Presbia (LENSF) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	LENS
Entity Registrant Name	PRESBIA PLC
Entity Central Index Key	1,591,096
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		17,121,857

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash	$ 7,060	$ 7,333
Accounts receivable	11	3
Inventory, net	204	302
Prepaid expenses and other current assets	325	392
Total current assets	7,600	8,030
Property and equipment, net	613	727
Intangible asset	1,495	1,494
Other assets	128	126
Total assets	9,836	10,377
Current liabilities
Accounts payable	473	399
Due to related parties	19	18
Note payable, current portion	513	490
Other current liabilities	1,523	582
Total current liabilities	2,528	1,489
Note payable, net of current portion	459	369
Deferred rent	138	80
Total liabilities	3,125	1,938
Commitments and contingencies (note 7)
Shareholders' equity
Ordinary Shares $0.001 par value, 350,000,000 shares authorized; 17,121,857 and 13,420,927 shares issued and outstanding at September 30, 2017 and December 31, 2016	17	13
Deferred ordinary Shares €1.00 (US$1.35) par value, 39,994 shares authorized, issued and outstanding at September 30, 2017 and December 31, 2016	54	54
Preferred Shares $0.001 par value, 50,000,000 shares authorized; -0- shares issued and outstanding at June 30, 2017 and December 31, 2016
Additional paid-in capital	91,809	79,676
Accumulated deficit	(85,169)	(71,304)
Total shareholders' equity	6,711	8,439
Total liabilities and shareholders’ equity	$ 9,836	$ 10,377

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Sep. 30, 2017$ / sharesshares	Sep. 30, 2017€ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2016€ / sharesshares
Statement Of Financial Position [Abstract]
Ordinary shares, par value | $ / shares	$ 0.001		$ 0.001
Ordinary shares, shares authorized	350,000,000	350,000,000	350,000,000	350,000,000
Ordinary shares, shares issued	17,121,857	17,121,857	13,420,927	13,420,927
Ordinary shares, shares outstanding	17,121,857	17,121,857	13,420,927	13,420,927
Deferred ordinary shares, par value | (per share)	$ 1.35	€ 1	$ 1.35	€ 1
Deferred ordinary shares, shares authorized	39,994	39,994	39,994	39,994
Deferred ordinary shares, shares issued	39,994	39,994	39,994	39,994
Deferred ordinary shares, shares outstanding	39,994	39,994	39,994	39,994
Preferred shares, par value | $ / shares	$ 0.001		$ 0.001
Preferred shares, shares authorized	50,000,000	50,000,000	50,000,000	50,000,000
Preferred shares, shares issued	0	0	0	0
Preferred shares, shares outstanding	0	0	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenues	$ 8	$ 13	$ 13	$ 19
Cost of goods sold	12	31	40	77
Gross loss	(4)	(18)	(27)	(58)
Operating expenses:
Research and development	2,066	1,310	5,930	3,848
Sales and marketing	1,017	974	2,794	2,386
General and administrative	1,627	1,958	5,030	5,617
Total operating expenses	4,710	4,242	13,754	11,851
Operating loss	(4,714)	(4,260)	(13,781)	(11,909)
Interest (expense) income	(6)	4	(24)	13
Other income				1
Loss before income tax provision	(4,720)	(4,256)	(13,805)	(11,895)
Income tax provision	20	3	61	12
Net loss	$ (4,740)	$ (4,259)	$ (13,866)	$ (11,907)
Net loss per ordinary share-basic and diluted	$ (0.28)	$ (0.32)	$ (0.86)	$ (0.89)
Weighted average shares outstanding - basic and diluted	16,963,468	13,338,431	16,071,419	13,336,994

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flow from operating activities:
Net loss	$ (13,866)	$ (11,907)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	251	148
Inventory provisions	40	77
Stock-based compensation	1,602	1,539
Imputed interest expense	62
Changes in operating assets and liabilities:
Accounts receivable	(9)	66
Inventory	57	(131)
Prepaid expenses and other current assets	70	20
Other assets	(1)	(97)
Accounts payable and other current liabilities	949	(200)
Income taxes payable	63	(13)
Deferred rent	58	(10)
Due to related parties	1	(35)
Net cash used in operating activities	(10,723)	(10,543)
Cash flow from investing activities:
Purchases of intangible assets	(117)	(536)
Purchases of property and equipment	(18)	(144)
Net cash used in investing activities	(135)	(680)
Cash flow from financing activities:
Proceeds from issuance of ordinary shares from rights offering, net of costs	10,534
Proceeds from sale of equipment		1
Net cash provided by financing activities	10,534	1
Net decrease in cash	(324)	(11,222)
Effect of exchange rate on cash	51
Cash balance at beginning of period	7,333	21,749
Cash balance at end of period	$ 7,060	$ 10,527

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	(1) Basis of Presentation Principles of Consolidation. The accompanying consolidated financial statements have been derived from the historical cost basis of the assets and liabilities, financial condition and cash flows of Presbia PLC and Presbia Ireland, Limited, both organized in Ireland, Presbia Investments, a wholly-owned subsidiary of Presbia PLC organized in the Cayman Islands, and Presbia Ireland, Limited’s subsidiaries, Presbia USA, Inc., and OPL, LLC. Presbia USA, Inc. and OPL, LLC are both entities organized in the United States, and include Presbia USA, Inc.’s subsidiaries, Visitome, Inc. and PresbiBio, LLC, both organized in the United States, and OPL, LLC’s direct and indirect subsidiaries, PIP Holdings, C.V and Presbia Cooperatief U.A., both organized in the Netherlands, and PresbiOptical LLC, organized in the United States (collectively, including Presbia PLC, the “Company”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s fiscal year ends on December 31. The entities presented in the consolidated financial statements have been under common control during the periods presented. All intercompany accounts have been eliminated in consolidation. Basis of Presentation. The accompanying unaudited consolidated financial statements as of September 30, 2017 and for the three months and nine months ended September 30, 2017 and 2016, respectively, have been prepared in accordance with GAAP for interim financial reporting, and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated balance sheet at December 31, 2016, contained in the above referenced Form 10-K. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements presented in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission on March 29, 2017. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments which are necessary for a fair presentation of the results of operations and cash flows for the periods presented. The results of operations for such interim periods are not necessarily indicative of results of operations to be expected for the full year. References to amounts in the accompanying consolidated financial statements are in thousands, except per share data, unless otherwise specified. Liquidity and Going Concern The Company has incurred significant operating losses since inception and had relied on funding from Presbia Holdings (the “Parent”) to fund operations prior to its IPO on February 3, 2015. Presbia Holdings was dissolved on November 25, 2015 and ceased to be the Parent of Presbia PLC. In March 2017, the Company closed a rights offering pursuant to which it raised net proceeds of approximately $10.5 million. As the Company continues to incur losses, its transition to profitability will depend primarily on the completion of its U.S. staged pivotal trial, obtaining FDA approval of its microlens and, if approval is received from the FDA, the commercialization of its product within the United States and, to a lesser extent, may also be impacted by the successful commercialization of its product in certain jurisdictions outside the United States in which the Company has market approval, including the European Economic Area. The Company may never achieve profitability, and unless and until it does, it will need to continue to raise additional capital. Management does not expect existing cash to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these interim financial statements. As of November 14, 2017, we believe our current cash on hand will meet our anticipated cash requirements through the first quarter of 2018. As of September 30, 2017, the Company has incurred losses totaling $85.2 million since inception, has not yet generated material revenue from operations, and will require additional funds to maintain its operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year after these interim financial statements are issued. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The Company intends to finance operating costs over the next twelve months through its existing financial resources and we will need to raise additional capital through equity offerings, debt financings, collaborations and/or licensing arrangements. If adequate funds are not available on acceptable terms, we may be required to delay, reduce the scope of, or curtail, our operations, including our clinical trials. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company’s ability to do so. The accompanying financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies During the nine months ended September 30, 2017 there have been no changes to the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016. Foreign Currency The functional currency of subsidiaries outside the United States of America is the U.S. Dollar. Transactions in foreign currencies during the year are re-measured at rates of exchange on the dates of the transactions. Gains and losses related to re-measurement of items arising through operating activities are accounted for in the statement of operations and comprehensive loss and included in general and administrative expense. Aggregate foreign exchange gain was $19,000 for the three months ended September 30, 2017 and aggregate foreign exchange loss was $60,000 for the nine months ended September 30, 2017. Aggregate foreign exchange loss was $24,000 and $41,000 for the three and nine months ended September 30, 2016, respectively. Comprehensive Loss Comprehensive income or loss is defined as a change in equity of a company attributable to all transactions excluding those transactions resulting from investment with owners and distributions to owners. There were no differences between net loss and comprehensive loss in the periods ended September 30, 2017 and 2016. Offering Costs On December 5, 2016, the Company filed with the SEC a Form S-1 Registration Statement under the Securities Act of 1933 for the purpose of distributing to holders of the Company’s ordinary shares, non-transferable and non-tradeable subscription rights to purchase ordinary shares (“rights offering”). During the three and nine months ended September 30, 2017, the Company incurred approximately $0.0 million and $0.4 million related to its rights offering, which was completed on March 8, 2017. Upon completion of the rights offering, the Company netted approximately $0.4 million in offering costs against the gross proceeds in shareholders’ equity. Future Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenues continue to be immaterial for the Company and are expected to continue to be immaterial in the near-term as we are undertaking limited commercialization efforts in only a few selected markets. Accordingly, we currently do not expect the new revenue standard to have a material impact on the amount and timing of revenue recognized in our consolidated financial statements. We will adopt the new revenue standard in our first quarter of 2018 utilizing the modified retrospective adoption method. The foregoing preliminary assessments or expectations are subject to change pending further analysis through the 2017 year. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows

Loss per Share

Loss per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Loss per Share	(3) Loss per Share Basic net loss per ordinary share is calculated by dividing net loss allocated to ordinary shareholders by the weighted average number of ordinary shares outstanding during the reporting period, excluding unvested restricted stock awards. Diluted net loss allocated to ordinary shareholders per share is calculated based on the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period. Dilutive potential ordinary shares consist of the shares issuable upon the exercise of options and upon the vesting of restricted shares under the treasury stock method. In net loss periods, basic and diluted net loss per share are identical since the effect of potential ordinary shares is anti-dilutive and therefore excluded. Basic and diluted loss per share for the three and nine months ended September 30, 2017 and 2016 were calculated as follows: Three-Months Ended September 30, Nine-Months Ended September 30, 2017 2016 2017 2016 Net Loss $ (4,740 ) $ (4,259 ) $ (13,866 ) $ (11,907 ) Weighted average shares outstanding - basic and diluted 16,963,468 13,338,431 16,071,419 13,336,994 Net loss per ordinary share - basic and diluted $ (0.28 ) $ (0.32 ) $ (0.86 ) $ (0.89 ) Antidilutive securities, which consist of options and unvested restricted shares that are not included in the diluted net loss per share calculation, consisted of an aggregate of 1,048,859 and 1,073,655 weighted average shares for the three months ended September 30, 2017 and 2016, respectively and 1,097,068 and 1,095,255 for the nine months ended September 30, 2017 and 2016, respectively.

Share Based Awards

Share Based Awards	9 Months Ended
	Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share Based Awards	(4) Share Based Awards Equity Issued by Presbia PLC Presbia Incentive Plan On January 14, 2015, the Company approved a compensation incentive plan (the “Presbia Incentive Plan”). The Presbia Incentive Plan permits the Company to grant awards of options, restricted shares, share appreciation rights, restricted share units, performance shares, performance share units, dividend equivalent rights in respect of awards and other share-based and cash-based awards, including annual and long-term cash incentive awards. A total of 2,200,000 ordinary shares are authorized for issuance under the Presbia Incentive Plan of which approximately 232,741 were available on September 30, 2017 for future grants and awards. The exercise price of each option award shall be determined by the Board of Directors (or a committee thereof) at the date of grant in accordance with the terms of the 2005 Plan, and under the Presbia Incentive Plan awards generally vest 20% annually over a five-year period and expire no later than 10 years from the grant date. The Presbia Incentive Plan terminates on January 14, 2025, unless terminated earlier by the board of directors. Awards under the Presbia Incentive Plan may be granted to employees, directors, consultants and other persons who perform services for the Company or a subsidiary of the Company. The following table shows share-based compensation expense based upon all equity awards issued by Presbia PLC included in the Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2017 and 2016 (in thousands). Three-Months Ended September 30, Nine-Months Ended September 30, 2017 2016 2017 2016 Research and development $ 135 $ 35 $ 377 $ 105 General and administrative 446 405 1,087 1,145 Sales and marketing (17 ) 139 138 289 $ 564 $ 579 $ 1,602 $ 1,539 Options The following table sets forth the Company’s option activity for the nine months ended September 30, 2017: Number of Presbia PLC Shares Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance, January 1, 2017 1,050,000 $ 9.77 — Granted — — — Exercised — — — Forfeited/cancelled/expired (3,500 ) $ 6.21 — Balance, September 30, 2017 1,046,500 $ 9.78 — Vested, September 30, 2017 591,800 $ 9.80 — Non Vested, September 30, 2017 454,700 $ 9.76 — Exercisable, September 30, 2017 591,800 $ 9.80 — Employee Options The Company utilizes the Black-Scholes valuation model for estimating the fair value of granted stock options with the following assumptions in addition to the closing price of the Company’s ordinary shares on the date of the grant: (i) the Company estimates the expected term of the option utilizing the simplified method because of its limited history of option exercise activity and its options meet the criteria of a "plain-vanilla" option as defined by the Securities Exchange Commission (ii) due to its limited stock price volatility history, the Company uses a peer group average as permitted under Accounting Standards Codification (“ASC”) 718 consistent with the expected term of the stock option at the time of the grant and (iii) applies a risk-free interest rate based on the U.S. Treasury securities yield consistent with the expected term of the option at the time of the grant. The simplified method calculates the expected term as the average of the weighted average vesting period and contractual terms of the award. For those options granted to employees, stock-based compensation expense was based upon the fair value of the option as of the grant-date and attributed to future reporting periods on a straight-line basis over the vesting period, or the requisite service period. A 3% forfeiture rate assumption was applied, which reduced the amount of expense recognized each period anticipating that a portion of all options granted would, more likely than not, be cancelled prior to the dates of its vesting periods. The forfeiture rate is subject to review and may be adjusted based upon experience. The Company did not issue employee options during the three and nine months ended September 30, 2017 and 2016. Non-Employee Options During the three and nine months ended September 30, 2017 and 2016, the Company did not grant options to non-employee consultants and medical advisors. In contrast to the determination of the fair value of options granted to employees, which are determined based upon the grant-date assumptions and applying the Black-Scholes model, the fair values for non-employee options and the related stock-based compensation expense are remeasured each financial reporting period based upon the assumptions applicable on the dates in which the financial statements are prepared, which are disclosed in the following table: Three-Months Ended September 30, 2017 Three-Months Ended September 30, 2016 Nine-Months Ended September 30, 2017 Nine-Months Ended September 30, 2016 Stock price per share $2.38 -$2.83 $ 4.35 $1.31 -$2.83 $ 4.42 Expected term 7.7 - 7.9 Yrs. 8.6 Yrs. 7.7 - 8.3 Yrs. 8.9 Yrs. Volatility 69.3% - 78.7% 80.1% 69.3% - 85.8% 74.0% Dividends — — — — Risk-free rate 2.2% 1.6% 2.2% - 2.3% 1.6% Because the performance criteria of these grants is based solely upon a requisite service period, but are subject to forfeiture if the service conditions are not met, stock-based compensation expense is determined by a straight-line attribution of the remeasured expense (mark-to-market) over the requisite service period subject to a forfeiture rate of 3%. Restricted Shares Consistent with the Company’s director compensation policy, the Company’s board of directors approved the grant of 0 and 89,166 restricted ordinary shares of the Company during the three and nine month periods ended September 30, 2017, with a grant date weighted average fair value of $4.51, and a one-year vesting period following the date of grant. The Company granted 49,482 and 65,450 restricted ordinary shares during the three and nine months ended September 30, 2016, respectively. The following table sets forth the Company’s restricted share activity for the nine months ended September 30, 2017: Unvested Number of Shares Weighted Average Fair Value per Share Balance, January 1, 2017 81,682 $ 3.50 Granted 89,166 $ 4.51 Vested (17,145 ) $ 4.51 Forfeited/cancelled — Unvested, September 30, 2017 153,703 $ 4.51 Restricted Share Units During the three and nine months ended September 30, 2017, the Board of Directors approved and granted the award of 10,000 and 97,500 restricted share units (“RSU” or “RSU’s” or “RSU Plan”), respectively, to officers and employees in accordance with the guidelines provided by the Presbia Incentive Plan, which includes a provision that the recipient must be employed as a condition of vesting. During the three and nine months ended September 30, 2016, the Board of Directors approved and granted the award of and 102,500 and 785,000 restricted share units, respectively. The Presbia RSU Plan authorizes the issuance of 20% of each recipient’s total RSU award for the first occurrence that the closing price of the Company’s ordinary shares exceed, for a period of 20 consecutive business days, price thresholds of $10.00, $15.00, $20.00, $25.00 and $30.00, respectively. The RSU Plan also provides for a one-year “wait” or service period prior to any vesting permitted under the plan. The RSU Plan has a seven-year expiration period following the date of the grant. Fair value of the RSU’s awarded were determined using a Monte Carlo Simulation (“MCS”) methodology, which considers the separate probabilities that each of the price thresholds or market conditions will be achieved under the RSU Plan guidelines. Each probability is weighted by its respective price threshold, or its intrinsic value, which provides the basis for an aggregate fair value. The Company used the following key inputs in determining the fair value using the MCS model: (i) the volatility of the entity’s common stock and (ii) the closing price of the entity’s stock as of the measurement date of the RSU award. In accordance with GAAP, the Company recognizes as stock-based compensation expense, using a straight-line attribution method, the aggregate fair value over future periods based upon the respective derived service periods and fair values for each of the price thresholds as provided by the MCS model. A 3% forfeiture rate was applied to account for future cancellations and forfeitures. During the three and nine month periods ended September 30, 2017, approximately $109,000 and $502,000, respectively, was recorded as stock-based compensation related to the RSU Plan. The following table sets forth the Company’s RSU activity for the nine months ended September 30, 2017: Unvested Number of Shares Weighted Average Fair Value per Share Balance, January 1, 2017 719,000 $ 3.10 Granted 97,500 $ 4.24 Vested — — Forfeited/cancelled (72,500 ) 3.0 Unvested, September 30, 2017 744,000 $ 3.26 Unrecognized Share-based Compensation As of September 30, 2017 and 2016, there were $2.5 million and $3.8 million, respectively, of unrecognized compensation expense related to employee and non-employee options of the Company, which collectively is expected to be recognized by the Company over the weighted average vesting period of 1.6 and 2.0 years, respectively. Unrecognized compensation expense for the same periods related to restricted shares was $453,000 and $345,000, respectively, and is expected to be recognized over the weighted average vesting periods of 1.5 and 2.8 years, respectively.

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2017
Risks And Uncertainties [Abstract]
Concentration of Credit Risk	(5) Concentration of Credit Risk The Company had cash of $7.1 million and $7.3 million as of September 30, 2017 and December 31, 2016, respectively, which consists of checking account deposits. The Company maintains cash balances at financial institutions located in the United States and secured by the Federal Deposit Insurance Corporation up to $250,000. In the nine month periods ended September 30, 2017 and 2016 there were With respect to suppliers for the microlens, the Company had a five-year supplier agreement that expired in January 2017 with a lens manufacturer in Israel from which the Company received 100% of its lens supply for use in commercial activities outside the United States. The Company uses and plans to continue to use its own manufacturing facility in Irvine, California to manufacture its microlens. The Company may continue to use its Israeli supplier if the outside of U.S. demand exceeds the Company’s internal manufacturing capability.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	(6) Income Taxes Deferred income tax assets and liabilities are recognized for temporary differences between financial statement and income tax carrying values, using tax rates in effect for the years such differences are expected to reverse. Due to uncertainties surrounding the Company's ability to generate future taxable income and consequently realize such deferred income tax assets, a full valuation allowance has been established. The Company continues to maintain a full valuation allowance against its deferred tax assets as of September 30, 2017. The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. As of September 30, 2017, the Company does not have unrecognized tax benefits; and, as such, disclosures included in the Company's 2016 Annual Report on Form 10-K continue to be relevant for the period ended September 30, 2017.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(7) Commitments and Contingencies T he Company extended the lease that expired in May 2017 by entering into a five-year non-cancelable lease for office and manufacturing space in Irvine, California that expires in May 2022. The Company also entered a two-year lease in Dublin, Ireland that commenced on June 1, 2017, a 30-month lease in Amsterdam, the Netherlands that commenced on January 1, 2016, and a four-year lease for office space in Irvine, California, that commenced on August 1, 2016 and will expire September 2020. Aggregate rent expense for was $166,000 and $94,000, respectively, and for the nine months ended for the same period was $502,000 and $212,000, respectively. From time to time, the Company may be subject to legal proceedings and claims arising in the ordinary course of business. Management does not believe that the outcome of any of these matters will have a material effect on the Company’s consolidated financial operations .

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation. The accompanying consolidated financial statements have been derived from the historical cost basis of the assets and liabilities, financial condition and cash flows of Presbia PLC and Presbia Ireland, Limited, both organized in Ireland, Presbia Investments, a wholly-owned subsidiary of Presbia PLC organized in the Cayman Islands, and Presbia Ireland, Limited’s subsidiaries, Presbia USA, Inc., and OPL, LLC. Presbia USA, Inc. and OPL, LLC are both entities organized in the United States, and include Presbia USA, Inc.’s subsidiaries, Visitome, Inc. and PresbiBio, LLC, both organized in the United States, and OPL, LLC’s direct and indirect subsidiaries, PIP Holdings, C.V and Presbia Cooperatief U.A., both organized in the Netherlands, and PresbiOptical LLC, organized in the United States (collectively, including Presbia PLC, the “Company”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s fiscal year ends on December 31. The entities presented in the consolidated financial statements have been under common control during the periods presented. All intercompany accounts have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation. The accompanying unaudited consolidated financial statements as of September 30, 2017 and for the three months and nine months ended September 30, 2017 and 2016, respectively, have been prepared in accordance with GAAP for interim financial reporting, and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The accompanying consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated balance sheet at December 31, 2016, contained in the above referenced Form 10-K. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements presented in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission on March 29, 2017. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments which are necessary for a fair presentation of the results of operations and cash flows for the periods presented. The results of operations for such interim periods are not necessarily indicative of results of operations to be expected for the full year. References to amounts in the accompanying consolidated financial statements are in thousands, except per share data, unless otherwise specified.
Liquidity and Going Concern	Liquidity and Going Concern The Company has incurred significant operating losses since inception and had relied on funding from Presbia Holdings (the “Parent”) to fund operations prior to its IPO on February 3, 2015. Presbia Holdings was dissolved on November 25, 2015 and ceased to be the Parent of Presbia PLC. In March 2017, the Company closed a rights offering pursuant to which it raised net proceeds of approximately $10.5 million. As the Company continues to incur losses, its transition to profitability will depend primarily on the completion of its U.S. staged pivotal trial, obtaining FDA approval of its microlens and, if approval is received from the FDA, the commercialization of its product within the United States and, to a lesser extent, may also be impacted by the successful commercialization of its product in certain jurisdictions outside the United States in which the Company has market approval, including the European Economic Area. The Company may never achieve profitability, and unless and until it does, it will need to continue to raise additional capital. Management does not expect existing cash to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these interim financial statements. As of November 14, 2017, we believe our current cash on hand will meet our anticipated cash requirements through the first quarter of 2018. As of September 30, 2017, the Company has incurred losses totaling $85.2 million since inception, has not yet generated material revenue from operations, and will require additional funds to maintain its operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern within one year after these interim financial statements are issued. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The Company intends to finance operating costs over the next twelve months through its existing financial resources and we will need to raise additional capital through equity offerings, debt financings, collaborations and/or licensing arrangements. If adequate funds are not available on acceptable terms, we may be required to delay, reduce the scope of, or curtail, our operations, including our clinical trials. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company’s ability to do so. The accompanying financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Foreign Currency	Foreign Currency The functional currency of subsidiaries outside the United States of America is the U.S. Dollar. Transactions in foreign currencies during the year are re-measured at rates of exchange on the dates of the transactions. Gains and losses related to re-measurement of items arising through operating activities are accounted for in the statement of operations and comprehensive loss and included in general and administrative expense. Aggregate foreign exchange gain was $19,000 for the three months ended September 30, 2017 and aggregate foreign exchange loss was $60,000 for the nine months ended September 30, 2017. Aggregate foreign exchange loss was $24,000 and $41,000 for the three and nine months ended September 30, 2016, respectively.
Comprehensive Loss	Comprehensive Loss Comprehensive income or loss is defined as a change in equity of a company attributable to all transactions excluding those transactions resulting from investment with owners and distributions to owners. There were no differences between net loss and comprehensive loss in the periods ended September 30, 2017 and 2016.
Offering Costs	Offering Costs On December 5, 2016, the Company filed with the SEC a Form S-1 Registration Statement under the Securities Act of 1933 for the purpose of distributing to holders of the Company’s ordinary shares, non-transferable and non-tradeable subscription rights to purchase ordinary shares (“rights offering”). During the three and nine months ended September 30, 2017, the Company incurred approximately $0.0 million and $0.4 million related to its rights offering, which was completed on March 8, 2017. Upon completion of the rights offering, the Company netted approximately $0.4 million in offering costs against the gross proceeds in shareholders’ equity.
Future Accounting Pronouncements	Future Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenues continue to be immaterial for the Company and are expected to continue to be immaterial in the near-term as we are undertaking limited commercialization efforts in only a few selected markets. Accordingly, we currently do not expect the new revenue standard to have a material impact on the amount and timing of revenue recognized in our consolidated financial statements. We will adopt the new revenue standard in our first quarter of 2018 utilizing the modified retrospective adoption method. The foregoing preliminary assessments or expectations are subject to change pending further analysis through the 2017 year. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows

Loss per Share (Tables)

Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Loss per Share	Basic and diluted loss per share for the three and nine months ended September 30, 2017 and 2016 were calculated as follows: Three-Months Ended September 30, Nine-Months Ended September 30, 2017 2016 2017 2016 Net Loss $ (4,740 ) $ (4,259 ) $ (13,866 ) $ (11,907 ) Weighted average shares outstanding - basic and diluted 16,963,468 13,338,431 16,071,419 13,336,994 Net loss per ordinary share - basic and diluted $ (0.28 ) $ (0.32 ) $ (0.86 ) $ (0.89 )

Share Based Awards (Tables)

Share Based Awards (Tables)	9 Months Ended
	Sep. 30, 2017
Share-Based Compensation Expense Included in Consolidated Statements of Operations and Comprehensive Loss	The following table shows share-based compensation expense based upon all equity awards issued by Presbia PLC included in the Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2017 and 2016 (in thousands). Three-Months Ended September 30, Nine-Months Ended September 30, 2017 2016 2017 2016 Research and development $ 135 $ 35 $ 377 $ 105 General and administrative 446 405 1,087 1,145 Sales and marketing (17 ) 139 138 289 $ 564 $ 579 $ 1,602 $ 1,539
Schedule of Option Activity	The following table sets forth the Company’s option activity for the nine months ended September 30, 2017: Number of Presbia PLC Shares Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balance, January 1, 2017 1,050,000 $ 9.77 — Granted — — — Exercised — — — Forfeited/cancelled/expired (3,500 ) $ 6.21 — Balance, September 30, 2017 1,046,500 $ 9.78 — Vested, September 30, 2017 591,800 $ 9.80 — Non Vested, September 30, 2017 454,700 $ 9.76 — Exercisable, September 30, 2017 591,800 $ 9.80 —
Schedule of Restricted Shares Activity	The following table sets forth the Company’s restricted share activity for the nine months ended September 30, 2017: Unvested Number of Shares Weighted Average Fair Value per Share Balance, January 1, 2017 81,682 $ 3.50 Granted 89,166 $ 4.51 Vested (17,145 ) $ 4.51 Forfeited/cancelled — Unvested, September 30, 2017 153,703 $ 4.51
Schedule of RSU Activity	The following table sets forth the Company’s RSU activity for the nine months ended September 30, 2017: Unvested Number of Shares Weighted Average Fair Value per Share Balance, January 1, 2017 719,000 $ 3.10 Granted 97,500 $ 4.24 Vested — — Forfeited/cancelled (72,500 ) 3.0 Unvested, September 30, 2017 744,000 $ 3.26
Non-employee options [Member]
Schedule of Black-Scholes Valuation Model Assumptions for Estimating the Fair Value of Share-Based Compensation	During the three and nine months ended September 30, 2017 and 2016, the Company did not grant options to non-employee consultants and medical advisors. In contrast to the determination of the fair value of options granted to employees, which are determined based upon the grant-date assumptions and applying the Black-Scholes model, the fair values for non-employee options and the related stock-based compensation expense are remeasured each financial reporting period based upon the assumptions applicable on the dates in which the financial statements are prepared, which are disclosed in the following table: Three-Months Ended September 30, 2017 Three-Months Ended September 30, 2016 Nine-Months Ended September 30, 2017 Nine-Months Ended September 30, 2016 Stock price per share $2.38 -$2.83 $ 4.35 $1.31 -$2.83 $ 4.42 Expected term 7.7 - 7.9 Yrs. 8.6 Yrs. 7.7 - 8.3 Yrs. 8.9 Yrs. Volatility 69.3% - 78.7% 80.1% 69.3% - 85.8% 74.0% Dividends — — — — Risk-free rate 2.2% 1.6% 2.2% - 2.3% 1.6%

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2017	Sep. 30, 2017
Basis Of Presentation [Line Items]
Net proceeds from issuance of ordinary shares		$ 10,534
Losses incurred since inception		$ 85,200
Rights Offering [Member]
Basis Of Presentation [Line Items]
Net proceeds from issuance of ordinary shares	$ 10,500

Summary of Significant Accoun17

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Rights Offering [Member]
Subsidiary Sale Of Stock [Line Items]
Rights offering costs	$ 0		$ 400,000
Payment of offering costs			400,000
General and Administrative Expense [Member]
Subsidiary Sale Of Stock [Line Items]
Aggregate foreign exchange gain (loss)	$ 19,000	$ (24,000)	$ (60,000)	$ (41,000)

Loss per Share - Schedule of Ca

Loss per Share - Schedule of Calculation of Basic and Diluted Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Basic and diluted net loss per share
Net Loss	$ (4,740)	$ (4,259)	$ (13,866)	$ (11,907)
Weighted average shares outstanding - basic and diluted	16,963,468	13,338,431	16,071,419	13,336,994
Net loss per ordinary share - basic and diluted	$ (0.28)	$ (0.32)	$ (0.86)	$ (0.89)

Loss per Share - Additional Inf

Loss per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Antidilutive securities, not included in diluted net loss per calculation	1,048,859	1,073,655	1,097,068	1,095,255

Share Based Awards - Additional

Share Based Awards - Additional Information (Detail) - USD ($)	Jan. 14, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		$ 564,000	$ 579,000	$ 1,602,000	$ 1,539,000
Non-employee consultants and medical advisors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Options granted		0	0	0	0
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Award expiration period				7 years
Generally vesting percentage for annual				20.00%
Percentage of estimated forfeiture rate				3.00%
Restricted shares granted		10,000	102,500	97,500	785,000
Consecutive trading days				20 days
Wait or service period				1 year
Allocated share-based compensation expense		$ 109,000		$ 502,000
Restricted Share Units [Member] | Threshold Price Period 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share price threshold				$ 10
Restricted Share Units [Member] | Threshold Price Period 2 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share price threshold				15
Restricted Share Units [Member] | Threshold Price Period 3 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share price threshold				20
Restricted Share Units [Member] | Threshold Price Period 4 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share price threshold				25
Restricted Share Units [Member] | Threshold Price Period 5 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share price threshold				$ 30
Employee options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Percentage of estimated forfeiture rate				3.00%
Options granted		0	0	0	0
Non-employee options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Percentage of estimated forfeiture rate				3.00%
Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Awards vesting period				1 year
Restricted shares granted		0	49,482	89,166	65,450
Weighted average grant date fair value				$ 4.51
Unrecognized compensation expense, weighted average period of recognition				1 year 6 months	2 years 9 months 19 days
Unrecognized compensation expense related to restricted shares		$ 453,000	$ 345,000	$ 453,000	$ 345,000
Employee and non-employee options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized compensation expense related to options		$ 2,500,000	$ 3,800,000	$ 2,500,000	$ 3,800,000
Unrecognized compensation expense, weighted average period of recognition				1 year 7 months 6 days	2 years
Presbia Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Awards vesting period	5 years
Ordinary shares authorized for issuance	2,200,000
Ordinary shares available for future grants and awards		232,741		232,741
Award expiration period	10 years
Award expiration date				Jan. 14, 2025
Presbia Incentive Plan [Member] | Over five year period [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Generally vesting percentage for annual	20.00%

Share Based Awards - Share-Base

Share Based Awards - Share-Based Compensation Expense Included in Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 564	$ 579	$ 1,602	$ 1,539
Research and development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	135	35	377	105
General and administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	446	405	1,087	1,145
Sales and marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ (17)	$ 139	$ 138	$ 289

Share Based Awards - Schedule o

Share Based Awards - Schedule of Option Activity (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Presbia PLC Shares, Beginning Balance	1,050,000
Number of Presbia PLC Shares, Forfeited/cancelled/expired	(3,500)
Number of Presbia PLC Shares, Ending Balance	1,046,500
Number of Presbia PLC Shares, Vested	591,800
Number of Presbia PLC Shares, Non Vested	454,700
Number of Presbia PLC Shares, Exercisable	591,800
Weighted Average Exercise Price Per Share, Beginning Balance	$ 9.77
Weighted Average Exercise Price Per Share, Forfeited/cancelled/expired	6.21
Weighted Average Exercise Price Per Share, Ending Balance	9.78
Weighted Average Exercise Price Per Share, Vested	9.80
Weighted Average Exercise Price Per Share, Non Vested	9.76
Weighted Average Exercise Price Per Share, Exercisable	$ 9.80

Share Based Awards - Schedule23

Share Based Awards - Schedule of Black-Scholes Valuation Model Assumptions for Estimating the Fair Value of Share-Based Compensation (Detail) - Non-employee options [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock price per share		$ 4.35		$ 4.42
Expected term		8 years 7 months 6 days		8 years 10 months 25 days
Volatility		80.10%		74.00%
Volatility minimum	69.30%		69.30%
Volatility maximum	78.70%		85.80%
Risk-free rate	2.20%	1.60%		1.60%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock price per share	$ 2.38		$ 1.31
Expected term	7 years 8 months 12 days		7 years 8 months 12 days
Risk-free rate			2.20%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock price per share	$ 2.83		$ 2.83
Expected term	7 years 10 months 24 days		8 years 3 months 19 days
Risk-free rate			2.30%

Share Based Awards - Schedule24

Share Based Awards - Schedule of Restricted Share Activity (Detail) - Restricted shares [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested Number of Shares, Beginning Balance			81,682
Unvested Number of Shares, Granted	0	49,482	89,166	65,450
Unvested Number of Shares, Vested			(17,145)
Unvested Number of Shares, Ending Balance	153,703		153,703
Weighted Average Fair Value per Share, Beginning Balance			$ 3.50
Weighted Average Fair Value per Share, Granted			4.51
Weighted Average Fair Value per Share, Vested			4.51
Weighted Average Fair Value per Share, Ending Balance	$ 4.51		$ 4.51

Share Based Awards - Schedule25

Share Based Awards - Schedule of RSU Activity (Detail) - Restricted Share Units [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested Number of Shares, Beginning Balance			719,000
Unvested Number of Shares, Granted	10,000	102,500	97,500	785,000
Unvested Number of Shares, Forfeited/cancelled			(72,500)
Unvested Number of Shares, Ending Balance	744,000		744,000
Weighted Average Fair Value per Share, Beginning Balance			$ 3.10
Weighted Average Fair Value per Share, Granted			4.24
Weighted Average Fair Value per Share, Forfeited/cancelled			3
Weighted Average Fair Value per Share, Ending Balance	$ 3.26		$ 3.26

Concentration of Credit Risk -

Concentration of Credit Risk - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)Customer	Sep. 30, 2016USD ($)Customer	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Concentration Risk [Line Items]
Cash	$ 7,060,000	$ 10,527,000	$ 7,333,000	$ 21,749,000
Number of customers | Customer	2	2
Supplier agreement term	5 years
Supplier agreement, expiration date	2017-01
Sales [Member] | Customer Concentration [Member]
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	100.00%
Federal Deposit Insurance Corporation [Member] | Maximum [Member]
Concentration Risk [Line Items]
Cash	$ 250,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
Income Tax Disclosure [Abstract]
Description of uncertain income tax position being recognized	An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.
Unrecognized tax benefits	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Facility Leases [Member] - USD ($)	Jun. 01, 2017	May 12, 2017	Aug. 01, 2016	Jan. 02, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Commitments And Contingencies [Line Items]
Rent expense					$ 166,000	$ 94,000	$ 502,000	$ 212,000
California [Member]
Commitments And Contingencies [Line Items]
Non-cancelable lease term		5 years
Lease expiration period		May 31, 2022	Sep. 30, 2020
Lease period			4 years
Ireland [Member]
Commitments And Contingencies [Line Items]
Lease period	2 years
Lease renewal term							1 month
Lease commencement date							Jan. 1, 2016
The Netherlands [Member]
Commitments And Contingencies [Line Items]
Lease period				30 months