4,351,652 | |||
Net loss | (8,597,736) | (8,597,736) | ||
Ending balance at Mar. 31, 2020 | 18,311,376 | $ 381 | 290,049,391 | (271,738,396) |
Ending balance (in shares) at Mar. 31, 2020 | 37,952,017 | |||
Beginning balance at Dec. 31, 2019 | 19,012,874 | $ 333 | 282,153,201 | (263,140,660) |
Beginning balance (in shares) at Dec. 31, 2019 | 33,203,806 | |||
Net loss | (16,802,402) | |||
Ending balance at Jun. 30, 2020 | 21,497,373 | $ 417 | 301,440,018 | (279,943,062) |
Ending balance (in shares) at Jun. 30, 2020 | 41,685,310 | |||
Beginning balance at Mar. 31, 2020 | 18,311,376 | $ 381 | 290,049,391 | (271,738,396) |
Beginning balance (in shares) at Mar. 31, 2020 | 37,952,017 | |||
Stock-based compensation - restricted stock units ("RSUs") | 2,028,599 | 2,028,599 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 41,308 | 41,308 | ||
Issuance of shares for RSUs | $ 2 | (2) | ||
Issuance of shares for RSUs (in shares) | 232,995 | |||
Proceeds from contributions to the ESPP | 104,145 | $ 1 | 104,144 | |
Proceeds from contributions to the ESPP (in shares) | 144,370 | |||
Issuance of shares in an at-the-market ("ATM")offering, net of $141,322 in issuance costs | 9,216,611 | $ 33 | 9,216,578 | |
Issuance of shares in an at-the-market ("ATM") offering, net of issuance costs (in shares) | 3,355,928 | |||
Net loss | (8,204,666) | (8,204,666) | ||
Ending balance at Jun. 30, 2020 | 21,497,373 | $ 417 | 301,440,018 | (279,943,062) |
Ending balance (in shares) at Jun. 30, 2020 | 41,685,310 | |||
Beginning balance at Dec. 31, 2020 | 49,052,506 | $ 614 | 344,024,638 | (294,972,746) |
Beginning balance (in shares) at Dec. 31, 2020 | 61,292,412 | |||
Stock-based compensation - restricted stock units ("RSUs") | 2,088,910 | 2,088,910 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 57,316 | 57,316 | ||
Issuance of shares for RSUs | $ 6 | (6) | ||
Issuance of shares for RSUs (in shares) | 627,412 | |||
Proceeds from contributions to the ESPP | 117,013 | 117,013 | ||
Net loss | (8,525,763) | (8,525,763) | ||
Ending balance at Mar. 31, 2021 | 42,789,982 | $ 620 | 346,287,871 | (303,498,509) |
Ending balance (in shares) at Mar. 31, 2021 | 61,919,824 | |||
Beginning balance at Dec. 31, 2020 | 49,052,506 | $ 614 | 344,024,638 | (294,972,746) |
Beginning balance (in shares) at Dec. 31, 2020 | 61,292,412 | |||
Net loss | (19,541,592) | |||
Ending balance at Jun. 30, 2021 | 36,122,711 | $ 630 | 350,636,419 | (314,514,338) |
Ending balance (in shares) at Jun. 30, 2021 | 62,868,137 | |||
Beginning balance at Mar. 31, 2021 | 42,789,982 | $ 620 | 346,287,871 | (303,498,509) |
Beginning balance (in shares) at Mar. 31, 2021 | 61,919,824 | |||
Stock-based compensation - restricted stock units ("RSUs") | 1,471,826 | 1,471,826 | ||
Stock-based compensation - performance share units ("PSUs") | 2,695,847 | 2,695,847 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 60,651 | 60,651 | ||
Issuance of shares for RSUs | $ 3 | (3) | ||
Issuance of shares for RSUs (in shares) | 298,641 | |||
Issuance of shares for PSUs | $ 5 | (5) | ||
Issuance of shares for PSUs (in shares) | 494,608 | |||
Proceeds from contributions to the ESPP | 120,234 | $ 2 | 120,232 | |
Proceeds from contributions to the ESPP (in shares) | 155,064 | |||
Net loss | (11,015,829) | (11,015,829) | ||
Ending balance at Jun. 30, 2021 | $ 36,122,711 | $ 630 | $ 350,636,419 | $ (314,514,338) |
Ending balance (in shares) at Jun. 30, 2021 | 62,868,137 |
Condensed Statement of Change_2
Condensed Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2020 | |
ATM [Member] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 236,528 | $ 141,322 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||
Net loss | $ (19,541,592) | $ (16,802,402) | |||
Adjustments to reconcile net loss to Net cash used in operating activities: | |||||
Depreciation and amortization | 126,385 | 217,629 | |||
Stock based compensation | $ 4,228,324 | $ 2,069,907 | 6,374,550 | 4,346,206 | |
Changes in operating lease right-of-use assets | 393,936 | 378,593 | |||
Bad debt expense | 33,000 | ||||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (46,120) | (75,082) | |||
Prepaid expenses and other current assets | (10,769) | (212,727) | |||
Accounts payable | 555,702 | (330,537) | |||
Accrued expenses | 31,251 | (429,460) | |||
Operating lease liabilities | (422,533) | (341,064) | |||
Deferred revenue | 1,500 | ||||
Net cash used in operating activities | (12,537,690) | (13,215,844) | |||
Cash flows from investing activities: | |||||
Purchases of property and equipment | (203,004) | ||||
Net cash used in investing activities | (203,004) | ||||
Cash flows from financing activities: | |||||
Net proceeds from the sales of common stock | 14,723,491 | $ 53,556,202 | |||
Proceeds from contributions to employee stock purchase plan | 237,247 | 217,204 | |||
Net cash provided by financing activities | 237,247 | 14,940,695 | |||
Net (decrease) increase in cash and cash equivalents | (12,503,447) | 1,724,851 | |||
Cash and cash equivalents - beginning | 50,729,661 | 21,684,089 | 21,684,089 | ||
Cash and cash equivalents - ending | $ 38,226,214 | $ 23,408,940 | 38,226,214 | 23,408,940 | $ 50,729,661 |
Restricted Stock Units (RSUs) [Member] | |||||
Supplemental disclosure of non-cash financing activities: | |||||
Common stock issued | 9 | $ 6 | |||
Performance Shares [Member] | |||||
Supplemental disclosure of non-cash financing activities: | |||||
Common stock issued | $ 5 |
Business Organization, Nature o
Business Organization, Nature of Operations | 6 Months Ended |
Jun. 30, 2021 | |
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 its WattUp® wireless power technology, consisting of proprietary semiconductor chipsets, software controls, hardware designs and antennas, that enables radio frequency (“RF”) based charging for electronic devices. The WattUp technology has a broad spectrum of capabilities, including near field wireless charging and at-a-distance wireless charging at various distances. The Company believes its proprietary WattUp technologies are well suited for many applications, including building and home automation, electronic shelf labels, industrial IoT sensors, surface and implanted medical devices, tracking devices, hearables, wearables, consumer electronics, public safety and military applications. Potential future applications include smartphones, commercial and industrial robotics, as well as automotive solutions and other devices with charging requirements that would otherwise require battery replacement or a wired power connection. |
Liquidity and Management Plans
Liquidity and Management Plans | 6 Months Ended |
Jun. 30, 2021 | |
Liquidity And Management Plan Disclosure [Abstract] | |
Liquidity and Management Plans | Note 2 – Liquidity and Management Plans During the three and six months ended June 30, 2021, the Company recorded revenue of $184,960 and $330,025, respectively, and during the three and six months ended June 30, 2020, the Company recorded $114,375 and $175,850, respectively. During the three and six months ended June 30, 2021, the Company recorded net losses of $11,015,829 and $19,541,592, respectively, and during the three and six months ended June 30, 2020, the Company recorded net losses of $8,204,666 and $16,802,402, respectively. Net cash used in operating activities was $12,537,690 and $13,215,844 for the six months ended June 30, 2021 and 2020, respectively. The Company is currently meeting its liquidity requirements through the proceeds of securities offerings that raised net proceeds of $53,556,202 during 2020, along with payments received from customers. As of June 30, 2021, the Company had cash on hand of $38,226,214. The Company expects that cash on hand as of June 30, 2021, together with anticipated revenues, will be sufficient to fund the Company’s operations into August 2022. Research and development of new technologies is by its nature unpredictable. Although the Company intends to continue its research and development activities, there can be no assurance that its available resources and revenue generated from its business operations will be sufficient to sustain its operations. Accordingly, the Company expects to pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing would be available on terms that the Company would find acceptable, or at all. The market for products using the Company’s technology is broad and evolving, but remains nascent and unproven, so the Company’s success is dependent upon many factors, including customer acceptance of its existing products, technical feasibility of future products, regulatory approvals, competition and global market fluctuations. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. The pandemic continues to affect the United States and the world. The Company is monitoring the ongoing effects of COVID-19 (including continued outbreaks) and the related business and travel restrictions and changes to behavior intended to reduce its spread, and COVID-19’s impact on the Company’s operations, financial position, cash flows, inventory, supply chains, global regulatory approvals, purchasing trends, customer payments, and the industry in general, in addition to the impact on its employees. Due to the continuing developments and fluidity of this situation, the magnitude and duration of the pandemic and its impact on the Company's operations and liquidity are still uncertain as of the date of this report. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 (“US GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2020 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 24, 2021. The accounting policies used in preparing these unaudited condensed interim financial statements are consistent with those described in the Company’s December 31, 2020 audited financial statements . Note 3 – Summary of Significant Accounting Policies, continued Use of Estimates The preparation of financial statements in conformity with US 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 On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (Topic 606). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company’s revenue primarily consists of product development projects revenue and royalty revenue from Dialog. The Company also provides contract services for Dialog. During the three months ended June 30, 2021, the Company recognized $184,960 in product development projects revenue, $0 in royalty revenue and $0 in contract services revenue. During the six months ended June 30, 2021, the Company recognized $330,025 in product development projects revenue, $0 in royalty revenue and $0 in contract services revenue. During the three months ended June 30, 2020, the Company recognized $25,000 in product development projects revenue, $0 in royalty revenue and $89,375 in contract services revenue. During the six months ended June 30, 2020, the Company recognized $45,850 in product development projects revenue, $0 in royalty revenue and $130,000 in contract services revenue. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at a point in time based on when the performance obligation is met. The payment associated with achieving the performance obligation 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 product development projects in research and development expense, in the periods such expenses were incurred. The Company records royalty revenue from its manufacturing partner, Dialog, and such royalty revenue is recognized at a point in time based on shipments from Dialog to its customers. The Company recognizes contract services revenue from Dialog over the period of time that the services are performed. The costs associated with this revenue are recognized as the services are performed and are included in cost of services revenue. Note 3 – Summary of Significant Accounting Policies, continued 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, which are 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 $6,103,694 and $4,330,433 for the three months ended June 30, 2021 and 2020, respectively, and the Company incurred research and development costs of $10,694,938 and $8,905,736 for the six months ended June 30, 2021 and 2020, respectively. Stock-Based Compensation The Company accounts for equity instruments issued to employees, board members and contractors 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. Under the Company’s Employee Stock Purchase Plan (“ESPP”), 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 stock-based 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 June 30, 2021, 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 three or six months ended June 30, 2021 or 2020. 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 6,323,445 and 6,945,580 for the three months ended June 30, 2021 and 2020, respectively, and 6,323,445 and 6,945,580 for the six months ended June 30, 2021 and 2020, respectively, because their inclusion would be anti-dilutive. 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 Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Warrants issued to private investors 3,284,789 3,938,802 3,284,789 3,938,802 Options to purchase common stock 550,985 550,985 550,985 550,985 RSUs 1,530,216 1,822,116 1,530,216 1,822,116 PSUs 957,455 633,677 957,455 633,677 Total potentially dilutive securities 6,323,445 6,945,580 6,323,445 6,945,580 Note 3 – Summary of Significant Accounting Policies, continued Leases As of January 1, 2019, the Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the adoption date, January 1, 2019, or the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 4 – Commitments and Contingencies, Operating Leases Recent Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740),” Simplifying the Accounting for Income Taxes In May 2021, the FASB issued ASU No. 2021-04, “ Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force).” ASU 2021-04 clarifies accounting for modifications or exchanges of equity-classified warrants. This standard is effective for annual reporting periods beginning after December 15, 2021. The Company does not believe the adoption of this standard will have a material impact on its financial statements. Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of June 30, 2021, through the date which the financial statements are available to be issued. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4 – Commitments and Contingencies Operating Leases San Jose Lease On July 1, 2019, the Company signed a new lease agreement for the lease of its office space at its corporate headquarters in San Jose, California for an additional three years. The lease agreement includes space on the first floor of the building that had been previously subleased. Upon expiration of the original lease on September 30, 2019, the new monthly lease payment starting October 1, 2019 was $52,970 and is subject to annual escalations up to a maximum monthly lease payment of $64,941. Note 4 – Commitments and Contingencies, continued Operating Leases, continued Costa Mesa Lease On July 15, 2019, the Company signed a new lease agreement for the lease of office space in Costa Mesa, California for an additional two years. Upon expiration of the original lease on September 30, 2019, the new monthly lease payment starting October 1, 2019 was $9,773 and is subject to an annual escalation up to a maximum monthly lease payment of $10,200. Operating Lease Commitments In February 2016, the FASB issued its final standard on lease accounting, ASU No. 2016-02, “Leases (Topic 842),” which superseded Topic 840, “Leases,” which was further modified in ASU No. 2018-10, “Codification Improvements” to clarify the implementation guidance. The new accounting standard was effective for the Company beginning on January 1, 2019 and required the recognition on the balance sheet of right-of-use assets and lease liabilities. The Company elected the optional transition method and adopted the new guidance on January 1, 2019 on a modified retrospective basis with no restatement of prior period amounts. The Company’s adoption of the new standard resulted in the recognition of right-of-use assets of $414,426 and operating lease liabilities of $485,747, with no material cumulative effect adjustment to equity as of the date of adoption. The Company anticipates having future total lease payments of $1,002,084 during the period from the third quarter of 2021 to the third quarter of 2022. As of June 30, 2021, the company has total operating lease right-of-use assets of $899,355, current portion operating lease liabilities of $785,484 and long-term portion of operating lease liabilities of $194,176. The weighted average remaining lease term is 1.2 years as of June 30, 2021. A reconciliation of undiscounted cash flows to lease liabilities recognized as of June 30, 2021 is as follows: Amount (unaudited) 2021 417,615 2022 584,469 Total future lease payments 1,002,084 Present value discount (4% weighted average) (22,424 ) Total operating lease liabilities 979,660 Hosted Design Software Agreement On June 25, 2015, the Company entered into a three-year Litigations, Claims, and Assessments The Company is from time to time involved in various disputes, claims, liens and litigation matters arising in the normal course of business. While the outcome of these disputes, claims, liens and litigation matters cannot be predicted with certainty, after consulting with legal counsel, management does not believe that the outcome of these matters will have a material adverse effect on the Company's combined financial position, results of operations or cash flows. Note 4 – Commitments and Contingencies, continued MBO Bonus Plan On March 15, 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. Under the Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers, the performance metrics used to determine whether any such bonuses will be paid and determining whether those performance metrics have been achieved. During the three months ended June 30, 2021, the Company accrued $391,578 in expense under the Bonus Plan, which will be paid during the third quarter of 2021. During the three months ended June 30, 2020, the Company accrued $392,929 in expense under the Bonus Plan, which was paid during the third quarter of 2020. During the six months ended June 30, 2021 and 2020, the Company accrued $783,156 and $677,520, respectively, in expense under the Bonus Plan. Severance and Change in Control Agreement On March 15, 2018, the Compensation Committee approved a form of Severance and Change in Control Agreement (“Severance Under the Severance Agreement, if an Executive is terminated in a qualifying termination, the Company agrees to pay the Executive six to 12 months of that Executive’s monthly base salary. If Executive elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) the Company will pay the full amount of Executive’s premiums under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the six to 12 month period following the Executive’s termination. Executive Transition 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 effective as of January 1, 2015, has an initial term of four years and automatically renews each year after the initial term. The Employment Agreement provides for an annual base salary of $365,000, and Mr. Rizzone is eligible to receive quarterly cash bonuses from the MBO Bonus Plan with a total target amount equal to 100% of his base salary based upon achievement of performance-based objectives established by the Board. On July 9, 2021, the Company announced that Stephen R. Rizzone has retired from his position as the Company’s President and Chief Executive Officer and as a member of the Board (see Note 9 – Subsequent Event). Strategic Alliance Agreement In November 2016, the Company and Dialog Semiconductor plc (“Dialog”), a related party (see Note 7—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. Note 4 – Commitments and Contingencies, continued Strategic Alliance Agreement continued 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 exclusivity obligations. The Company Exclusivity Requirement renews automatically on an annual basis unless the Company and Dialog agree to terminate the requirement. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 5 – 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 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. Financing On August 9, 2018, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on August 17, 2018. This shelf registration statement allows the Company to sell, from time to time, any combination of debt or equity securities described in the registration statement up to aggregate proceeds of $75,000,000. Pursuant to this registration statement, in March 2019 the Company raised $23,319,156 (net of $1,680,844 in issuance costs) from an offering of shares of its common stock and warrants to purchase 1,666,666 shares of common stock at an exercise price of $10.00 per share. The Company also raised $4,557,693 (net of $339,081 in issuance costs) during the fourth quarter of 2019, $5,506,880 (net of $141,322 in issuance costs) during the first quarter of 2020 and $9,216,611 (net of $236,528 in issuance costs) during the second quarter of 2020, pursuant to this shelf registration statement. On September 15, 2020, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on September 24, 2020, and contains two prospectuses: a base prospectus, which covers the offering, issuance and sale by the Company of up to $75,000,000 of its common stock, preferred stock, debt securities, warrants to purchase our common stock, preferred stock or debt securities, subscription rights to purchase its common stock, preferred stock or debt securities and/or units consisting of some or all of these securities; and an at-the-market (“ATM”) sales agreement prospectus supplement covering the offering, or the ATM Program, issuance and sale by the Company of up to a maximum aggregate offering price of $40,000,000 of its common stock that may be issued and sold under that certain sales agreement. The $40,000,000 of common stock that may be offered, issued and sold under the sales agreement prospectus is included in the $75,000,000 of the Company’s securities that may be offered, issued and sold by the Company under the base prospectus. Pursuant to this shelf registration statement, the Company sold shares which raised net proceeds of $38,832,711 (net of $1,167,289 in issuance costs) during the third and fourth quarters of 2020. The ATM Program was completed as of the end of 2020 and no further securities were sold during the three or six months ended June 30, 2021. Common Stock Outstanding Our outstanding common shares typically include shares that are deemed delivered under US GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under our Employee Stock Purchase Program (“ESPP”) where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under US GAAP until the actual delivery of shares takes place. On July 24, 2020, the stockholders of the Company approved an increase of the authorized share capital of the Company from 50,000,000 to 200,000,000 shares of common stock. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 6 – Stock-Based Compensation Equity Incentive Plans 2013 Equity Incentive Plan Effective on June 16, 2021, 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 1,500,000 shares, bringing to 8,785,967 the total number of shares approved for issuance under that plan. As of June 30, 2021, 2,414,623 shares of common stock remain eligible to be issued through equity-based instruments under the 2013 Equity Incentive Plan. 2014 Non-Employee Equity Compensation Plan Effective on May 26, 2020, the Company’s stockholders approved the amendment and restatement of the 2014 Non-employee Equity Compensation Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 800,000 shares, bringing to 1,650,000 the total number of shares approved for issuance under that plan. As of June 30, 2021, 917,013 shares of common stock remain eligible to be issued through equity-based instruments under the 2014 Non-Employee Equity Compensation Plan. 2015 Performance Share Unit Plan Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the 2015 Performance Share Unit Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 1,700,000 shares, bringing to 5,110,104 the total number of shares approved for issuance under that plan. As of June 30, 2021, 2,379,888 shares of common stock remain eligible to be issued through equity-based instruments under the 2015 Performance Share Unit Plan. 2017 Equity Inducement Plan On December 28, 2017, the Board approved the 2017 Equity Inducement Plan. Under the plan, the Board reserved 600,000 shares for the grant of RSUs. These grants will be administered by the Board or a committee of the Board. 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. As of June 30, 2021, 138,679 shares of common stock remain available to be issued through equity-based instruments under the 2017 Equity Inducement Plan. Employee Stock Purchase Plan In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to the approval by the stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the Employee Stock Purchase Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 700,000 shares, bring to 1,550,000 the total number of shares approved for issuance under that plan. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP 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 June 30, 2021, 685,374 shares of common stock remain eligible to be issued under the ESPP. Employees contributed $237,247 through payroll withholdings to the ESPP for the offering period ended June 30, 2021 and shares were deemed delivered on that date. Note 6 – Stock-Based Compensation, continued Stock Option Activity The following is a summary of the Company’s stock option activity during the six months ended June 30, 2021: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2021 550,985 $ 5.67 3.2 $ 3,384 Granted – – – – Exercised – – – – Forfeited – – – – Outstanding at June 30, 2021 550,985 $ 5.67 2.7 $ 33,655 Exercisable at January 1, 2021 550,985 $ 5.67 3.2 $ 3,384 Vested – – – – Exercised – – – – Forfeited – – – – Exercisable at June 30, 2021 550,985 $ 5.67 2.7 $ 33,655 As of June 30, 2021, the unamortized value of options was $0. Restricted Stock Units (“RSUs”) During the six months ended June 30, 2021, the Compensation Committee granted various employees RSUs covering 964,885 shares of common stock under the 2013 Equity Incentive Plan. The awards vest over terms ranging from two to four years. During the six months ended June 30, 2021, the Compensation Committee and the Board of Directors granted various non-employees RSUs covering 135,000 shares of common stock under the 2014 Non-employee Equity Compensation Plan. The awards vest over terms ranging from one to four years During the six months ended June 30, 2021, the Board of Directors granted an employee RSUs covering 7,000 shares of common stock under the 2017 Equity Inducement Plan. The award vests over a term of four years. As of t h un am or ti ze v a l u o t h R a $ T h un am or ti ze am oun il b e xp e n e ov e weighted average p e r i o o 1.5 y ea r Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 1,421,168 $ 6.43 RSUs granted 1,106,885 $ 3.77 RSUs forfeited (71,784 ) $ 4.33 RSUs vested (926,053 ) $ 6.13 Outstanding at June 30, 2021 1,530,216 $ 4.78 Note 6 – Stock-Based Compensation, continued 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 revenue, market capitalization or market share price of the common stock. During the six months ended June 30, 2021, the Compensation Committee of the Board of Directors granted various employees PSUs covering 1,465,713 shares of common stock under the Company’s 2015 Performance Share Unit Plan. Amortization for all PSU awards was $2,695,847 for the three and six months ended June 30, 2021 and $0 and $ (88,348) As of June 30, 2021, the unamortized value of the PSUs was $1,198,389. The unamortized amount will be expensed over a weighted average period of 0.5 years. A summary of the activity related to PSUs for the six months ended June 30, 2021 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 – $ – PSUs granted 1,465,713 4.23 PSUs forfeited (13,650 ) 4.29 PSUs vested (494,608 ) 4.51 Outstanding at June 30, 2021 957,455 4.08 Employee Stock Purchase Plan (“ESPP”) The most recent offering period under the ESPP started on January 1, 2021 and concluded on June 30, 2021. During the year ended December 31, 2020, there were two offering periods. The first offering period began January 1, 2020 and concluded on June 30, 2020. The second offering period began on July 1, 2020 and concluded on December 31, 2020. The weighted-average grant-date fair value of the purchase option for each designated share purchased under this plan was approximately $0.75 and $0.57 for the six months ended June 30, 2021 and 2020, 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 $60,651 and $41,308 for the three months ended June 30, 2021 and 2020, respectively, and the Company recognized compensation expense for the plan of $117,967 and $84,135 for the six months ended June 30, 2021 and 2020, respectively. The Company estimated the fair value of ESPP purchase options granted during the six months ended June 30, 2021 and 2020 using the Black-Scholes option pricing model. The fair values of stock options granted were estimated using the following assumptions: Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Stock price $ 1.80 $ 1.77 Dividend yield 0% 0% Expected volatility 95 % 61 % Risk-free interest rate 0.09 % 1.57 % Expected life 6 months 6 months Note 6 – Stock-Based Compensation, continued Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June, 2021 2020 2021 2020 RSUs 1,471,826 $ 2,028,599 3,560,736 $ 4,350,419 PSUs 2,695,847 – 2,695,847 (88,348 ) ESPP 60,651 41,308 117,967 84,135 Total $ 4,228,324 $ 2,069,907 $ 6,374,550 $ 4,346,206 The total amount of stock-based compensation was reflected within the statements of operations as: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 2,517,233 $ 1,032,049 $ 3,666,510 $ 2,133,027 Sales and marketing 1,032,414 440,335 1,481,361 804,793 General and administrative 678,677 597,523 1,226,679 1,408,386 Total $ 4,228,324 $ 2,069,907 $ 6,374,550 $ 4,346,206 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7 – Related Party Transactions In November 2016, the Company and Dialog entered into an alliance agreement for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (See Note 4 – Commitments and Contingencies, Strategic Alliance Agreement |
Customer Concentrations
Customer Concentrations | 6 Months Ended |
Jun. 30, 2021 | |
Risks And Uncertainties [Abstract] | |
Customer Concentrations | Note 8 – Customer Concentrations Three customers accounted for approximately 64% of the Company’s revenue for the three months ended June 30, 2021, and two customers accounted for approximately 96% of the Company’s revenue for the three months ended June 30, 2020. Four customers accounted for approximately 72% of the Company’s revenue for the six months ended June 30, 2021, and two customers accounted for approximately 85% of the Company’s revenue for the six months ended June 30, 2020. Three customers accounted for approximately 62% of the accounts receivable balance as of June 30, 2021. Four customers accounted for approximately 92% of the accounts receivable balance as of December 31, 2020. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 – Subsequent Event On July 9, 2021, the Company announced that Stephen R. Rizzone has retired from his position as the Company’s President and Chief Executive Officer and as a member of the Board. In connection with Mr. Rizzone’s retirement, the Company and Mr. Rizzone entered into an Executive Transition Agreement (“Separation Agreement”), providing for continued employment through August 31, 2021. Upon his termination of employment, the Separation Agreement provides severance payments and benefits to Mr. Rizzone consistent with the terms of his existing employment agreement with the Company, including without limitation: compensation-based payments of $1,460,000 in the aggregate, payable under a certain payment scheme as set forth therein, an additional lump sum cash payment of $2,000,000, a pro-rated bonus payment for the two months of employment during the current quarterly bonus period payable at the same time bonus payments are made to other executives of the Company, settlement of deferred vested restricted stock units and an extension of the exercise periods of all stock options held by Mr. Rizzone until the one year anniversary of his termination date, and additional benefits related to Mr. Rizzone’s medical insurance. In addition, the Company will pay-off all amounts owed under a lease agreement relating to a Company Car and Mr. Rizzone will receive the title to the vehicle. All compensation under the Separation Agreement will be subject to applicable withholding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 (“US GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2020 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 24, 2021. The accounting policies used in preparing these unaudited condensed interim financial statements are consistent with those described in the Company’s December 31, 2020 audited financial statements . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US 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 On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (Topic 606). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price of the contract. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company’s revenue primarily consists of product development projects revenue and royalty revenue from Dialog. The Company also provides contract services for Dialog. During the three months ended June 30, 2021, the Company recognized $184,960 in product development projects revenue, $0 in royalty revenue and $0 in contract services revenue. During the six months ended June 30, 2021, the Company recognized $330,025 in product development projects revenue, $0 in royalty revenue and $0 in contract services revenue. During the three months ended June 30, 2020, the Company recognized $25,000 in product development projects revenue, $0 in royalty revenue and $89,375 in contract services revenue. During the six months ended June 30, 2020, the Company recognized $45,850 in product development projects revenue, $0 in royalty revenue and $130,000 in contract services revenue. The Company records revenue associated with product development projects that it enters into with certain customers. In general, these product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at a point in time based on when the performance obligation is met. The payment associated with achieving the performance obligation 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 product development projects in research and development expense, in the periods such expenses were incurred. The Company records royalty revenue from its manufacturing partner, Dialog, and such royalty revenue is recognized at a point in time based on shipments from Dialog to its customers. The Company recognizes contract services revenue from Dialog over the period of time that the services are performed. The costs associated with this revenue are recognized as the services are performed and are included in cost of services revenue. Note 3 – Summary of Significant Accounting Policies, continued |
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, which are 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 $6,103,694 and $4,330,433 for the three months ended June 30, 2021 and 2020, respectively, and the Company incurred research and development costs of $10,694,938 and $8,905,736 for the six months ended June 30, 2021 and 2020, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees, board members and contractors 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. Under the Company’s Employee Stock Purchase Plan (“ESPP”), 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 stock-based 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 June 30, 2021, 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 three or six months ended June 30, 2021 or 2020. 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 6,323,445 and 6,945,580 for the three months ended June 30, 2021 and 2020, respectively, and 6,323,445 and 6,945,580 for the six months ended June 30, 2021 and 2020, respectively, because their inclusion would be anti-dilutive. 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 Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Warrants issued to private investors 3,284,789 3,938,802 3,284,789 3,938,802 Options to purchase common stock 550,985 550,985 550,985 550,985 RSUs 1,530,216 1,822,116 1,530,216 1,822,116 PSUs 957,455 633,677 957,455 633,677 Total potentially dilutive securities 6,323,445 6,945,580 6,323,445 6,945,580 |
Leases | Leases As of January 1, 2019, the Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the adoption date, January 1, 2019, or the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 4 – Commitments and Contingencies, Operating Leases |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740),” Simplifying the Accounting for Income Taxes In May 2021, the FASB issued ASU No. 2021-04, “ Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force).” ASU 2021-04 clarifies accounting for modifications or exchanges of equity-classified warrants. This standard is effective for annual reporting periods beginning after December 15, 2021. The Company does not believe the adoption of this standard will have a material impact on its financial statements. |
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 June 30, 2021, through the date which the financial statements are available to be issued. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Warrants issued to private investors 3,284,789 3,938,802 3,284,789 3,938,802 Options to purchase common stock 550,985 550,985 550,985 550,985 RSUs 1,530,216 1,822,116 1,530,216 1,822,116 PSUs 957,455 633,677 957,455 633,677 Total potentially dilutive securities 6,323,445 6,945,580 6,323,445 6,945,580 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized | A reconciliation of undiscounted cash flows to lease liabilities recognized as of June 30, 2021 is as follows: Amount (unaudited) 2021 417,615 2022 584,469 Total future lease payments 1,002,084 Present value discount (4% weighted average) (22,424 ) Total operating lease liabilities 979,660 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following is a summary of the Company’s stock option activity during the six months ended June 30, 2021: Number of Options Weighted Average Exercise Price Weighted Average Remaining Life In Years Intrinsic Value Outstanding at January 1, 2021 550,985 $ 5.67 3.2 $ 3,384 Granted – – – – Exercised – – – – Forfeited – – – – Outstanding at June 30, 2021 550,985 $ 5.67 2.7 $ 33,655 Exercisable at January 1, 2021 550,985 $ 5.67 3.2 $ 3,384 Vested – – – – Exercised – – – – Forfeited – – – – Exercisable at June 30, 2021 550,985 $ 5.67 2.7 $ 33,655 |
Schedule of Restricted Stock Units Activity | A summary of the activity related to RSUs for the six months ended June 30, 2021 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 1,421,168 $ 6.43 RSUs granted 1,106,885 $ 3.77 RSUs forfeited (71,784 ) $ 4.33 RSUs vested (926,053 ) $ 6.13 Outstanding at June 30, 2021 1,530,216 $ 4.78 |
Summary of Activity Related to PSUs | A summary of the activity related to PSUs for the six months ended June 30, 2021 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 – $ – PSUs granted 1,465,713 4.23 PSUs forfeited (13,650 ) 4.29 PSUs vested (494,608 ) 4.51 Outstanding at June 30, 2021 957,455 4.08 |
Summary of Fair Values of Stock Options Granted | The fair values of stock options granted were estimated using the following assumptions: Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Stock price $ 1.80 $ 1.77 Dividend yield 0% 0% Expected volatility 95 % 61 % Risk-free interest rate 0.09 % 1.57 % Expected life 6 months 6 months |
Summary of Stock-based Compensation Costs Recognized | The following tables summarize total stock-based compensation costs recognized for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June, 2021 2020 2021 2020 RSUs 1,471,826 $ 2,028,599 3,560,736 $ 4,350,419 PSUs 2,695,847 – 2,695,847 (88,348 ) ESPP 60,651 41,308 117,967 84,135 Total $ 4,228,324 $ 2,069,907 $ 6,374,550 $ 4,346,206 |
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: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 2,517,233 $ 1,032,049 $ 3,666,510 $ 2,133,027 Sales and marketing 1,032,414 440,335 1,481,361 804,793 General and administrative 678,677 597,523 1,226,679 1,408,386 Total $ 4,228,324 $ 2,069,907 $ 6,374,550 $ 4,346,206 |
Liquidity and Management Plans
Liquidity and Management Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Liquidity And Management Plans [Line Items] | |||||||
Engineering product development | $ 184,960 | $ 114,375 | $ 330,025 | $ 175,850 | |||
Net loss | (11,015,829) | $ (8,525,763) | (8,204,666) | $ (8,597,736) | (19,541,592) | (16,802,402) | |
Net cash provided by (used in) operating activities | (12,537,690) | (13,215,844) | |||||
Proceeds of securities offerings | 14,723,491 | $ 53,556,202 | |||||
Cash and cash equivalents, at carrying value, total | 38,226,214 | 38,226,214 | $ 50,729,661 | ||||
Technology Service [Member] | |||||||
Liquidity And Management Plans [Line Items] | |||||||
Engineering product development | $ 184,960 | $ 114,375 | $ 330,025 | $ 175,850 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue | $ 184,960 | $ 114,375 | $ 330,025 | $ 175,850 | |
Research and development expense, total | 6,103,694 | $ 4,330,433 | 10,694,938 | 8,905,736 | |
Liability for unrecognized tax benefits | $ 0 | 0 | |||
Interest or penalties for uncertain tax positions | $ 0 | $ 0 | |||
Antidilutive securities excluded from computation of earnings per share, amount | 6,323,445 | 6,945,580 | 6,323,445 | 6,945,580 | |
Employee Stock Purchase Plan [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Common stock purchase price discount percentage | 85.00% | 15.00% | |||
Product Development Projects Revenue [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue | $ 184,960 | $ 25,000 | $ 330,025 | $ 45,850 | |
Royalty Revenue [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Contract Services Revenue [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue | $ 0 | $ 89,375 | $ 0 | $ 130,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 6,323,445 | 6,945,580 | 6,323,445 | 6,945,580 |
Warrant Issued to Private Investors [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 3,284,789 | 3,938,802 | 3,284,789 | 3,938,802 |
Employee Stock Option [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 550,985 | 550,985 | 550,985 | 550,985 |
Restricted Stock Units (RSUs) [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 1,530,216 | 1,822,116 | 1,530,216 | 1,822,116 |
Performance Share Units [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Total potentially dilutive securities | 957,455 | 633,677 | 957,455 | 633,677 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($) | 1 Months Ended | |||||
Oct. 31, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | Jul. 15, 2019 | Jul. 01, 2019 | Jan. 01, 2019 | |
Commitments And Contingencies [Line Items] | ||||||
Operating lease right-of-use assets | $ 899,355 | $ 1,293,291 | ||||
Operating lease liabilities | 785,484 | 825,431 | ||||
Total operating lease payments | 1,002,084 | |||||
Long-term portion of operating lease liabilities | 194,176 | $ 576,762 | ||||
ASU No. 2016-02 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Operating lease right-of-use assets | 899,355 | $ 414,426 | ||||
Operating lease liabilities | 785,484 | $ 485,747 | ||||
Total operating lease payments | 1,002,084 | |||||
Long-term portion of operating lease liabilities | $ 194,176 | |||||
Weighted average remaining lease term | 1 year 2 months 12 days | |||||
San Jose, California [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Operating lease, renewal term | 3 years | |||||
Operating lease payment | $ 52,970 | |||||
San Jose, California [Member] | Maximum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Maximum monthly lease payment | 64,941 | |||||
Costa Mesa, California [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Operating lease, renewal term | 2 years | |||||
Operating lease payment | 9,773 | |||||
Costa Mesa, California [Member] | Maximum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Maximum monthly lease payment | $ 10,200 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized (Detail) | Jun. 30, 2021USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2021 | $ 417,615 |
2022 | 584,469 |
Total future lease payments | 1,002,084 |
Present value discount (4% weighted average) | (22,424) |
Total operating lease liabilities | $ 979,660 |
Commitments and Contingencies_3
Commitments and Contingencies - Hosted Design Software Agreement - Additional Information (Detail) - Hosted Design Software Agreement [Member] - USD ($) | Dec. 18, 2015 | Jun. 25, 2015 | Jun. 30, 2021 | Jul. 31, 2018 | Jul. 31, 2015 |
Commitments And Contingencies [Line Items] | |||||
Initial term of agreement | 3 years | ||||
Quarterly payments for service agreement | $ 198,000 | $ 233,000 | $ 218,000 | $ 101,000 | |
Additional term of agreement | 3 years |
Commitments and Contingencies_4
Commitments and Contingencies - MBO Bonus Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accrued Expenses [Member] | Executive Officers [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Accrued bonus expense | $ 391,578 | $ 392,929 | $ 783,156 | $ 677,520 |
Commitments and Contingencies_5
Commitments and Contingencies - Employee Agreement - Stephen Rizzone - Additional Information (Detail) - Mr. Rizzone [Member] - USD ($) | Jan. 01, 2015 | Jun. 30, 2021 |
Commitments And Contingencies [Line Items] | ||
Agreement effective date | Jan. 1, 2015 | |
Initial term of agreement | 4 years | |
Officers' compensation | $ 365,000 | |
Employment agreement percentage of base salary | 100.00% |
Commitments and Contingencies_6
Commitments and Contingencies - Strategic Alliance Agreement - Additional Information (Detail) | 1 Months Ended |
Nov. 30, 2016 | |
Strategic Alliance Agreement [Member] | |
Commitments And Contingencies [Line Items] | |
Initial term of agreement | 7 years |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Sep. 24, 2020USD ($) | Aug. 17, 2018USD ($) | Mar. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2021Voteshares | Jul. 24, 2020shares |
Class of Stock [Line Items] | ||||||||||
Number of common stock voting entitlement per share | Vote | 1 | |||||||||
Proceeds from private offering of shares of common stock and warrants | $ 23,319,156 | |||||||||
Net of issuance costs from offering of shares | $ 1,680,844 | $ 236,528 | $ 141,322 | $ 339,081 | ||||||
Class of warrant or right, number of securities called by warrants or rights | shares | 1,666,666 | |||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 10 | |||||||||
Proceeds from at the market offering of shares of common stock and warrants | 9,216,611 | 5,506,880 | $ 4,557,693 | |||||||
Common stock outstanding abstract | Our outstanding common shares typically include shares that are deemed delivered under US GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards, as well as shares purchased under our Employee Stock Purchase Program (“ESPP”) where actual transfer of shares normally occurs a few days after the completion of the purchase periods. There are no voting rights for shares that are deemed delivered under US GAAP until the actual delivery of shares takes place. On July 24, 2020, the stockholders of the Company approved an increase of the authorized share capital of the Company from 50,000,000 to 200,000,000 shares of common stock. | |||||||||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | ||||||||
Accounting issuance costs will be paid | $ 1,167,289 | |||||||||
At-the-market ("ATM") funds receivable | $ 38,832,711 | $ 38,832,711 | ||||||||
Securities Sold under Agreement, Shares | shares | 0 | |||||||||
Maximum [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Securities reserved for issuance | $ 75,000,000 | |||||||||
Common stock, shares authorized | shares | 200,000,000 | |||||||||
Minimum [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares authorized | shares | 50,000,000 | |||||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from at the market offering of shares of common stock and warrants | $ 33 | $ 44 | ||||||||
Consummation of Offering Under Shelf Registration [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from shelf registration debt or equity securities | $ 75,000,000 | |||||||||
At-the-Market (?ATM?) Sales Agreement [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Sale of stock, Description | The $40,000,000 of common stock that may be offered, issued and sold under the sales agreement prospectus is included in the $75,000,000 of the Company’s securities that may be offered, issued and sold by the Company under the base prospectus. | |||||||||
At-the-Market (?ATM?) Sales Agreement [Member] | Maximum [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from (Payments for) in Securities Sold under Agreements | $ 40,000,000 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Jun. 30, 2021 | Jun. 16, 2021 | May 26, 2020 | Dec. 28, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee contribution through payroll withholdings | $ 237,247 | ||||
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, number of shares authorized for issuance | 1,550,000 | ||||
Common stock, capital shares reserved for future issuance | 600,000 | 700,000 | |||
Common stock remain eligible to be issued | 685,374 | ||||
Lowest percentage of annual compensation to be utilized by an employee for purchase of shares under the plan | 1.00% | ||||
Highest percentage of annual compensation to be utilized by an employee for purchase of shares under 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% | 15.00% | |||
Share-based compensation arrangement by share-based payment award, terms of award | In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock have been reserved for purchase by the Company’s employees, subject to the approval by the stockholders. On May 21, 2015, the Company’s stockholders approved the ESPP. Effective on June 16, 2021, the Company’s stockholders approved the amendment and restatement of the Employee Stock Purchase Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 700,000 shares, bring to 1,550,000 the total number of shares approved for issuance under that plan. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP 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. | ||||
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 for issuance | 8,785,967 | ||||
Common stock, capital shares reserved for future issuance | 1,500,000 | ||||
Common stock remain eligible to be issued | 2,414,623 | ||||
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 for issuance | 1,650,000 | ||||
Common stock, capital shares reserved for future issuance | 800,000 | ||||
Common stock remain eligible to be issued | 917,013 | ||||
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, number of shares authorized for issuance | 5,110,104 | ||||
Common stock, capital shares reserved for future issuance | 1,700,000 | ||||
Common stock remain eligible to be issued | 2,379,888 | ||||
2017 Equity Inducement Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock remain eligible to be issued | 138,679 | ||||
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) - Employee Stock Option [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Outstanding | 550,985 | |
Number of Options, Granted | 0 | |
Number of Options, Exercised | 0 | |
Number of Options, Forfeited | 0 | |
Number of Options, Outstanding | 550,985 | 550,985 |
Number of Options, Exercisable | 550,985 | |
Number of Options, Vested | 0 | |
Number of Options, Exercised | 0 | |
Number of Options, Forfeited | 0 | |
Number of Options, Exercisable | 550,985 | 550,985 |
Weighted Average Exercise Price, Outstanding | $ 5.67 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited | 0 | |
Weighted Average Exercise Price, Outstanding | 5.67 | $ 5.67 |
Weighted Average Exercise Price, Exercisable | 5.67 | |
Weighted Average Exercise Price, Vested | 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited | 0 | |
Weighted Average Exercise Price, Exercisable | $ 5.67 | $ 5.67 |
Weighted Average Remaining Life In Years, Outstanding | 2 years 8 months 12 days | 3 years 2 months 12 days |
Weighted Average Remaining Life In Years, Exercisable | 2 years 8 months 12 days | 3 years 2 months 12 days |
Intrinsic Value, Outstanding | $ 33,655 | $ 3,384 |
Intrinsic Value, Exercisable | $ 33,655 | $ 3,384 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) | Jun. 30, 2021USD ($) |
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) | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Maximum [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 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ | $ 4,763,288 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 6 months |
2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [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 |
2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [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 |
2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employee [Member] | Common Stock [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 | 964,885 |
Non-Employee Equity Compensation Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year |
Non-Employee Equity Compensation Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock [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 | 135,000 |
2017 Equity Inducement 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 |
2017 Equity Inducement Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employee [Member] | Common Stock [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 | 7,000 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 1,421,168 |
RSUs granted | shares | 1,106,885 |
RSUs forfeited | shares | (71,784) |
RSUs vested | shares | (926,053) |
Number of Options, Outstanding | shares | 1,530,216 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 6.43 |
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares | 3.77 |
Weighted Average Grant Date Fair Value, RSUs forfeited | $ / shares | 4.33 |
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares | 6.13 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 4.78 |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 2,695,847 | $ (88,348) | $ 2,695,847 | $ (88,348) |
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ 1,198,389 | $ 1,198,389 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 6 months | |||
2015 Performance Share Unit Plan [Member] | Employee [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 | 1,465,713 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Activity Related to PSUs (Detail) - Performance Shares [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 0 |
PSUs granted | shares | 1,465,713 |
PSUs forfeited | shares | (13,650) |
PSUs / DSUs vested | shares | (494,608) |
Number of Options, Outstanding | shares | 957,455 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, PSUs granted | $ / shares | 4.23 |
Weighted Average Grant Date Fair Value, PSUs forfeited | $ / shares | 4.29 |
Weighted Average Grant Date Fair Value, PSUs vested | $ / shares | 4.51 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 4.08 |
Stock Based Compensation - Empl
Stock Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - Employee Stock Purchase Plan [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
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 | $ 0.75 | $ 0.57 | ||
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 | $ 60,651 | $ 41,308 | $ 117,967 | $ 84,135 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Fair Values of Stock Options Granted (Detail) - Employee Stock Purchase Plan [Member] - Employee Stock Option [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 1.80 | $ 1.77 |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 95.00% | 61.00% |
Risk-free interest rate | 0.09% | 1.57% |
Expected life | 6 months | 6 months |
Stock Based Compensation -Summa
Stock Based Compensation -Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $ 4,228,324 | $ 2,069,907 | $ 6,374,550 | $ 4,346,206 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated share-based compensation expense | 1,471,826 | 2,028,599 | 3,560,736 | 4,350,419 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated share-based compensation expense | 2,695,847 | 0 | 2,695,847 | (88,348) |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated share-based compensation expense | $ 60,651 | $ 41,308 | $ 117,967 | $ 84,135 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based Compensation, Total | $ 4,228,324 | $ 2,069,907 | $ 6,374,550 | $ 4,346,206 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated share-based compensation expense | 2,517,233 | 1,032,049 | 3,666,510 | 2,133,027 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated share-based compensation expense | 1,032,414 | 440,335 | 1,481,361 | 804,793 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Allocated share-based compensation expense | $ 678,677 | $ 597,523 | $ 1,226,679 | $ 1,408,386 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 8 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 28, 2017 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||||||
Class of warrant or right, number of securities called by warrants or rights | 1,666,666 | |||||
Cost of services revenue | $ 86,995 | $ 126,539 | ||||
Dialog Semiconductor Plc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity method investment, ownership percentage | 2.80% | 2.80% | ||||
Warrants outstanding | 0 | 0 | ||||
Contract Services [Member] | Dialog Semiconductor Plc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue | $ 0 | 89,375 | $ 0 | 130,000 | ||
Cost of services revenue | 0 | 86,995 | 0 | 126,539 | ||
Chip Development [Member] | Dialog Semiconductor Plc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Cost of services revenue | 183,000 | 0 | 183,000 | 0 | ||
Strategic Alliance Agreement [Member] | Royalty Revenue [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | ||
Private Placements [Member] | Dialog Semiconductor Plc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stock issued during period, shares, new issues | 1,739,691 | |||||
Private Placements [Member] | Warrant 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 |
Customer Concentrations - Addit
Customer Concentrations - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenues [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 3 | 2 | 4 | 2 | |
Concentration percentage | 64.00% | 96.00% | 72.00% | 85.00% | |
Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 3 | 4 | |||
Concentration percentage | 62.00% | 92.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - Separation Agreement [Member] | Jul. 09, 2021USD ($) |
Subsequent Event [Line Items] | |
Allocated share-based compensation expense | $ 1,460,000 |
Additional lump sum cash payment | $ 2,000,000 |
Description of other commitments | a pro-rated bonus payment for the two months of employment during the current quarterly bonus period payable at the same time bonus payments are made to other executives of the Company, settlement of deferred vested restricted stock units and an extension of the exercise periods of all stock options held by Mr. Rizzone until the one year anniversary of his termination date, and additional benefits related to Mr. Rizzone’s medical insurance. |