Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 14, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WATT | ||
Entity Registrant Name | Energous Corp | ||
Entity Central Index Key | 0001575793 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 77,035,381 | ||
Entity Public Float | $ 174,934,763 | ||
Title of 12(b) Security | Common Stock, $0.00001 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-36379 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-1318953 | ||
Entity Address, Address Line One | 3590 North First Street | ||
Entity Address, Address Line Two | Suite 210 | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95134 | ||
City Area Code | 408 | ||
Local Phone Number | 963-0200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 688 | ||
Auditor Name | Marcum llp | ||
Auditor Location | Melville, NY | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days after the end of the fiscal year ended December 31, 2021. Portions of such proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 49,071,414 | $ 50,729,661 |
Accounts receivable, net | 283,602 | 75,850 |
Prepaid expenses and other current assets | 874,886 | 636,702 |
Total current assets | 50,229,902 | 51,442,213 |
Property and equipment, net | 510,197 | 402,711 |
Operating right-of-use lease assets | 618,985 | 1,293,291 |
Other assets | 11,991 | 1,610 |
Total assets | 51,371,075 | 53,139,825 |
Current liabilities: | ||
Accounts payable | 1,205,957 | 1,096,839 |
Accrued expenses | 1,523,317 | 1,576,287 |
Accrued severance | 975,439 | |
Operating lease liabilities, current portion | 628,307 | 825,431 |
Deferred revenue | 13,364 | 12,000 |
Total current liabilities | 4,346,384 | 3,510,557 |
Long-term liabilities: | ||
Operating lease liabilities, long-term portion | 40,413 | 576,762 |
Total liabilities | 4,386,797 | 4,087,319 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2021 and December 31, 2020; no shares issued or outstanding | ||
Common Stock, $0.00001 par value, 200,000,000 shares authorized at December 31, 2021 and December 31, 2020; 76,667,205 and 61,292,412 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively. | 767 | 614 |
Additional paid-in capital | 383,383,550 | 344,024,638 |
Accumulated deficit | (336,400,039) | (294,972,746) |
Total stockholders’ equity | 46,984,278 | 49,052,506 |
Total liabilities and stockholders’ equity | $ 51,371,075 | $ 53,139,825 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 76,667,205 | 61,292,412 |
Common stock, shares outstanding | 76,667,205 | 61,292,412 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 756,793 | $ 327,350 |
Operating expenses: | ||
Research and development | 20,572,580 | 17,066,122 |
Sales and marketing | 8,598,343 | 5,880,350 |
General and administrative | 9,001,483 | 9,153,503 |
Severance expense | 4,017,172 | |
Cost of services revenue | 126,539 | |
Total operating expenses | 42,189,578 | 32,226,514 |
Loss from operations | (41,432,785) | (31,899,164) |
Other income (expense): | ||
Interest income | 5,492 | 71,212 |
Loss on disposal of property and equipment | (4,134) | |
Total other income | 5,492 | 67,078 |
Net loss | $ (41,427,293) | $ (31,832,086) |
Basic and diluted loss per common share | $ (0.64) | $ (0.76) |
Weighted average shares outstanding, basic and diluted | 64,926,524 | 41,639,916 |
Statement of Changes in Stockho
Statement of Changes in Stockholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 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") | 7,656,857 | 7,656,857 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 329,461 | 329,461 | ||
Stock-based compensation - performance share units ("PSUs") | (88,348) | (88,348) | ||
Issuance of shares for RSUs | $ 12 | (12) | ||
Issuance of shares for RSUs (in shares) | 1,194,439 | |||
Shares purchased from contributions to the ESPP | 417,546 | $ 3 | 417,543 | |
Shares purchased from contributions to the ESPP (in shares) | 275,312 | |||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 53,556,202 | $ 266 | 53,555,936 | |
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares) | 26,618,855 | |||
Net loss | (31,832,086) | (31,832,086) | ||
Ending balance at Dec. 31, 2020 | 49,052,506 | $ 614 | 344,024,638 | (294,972,746) |
Ending balance (in shares) at Dec. 31, 2020 | 61,292,412 | |||
Stock-based compensation - stock options | 284,994 | 284,994 | ||
Stock-based compensation - restricted stock units ("RSUs") | 5,561,698 | 5,561,698 | ||
Stock-based compensation - employee stock purchase plan ("ESPP") | 252,568 | 252,568 | ||
Stock-based compensation - performance share units ("PSUs") | 5,831,928 | 5,831,928 | ||
Issuance of shares for RSUs | $ 14 | (14) | ||
Issuance of shares for RSUs (in shares) | 1,431,532 | |||
Issuance of shares for PSUs | $ 14 | (14) | ||
Issuance of shares for PSUs (in shares) | 1,420,938 | |||
Shares purchased from contributions to the ESPP | 384,126 | $ 3 | 384,123 | |
Shares purchased from contributions to the ESPP (in shares) | 292,890 | |||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 27,043,751 | $ 122 | 27,043,629 | |
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares) | 12,229,433 | |||
Net loss | (41,427,293) | (41,427,293) | ||
Ending balance at Dec. 31, 2021 | $ 46,984,278 | $ 767 | $ 383,383,550 | $ (336,400,039) |
Ending balance (in shares) at Dec. 31, 2021 | 76,667,205 |
Statement of Changes in Stock_2
Statement of Changes in Stockholder's Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ATM [Member] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 868,122 | $ 1,545,139 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (41,427,293) | $ (31,832,086) |
Adjustments to reconcile net loss to Net cash used in operating activities: | ||
Depreciation and amortization | 258,249 | 356,310 |
Stock based compensation | 11,931,188 | 7,897,970 |
Change in operating lease right-of-use assets | 674,306 | 764,285 |
Bad debt expense | 10,850 | 21,377 |
Loss on disposal of property and equipment | 4,134 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (218,602) | (34,083) |
Prepaid expenses and other current assets | (238,184) | (186,471) |
Other assets | (10,381) | 800 |
Accounts payable | 109,118 | (574,680) |
Accrued expenses | (52,970) | (486,810) |
Accrued severance expense | 975,439 | |
Operating lease liabilities | (733,473) | (722,291) |
Deferred revenue | 1,364 | |
Net cash used in operating activities | (28,720,389) | (24,791,545) |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (365,735) | (136,631) |
Net cash used in investing activities | (365,735) | (136,631) |
Cash flows from financing activities: | ||
Net proceeds from an at-the-market ("ATM") offerings | 27,043,751 | 53,556,202 |
Proceeds from contributions to employee stock purchase plan | 384,126 | 417,546 |
Net cash provided by financing activities | 27,427,877 | 53,973,748 |
Net (decrease) increase in cash and cash equivalents | (1,658,247) | 29,045,572 |
Cash and cash equivalents - beginning | 50,729,661 | 21,684,089 |
Cash and cash equivalents - ending | 49,071,414 | 50,729,661 |
Performance Shares | ||
Supplemental disclosure of non-cash financing activities: | ||
Common stock issued | 14 | |
Restricted Stock Units (RSUs) [Member] | ||
Supplemental disclosure of non-cash financing activities: | ||
Common stock issued | $ 14 | $ 12 |
Business Organization, Nature o
Business Organization, Nature of Operations | 12 Months Ended |
Dec. 31, 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 medial devices, tracking devices, hearables, wearables, consumer electronics and public safety 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 | 12 Months Ended |
Dec. 31, 2021 | |
Liquidity And Management Plan Disclosure [Abstract] | |
Liquidity and Management Plans | Note 2 – Liquidity and Management Plans During the years ended December 31, 2021 and 2020, the Company has recorded revenue of $756,793 and $327,350, respectively. The Company incurred a net loss of $41,427,293 and $31,832,086 for the years ended December 31, 2021 and 2020, respectively. Net cash used in operating activities was $28,720,389 and $24,791,545 for the years ended December 31, 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 and $27,043,751 during the fourth quarter of 2021, proceeds from contributions to the employee stock purchase plan (“ESPP”), along with payments received from customers. As of December 31, 2021, the Company had cash on hand of $49,071,414. The Company expects that cash on hand as of December 31, 2021, together with anticipated revenues, will be sufficient to fund the Company’s operations into March 2023. 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, the development of complementary technologies, competition and global market fluctuations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. Note 3 – Summary of Significant Accounting Policies, continued Use of Estimates, continued 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 valuation of deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. Revenue Recognition The Company follows 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 the 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 of the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company’s revenue primarily consists of product development projects revenue. The Company also provided contract services revenue for Dialog in 2020. During the years ended December 31, 2021 and 2020, the Company recognized $756,793 and $197,350 in product development projects revenue, respectively. During the years ended December 31, 2021 and 2020, the Company recognized $0 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 recognized contract services revenue from Dialog over the period of time that the services are performed. The costs associated with this revenue were recognized as the services are performed and were 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 $20,572,580 and $17,066,122 for the years ended December 31, 2021 and 2020, respectively. Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the Company’s Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s 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 December 31, 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 years ended December 31, 2021 and 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 5,519,068 and 5,256,942 for the years ended December 31, 2021 and 2020, respectively, because their inclusion would be antidilutive. Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share continued Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2021 2020 Warrants issued to private investors 3,284,789 3,284,789 Options to purchase common stock 525,006 550,985 RSUs 1,709,273 1,421,168 Total potentially dilutive securities 5,519,068 5,256,942 The table above includes 1,618,123 warrants expiring October 6, 2022, with an exercise price of $23.00 and 1,666,666 warrants expiring March 1, 2024, with an exercise price of $10.00. Leases 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 6 – Commitments and Contingencies, Operating Leases Recent Accounting Pronouncements 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 is currently evaluating the impact the planned adoption of this standard will have on its financial statements. In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires business entities to disclose certain types of government assistance they receive in the notes to the financial statements. 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 December 31, 2021, through the date which the financial statements are issued. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 4 – Property and Equipment Property and equipment are as follows: As of December 31, 2021 2020 Computer software $ 916,498 $ 862,343 Computer hardware 2,211,490 2,012,041 Furniture and fixtures 484,186 508,371 Leasehold improvements 782,538 776,563 4,394,712 4,159,318 Less – accumulated depreciation (3,884,515 ) (3,756,607 ) Total property and equipment, net $ 510,197 $ 402,711 The Company currently uses the following expected life terms for depreciating property and equipment: computer software – 1-2 years, computer hardware – 3 years, furniture and fixtures – 7 years, leasehold improvements – remaining life of the lease. The Company disposed of $130,341 and $631,608 in property and equipment during the years ended December 31, 2021 and 2020, respectively. Total depreciation and amortization expense of the Company’s property and equipment was $258,249 and $356,310 for the years ended December 31, 2021 and 2020, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 5 – Accrued Expenses Accrued expenses consist of the following: As of December 31, 2021 2020 Accrued compensation $ 1,217,176 $ 1,246,151 Accrued legal expenses 178,236 205,579 Other accrued expenses 127,905 124,557 Total $ 1,523,317 $ 1,576,287 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – 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. 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 6 – 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. On September 22, 2021, the Company signed a new Costa Mesa lease to lease a new, distinct office space in a different building with the same landlord. Per the lease, the stated commencement date was October 1, 2021 and concludes on September 30, 2023, and the Company did not take control of the new office space until October 2021, at which time the Company recorded a new right-of-use asset of $104,563 and operating lease liability of $104,563. The new Costa Mesa lease had an initial monthly lease payment of $4,369 which started on October 1, 2021 and is subject to an annual escalation up to a maximum monthly lease payment of $4,522. Operating Lease Commitments In February 2016, the FASB issued its updated 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 $678,050 during the period from the first quarter of 2022 to the third quarter of 2023. As of December 31, 2021, the Company has total operating lease right-of-use assets of $618,985, current portion operating lease liabilities of $628,307 and long-term portion of operating lease liabilities of $40,413. The weighted average remaining lease term is 0.9 years as of December 31, 2021. The future minimum lease payments for leased locations are as follows: For the Year Ended December 31, Amount 2022 $ 637,355 2023 40,695 Total future lease payments 678,050 Present value discount (3.7% weighted average) (9,330 ) Total operating lease liabilities $ 668,720 Hosted Design Solution Agreement On June 25, 2015, the Company entered into a three-year Note 6 – Commitments and Contingencies, continued 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. 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 years ended December 31, 2021 and 2020, the Company recognized a total of $1,433,990 and $1,305,723, respectively, in expense under the Bonus Plan. As of December 31, 2021, $346,457 of the 2021 amount was not yet paid and is included in accrued expenses. The expense under the Bonus Plan is recorded under operating expenses on the Company’s Statement of Operations within each executive’s department. 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. Note 6 – Commitments and Contingencies, continued Executive Employee Agreement – Cesar Johnston On December 9, 2021, the Company announced that Cesar Johnston had been appointed as the Company’s Chief Executive Officer. In connection with Mr. Johnston’s appointment as Chief Executive Officer, the Company and Mr. Johnston executed an offer letter dated as of December 6, 2021. Under the offer letter, Mr. Johnston will receive an annual base salary of $400,000 per year. Beginning in year 2022, he will be eligible to receive a discretionary annual bonus of up to 100% of his base salary, at the recommendation of the Company’s Compensation Committee, with the approval of the Company’s Board of Directors. In add on a a nducemen accep h appo n men a Ch e Execu v O ce M ohn o w ece ve ub ec con nue emp oymen a pec a one m gn o bonu h amoun o $120 000 payab equa n a men o $60 00 eac o h pay o da 202 an h pay o da a e Decembe 6 2022 b g an o 150 00 e c e oc un acqu ha e o h Company commo ock on h o wh c w ve o Decembe 6 202 an h ema n n w h d o wh c w ve e gh equa n a men o 12 50 eac o eac qua e ann ve a he ea e an c g an o a op o pu cha ha e o h Company commo oc a a exe c p c equa h a ma ke va u o h Company commo oc o h g an da e ha o wh c ha ve o Decembe 31 2023 qua e o wh c ha ve o Decembe 31 202 an h ema nde o wh c ha ve o Decembe 31 2025 Mr. one third In connec o w M ohn on appo n men a Ch e Execu v O ce h Compan an M ohn o add ona en e e n a amende e a e eve anc an chang con o ag eemen da e a o Decembe 6 2021 I h even o termination ha no a one m um u paymen b h Compan a amoun equa 1 mon h o h mon h ba a a p u a amoun equa 100 o h a ge bonu p u ag ee b h Compen a o Comm ee d c e ona bonu o h yea wh c h termination occu b an ou and n unve e equ awa d he b M ohn o ha wou ve h nex 1 mon h o con nu n emp oymen o he ha an equ awa d ha ve upo a ac o o pe o manc c e a w acce e a an becom ve e an c M ohn o me e ec con nue cove ag unde h Con o da e Omn bu Budge Reconc a o Ac o 1985 a amende “COBRA” h Compan o ucce o w pa h u amoun o M ohn on COBR p em um o h beha o 1 mon h The Mr. Johnston is entitled to a Mr. Johnston is also eligible to receive all customary and usual benefits generally available to senior executives of the Company. Note 6 – Commitments and Contingencies, continued 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. 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. During the year ended December 31, 2021, the Company recognized $4,017,172 in severance expense associated with the separation agreement, including $284,994 in additional stock-based compensation as a result of the extension of the exercise periods on the stock options. As of December 31, 2021, the Company had unpaid accrued severance expense of $975,439. Note 6 – Commitments and Contingencies, continued Strategic Alliance Agreement In November 2016, the Company and Dialog Semiconductor plc (“Dialog”), a related party (see Note 10—Related Party Transactions), entered into a Strategic Alliance Agreement (“Alliance Agreement”) for the manufacture, distribution and commercialization of products incorporating the Company’s wire-free charging technology (“Licensed Products”). Pursuant to the terms of the Alliance Agreement, the Company agreed to engage Dialog as the exclusive supplier of the Licensed Products for specified fields of use, subject to certain exceptions (the “Company Exclusivity Requirement”). Dialog agreed to not distribute, sell or work with any third party to develop any competing products without the Company’s approval (the “Dialog Exclusivity Requirement”). In addition, both parties agreed on a revenue sharing arrangement and will collaborate on the commercialization of Licensed Products based on a mutually-agreed upon plan. Each party will retain all of its intellectual property. The Alliance Agreement has an initial term of seven years and will automatically renew annually thereafter unless terminated by either party upon 180 days’ prior written notice. The Company may terminate the Alliance Agreement at any time after the third anniversary of the Agreement upon 180 days’ prior written notice to Dialog, or if Dialog breaches certain exclusivity obligations. Dialog may terminate the Alliance Agreement if sales of Licensed Products do not meet specified targets. The Company Exclusivity Requirement will terminate upon the earlier of January 1, 2021 or the occurrence of certain events relating to the Company’s pre-existing exclusivity obligations. The Company Exclusivity Requirement renews automatically on an annual basis unless the Company and Dialog agree to terminate the requirement. On September 20, 2021, the Company was notified by Dialog, recently acquired by Renesas Electronics Corporation, that it was terminating the Alliance Agreement between the Company and Dialog. There is a wind down period included in the Alliance Agreement which will conclude in September 2024. During the wind down period, the Alliance Agreement’s terms will continue to apply to the Company’s products that are covered by certain existing customer relationships, except that the parties’ respective exclusivity rights have terminated. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders’ Equity Authorized Capital The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution. Note 7 – Stockholders’ Equity, continued Financing On August 9, 2018, the Company filed a shelf registration statement on Form S-3, 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 a sales agreement prospectus covering the offering, 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 a 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 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 quarter of 2020. On October 4, 2021, the Company filed a prospectus supplement covering the issuance and sale of shares of the Company’s common stock having an additional aggregate offering price of $35,000,000 pursuant to the Company’s at-the-market (“ATM”) securities offering. The Company raised net proceeds of $27,043,751 (net of $868,122 in issuance costs), during the fourth quarter of 2021 under the ATM. On November 15, 2021, the Company filed a shelf registration statement on Form S-3 with the SEC, which became effective on December 16, 2021. 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 $100,000,000. Common Stock Outstanding Our outstanding common shares typically include shares that are deemed delivered under U.S. 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 U.S. GAAP until the actual delivery of shares takes place. On July 24, 2020, the stockholders of the Company approved an increase of common shares authorized from 50,000,000 shares to 200,000,000 shares. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 8 – 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 December 31, 2021, 1,779,806 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 December 31, 2021, 872,422 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 December 31, 2021, 2,411,013 shares of common stock remain eligible to be issued through equity-based instruments under the 2015 Performance Share Unit Plan. Note 8 – Stock Based Compensation, continued Equity Incentive Plans, continued 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 December 31, 2021, 133,551 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 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, bringing 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 December 31, 2021, 547,548 shares of common stock remain eligible to be issued under the ESPP. For the year ended December 31, 2021, eligible employees contributed $384,126 through payroll deductions to the ESPP and 292,890 shares were deemed delivered for the year ended December 31, 2020. For the year ended December 31, 2020, eligible employees contributed $417,546 through payroll deductions to the ESPP and 275,312 shares were deemed delivered for the year ended December 31, 2020. Stock Option Award Activity The following is a summary of the Company’s stock option activity during the year ended December 31, 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 (25,979 ) 3.63 — — Outstanding at December 31, 2021 525,006 $ 5.77 0.7 $ — Exercisable at December 31, 2021 525,006 $ 5.77 0.7 $ — As of December 31, 2021, the unamortized value of options was $0. The aggregate intrinsic value of options exercised was $0 for the years ended December 31, 2021 and 2020. No options were granted during the years ended December 31, 2021 and 2020. Note 8 – Stock Based Compensation, continued Restricted Stock Units (“RSUs”) During the year ended December 31, 2021, the Compensation Committee of the Board (“Compensation Committee”) granted various employees RSUs under which the holders have the right to receive an aggregate 1,849,985 shares of common stock. The majority of these awards, granted under the 2013 Equity Incentive Plan, vest over terms ranging from two to four years. During the year ended December 31, 2021, the Compensation Committee granted various directors and consultants RSUs under which the holders have the right to receive an aggregate 179,591 shares of common stock. These awards were granted under the 2014 Non-Employee Equity Compensation Plan. The awards granted vest over terms from one year to four years. During the year ended December 31, 2021, the Compensation Committee granted employees RSUs under which the holders have the right to receive 38,500 shares of common stock. The awards, granted under the 2017 Equity Inducement Plan, vest over four years beginning on the anniversary of the grant date. At December 31, 2021, the unamortized value of the RSUs was $3,626,770. The unamortized amount will be expensed over a weighted average period of 1.8 years. A summary of the activity related to RSUs for the year ended December 31, 2021 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 1,421,168 $ 6.43 RSUs granted 2,068,076 $ 2.95 RSUs forfeited (348,439 ) $ 3.97 RSUs vested (1,431,532 ) $ 5.24 Outstanding at December 31, 2021 1,709,273 $ 3.72 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 and achievement of sales and marketing goals. During the year ended December 31, 2021, the Compensation Committee granted various employees PSUs under which the holders have the right to receive an aggregate 1,465,713 shares of common stock. These awards were granted under the 2015 Performance Share Unit Plan. Compensation expense amortization for all PSU awards was $5,831,928 and $(88,348) for the years ended December 31, 2021 and 2020, respectively. Note 8 – Stock Based Compensation, continued Performance Share Units (“PSUs”), continued At December 31, 2021, the unamortized value of all PSUs was $0. A summary of the activity related to PSUs for the year ended December 31, 2021 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 — $ — PSUs granted 1,617,601 $ 4.22 PSUs forfeited (196,663 ) $ 4.11 PSUs vested (1,420,938 ) $ 4.24 Outstanding at December 31, 2021 — $ — Employee Stock Purchase Plan (“ESPP”) During the years ended December 31, 2021 and 2020, there were two offering periods per year for the ESPP. The first offering period started on January 1 of each year and concluded on June 30 of each year. The second offering period started on July 1 of each year and concluded on December 31 of each year. The weighted-average grant-date fair value of the purchase option for each designated share purchased under this plan was approximately $1.10 and $1.18 during the years ended December 31, 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 stock-based compensation expense for the plan of $252,568 and $329,461 for the years ended December 31, 2021 and 2020, respectively. The Company estimated the fair value of the purchase options granted during the years ended December 31, 2021 and 2020 using the Black-Scholes option pricing model. The fair values of the purchase options granted were estimated using the following assumptions: For the Year Ended December 31, 2021 Stock price range $ 1.80 – 2.78 Dividend yield 0 % Expected volatility range 95 – 143 % Risk-free interest rate range 0.05 – 0.09 % Expected life 6 months For the Year Ended December 31, 2020 Stock price range $ 1.77 – 2.96 Dividend yield 0 % Expected volatility range 61 – 182 % Risk-free interest rate range 0.17 – 1.57 % Expected life 6 months Note 8 – Stock Based Compensation, continued Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Options $ 284,994 $ — RSUs 5,561,698 7,656,857 PSUs 5,831,928 (88,348 ) ESPP 252,568 329,461 Total $ 11,931,188 $ 7,897,970 The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2021 2020 Research and development $ 6,582,873 $ 3,933,292 Sales and marketing 3,099,232 1,504,724 General and administrative 1,964,089 2,459,954 Severance expense 284,994 — Total $ 11,931,188 $ 7,897,970 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, net operating loss carryback periods, alternative minimum tax refunds, modifications to the net interest deduction limitations and technical corrections to the tax depreciation methods for qualified improvement property. The CARES Act has an immaterial impact on the Company’s income taxes. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes and establishes for all entities a minimum threshold for financial statement recognition of the benefit of tax positions and requires certain expanded disclosures. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax bases of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. As of December 31, 2021 and 2020, deferred tax assets consisted principally of net operating loss and tax credit carryforwards, research and development costs and stock-based compensation, and such deferred tax assets were fully reserved. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. As of December 31, 2021, the Company has recorded a full valuation allowance. Note 9 – Income Taxes, continued As of December 31, 2021 and 2020, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2021 2020 Deferred tax assets: Research and development tax credits $ 9,475,588 $ 8,371,302 Net operating loss carryovers 67,785,680 57,563,810 Property and equipment 189,271 219,461 Research and development costs 10,923,959 12,578,612 Start-up and organizational costs 462 540 Stock-based compensation 4,659,555 4,041,136 Operating lease liability 187,132 245,811 Other accruals 670,065 270,912 Total gross deferred tax assets 93,891,712 83,291,584 Less: valuation allowance (93,718,497 ) (82,929,675 ) Total deferred tax assets 173,215 361,909 Deferred tax liabilities: Operating lease right-of-use asset (173,215 ) (361,909 ) Total deferred tax liabilities (173,215 ) (361,909 ) Total deferred taxes, net $ 0 $ — The change in the Company’s valuation allowance is as follows: 2021 2020 January 1, $ 82,929,675 $ 73,892,063 Increase in valuation allowance 10,788,822 9,037,612 December 31, $ 93,718,497 $ 82,929,675 The Company has federal and state net operating loss carryforwards of approximately $241,988,000 and $242,972,000, respectively, available to offset future taxable income. The federal and state NOL carryforwards will expire at various dates beginning in 2033. The Company has federal and state research and development tax credit carryforwards of approximately $5,748,000 and $4,718,000, respectively. The federal R&D credit carryforwards will expire beginning in 2032 and state R&D credit carryforwards do not expire. The ultimate realization of the net operating loss is dependent upon future taxable income, if any, of the Company. Although management believes that the Company may have sufficient future taxable income to absorb the net operating loss carryforwards and research and development tax credit carryforwards before the expiration of the carryforward period, there may be circumstances beyond the Company’s control that limit such utilization. Accordingly, management has determined that a full valuation allowance of the deferred tax asset is appropriate at December 31, 2021 and 2020. Note 9 – Income Taxes, continued Internal Revenue Code Section 382 imposes limitations on the use of net operating loss carryforwards when the stock ownership of one or more 5% stockholders (stockholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. Management cannot control the ownership changes occurring as a result of public trading of the Company’s Common Stock. Accordingly, there is a risk of an ownership change beyond the control of the Company that could trigger a limitation of the use of the loss carryforward. The Company completed a Section 382 analysis as of December 31, 2021 and determined that none of its NOLs or R&D credits would be limited. For the Year Ended December 31, 2021 2020 Tax benefit at federal statutory rate (21.0 )% (21.0 )% State income taxes (5.8 ) (6.7 ) Permanent differences: Stock-based compensation 1.8 3.6 Executive compensation 1.6 (1.2 ) True-up of state deferred taxes — 0.1 Change in effective tax rate — (0.1 ) Research and development tax credit, federal (1.6 ) (2.0 ) Research and development tax credit, state (1.1 ) (1.3 ) Increase in valuation allowance, federal 19.2 20.6 Increase in valuation allowance, state 6.9 8.0 Effective income tax rate 0.0 % 0.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 – 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 6 – Commitments and Contingencies, Strategic Alliance Agreement On September 20, 2021, the Company was notified by Dialog, recently acquired by Renesas Electronics Corporation, that it was terminating the strategic alliance agreement between the Company and Dialog. |
Customer Concentration
Customer Concentration | 12 Months Ended |
Dec. 31, 2021 | |
Risks And Uncertainties [Abstract] | |
Customer Concentration | Note 11 – Customer Concentration Three customers accounted for approximately 42% of the Company’s revenue for the year ended December 31, 2021 and three customers accounted for approximately 66% of the Company’s revenue for the year ended December 31, 2020. Four customers accounted for approximately 68% of the Company’s accounts receivable balance as of December 31, 2021. Four customers accounted for approximately 92% of the Company’s accounts receivable balance as of December 31, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported expenses during the reporting periods. Note 3 – Summary of Significant Accounting Policies, continued Use of Estimates, continued 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 valuation of deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company maintains cash balances that may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation limits. The Company maintains its cash deposits with major financial institutions. |
Revenue Recognition | Revenue Recognition The Company follows 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 the 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 of the contract. 5. Recognize revenue when the performance obligations are met or delivered. The Company’s revenue primarily consists of product development projects revenue. The Company also provided contract services revenue for Dialog in 2020. During the years ended December 31, 2021 and 2020, the Company recognized $756,793 and $197,350 in product development projects revenue, respectively. During the years ended December 31, 2021 and 2020, the Company recognized $0 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 recognized contract services revenue from Dialog over the period of time that the services are performed. The costs associated with this revenue were recognized as the services are performed and were included in cost of services revenue. |
Research and Development | 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 $20,572,580 and $17,066,122 for the years ended December 31, 2021 and 2020, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and are amortized over the vesting period of the award. The Company recognizes compensation costs on a straight line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Under the Company’s Employee Stock Purchase Plan (“ESPP”), employees may purchase a limited number of shares of the Company’s 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 December 31, 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 years ended December 31, 2021 and 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 5,519,068 and 5,256,942 for the years ended December 31, 2021 and 2020, respectively, because their inclusion would be antidilutive. Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share continued Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2021 2020 Warrants issued to private investors 3,284,789 3,284,789 Options to purchase common stock 525,006 550,985 RSUs 1,709,273 1,421,168 Total potentially dilutive securities 5,519,068 5,256,942 The table above includes 1,618,123 warrants expiring October 6, 2022, with an exercise price of $23.00 and 1,666,666 warrants expiring March 1, 2024, with an exercise price of $10.00. |
Leases | Leases 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 6 – Commitments and Contingencies, Operating Leases |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 is currently evaluating the impact the planned adoption of this standard will have on its financial statements. In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires business entities to disclose certain types of government assistance they receive in the notes to the financial statements. 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 December 31, 2021, through the date which the financial statements are issued. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Note 3 – Summary of Significant Accounting Policies, continued Net Loss Per Common Share continued Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2021 2020 Warrants issued to private investors 3,284,789 3,284,789 Options to purchase common stock 525,006 550,985 RSUs 1,709,273 1,421,168 Total potentially dilutive securities 5,519,068 5,256,942 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment are as follows: As of December 31, 2021 2020 Computer software $ 916,498 $ 862,343 Computer hardware 2,211,490 2,012,041 Furniture and fixtures 484,186 508,371 Leasehold improvements 782,538 776,563 4,394,712 4,159,318 Less – accumulated depreciation (3,884,515 ) (3,756,607 ) Total property and equipment, net $ 510,197 $ 402,711 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following: As of December 31, 2021 2020 Accrued compensation $ 1,217,176 $ 1,246,151 Accrued legal expenses 178,236 205,579 Other accrued expenses 127,905 124,557 Total $ 1,523,317 $ 1,576,287 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum lease payments for leased locations are as follows: For the Year Ended December 31, Amount 2022 $ 637,355 2023 40,695 Total future lease payments 678,050 Present value discount (3.7% weighted average) (9,330 ) Total operating lease liabilities $ 668,720 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 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 (25,979 ) 3.63 — — Outstanding at December 31, 2021 525,006 $ 5.77 0.7 $ — Exercisable at December 31, 2021 525,006 $ 5.77 0.7 $ — |
Schedule of Restricted Stock Units Activity | A summary of the activity related to RSUs for the year ended December 31, 2021 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 1,421,168 $ 6.43 RSUs granted 2,068,076 $ 2.95 RSUs forfeited (348,439 ) $ 3.97 RSUs vested (1,431,532 ) $ 5.24 Outstanding at December 31, 2021 1,709,273 $ 3.72 |
Summary of Activity Related to PSUs | A summary of the activity related to PSUs for the year ended December 31, 2021 is presented below: Total Weighted Average Grant Date Fair Value Outstanding at January 1, 2021 — $ — PSUs granted 1,617,601 $ 4.22 PSUs forfeited (196,663 ) $ 4.11 PSUs vested (1,420,938 ) $ 4.24 Outstanding at December 31, 2021 — $ — |
Summary of Fair Values of Purchase Options Granted | The fair values of the purchase options granted were estimated using the following assumptions: For the Year Ended December 31, 2021 Stock price range $ 1.80 – 2.78 Dividend yield 0 % Expected volatility range 95 – 143 % Risk-free interest rate range 0.05 – 0.09 % Expected life 6 months For the Year Ended December 31, 2020 Stock price range $ 1.77 – 2.96 Dividend yield 0 % Expected volatility range 61 – 182 % Risk-free interest rate range 0.17 – 1.57 % Expected life 6 months |
Summary of Stock-based Compensation Costs Recognized | The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2021 and 2020: For the Years Ended December 31, 2021 2020 Options $ 284,994 $ — RSUs 5,561,698 7,656,857 PSUs 5,831,928 (88,348 ) ESPP 252,568 329,461 Total $ 11,931,188 $ 7,897,970 |
Summary of Stock-based Compensation Reflected within Statements of Operations | The total amount of stock-based compensation was reflected within the statements of operations as: For the Years Ended December 31, 2021 2020 Research and development $ 6,582,873 $ 3,933,292 Sales and marketing 3,099,232 1,504,724 General and administrative 1,964,089 2,459,954 Severance expense 284,994 — Total $ 11,931,188 $ 7,897,970 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2021 and 2020, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following: December 31, 2021 2020 Deferred tax assets: Research and development tax credits $ 9,475,588 $ 8,371,302 Net operating loss carryovers 67,785,680 57,563,810 Property and equipment 189,271 219,461 Research and development costs 10,923,959 12,578,612 Start-up and organizational costs 462 540 Stock-based compensation 4,659,555 4,041,136 Operating lease liability 187,132 245,811 Other accruals 670,065 270,912 Total gross deferred tax assets 93,891,712 83,291,584 Less: valuation allowance (93,718,497 ) (82,929,675 ) Total deferred tax assets 173,215 361,909 Deferred tax liabilities: Operating lease right-of-use asset (173,215 ) (361,909 ) Total deferred tax liabilities (173,215 ) (361,909 ) Total deferred taxes, net $ 0 $ — |
Summary of Valuation Allowance | The change in the Company’s valuation allowance is as follows: 2021 2020 January 1, $ 82,929,675 $ 73,892,063 Increase in valuation allowance 10,788,822 9,037,612 December 31, $ 93,718,497 $ 82,929,675 |
Schedule of Effective Income Tax Rate Reconciliation | For the Year Ended December 31, 2021 2020 Tax benefit at federal statutory rate (21.0 )% (21.0 )% State income taxes (5.8 ) (6.7 ) Permanent differences: Stock-based compensation 1.8 3.6 Executive compensation 1.6 (1.2 ) True-up of state deferred taxes — 0.1 Change in effective tax rate — (0.1 ) Research and development tax credit, federal (1.6 ) (2.0 ) Research and development tax credit, state (1.1 ) (1.3 ) Increase in valuation allowance, federal 19.2 20.6 Increase in valuation allowance, state 6.9 8.0 Effective income tax rate 0.0 % 0.0 % |
Liquidity and Management Plans
Liquidity and Management Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liquidity And Management Plans [Line Items] | ||
Engineering product development | $ 756,793 | $ 327,350 |
Net loss | (41,427,293) | (31,832,086) |
Net cash provided by (used in) operating activities | (28,720,389) | (24,791,545) |
Proceeds of securities offerings | 53,556,202 | 27,043,751 |
Cash and cash equivalents, at carrying value, total | 49,071,414 | 50,729,661 |
Technology Service [Member] | ||
Liquidity And Management Plans [Line Items] | ||
Engineering product development | $ 756,793 | $ 327,350 |
Significant Accounting Policies
Significant Accounting Policies - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2019 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue | $ 756,793 | $ 327,350 | ||
Research and development expense, total | 20,572,580 | 17,066,122 | ||
Liability for unrecognized tax benefits | 0 | |||
Interest or penalties for uncertain tax positions | $ 0 | $ 0 | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,519,068 | 5,256,942 | ||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 | $ 10 | |||
Warrants Issued to Private Investors [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 3,284,789 | 3,284,789 | ||
Warrants Issued to Private Investors [Member] | Expiring at October 6 2022 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,618,123 | |||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 | $ 23 | |||
Warrants Issued to Private Investors [Member] | Expiring at March 1 2024 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,666,666 | |||
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 | $ 10 | |||
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 | $ 756,793 | $ 197,350 | ||
Contract Services Revenue [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue | $ 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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 5,519,068 | 5,256,942 |
Warrants Issued to Private Investors [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 3,284,789 | 3,284,789 |
Employee Stock Option [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 525,006 | 550,985 |
Restricted Stock Units (RSUs) [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total potentially dilutive securities | 1,709,273 | 1,421,168 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 4,394,712 | $ 4,159,318 |
Less – accumulated depreciation | (3,884,515) | (3,756,607) |
Total property and equipment, net | 510,197 | 402,711 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 916,498 | 862,343 |
Computer Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 2,211,490 | 2,012,041 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | 484,186 | 508,371 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 782,538 | $ 776,563 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 258,249 | $ 356,310 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Disposal of property, plant and equipment | $ 130,341 | $ 631,608 |
Computer Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | remaining life of the lease. | |
Minimum [Member] | Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 1 year | |
Maximum [Member] | Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 1,217,176 | $ 1,246,151 |
Accrued legal expenses | 178,236 | 205,579 |
Other accrued expenses | 127,905 | 124,557 |
Total | $ 1,523,317 | $ 1,576,287 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases - Additional Information (Detail) - USD ($) | 1 Months Ended | ||||||
Oct. 31, 2021 | Oct. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 15, 2019 | Jul. 01, 2019 | Jan. 01, 2019 | |
Commitments And Contingencies [Line Items] | |||||||
Operating right-of-use lease assets | $ 618,985 | $ 1,293,291 | |||||
Operating lease liabilities, current portion | 628,307 | 825,431 | |||||
Operating lease right-of-use assets | 618,985 | 1,293,291 | |||||
Operating lease liabilities | 628,307 | 825,431 | |||||
Total operating lease payments | 678,050 | ||||||
Long-term portion of operating lease liabilities | $ 40,413 | 576,762 | |||||
ASU No. 2016-02 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Operating right-of-use lease assets | 618,985 | $ 414,426 | |||||
Operating lease liabilities, current portion | 628,307 | 485,747 | |||||
Operating lease right-of-use assets | 618,985 | 414,426 | |||||
Operating lease liabilities | 628,307 | $ 485,747 | |||||
Total operating lease payments | 678,050 | ||||||
Long-term portion of operating lease liabilities | $ 40,413 | ||||||
Weighted average remaining lease term | 10 months 24 days | ||||||
San Jose, California [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Operating lease, renewal term | 3 years | ||||||
Operating leases, rent expense | $ 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 leases, rent expense | $ 4,522 | 9,773 | |||||
Maximum monthly lease payment | 4,369 | ||||||
Operating right-of-use lease assets | 104,563 | ||||||
Operating lease liabilities, current portion | 104,563 | ||||||
Operating lease right-of-use assets | 104,563 | ||||||
Operating lease liabilities | $ 104,563 | ||||||
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 Future Minimum Rental Payments for Operating Leases (Detail) | Dec. 31, 2021USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2022 | $ 637,355 |
2023 | 40,695 |
Total future lease payments | 678,050 |
Present value discount (3.7% weighted average) | (9,330) |
Total operating lease liabilities | $ 668,720 |
Commitments and Contingencies_3
Commitments and Contingencies - Hosted Design Solution Agreement - Additional Information (Detail) - USD ($) | Dec. 18, 2015 | Jun. 25, 2015 | Jun. 30, 2021 | Jul. 31, 2018 | Jul. 31, 2015 |
Commitments And Contingencies [Line Items] | |||||
Quarterly payments for service agreement | $ 233,000 | ||||
Additional term of agreement | 3 years | ||||
Hosted Design Solution Agreement [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Initial term of agreement | 3 years | ||||
Quarterly payments for service agreement | $ 198,000 | $ 218,000 | $ 101,000 | ||
Additional term of agreement | 3 years |
Commitments and Contingencies_4
Commitments and Contingencies - MBO Bonus Plan - Additional Information (Detail) - Executive Officers [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies [Line Items] | ||
Expense recognized by company | $ 1,433,990 | $ 1,305,723 |
Accrued Expenses [Member] | ||
Commitments And Contingencies [Line Items] | ||
Bonus accrued but not yet paid | $ 346,457 |
Commitments and Contingencies_5
Commitments and Contingencies - Executive Employee Agreement - Cesar Johnston - Additional Information (Detail) | Dec. 09, 2021USD ($)Installmentshares | Dec. 31, 2021shares | Dec. 31, 2020shares |
Commitments And Contingencies [Line Items] | |||
Options granted | 0 | 0 | |
Mr. Johnston [Member] | |||
Commitments And Contingencies [Line Items] | |||
Salary | $ | $ 400,000 | ||
Annual bonus, percentage | 100.00% | ||
One time sign on bonus amount | $ | $ 120 | ||
Bonus payable, number of installments | Installment | 2 | ||
Bonus payable installment amount | $ | $ 60 | ||
Debt description | ) a grant of 150,000 restricted stock units to acquire shares of the Company’s common stock, one third of which will vest on December 6, 2022 and the remaining two thirds of which will vest in eight equal installments of 12,500 each on each quarterly anniversary thereafter | ||
Options granted | 300,000 | ||
Target bonus percentage | 100.00% | ||
Mr. Johnston [Member] | Johnston A&R CIC Agreement [Member] | |||
Commitments And Contingencies [Line Items] | |||
Target bonus percentage | 150.00% | ||
Mr. Johnston [Member] | Performance Shares | |||
Commitments And Contingencies [Line Items] | |||
Additional equity award | 287,000 | ||
Vesting percentage | 33.30% | ||
Vesting period | 3 years | ||
Additional equity award per year. | 25,000 |
Commitments and Contingencies_6
Commitments and Contingencies - Amended Employee Agreement - Stephen Rizzone - Additional Information (Detail) - USD ($) | Jul. 09, 2021 | Jan. 01, 2015 | Dec. 31, 2021 |
Commitments And Contingencies [Line Items] | |||
Severance expense | $ 4,017,172 | ||
Stock-based compensation - stock options | 284,994 | ||
Accrued severance expense | 975,439 | ||
Mr. Rizzone [Member] | |||
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% | ||
Mr. Rizzone [Member] | Separation Agreement | |||
Commitments And Contingencies [Line Items] | |||
Compensation-based payments | $ 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. |
Commitments and Contingencies_7
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) | Dec. 16, 2021USD ($) | Oct. 04, 2021USD ($) | 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 ($) | Dec. 31, 2021USD ($)Voteshares | Dec. 31, 2020USD ($)shares | 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 | $ 27,043,751 | $ 53,556,202 | ||||||||
Securities reserved for issuance | $ 100,000,000 | ||||||||||||
At-the-market ("ATM") funds receivable | $ 38,832,711 | $ 38,832,711 | |||||||||||
Accounting issuance costs will be paid | $ 1,167,289 | ||||||||||||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | $ 9,216,611 | $ 5,506,880 | $ 4,557,693 | $ 27,043,751 | $ 53,556,202 | ||||||||
Common stock outstanding abstract | Our outstanding common shares typically include shares that are deemed delivered under U.S. 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 U.S. GAAP until the actual delivery of shares takes place. On July 24, 2020, the stockholders of the Company approved an increase of common shares authorized from 50,000,000 shares to 200,000,000 shares. | ||||||||||||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||
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 | ||||||||||||
Consummation of Offering Under Shelf Registration [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Proceeds from shelf registration debt or equity securities | $ 75,000,000 | ||||||||||||
Sales Agreement [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Net of issuance costs from offering of shares | $ 868,122 | ||||||||||||
Proceeds from at the market offering of shares of common stock and warrants | 27,043,751 | ||||||||||||
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 securities that may be offered, issued and sold by the Company under the base prospectus. | ||||||||||||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | 27,043,751 | ||||||||||||
Sales Agreement [Member] | Maximum [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Proceeds from (Payments for) in Securities Sold under Agreements | $ 35,000,000 | $ 40,000,000 | |||||||||||
Common Stock [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Proceeds from at the market offering of shares of common stock and warrants | 122 | $ 266 | |||||||||||
Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs | $ 122 | $ 266 |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plan - Additional Information (Detail) - USD ($) | Apr. 30, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | 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 | $ 384,126 | $ 417,546 | ||||
2015 Performance Share Unit Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 1,700,000 | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 5,110,104 | |||||
Common stock remain eligible to be issued | 2,411,013 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 2,068,076 | |||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 600,000 | 700,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 1,550,000 | |||||
Common stock remain eligible to be issued | 547,548 | |||||
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 | |||||
Vesting 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 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, bringing 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. | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 292,890 | 275,312 | ||||
2013 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 1,500,000 | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 8,785,967 | |||||
Common stock remain eligible to be issued | 1,779,806 | |||||
Non-Employee Equity Compensation Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 800,000 | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized for issuance | 1,650,000 | |||||
Common stock remain eligible to be issued | 872,422 | |||||
2017 Equity Inducement Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock remain eligible to be issued | 133,551 | |||||
2017 Equity Inducement Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 600,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Granted | 0 | 0 |
Employee Stock Option [Member] | ||
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 | (25,979) | |
Number of Options, Outstanding | 525,006 | 550,985 |
Number of Options, Exercisable | 525,006 | |
Weighted Average Exercise Price, Outstanding | $ 5.67 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited | 3.63 | |
Weighted Average Exercise Price, Outstanding | 5.77 | $ 5.67 |
Weighted Average Exercise Price, Exercisable | $ 5.77 | |
Weighted Average Remaining Life In Years, Outstanding | 8 months 12 days | 3 years 2 months 12 days |
Weighted Average Remaining Life In Years, Exercisable | 8 months 12 days | |
Intrinsic Value, Outstanding | $ 3,384 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Award Activity - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 0 | $ 0 |
Options granted | 0 | 0 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options | $ 0 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units - Additional Information (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
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 | $ | $ 3,626,770 |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 9 months 18 days |
2013 Equity Incentive Plan [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] | 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] | 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 | 1,849,985 |
Non-Employee Equity Compensation Plan 2014 [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 | 179,591 |
Non-Employee Equity Compensation Plan 2014 [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] | 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 |
2017 Equity Inducement 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 | 38,500 |
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding | shares | 1,421,168 |
RSUs granted | shares | 2,068,076 |
RSUs forfeited | shares | (348,439) |
RSUs vested | shares | (1,431,532) |
Number of Options, Outstanding | shares | 1,709,273 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 6.43 |
Weighted Average Grant Date Fair Value, RSUs granted | $ / shares | 2.95 |
Weighted Average Grant Date Fair Value, RSUs forfeited | $ / shares | 3.97 |
Weighted Average Grant Date Fair Value, RSUs vested | $ / shares | 5.24 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 3.72 |
Stock Based Compensation - Perf
Stock Based Compensation - Performance Share Units - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation-based payments | $ 5,831,928 | $ (88,348) |
Performance Shares [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 | 1,617,601 | |
Compensation-based payments | $ 5,831,928 | $ (88,348) |
Share based compensation arrangement by share based payment award unamortized value | $ 0 | |
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] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
PSUs granted | shares | 1,617,601 |
PSUs forfeited | shares | (196,663) |
PSUs vested | shares | (1,420,938) |
Weighted Average Grant Date Fair Value, PSUs granted | $ / shares | $ 4.22 |
Weighted Average Grant Date Fair Value, PSUs forfeited | $ / shares | 4.11 |
Weighted Average Grant Date Fair Value, PSUs vested | $ / shares | $ 4.24 |
Stock Based Compensation - Empl
Stock Based Compensation - Employee Stock Purchase Plan - Additional Information (Detail) - Employee Stock Purchase Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 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 | $ 1.10 | $ 1.18 |
Percentage of proportionate value of call option of stock | 85.00% | |
Percentage of proportionate value of put option of stock | 15.00% | |
Compensation-based payments | $ 252,568 | $ 329,461 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Fair Values of Purchase Options Granted (Detail) - Employee Stock Purchase Plan [Member] - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected life | 6 months | 6 months |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price range | $ 1.80 | $ 1.77 |
Expected volatility range | 95.00% | 61.00% |
Risk-free interest rate range | 0.05% | 0.17% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price range | $ 2.78 | $ 2.96 |
Expected volatility range | 143.00% | 182.00% |
Risk-free interest rate range | 0.09% | 1.57% |
Stock Based Compensation -Summa
Stock Based Compensation -Summary of Stock-based Compensation Costs Recognized (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Options | $ 284,994 | $ 0 |
Total | 11,931,188 | 7,897,970 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | 5,561,698 | 7,656,857 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | 5,831,928 | (88,348) |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | $ 252,568 | $ 329,461 |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Severance expense | $ 284,994 | |
Share-based Compensation, Total | 11,931,188 | $ 7,897,970 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | 6,582,873 | 3,933,292 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | 3,099,232 | 1,504,724 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation-based payments | $ 1,964,089 | $ 2,459,954 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||
Tax Cuts and Jobs Act of 2017 Accounting Complete | true | |
Deferred tax assets, tax credit carryforwards, research | $ 9,475,588 | $ 8,371,302 |
Tax credit carry forward expiration period | 2033 | |
Operating loss carryforwards, limitations on use | stock ownership of one or more 5% stockholders (stockholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points | |
Domestic Tax Authority [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 241,988,000 | |
Deferred tax assets, tax credit carryforwards, research | $ 5,748,000 | |
Tax credit research and development expiration period | 2032 | |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 242,972,000 | |
Deferred tax assets, tax credit carryforwards, research | $ 4,718,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | |||
Research and development tax credits | $ 9,475,588 | $ 8,371,302 | |
Net operating loss carryovers | 67,785,680 | 57,563,810 | |
Property and equipment | 189,271 | 219,461 | |
Research and development costs | 10,923,959 | 12,578,612 | |
Start-up and organizational costs | 462 | 540 | |
Stock-based compensation | 4,659,555 | 4,041,136 | |
Operating lease liability | 187,132 | 245,811 | |
Other accruals | 670,065 | 270,912 | |
Total gross deferred tax assets | 93,891,712 | 83,291,584 | |
Less: valuation allowance | (93,718,497) | (82,929,675) | $ (73,892,063) |
Total deferred tax assets | 173,215 | 361,909 | |
Deferred tax liabilities: | |||
Operating lease right-of-use asset | (173,215) | (361,909) | |
Total deferred tax liabilities | (173,215) | (361,909) | |
Total deferred taxes, net | $ 0 | $ 0 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
January 1, | $ 82,929,675 | $ 73,892,063 |
Increase in valuation allowance | 10,788,822 | 9,037,612 |
December 31, | $ 93,718,497 | $ 82,929,675 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||
Tax benefit at federal statutory rate | (21.00%) | (21.00%) |
State income taxes | (5.80%) | (6.70%) |
Permanent differences: | ||
Stock-based compensation | 1.80% | 3.60% |
Executive compensation | 1.60% | (1.20%) |
Change in effective tax rate | (0.10%) | |
Effective income tax rate | 0.00% | 0.00% |
State and Local Jurisdiction [Member] | ||
Permanent differences: | ||
Effective income tax rate reconciliation, prior year income taxes, percent | 0.10% | |
Effective income tax rate reconciliation, tax credit, research, percent | (1.10%) | (1.30%) |
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | 6.90% | 8.00% |
Domestic Tax Authority [Member] | ||
Permanent differences: | ||
Effective income tax rate reconciliation, tax credit, research, percent | (1.60%) | (2.00%) |
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, percent | 19.20% | 20.60% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Jun. 28, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | 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 | $ 126,539 | |||
Dialog Semiconductor Plc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 2.30% | |||
Warrants outstanding | 0 | |||
Contract Services [Member] | Dialog Semiconductor Plc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 0 | 130,000 | ||
Cost of services revenue | 0 | 126,539 | ||
Chip Development Expense | Dialog Semiconductor Plc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cost of services revenue | 408,000 | 0 | ||
Strategic Alliance Agreement [Member] | Royalty Revenue [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 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 Concentration - Additi
Customer Concentration - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues [Member] | Three Customer [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers | 3 | 3 |
Concentration percentage | 42.00% | 66.00% |
Accounts Receivable [Member] | Four Customer [Member] | ||
Concentration Risk [Line Items] | ||
Number of customers | 4 | 4 |
Concentration percentage | 68.00% | 92.00% |