Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ViewRay, Inc. | |
Entity Central Index Key | 0001597313 | |
Document Type | 10-Q | |
Trading Symbol | VRAY | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 96,952,728 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 145,797 | $ 167,432 |
Accounts receivable | 27,432 | 36,867 |
Inventory | 65,140 | 49,462 |
Deposits on purchased inventory | 7,642 | 8,142 |
Deferred cost of revenue | 4,342 | 9,736 |
Prepaid expenses and other current assets | 9,060 | 6,045 |
Total current assets | 259,413 | 277,684 |
Property and equipment, net | 15,279 | 13,958 |
Restricted cash | 1,382 | 1,933 |
Right-of-use assets | 12,055 | 0 |
Other assets | 1,496 | 1,395 |
TOTAL ASSETS | 289,625 | 294,970 |
Current liabilities: | ||
Accounts payable | 17,891 | 10,207 |
Accrued liabilities | 16,207 | 9,983 |
Customer deposits | 14,905 | 19,968 |
Operating lease liability, current | 1,284 | 0 |
Deferred revenue, current | 10,287 | 13,731 |
Total current liabilities | 60,574 | 53,889 |
Deferred revenue, net of current portion | 5,507 | 5,744 |
Long-term debt | 55,402 | 55,364 |
Warrant liabilities | 14,872 | 11,844 |
Operating lease liability, noncurrent | 11,491 | 0 |
Other long-term liabilities | 303 | 820 |
TOTAL LIABILITIES | 148,149 | 127,661 |
Commitments and contingencies (Note 6) | 0 | 0 |
Stockholders’ equity: | ||
Convertible preferred stock, par value of $0.01 per share; 10,000,000 shares authorized at March 31, 2019 and December 31, 2018; no shares issued and outstanding at March 31, 2019 and December 31, 2018 | 0 | 0 |
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at March 31, 2019 and December 31, 2018; 96,933,098 and 96,332,023 shares issued and outstanding at March 31, 2019 and December 31, 2018 | 959 | 952 |
Additional paid-in capital | 572,855 | 565,334 |
Accumulated deficit | (432,338) | (398,977) |
TOTAL STOCKHOLDERS’ EQUITY | 141,476 | 167,309 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 289,625 | $ 294,970 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
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 per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 96,933,098 | 96,332,023 |
Common stock, shares outstanding | 96,933,098 | 96,332,023 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue: | ||
Total revenue | $ 20,284 | $ 26,190 |
Cost of revenue: | ||
Total cost of revenue | 25,648 | 20,620 |
Gross margin | (5,364) | 5,570 |
Operating expenses: | ||
Research and development | 5,031 | 3,770 |
Selling and marketing | 4,885 | 3,246 |
General and administrative | 15,109 | 9,846 |
Total operating expenses | 25,025 | 16,862 |
Loss from operations | (30,389) | (11,292) |
Interest income | 220 | 2 |
Interest expense | (759) | (1,866) |
Other (expense) income, net | (2,433) | 8,342 |
Loss before provision for income taxes | (33,361) | (4,814) |
Provision for income taxes | 0 | 0 |
Net loss and comprehensive loss | (33,361) | (4,814) |
Amortization of beneficial conversion feature related to Series A convertible preferred stock | 0 | (2,728) |
Net loss attributable to common stockholders, basic and diluted | $ (33,361) | $ (7,542) |
Net loss per share, basic and diluted | $ (0.34) | $ (0.11) |
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted | 96,741,309 | 68,943,918 |
Product | ||
Revenue: | ||
Total revenue | $ 18,874 | $ 25,379 |
Cost of revenue: | ||
Total cost of revenue | 22,033 | 19,711 |
Service | ||
Revenue: | ||
Total revenue | 1,291 | 692 |
Cost of revenue: | ||
Total cost of revenue | 3,615 | 909 |
Distribution Rights | ||
Revenue: | ||
Total revenue | $ 119 | $ 119 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Direct Registered Offering | Convertible Preferred Stock | Convertible Preferred StockDirect Registered Offering | Additional Paid-in Capital | Additional Paid-in CapitalDirect Registered Offering | Additional Paid-in CapitalConvertible Preferred Stock | Additional Paid-in CapitalConvertible Preferred StockDirect Registered Offering | Common Stock | Common StockDirect Registered Offering | Accumulated Deficit | Accumulated DeficitDirect Registered Offering |
Balance at Dec. 31, 2017 | $ 1,987 | $ 321,174 | $ 666 | $ (319,853) | ||||||||
Balance, shares at Dec. 31, 2017 | 67,653,974 | |||||||||||
Issuance of common stock from option exercises | 378 | 375 | $ 3 | |||||||||
Issuance of common stock from option exercises, shares | 265,647 | |||||||||||
Issuance of common stock from releases of restricted stock units, shares | 12,468 | |||||||||||
Stock-based compensation | 1,190 | 1,190 | ||||||||||
Issuance of common stock, value | $ 30,093 | $ 30,052 | $ 41 | |||||||||
Issuance of common stock, shares | 4,090,000 | |||||||||||
Issuance of preferred Series A stock upon direct registered offering, value | 22,207 | $ 30 | 2,728 | $ 22,177 | $ (2,728) | |||||||
Issuance of preferred Series A stock upon direct registered offering, share | 3,000,581 | |||||||||||
Issuance of common stock warrants in connection with direct registered offering | $ 6,623 | $ 6,623 | ||||||||||
Net loss | (4,814) | (4,814) | ||||||||||
Balance at Mar. 31, 2018 | 57,664 | 362,142 | $ 22,177 | $ 710 | (327,395) | |||||||
Temporary equity balance , shares at Mar. 31, 2018 | 3,000,581 | |||||||||||
Temporary equity balance at Mar. 31, 2018 | $ 30 | |||||||||||
Balance, shares at Mar. 31, 2018 | 72,022,089 | |||||||||||
Balance at Dec. 31, 2018 | 167,309 | 565,334 | $ 952 | (398,977) | ||||||||
Balance, shares at Dec. 31, 2018 | 96,332,023 | |||||||||||
Issuance of common stock from option exercises | $ 2,884 | 2,877 | $ 7 | |||||||||
Issuance of common stock from option exercises, shares | 588,120 | 588,120 | ||||||||||
Stock-based compensation | $ 4,552 | 4,552 | ||||||||||
Issuance of common stock from warrant exercises, shares | 12,955 | |||||||||||
Reclassification of warrant liability to additional paid-in capital upon warrant exercises | 92 | 92 | ||||||||||
Net loss | (33,361) | (33,361) | ||||||||||
Balance at Mar. 31, 2019 | $ 141,476 | $ 572,855 | $ 959 | $ (432,338) | ||||||||
Balance, shares at Mar. 31, 2019 | 96,933,098 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Direct Registered Offering | |
Offering cost | $ 177 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (33,361) | $ (4,814) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 946 | 658 |
Stock-based compensation | 4,552 | 1,190 |
Accretion on asset retirement obligation | 7 | 10 |
Change in fair value of warrant liabilities | 3,120 | (8,182) |
Amortization of debt discount and interest accrual | 141 | 870 |
Product upgrade reserve | 5,601 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 9,435 | (5,845) |
Inventory | (15,795) | (12,021) |
Deposits on purchased inventory | 500 | (2,958) |
Deferred cost of revenue | 4,628 | 9,126 |
Prepaid expenses and other assets | (3,009) | 282 |
Accounts payable | 7,048 | 2,081 |
Accrued expenses and other long-term liabilities | 1,278 | 725 |
Customer deposits and deferred revenue | (8,744) | (18,576) |
Net cash used in operating activities | (23,653) | (37,454) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (1,249) | (497) |
Net cash used in investing activities | (1,249) | (497) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of debt issuance cost | (168) | 0 |
Proceeds from the exercise of stock options | 2,884 | 378 |
Net cash provided by financing activities | 2,716 | 59,478 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (22,186) | 21,527 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — BEGINNING OF PERIOD | 169,365 | 58,532 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — END OF PERIOD | 147,179 | 80,059 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 750 | 996 |
Cash paid for taxes | 7 | 0 |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Fair value of common stock warrants reclassified from liability to additional paid-in capital upon exercise | 92 | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 492 | 0 |
Transfer of property and equipment from inventory | 246 | 1,415 |
Purchase of property and equipment in accounts payable and accrued liabilities | 615 | 228 |
Offering costs included in accounts payable and accrued expenses | 0 | 177 |
Direct Registered Offering | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from direct registered offering, gross | $ 0 | $ 59,100 |
Background and Organization
Background and Organization | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Background and Organization | 1. Background and Organization ViewRay, Inc., or ViewRay or the Company, and its wholly-owned subsidiary ViewRay Technologies, Inc., designs, manufactures and markets MRIdian, an MR Image-Guided radiation therapy system to simultaneously image and treat cancer patients. Since inception, ViewRay Technologies, Inc. has devoted substantially all of its efforts towards research and development, initial selling and marketing activities, raising capital and the manufacturing, shipment and installation of MRIdian systems. In May 2012, ViewRay Technologies, Inc. was granted clearance from the U.S. Food and Drug Administration, or FDA, to sell MRIdian with Cobalt-60. In November 2013, ViewRay Technologies, Inc. received its first clinical acceptance of a MRIdian with Cobalt-60 at a customer site, and the first patient was treated with that system in January 2014. ViewRay Technologies, Inc. has had the right to affix the CE mark to MRIdian with Cobalt-60 in the European Economic Area since November 2014. In September 2016, the Company received the rights to affix the CE mark to MRIdian Linac, and in February 2017, the Company received 510(k) clearance from the FDA to market MRIdian Linac. The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern. The Company’s principal sources of liquidity are cash flows from public and private offerings and available borrowings under its term loan agreement, as well as cash receipts from its sales of MRIdian systems. These have historically been sufficient to meet working capital needs, capital expenditures, and debt service obligations. During the three months ended March 31, 2019, the Company incurred a net loss of $33.4 million and used cash in operating activities of $23.7 million. The Company believes that its existing cash balance of $145.8 million as of March 31, 2019, together with anticipated cash proceeds from sales of MRIdian systems will be sufficient to provide liquidity to fund its operations for at least the next 12 months. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements include the accounts of ViewRay, Inc. and its wholly-owned subsidiary, ViewRay Technologies, Inc. All inter-company accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements, have been included. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any future period. These unaudited condensed consolidated financial statements and their notes should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Effective January 1, 2019, the Company adopted the Financial Accounting Standards Board, or FASB, Leases, Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in the notes to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on March 15, 2019, and have not changed significantly since that filing, except for the January 1, 2019 adoption of the new accounting guidance Topic 842, Leases Recent Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update, or ASU, No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement, Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU, No. 2016-02, Leases and issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13, in January 2018 within ASU 2018-01, in July 2018 within ASU 2018-10 and ASU 2018-11, and in March 2019 within ASU 2019-01 (collectively, Topic 842). Topic 842 supersedes Topic 840, Leases, and requires lessees to recognize on their balance sheets all leases, with the exception of short-term leases, as a right-of-use asset and a corresponding lease liability measured at the present value of the lease payments. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard requires expanded disclosures regarding leasing arrangements. Effective January 1, 2019, the Company adopted Topic 842 using a modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. There was no cumulative-effect adjustment recorded to retained deficit upon adoption. Topic 842 provides several optional practical expedients in transition. The Company elected to use the package of practical expedients permitted under the transition guidance, which allows the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs for any leases that existed prior to January 1, 2019. The Company did not elect to use the other practical expedients provided. Upon adoption, the Company recognized the right-of-use assets and operating lease liabilities totaling approximately $11.9 million and $12.6 million, respectively, to reflect the present value of remaining lease payments under existing lease arrangements with no impact to the opening balance of retained deficit as a result of adoption. The difference between the leased assets and lease liabilities represents the existing deferred rent liabilities balance, resulting from historical straight-lining of operating leases, which was effectively reclassified upon adoption to reduce the measurement of the leased assets. In determining the present value of lease payments, the Company uses the rate implicit in the lease or when such rate is not readily available, we utilize our incremental borrowing rate based on the information available at the lease commencement date. Lease expense is recognized on a straight-line basis over the expected lease term. In determining the expected lease term, the Company may include options to extend or terminate the lease when it is reasonably certain that it will exercise any such option. For more information on the impact of adoption and the disclosures required by the new standard, refer to Note 6, Commitments and Contingencies. In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | 3. Balance Sheet Components Property and Equipment, Net Property and equipment consisted of the following (in thousands): March 31, 2019 December 31, 2018 Prototype $ 12,247 $ 12,425 Machinery and equipment 13,871 12,654 Leasehold improvements 4,621 4,600 Furniture and fixtures 665 636 Software 1,296 1,250 Construction in progress 1,216 148 Property and equipment, gross 33,916 31,713 Less: accumulated depreciation and amortization (18,637 ) (17,755 ) Property and equipment, net $ 15,279 $ 13,958 Depreciation and amortization expense related to property and equipment were $0.9 million and $0.7 million during the three months ended March 31, 2019 and 2018, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2019 December 31, 2018 Accrued payroll and related benefits $ 5,828 $ 5,047 Accrued accounts payable 3,736 3,626 Payroll withholding tax, sales and other tax payable 439 782 Accrued legal, accounting and professional fees 721 360 Product upgrade reserve 4,964 — Other 519 168 Total accrued liabilities $ 16,207 $ 9,983 Deferred Revenue Deferred revenue consisted of the following (in thousands): March 31, 2019 December 31, 2018 Deferred revenue: Product $ 5,424 $ 9,623 Service 7,618 6,981 Distribution rights 2,752 2,871 Total deferred revenue 15,794 19,475 Less: current portion of deferred revenue (10,287 ) (13,731 ) Noncurrent portion of deferred revenue $ 5,507 $ 5,744 Other Long-Term Liabilities March 31, 2019 December 31, 2018 Accrued interest, noncurrent portion $ 104 $ — Deferred rent, noncurrent portion — 628 Other 199 192 Total other-long term liabilities $ 303 $ 820 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The assets’ or liabilities’ fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments that are carried at fair value mainly consist of Level 1 assets and Level 3 liabilities. Level 1 assets include highly liquid bank deposits and money market funds, which were not material at March 31, 2019 and December 31, 2018. Level 3 liabilities that are measured on a recurring basis relate to the 2017 and 2016 Placement Warrants, as described in Note 9. Placement warrant liabilities are valued using the Black-Scholes option-pricing model. Generally, increases (decreases) in the fair value of the underlying stock, volatility and estimated term would result in a directionally similar impact to the fair value of the warrants (see Note 9). The gains and losses from re-measurement of Level 3 financial liabilities are recorded as part of other (expense) income, net in the condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2019 and 2018, the Company recorded a loss of $3.0 million and a gain of $8.2 million, respectively, related to the change in fair value of the 2017 and 2016 Placement Warrants. There were no transfers between Level 1, Level 2 and Level 3 in any periods presented. The following table sets forth the fair value of the Company’s financial liabilities by level within the fair value hierarchy (in thousands): At March 31, 2019 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 8,955 $ 8,955 2016 Placement Warrants Liability — — 5,917 5,917 Total $ — $ — $ 14,872 $ 14,872 At December 31, 2018 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 7,115 $ 7,115 2016 Placement Warrants Liability — — 4,729 4,729 Total $ — $ — $ 11,844 $ 11,844 The following table sets forth a summary of the changes in fair value of the Company’s Level 3 financial liabilities (in thousands): Three Months Ended March 31, 2019 2018 Fair value, beginning of period $ 11,844 $ 22,420 Change in fair value of Level 3 financial liabilities 3,120 (8,182 ) Fair value of 2016 Placement Warrants at exercise (66 ) — Fair value of 2017 Placement Warrants at exercise (26 ) — Fair value, end of period $ 14,872 $ 14,238 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Instruments [Abstract] | |
Debt | 5. Debt SVB Term Loan In December 2018, the Company entered into a term loan agreement, or the SVB Term Loan, with Silicon Valley Bank, for a principal amount of $56.0 million. The SVB Term Loan has a maturity date of December 1, 2023 and bears interest at a rate of 6.30% per annum to be paid monthly over the term of the loan. Beginning on December 1, 2020 (or June 1, 2021, if the Company achieves a trailing twelve-month revenue of at least a specified amount and elects to apply such later date), the Company will make thirty-six equal monthly payments of principal (or thirty equal payments, if the Company so elects). In addition, upon repayment of the SVB Term Loan in full, the Company will make a final payment equal to 3.15% of the original aggregate principal amount of the SVB Term Loan. The Company used the proceeds of the SVB Term Loan and cash on hand to repay in full its outstanding obligations under its then outstanding term loan, or the CRG Term Loan and to pay fees and expenses related thereto. The Company accounted for the termination of the CRG Term Loan as a debt extinguishment and recorded a debt extinguishment loss of $2.4 million from the difference between the net carrying amount of debt and the amount paid. The debt extinguishment loss includes $0.3 million in write-off of unamortized debt discount and debt issuance costs associated with the CRG Term Loan. The Company received net proceeds from the SVB Term Loan of $55.4 million after related legal and consulting fees totaling $0.6 million. Such fees are accounted for as debt discount and issuance costs and presented as a direct deduction from the carrying amount of debt on the Company’s consolidated balance sheets. Debt discount, issuance costs and the final payment are amortized or accreted as interest expense over the term of the loan using the effective interest method. The SVB Term Loan is secured by substantially all assets of the Company, except that the collateral does not include any intellectual property held by the Company, provided, however, the collateral shall include all accounts and proceeds of such intellectual property. The SVB Term Loan contains customary representations and warranties and customary affirmative and negative covenants applicable to the Company and its subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness, dividends and other distributions and transactions with affiliates. The SVB Term Loan also contains financial covenants that require the Company to maintain a minimum cash balance in accounts maintained at Silicon Valley Bank or one of its affiliates or else comply with a liquidity ratio and/or a minimum revenue target. The SVB Term Loan includes standard events of default, including, among other things, subject in certain cases to customary grace periods, thresholds and notice requirements, the Company’s failure to fulfill its obligations under the SVB Term Loan or the occurrence of a material adverse change in the Company's business, operations, or condition (financial or otherwise). In the event of default by the Company under the SVB Term Loan, Silicon Valley Bank would be entitled to exercise its remedies thereunder, including the right to accelerate the debt, upon which the Company may be required to repay all amounts then outstanding under the SVB Loan, which could harm the Company's financial condition. The Company’s scheduled future payments on the SVB Term Loan at March 31, 2019 are as follows (in thousands): Year Ended December 31, The remainder of 2019 $ - 2020 1,555 2021 18,667 2022 18,667 2023 17,111 Total future principal payments 56,000 Less: unamortized debt discount (598 ) Carrying value of long-term debt 55,402 Less: current portion — Long-term portion $ 55,402 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Operating Leases The Company leases office space in Oakwood Village, Ohio and Mountain View, California under noncancelable operating lease agreements. The Company leases and occupies approximately 19,800 square feet of office space in Oakwood Village, Ohio, which expires in October 2019. In April 2019, the Company entered into an amendment to extend the term of the lease agreement through October 2021. In June 2014, the Company entered into an office lease agreement to lease approximately 25,500 square feet of office space located in Mountain View, California, which expires in November 2019. In June 2018, the Company entered into an amendment to extend the term of the lease agreement through July 2025. In April 2018, the Company entered into a lease agreement to lease approximately 24,600 square feet of additional office space located in Mountain View, California. The lease commenced in December 2018 and will expire in December 2025. The Company has the option to extend the term of the lease for a period of up to five years. In recognition of the right-of-use assets and the related lease liabilities, with the exception of the Oakwood Village, Ohio lease, the options to extend the lease term have not been included as the Company is not reasonably certain that it will exercise any such option. At March 31, 2019, the weighted-average remaining lease term in years is 6.4 years and the weighted-average discount rate used is 7.7%. During the three months ended March 31, 2019, the Company recognized the following lease costs and cash flow transactions arising from lease transactions: Three Months Ended March 31, 2019 Operating lease cost $ 626 Cash paid for amounts included in the measurement of lease liabilities 514 Right-of-use assets obtained in exchange for new operating lease liabilities 492 At March 31, 2019, the future payments and interest expense for the operating leases are as follows: Year Ending December 31, Future Payments The remainder of 2019 $ 1,584 2020 2,522 2021 2,567 2022 2,496 2023 2,571 2024 2,604 Thereafter 1,924 Total undiscounted cash flows $ 16,268 Less: imputed interest (3,493 ) Present value of lease liabilities $ 12,775 The rent expense for operating leases for the three months ended March 31, 2018 using the accounting guidance in effect at that time was $0.2 million. At December 31, 2018, the future minimum payments for the operating leases were as follows (in thousands): Year Ending December 31, Future Payments 2019 $ 2,070 2020 2,353 2021 2,424 2022 2,496 2023 2,571 Thereafter 4,532 Total future minimum payments $ 16,446 Legal Proceedings In the normal course of business, the Company may become involved in legal proceedings. The Company will accrue a liability for legal proceedings when it is probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. At March 31, 2019 and December 31, 2018, the Company was not involved in any material legal proceedings. Purchase Commitments At March 31, 2019 the Company had $7.3 million in outstanding firm purchase commitments. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 7. Revenue The Company derives revenue primarily from the sale of MRIdian systems and related services as well as support and maintenance services on sold systems. Revenue is categorized as product revenue, service revenue and distribution rights revenue. The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended March 31, 2019 2018 U.S. Product $ — $ 13,535 Service 634 396 Total U.S. revenue $ 634 $ 13,931 Outside of U.S. ("OUS") Product $ 18,874 $ 11,844 Service 657 296 Distribution rights 119 119 Total OUS revenue $ 19,650 $ 12,259 Total Product $ 18,874 $ 25,379 Service 1,291 692 Distribution rights 119 119 Total revenue $ 20,284 $ 26,190 Distribution agreement In connection with the distribution agreement entered into in December 2014, between the Company and Itochu Corporation, or Itochu, the Company received a distribution fee of $4.0 million in three installments from Itochu for serving as the Company’s exclusive distributor for the sale and delivery of its MRIdian systems within Japan. In August 2016, the Company started recognizing distribution rights revenue ratably over the remaining term of the exclusive distribution agreement of approximately 8.5 years. A time-elapsed method is used to measure progress because control is transferred evenly over the remaining contractual period. Contract Balances The timing of revenue recognition, billings and cash collections results in short-term and long-term trade receivables, customer deposits, deferred revenues and deferred cost of revenue on the condensed consolidated balance sheets. Trade receivables are recorded at the original invoiced amount, net of an estimated allowance for doubtful accounts. Trade credit is generally extended on a short-term basis. The Company occasionally provides for long-term trade credit for its maintenance services so that the period between when the services are rendered to its customers and when the customers pay for that service is within one year. Thus, the Company’s trade receivables do not bear interest or contain a significant financing component. Long-term trade receivables of $0.4 million were reported within other assets in the condensed consolidated balance sheets at March 31, 2019 and at December 31, 2018. These amounts are billed in accordance with the terms of the customer contracts to which they relate and are expected to be collected three to four years from the date of invoice as the underlying maintenance services are rendered. At times, billing occurs subsequent to revenue recognition, resulting in an unbilled receivable which represents a contract asset. This contract asset is recorded as an unbilled receivable and reported as part of accounts receivable on the condensed consolidated balance sheets. Trade receivables are periodically evaluated for collectability based on past credit history of the respective customers and their current financial condition. Changes in the estimated collectability of trade receivables are included in the results of operations for the period in which the estimate is revised. Trade receivables that are deemed uncollectible are offset against the allowance for doubtful accounts. The Company generally does not require collateral for trade receivables. There was no allowance for doubtful accounts recorded at March 31, 2019 or December 31, 2018. Customer deposits represent payments received in advance of system installation. For domestic and international sales, advance payments received prior to inventory shipments and customer acceptance are recorded as customer deposits. Advance payments are subsequently reclassified to deferred revenue upon inventory shipment when the title and risk of loss of inventory items transfer to customers. All customer deposits, including those that are expected to be a deposit for more than one year, are classified as current liabilities based on consideration of the Company’s normal operating cycle (the time between acquisition of the inventory components and the final cash collection from customers on these inventory components) which is in excess of one year. Deferred revenue consists of deferred product revenue and deferred service revenue. Deferred product revenue arises from timing differences between the fulfillment of contract obligations and satisfaction of all revenue recognition criteria consistent with the Company’s revenue recognition policy. Deferred service revenue results from the advance billing for services to be delivered over a period of time. Deferred revenues expected to be realized within one year or normal operating cycle are classified as current liabilities. Deferred cost of revenue consists of cost for inventory items that have been shipped with title and risk of loss transferred to the customer, but the customer acceptance has not yet been received. Deferred cost of revenue is included as part of current assets as the corresponding deferred product revenue is expected to be realized within one year or the Company’s normal operating cycle. During the three months ended March 31, 2019, the Company recognized $7.9 million of revenue that was included in the deferred revenue balance at the beginning of the reporting period. During the three months ended March 31, 2018, the Company recognized $22.2 million of revenue that was included in the deferred revenue balance at the beginning of the 2018 reporting period. Variable Consideration The Company records revenue from customers in an amount that reflects the transaction price it expects to be entitled to after transferring control of those goods or services. The Company estimates the transaction price at contract inception, including any variable consideration, and updates the estimate each reporting period for any changes. For the three months ended March 31, 2019, the Company recognized $0.9 million in revenue from performance obligations satisfied in the prior period. The cumulative catch-up adjustment resulted from a change in transaction price related to variable consideration that was constrained in prior periods. |
Equity Financing
Equity Financing | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Equity Financing | 8. Equity Financing Public Offering of Common Stock On August 14, 2018, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC and Jefferies LLC, as representatives of several underwriters, or the “Underwriters”, in connection with the issuance and sale of 16,216,217 shares of the Company’s common stock at a public offering price of $9.25 per share. In addition, the Company granted the Underwriters a 30-day option to purchase up to 2,432,432 additional shares of common stock on the same terms, which the Underwriters exercised in full. The Company completed the offering on August 17, 2018 under which it received aggregate net proceeds of approximately $161.9 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. Direct Registered Offerings In February 2018, the Company entered into a securities purchase agreement pursuant to which it sold (i) 4,090,000 shares of its common stock; (ii) 3,000,581 shares of its Series A convertible preferred stock and (iii) warrants to purchase 1,418,116 shares of its common stock, or the 2018 Offering Warrants, for total gross proceeds of $59.1 million, or the March 2018 Direct Registered Offering. The March 2018 Direct Registered Offering was closed on March 5, 2018. The 2018 Offering Warrants have an exercise price of $8.31 per share, became exercisable upon issuance and expire in March 2025. Private Placements In September 2016, the Company completed the final closing of a private placement offering, or the 2016 Private Placement, through which it sold (i) 4,602,506 shares of its common stock and (ii) warrants that provide the warrant holders the right to purchase 1,380,745 shares of common stock, or the 2016 Placement Warrants, and raised total gross proceeds of $13.8 million. The 2016 Placement Warrants have an exercise price of $2.95 per share, are exercisable at any time at the option of the holder and expire seven years from the date of issuance. In January 2017, the Company completed the final closing of a private placement offering, or the 2017 Private Placement, through which it sold (i) 8,602,589 shares of its common stock and (ii) warrants that provide the warrant holders the right to purchase 1,720,512 shares of its common stock, or the 2017 Placement Warrants, and raised total gross proceeds of $26.1 million. The 2017 Placement Warrants have an exercise price of $3.17 per share, became exercisable in July 2017 and expire in January 2024. At-The-Market Offering of Common Stock In January 2017, the Company filed a shelf registration statement on Form S-3 with the SEC, which included a base prospectus covering the offering, issuance and sale of up to a maximum aggregate offering of $75.0 million of the Company’s common stock, preferred stock, debt securities, warrants, purchase contracts and/or units. In January and April 2017, the Company agreed to sell up to a cumulative $50.0 million of its common stock in accordance with the terms of a sales agreement with , pursuant to an at-the-market offering program in accordance with Rule 415(a)(4) under the Securities Act. In January 2019, the Company filed a registration statement with the SEC which covers the offering, issuance and sale of up to a maximum aggregate offering price of $250.0 million of our common stock, preferred stock, debt securities, warrants, purchase contracts and/or units, including up to $100.0 million of the Company’s common shares pursuant to the Company’s at-the-market offering program with FBR. As of March 31, 2019, the Company has sold approximately $40.4 million under this at-the-market offering program. No securities were sold in the three months ended March 31, 2019. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Warrants | 9 . Warrants Equity Classified Common Stock Warrants In connection with a debt financing in December 2013, the Company issued warrants to purchase 128,231 shares of its common stock with an exercise price of $5.84 per share. These warrants are exercisable any time at the option of the holder until December 16, 2023. None of these warrants have been exercised to date and they all remained outstanding at March 31, 2019. In connection with the merger of the Company and ViewRay Technologies, Inc. in July 2015, or the Merger, in July and August 2015, the Company conducted a private placement offering during which the Company the five-year anniversary of its date of issuance In connection with the March 2018 Direct Registered Offering, the Company issued warrants to purchase 1,418,116 shares of common stock at an exercise price of $8.31 per share, or the 2018 Offering Warrants. The 2018 Offering Warrants became exercisable upon issuance and expire in March 2025. None of the 2018 Offering Warrants have been exercised to date and they all remained outstanding at March 31, 2019. As separate classes of securities were issued in a bundled transaction, the gross proceeds from the March 2018 Direct Registered Offering of $59.1 million was allocated to common stock, Series A convertible preferred stock and the 2018 Offering Warrants based on their respective relative fair value upon issuance. The aggregate fair value of the 2018 Offering Warrants of $7.4 million was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: expected term of seven years, expected volatility of 62.5%, risk-free interest rate of 2.8% and expected dividend yield of 0%. The allocated proceeds from the 2018 Offering Warrants of $6.6 million was recorded in additional paid-in-capital. Liability Classified Common Stock Warrants In connection with private placement offerings in 2017 and 2016, the Company issued common stock warrants, or the 2017 and 2016 Placement Warrants, which contain protection whereby the warrant holders will have the right to receive cash in the amount equal to the Black-Scholes value of the warrants upon the occurrence of a Change of Control, as defined in the 2017 and 2016 Placement Warrants. The 2017 and 2016 Placement Warrants were accounted for as a liability at the date of issuance and are adjusted to fair value at each balance sheet date, with the change in fair value recorded as a component of other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The key terms of the 2017 and 2016 Placement Warrants are as follows: Issuance Date Term Exercise Price Per Share Warrants Exercised during the Three Months Ended March 31, 2019 Warrants Outstanding at March 31, 2019 2017 Placement Warrants January 2017 7 years $ 3.17 6,022 1,703,510 2016 Placement Warrants August and September 2016 7 years $ 2.95 15,549 1,115,066 Total 21,571 2,818,576 During the three months ended March 31, 2019 and 2018, the Company recorded a loss of $3.0 million and a gain of $8.2 million, respectively, related to the change in fair value of the 2016 and 2017 Placement Warrants. The fair value of the 2016 and 2017 Placement Warrants at March 31, 2019 and December 31, 2018, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions: 2017 Placement Warrants 2016 Placement Warrants March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Expected term (in years) 4.8 5.1 4.4 4.7 Expected volatility 59.4% 60.8% 60.0% 60.9% Risk-free interest rate 2.2% 2.5% 2.2% 2.5% Expected dividend yield 0% 0% 0 0% |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 0 . Stock-Based Compensation A summary of the Company’s stock option activity and related information is as follows: Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In thousands) Balance at December 31, 2018 1,908,626 11,603,708 $ 6.64 7.6 $ 10,151 Additional options authorized 3,853,280 Options granted (1,872,022 ) 1,872,022 8.28 Options exercised - (588,120 ) 4.90 Options canceled 79,293 (79,293 ) 7.49 RSUs granted (651,392 ) Balance at March 31, 2019 3,317,785 12,808,317 $ 6.95 7.9 $ 16,290 Vested and exercisable at March 31, 2019 4,071,182 $ 4.32 5.9 $ 12,759 Vested and expected to vest at March 31, 2019 12,181,953 $ 6.89 7.9 $ 16,094 The weighted-average grant date fair value of options granted to employees was $4.78 and $4.75 per share during the three months ended March 31, 2019 and 2018, respectively. The grant date fair value of options vested was $1.2 million and $1.1 million during the three months ended March 31, 2019 and 2018, respectively. Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options. The aggregate intrinsic value of options exercised was $1.9 million and $1.6 million during the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019, total unrecognized compensation cost related to stock options granted to employees, net of estimated forfeitures, was $34.1 million which is expected to be recognized over a weighted-average period of 3.2 years. Determination of Fair Value The determination of the fair value of stock options on the date of grant using an option-pricing model is affected by the estimated fair value of the Company’s common stock, as well as assumptions regarding a number of complex and subjective variables. The variables used to calculate the fair value of stock options using the Black-Scholes option-pricing model include actual and projected employee stock option exercise behaviors, expected price volatility of the Company’s common stock, the risk-free interest rate and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine. The fair value of employee stock option is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2019 2018 Expected term (in years) 6.0 5.9 Expected volatility% 60.4% 61.7% Risk-free interest rate% 2.6% 2.6% Expected dividend yield% 0.0% 0.0% Restricted Stock Units From time to time, the Company grants Restricted Stock Units, or RSUs, to its board of directors for their services. These RSUs are either fully vested upon issuance or vest over a period of time from the grant date and will be released and settled upon termination of the board member’s services or the occurrence of a change in control event. In January 2019, the Company granted RSUs to its Board of Directors as part of the director compensation program. In March 2019, the Company granted RSUs to several employees. The fair value of RSUs is based on the closing market price of the Company’s common stock on the grant date. RSUs Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2018 1,736,234 $ 9.65 RSUs granted 651,392 7.69 RSUs vested (21,149 ) 6.33 Unvested at March 31, 2019 2,366,477 $ 9.14 Vested and unreleased 142,656 Outstanding at March 31, 2019 2,509,133 The total grant date fair value of RSUs awarded was $5.0 million for the three months ended March 31, 2019. The total fair value of RSUs vested was $0.1 million for the three months ended March 31, 2019. There were no RSUs awarded or vested in the three months ended March 31, 2018. As of March 31, 2019, total unrecognized stock-based compensation cost related to RSUs was $16.2 million, which is expected to be recognized over a weighted-average period of 2.3 years. As of March 31, 2019, 2,191,333 shares of RSUs are expected to vest. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended March 31, 2019 2019 2018 Research and development $ 391 $ 203 Selling and marketing 265 127 General and administrative 3,896 860 Total stock-based compensation expense $ 4,552 $ 1,190 During the three months ended March 31, 2019 and 2018, there was no stock-based compensation expense capitalized as a component of inventory or recognized in cost of revenue. Stock-based compensation relating to stock-based awards granted to consultants was insignificant during the three months ended March 31, 2019 and 2018. |
Income Tax
Income Tax | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 1 1 . Income Tax Due to the current operating losses, the Company recorded zero income tax expense during the three months ended March 31, 2019 and 2018, respectively. During these periods, the Company’s activities were limited to U.S. federal and state tax jurisdictions, as it does not have any significant foreign operations. The federal and state effective tax rate before valuation allowance is approximately 24% for the three months ended March 31, 2019. Due to the Company’s history of cumulative losses and after considering all the available objective evidence, management concluded that it is not more likely than not that all of the Company’s net deferred tax assets will be realized. Accordingly, the Company’s deferred tax assets, which includes net operating loss, or NOL, carryforwards and tax credits related primarily to research and development continue to be subject to a valuation allowance as of March 31, 2019. The Company expects to continue to maintain a full valuation allowance until there is sufficient evidence to support recoverability of its deferred tax assets. The Company had unrecognized tax benefits of $2.1 million and $1.6 million at March 31, 2019 and December 31, 2018, respectively. The reversal of the uncertain tax benefits would not affect the effective tax rate to the extent that the Company continues to maintain a full valuation allowance against its deferred tax assets. Unrecognized tax benefits may change during the next 12 months for items that arise in the ordinary course of business. Interest and/or penalties related to income tax matters are recognized as a component of income tax expense. At March 31, 2019, and December 31, 2018, there were no accrued interest and penalties related to uncertain tax positions. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 1 2 . Net Loss per Share Since the Company was in a loss position for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods presented, because the inclusion of all potential common shares outstanding would have an anti-dilutive effect. The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented, because including them would have an anti-dilutive effect: Three Months Ended March 31, 2019 2018 Series A convertible preferred stock (if converted) — 900,174 Options to purchase common stock 8,399,374 8,600,707 Common stock warrants 4,404,673 3,819,190 Restricted stock units 511,329 137,168 Total 13,315,376 13,457,239 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 1 3 . Related Party Transactions In December 2004, the Company entered into a licensing agreement with the University of Florida Research Foundation, or UFRF, whereby UFRF granted the Company a worldwide exclusive license to certain of UFRF’s patents in exchange for 33,652 shares of common stock and a 1% royalty, with a minimum $0.1 million royalty payment per quarter, from sales of products developed and sold by the Company utilizing the licensed patents. Minimum royalty payments in any calendar year are credited against earned royalties for such calendar year. Royalty expenses based on 1% of net sales were $0.2 million and $0.0 million during the three months ended March 31, 2019 and 2018, respectively, and were recorded as product cost of revenue. In January 2017, the Company entered into a sales consulting agreement with Puissance Capital Management, or PCM, to assist with business development activities in a key market in Asia. PCM is the investment manager of Puissance Cross Board Opportunities LLP, a stockholder in the Company. Theodore T. Wang, Ph.D., a member of the Company’s board of directors, is the managing member of the general partners of PCM. The sales consulting agreement has a term of one year with a total consideration of $1.3 million. This amount has been fully expensed in the first quarter of 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. The condensed consolidated financial statements include the accounts of ViewRay, Inc. and its wholly-owned subsidiary, ViewRay Technologies, Inc. All inter-company accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements, have been included. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any future period. These unaudited condensed consolidated financial statements and their notes should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Effective January 1, 2019, the Company adopted the Financial Accounting Standards Board, or FASB, Leases, |
Significant Accounting Policies | Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements are disclosed in the notes to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on March 15, 2019, and have not changed significantly since that filing, except for the January 1, 2019 adoption of the new accounting guidance Topic 842, Leases |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update, or ASU, No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement, |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU, No. 2016-02, Leases and issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13, in January 2018 within ASU 2018-01, in July 2018 within ASU 2018-10 and ASU 2018-11, and in March 2019 within ASU 2019-01 (collectively, Topic 842). Topic 842 supersedes Topic 840, Leases, and requires lessees to recognize on their balance sheets all leases, with the exception of short-term leases, as a right-of-use asset and a corresponding lease liability measured at the present value of the lease payments. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard requires expanded disclosures regarding leasing arrangements. Effective January 1, 2019, the Company adopted Topic 842 using a modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. There was no cumulative-effect adjustment recorded to retained deficit upon adoption. Topic 842 provides several optional practical expedients in transition. The Company elected to use the package of practical expedients permitted under the transition guidance, which allows the Company not to reassess its prior conclusions about lease identification, lease classification and initial direct costs for any leases that existed prior to January 1, 2019. The Company did not elect to use the other practical expedients provided. Upon adoption, the Company recognized the right-of-use assets and operating lease liabilities totaling approximately $11.9 million and $12.6 million, respectively, to reflect the present value of remaining lease payments under existing lease arrangements with no impact to the opening balance of retained deficit as a result of adoption. The difference between the leased assets and lease liabilities represents the existing deferred rent liabilities balance, resulting from historical straight-lining of operating leases, which was effectively reclassified upon adoption to reduce the measurement of the leased assets. In determining the present value of lease payments, the Company uses the rate implicit in the lease or when such rate is not readily available, we utilize our incremental borrowing rate based on the information available at the lease commencement date. Lease expense is recognized on a straight-line basis over the expected lease term. In determining the expected lease term, the Company may include options to extend or terminate the lease when it is reasonably certain that it will exercise any such option. For more information on the impact of adoption and the disclosures required by the new standard, refer to Note 6, Commitments and Contingencies. In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment consisted of the following (in thousands): March 31, 2019 December 31, 2018 Prototype $ 12,247 $ 12,425 Machinery and equipment 13,871 12,654 Leasehold improvements 4,621 4,600 Furniture and fixtures 665 636 Software 1,296 1,250 Construction in progress 1,216 148 Property and equipment, gross 33,916 31,713 Less: accumulated depreciation and amortization (18,637 ) (17,755 ) Property and equipment, net $ 15,279 $ 13,958 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): March 31, 2019 December 31, 2018 Accrued payroll and related benefits $ 5,828 $ 5,047 Accrued accounts payable 3,736 3,626 Payroll withholding tax, sales and other tax payable 439 782 Accrued legal, accounting and professional fees 721 360 Product upgrade reserve 4,964 — Other 519 168 Total accrued liabilities $ 16,207 $ 9,983 |
Schedule of Deferred Revenue | Deferred revenue consisted of the following (in thousands): March 31, 2019 December 31, 2018 Deferred revenue: Product $ 5,424 $ 9,623 Service 7,618 6,981 Distribution rights 2,752 2,871 Total deferred revenue 15,794 19,475 Less: current portion of deferred revenue (10,287 ) (13,731 ) Noncurrent portion of deferred revenue $ 5,507 $ 5,744 |
Schedule of Other Long Term Liabilities | Other Long-Term Liabilities March 31, 2019 December 31, 2018 Accrued interest, noncurrent portion $ 104 $ — Deferred rent, noncurrent portion — 628 Other 199 192 Total other-long term liabilities $ 303 $ 820 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Liabilities | The following table sets forth the fair value of the Company’s financial liabilities by level within the fair value hierarchy (in thousands): At March 31, 2019 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 8,955 $ 8,955 2016 Placement Warrants Liability — — 5,917 5,917 Total $ — $ — $ 14,872 $ 14,872 At December 31, 2018 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 7,115 $ 7,115 2016 Placement Warrants Liability — — 4,729 4,729 Total $ — $ — $ 11,844 $ 11,844 |
Summary of Changes in Fair Value of Level 3 Financial Liabilities | The following table sets forth a summary of the changes in fair value of the Company’s Level 3 financial liabilities (in thousands): Three Months Ended March 31, 2019 2018 Fair value, beginning of period $ 11,844 $ 22,420 Change in fair value of Level 3 financial liabilities 3,120 (8,182 ) Fair value of 2016 Placement Warrants at exercise (66 ) — Fair value of 2017 Placement Warrants at exercise (26 ) — Fair value, end of period $ 14,872 $ 14,238 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Scheduled Future Payments on Term Loan | The Company’s scheduled future payments on the SVB Term Loan at March 31, 2019 are as follows (in thousands): Year Ended December 31, The remainder of 2019 $ - 2020 1,555 2021 18,667 2022 18,667 2023 17,111 Total future principal payments 56,000 Less: unamortized debt discount (598 ) Carrying value of long-term debt 55,402 Less: current portion — Long-term portion $ 55,402 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Lease Costs and Cash Flow Transactions Arising From Lease Transactions | During the three months ended March 31, 2019, the Company recognized the following lease costs and cash flow transactions arising from lease transactions: Three Months Ended March 31, 2019 Operating lease cost $ 626 Cash paid for amounts included in the measurement of lease liabilities 514 Right-of-use assets obtained in exchange for new operating lease liabilities 492 |
Schedule of Future Minimum Payments and Interest Expense for Operating Leases | At March 31, 2019, the future payments and interest expense for the operating leases are as follows: Year Ending December 31, Future Payments The remainder of 2019 $ 1,584 2020 2,522 2021 2,567 2022 2,496 2023 2,571 2024 2,604 Thereafter 1,924 Total undiscounted cash flows $ 16,268 Less: imputed interest (3,493 ) Present value of lease liabilities $ 12,775 |
Schedule of Future Minimum Payments for Operating Leases | At December 31, 2018, the future minimum payments for the operating leases were as follows (in thousands): Year Ending December 31, Future Payments 2019 $ 2,070 2020 2,353 2021 2,424 2022 2,496 2023 2,571 Thereafter 4,532 Total future minimum payments $ 16,446 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenue Disaggregated by Types and Geography | The following table presents revenue disaggregated by type and geography (in thousands): Three Months Ended March 31, 2019 2018 U.S. Product $ — $ 13,535 Service 634 396 Total U.S. revenue $ 634 $ 13,931 Outside of U.S. ("OUS") Product $ 18,874 $ 11,844 Service 657 296 Distribution rights 119 119 Total OUS revenue $ 19,650 $ 12,259 Total Product $ 18,874 $ 25,379 Service 1,291 692 Distribution rights 119 119 Total revenue $ 20,284 $ 26,190 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Key Terms of Placement Warrants | The key terms of the 2017 and 2016 Placement Warrants are as follows: Issuance Date Term Exercise Price Per Share Warrants Exercised during the Three Months Ended March 31, 2019 Warrants Outstanding at March 31, 2019 2017 Placement Warrants January 2017 7 years $ 3.17 6,022 1,703,510 2016 Placement Warrants August and September 2016 7 years $ 2.95 15,549 1,115,066 Total 21,571 2,818,576 |
Summary of Assumptions using Black- Scholes Option Pricing Model to estimate fair value | The fair value of the 2016 and 2017 Placement Warrants at March 31, 2019 and December 31, 2018, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions: 2017 Placement Warrants 2016 Placement Warrants March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Expected term (in years) 4.8 5.1 4.4 4.7 Expected volatility 59.4% 60.8% 60.0% 60.9% Risk-free interest rate 2.2% 2.5% 2.2% 2.5% Expected dividend yield 0% 0% 0 0% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Company's Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information is as follows: Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (In thousands) Balance at December 31, 2018 1,908,626 11,603,708 $ 6.64 7.6 $ 10,151 Additional options authorized 3,853,280 Options granted (1,872,022 ) 1,872,022 8.28 Options exercised - (588,120 ) 4.90 Options canceled 79,293 (79,293 ) 7.49 RSUs granted (651,392 ) Balance at March 31, 2019 3,317,785 12,808,317 $ 6.95 7.9 $ 16,290 Vested and exercisable at March 31, 2019 4,071,182 $ 4.32 5.9 $ 12,759 Vested and expected to vest at March 31, 2019 12,181,953 $ 6.89 7.9 $ 16,094 |
Schedule of Weighted-Average Assumptions Used in Black-Scholes Option-Pricing Model to Estimate Fair Value of Employee Stock Option at Grant Date | The fair value of employee stock option is estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2019 2018 Expected term (in years) 6.0 5.9 Expected volatility% 60.4% 61.7% Risk-free interest rate% 2.6% 2.6% Expected dividend yield% 0.0% 0.0% |
Summary of RSU Activity (Detail) | RSUs Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2018 1,736,234 $ 9.65 RSUs granted 651,392 7.69 RSUs vested (21,149 ) 6.33 Unvested at March 31, 2019 2,366,477 $ 9.14 Vested and unreleased 142,656 Outstanding at March 31, 2019 2,509,133 |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended March 31, 2019 2019 2018 Research and development $ 391 $ 203 Selling and marketing 265 127 General and administrative 3,896 860 Total stock-based compensation expense $ 4,552 $ 1,190 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Anti-Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | Since the Company was in a loss position for all periods presented, diluted net loss per common share is the same as basic net loss per common share for all periods presented, because the inclusion of all potential common shares outstanding would have an anti-dilutive effect. The following weighted-average common stock equivalents were excluded from the calculation of diluted net loss per share for the periods presented, because including them would have an anti-dilutive effect: Three Months Ended March 31, 2019 2018 Series A convertible preferred stock (if converted) — 900,174 Options to purchase common stock 8,399,374 8,600,707 Common stock warrants 4,404,673 3,819,190 Restricted stock units 511,329 137,168 Total 13,315,376 13,457,239 |
Background and Organization - A
Background and Organization - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Net loss | $ (33,361) | $ (4,814) | |
Net cash used from operating activities | (23,653) | $ (37,454) | |
Cash and cash equivalents | $ 145,797 | $ 167,432 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Significant Accounting Policies [Line Items] | |||
Operating lease, right-of-use assets | $ 12,055,000 | $ 0 | |
Operating lease, liabilities | $ 12,775,000 | ||
ASU 2016-02 | |||
Significant Accounting Policies [Line Items] | |||
Cumulative-effect adjustment recorded to retained deficit upon adoption | $ 0 | ||
Operating lease, right-of-use assets | 11,900,000 | ||
Operating lease, liabilities | $ 12,600,000 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 33,916 | $ 31,713 |
Less: accumulated depreciation and amortization | (18,637) | (17,755) |
Property and equipment, net | 15,279 | 13,958 |
Prototype | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 12,247 | 12,425 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 13,871 | 12,654 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,621 | 4,600 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 665 | 636 |
Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,296 | 1,250 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,216 | $ 148 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation and amortization | $ 0.9 | $ 0.7 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued payroll and related benefits | $ 5,828 | $ 5,047 |
Accrued accounts payable | 3,736 | 3,626 |
Payroll withholding tax, sales and other tax payable | 439 | 782 |
Accrued legal, accounting and professional fees | 721 | 360 |
Product upgrade reserve | 4,964 | 0 |
Other | 519 | 168 |
Total accrued liabilities | $ 16,207 | $ 9,983 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Deferred Revenue (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Deferred Revenue [Line Items] | ||
Total deferred revenue | $ 15,794 | $ 19,475 |
Less: current portion of deferred revenue | (10,287) | (13,731) |
Noncurrent portion of deferred revenue | 5,507 | 5,744 |
Product | ||
Deferred Revenue [Line Items] | ||
Total deferred revenue | 5,424 | 9,623 |
Service | ||
Deferred Revenue [Line Items] | ||
Total deferred revenue | 7,618 | 6,981 |
Distribution Rights | ||
Deferred Revenue [Line Items] | ||
Total deferred revenue | $ 2,752 | $ 2,871 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued interest, noncurrent portion | $ 104 | $ 0 |
Deferred rent, noncurrent portion | 0 | 628 |
Other | 199 | 192 |
Total other-long term liabilities | $ 303 | $ 820 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Change in fair value of Level 3 financial liabilities | $ (3,120,000) | $ 8,182,000 |
Two Thousand Sixteen And Two Thousand Seventeen Private Placement Warrants | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Change in fair value of Level 3 financial liabilities | (3,000,000) | 8,200,000 |
Transfers between Level 1 to Level 2 | 0 | 0 |
Transfers between Level 2 to Level 1 | 0 | 0 |
Transfers into or out of Level 3 | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Fair Value of Financial Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | $ 14,872 | $ 11,844 |
Fair Value Measurement on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 14,872 | 11,844 |
Fair Value Measurement on Recurring Basis | 2017 Placement Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 8,955 | 7,115 |
Fair Value Measurement on Recurring Basis | 2016 Placement Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 5,917 | 4,729 |
Level 1 | Fair Value Measurement on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 0 | 0 |
Level 1 | Fair Value Measurement on Recurring Basis | 2017 Placement Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 0 | 0 |
Level 1 | Fair Value Measurement on Recurring Basis | 2016 Placement Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 0 | 0 |
Level 2 | Fair Value Measurement on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 0 | 0 |
Level 2 | Fair Value Measurement on Recurring Basis | 2017 Placement Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 0 | 0 |
Level 2 | Fair Value Measurement on Recurring Basis | 2016 Placement Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 0 | 0 |
Level 3 | Fair Value Measurement on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 14,872 | 11,844 |
Level 3 | Fair Value Measurement on Recurring Basis | 2017 Placement Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 8,955 | 7,115 |
Level 3 | Fair Value Measurement on Recurring Basis | 2016 Placement Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | $ 5,917 | $ 4,729 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | $ 11,844 | $ 22,420 |
Change in fair value of Level 3 financial liabilities | 3,120 | (8,182) |
Fair value, end of period | 14,872 | 14,238 |
2016 Placement Warrants | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of Placement Warrants at exercise | (66) | 0 |
2017 Placement Warrants | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of Placement Warrants at exercise | $ (26) | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended |
Dec. 31, 2018USD ($)Installment | Mar. 31, 2019USD ($) | |
SVB Term Loan | ||
Debt Instrument [Line Items] | ||
Total principal amout | $ 56 | |
Debt maturity date | Dec. 1, 2023 | |
Debt instrument interest rate percentage | 6.30% | |
Frequency of periodic payment | monthly | |
Number of installments | Installment | 36 | |
Number of installments if achieving trailing revenue target and company so elects | Installment | 30 | |
Debt instrument description | Beginning on December 1, 2020 (or June 1, 2021, if the Company achieves a trailing twelve-month revenue of at least a specified amount and elects to apply such later date), the Company will make thirty-six equal monthly payments of principal (or thirty equal payments, if the Company so elects). | |
Final payment percentage of original principal amount | 3.15% | |
Proceeds from term loan | $ 55.4 | |
Legal and consulting fees | 0.6 | |
CRG Term Loan | ||
Debt Instrument [Line Items] | ||
Debt extinguishment loss | 2.4 | |
Write-off of unamortized debt discount and debt issuance costs | $ 0.3 |
Debt - Scheduled Future Payment
Debt - Scheduled Future Payments on Term Loan (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term portion | $ 55,402 | $ 55,364 |
SVB Term Loan | ||
Debt Instrument [Line Items] | ||
The remainder of 2019 | 0 | |
2020 | 1,555 | |
2021 | 18,667 | |
2022 | 18,667 | |
2023 | 17,111 | |
Total future principal payments | 56,000 | |
Less: unamortized debt discount | (598) | |
Carrying value of long-term debt | 55,402 | |
Less: current portion | 0 | |
Long-term portion | $ 55,402 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Apr. 30, 2019 | Jun. 30, 2018 | Apr. 30, 2018ft² | Jun. 30, 2014ft² | Mar. 31, 2019USD ($)ft² | Mar. 31, 2018USD ($) | |
Operating Leased Assets [Line Items] | ||||||
Weighted-average remaining lease term | 6 years 4 months 24 days | |||||
Weighted-average discount rate | 7.70% | |||||
Rent expense | $ | $ 0.2 | |||||
Purchase commitments | $ | $ 7.3 | |||||
Lease Agreement | Oakwood Village, Ohio | ||||||
Operating Leased Assets [Line Items] | ||||||
Area of land | ft² | 19,800 | |||||
Lease agreement, expiration date | Oct. 31, 2019 | |||||
Option to extend, description operating lease | extend the term of the lease agreement through October 2021 | |||||
Lease Agreement | Mountain View, California | ||||||
Operating Leased Assets [Line Items] | ||||||
Area of land | ft² | 24,600 | 25,500 | ||||
Lease agreement, expiration date | Jul. 31, 2025 | Dec. 31, 2025 | Nov. 30, 2019 | |||
Option to extend, description operating lease | extend the term of the lease agreement through July 2025 | |||||
Option to extend, existence operating Lease | true | |||||
Lease commencement date | 2018-12 | |||||
Lease Agreement | Mountain View, California | Maximum | ||||||
Operating Leased Assets [Line Items] | ||||||
Lease agreement, renewal term | 5 years | |||||
Lease Agreement | Subsequent Event | Oakwood Village, Ohio | ||||||
Operating Leased Assets [Line Items] | ||||||
Option to extend, existence operating Lease | true | |||||
Lease agreement, option to extend expiration date | Oct. 31, 2021 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Lease Costs and Cash Flow Transactions Arising From Lease Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 626 | |
Cash paid for amounts included in the measurement of lease liabilities | 514 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 492 | $ 0 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Payments and Interest Expense for Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
The remainder of 2019 | $ 1,584 |
2020 | 2,522 |
2021 | 2,567 |
2022 | 2,496 |
2023 | 2,571 |
2024 | 2,604 |
Thereafter | 1,924 |
Total undiscounted cash flows | 16,268 |
Less: imputed interest | (3,493) |
Present value of lease liabilities | $ 12,775 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Future Minimum Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 | $ 2,070 |
2020 | 2,353 |
2021 | 2,424 |
2022 | 2,496 |
2023 | 2,571 |
Thereafter | 4,532 |
Total future minimum payments | $ 16,446 |
Revenue - Summary of Revenue Di
Revenue - Summary of Revenue Disaggregated by Types and Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | $ 20,284 | $ 26,190 |
Product | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 18,874 | 25,379 |
Service | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 1,291 | 692 |
Distribution Rights | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 119 | 119 |
U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 634 | 13,931 |
U.S. | Product | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 0 | 13,535 |
U.S. | Service | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 634 | 396 |
Outside of U.S. ("OUS") | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 19,650 | 12,259 |
Outside of U.S. ("OUS") | Product | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 18,874 | 11,844 |
Outside of U.S. ("OUS") | Service | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 657 | 296 |
Outside of U.S. ("OUS") | Distribution Rights | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | $ 119 | $ 119 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | Aug. 31, 2016 | Dec. 31, 2014USD ($)Installment | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) |
Revenues [Line Items] | |||||
Distribution fees | $ 20,284,000 | $ 26,190,000 | |||
Long-term trade receivables | $ 400,000 | $ 400,000 | |||
Long-term trade credit maintenance services term | 1 year | ||||
Allowance for doubtful accounts | $ 0 | $ 0 | |||
Deferred revenue, recognized | 7,900,000 | 22,200,000 | |||
Company recognized revenue from performance obligations satisfied in the prior period | $ 900,000 | ||||
Minimum | |||||
Revenues [Line Items] | |||||
Expected long-term trade receivables collection period | 3 years | ||||
Maximum | |||||
Revenues [Line Items] | |||||
Expected long-term trade receivables collection period | 4 years | ||||
Itochu Corporation Agreement | |||||
Revenues [Line Items] | |||||
Number of installments | Installment | 3 | ||||
Remaining term of distribution agreement | 8 years 6 months | ||||
Itochu Corporation Agreement | Distribution Rights | |||||
Revenues [Line Items] | |||||
Distribution fees | $ 4,000,000 | $ 100,000 | $ 100,000 |
Equity Financing - Additional I
Equity Financing - Additional Information (Detail) - USD ($) | Aug. 17, 2018 | Aug. 14, 2018 | Feb. 28, 2018 | Jan. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2017 |
Subsidiary Sale Of Stock [Line Items] | |||||||||
Common stock sold | $ 959,000 | $ 952,000 | |||||||
2017 Placement Warrants | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Warrants to purchase common stock, shares | 1,720,512 | ||||||||
Warrant exercise price | $ 3.17 | $ 3.17 | |||||||
Warrant expiration date | Jan. 31, 2024 | ||||||||
Warrant exercisable date | Jul. 31, 2017 | ||||||||
Warrant expiration period | 7 years | ||||||||
2016 Placement Warrants | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Warrants to purchase common stock, shares | 1,380,745 | ||||||||
Warrant exercise price | $ 2.95 | $ 2.95 | |||||||
Warrant expiration period | 7 years | 7 years | |||||||
Underwriters | Common Stock | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Underwriting agreement date | Aug. 14, 2018 | ||||||||
Number of shares issued in transaction | 16,216,217 | ||||||||
Sale of stock, price | $ 9.25 | ||||||||
Option to purchase additional shares | 30 days | ||||||||
Aggregate proceeds from issuance of common stock | $ 161,900,000 | ||||||||
Underwriters | Common Stock | Maximum | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Number of additional shares issued in transaction | 2,432,432 | ||||||||
March 2018 Direct Registered Offering | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Proceed from private placement and equity issuances, gross | $ 59,100,000 | ||||||||
March 2018 Direct Registered Offering | Common Stock | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Stock issued during period | 4,090,000 | ||||||||
March 2018 Direct Registered Offering | Series A Convertible Preferred Stock | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Stock issued during period | 3,000,581 | ||||||||
March 2018 Direct Registered Offering Warrants | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Warrants to purchase common stock, shares | 1,418,116 | ||||||||
Warrant exercise price | $ 8.31 | ||||||||
Warrant expiration date | Mar. 31, 2025 | ||||||||
2017 Private Placement | Common Stock | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Number of shares issued in transaction | 8,602,589 | ||||||||
Proceed from private placement and equity issuances, gross | $ 26,100,000 | ||||||||
2016 Private Placement | Common Stock | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Number of shares issued in transaction | 4,602,506 | ||||||||
Proceed from private placement and equity issuances, gross | $ 13,800,000 | ||||||||
At The Market Offering Program | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Stock issued during period | 0 | ||||||||
Common stock sold | $ 40,400,000 | ||||||||
At The Market Offering Program | Maximum | |||||||||
Subsidiary Sale Of Stock [Line Items] | |||||||||
Maximum aggregate offering price | $ 75,000,000 | $ 250,000,000 | |||||||
Maximum common stock saleable shares, value | $ 100,000,000 | $ 50,000,000 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 30, 2019shares | Aug. 31, 2015$ / sharesshares | Jul. 31, 2015$ / sharesshares | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2013$ / sharesshares |
Common Stock Warrants [Line Items] | ||||||
Placement warrants not excercised and remained outstanding | 2,818,576 | |||||
(Gain) loss related to change in fair value | $ | $ 3,120 | $ (8,182) | ||||
2018 Direct Registered Offering | Common Stock | ||||||
Common Stock Warrants [Line Items] | ||||||
Warrants issued | 1,418,116 | |||||
Exercise price | $ / shares | $ 8.31 | |||||
Common stock warrants, expiration date | Mar. 31, 2025 | |||||
Proceed from private placement and equity issuances, gross | $ | $ 59,100 | |||||
Fair value of warrants upon issuance | $ | $ 7,400 | |||||
Warrants, fair value measurement inputs | 7 years | |||||
Allocated portion of proceeds from issuance of stock and warrants | $ | $ 6,600 | |||||
2018 Direct Registered Offering | Common Stock | Expected Volatility | ||||||
Common Stock Warrants [Line Items] | ||||||
Warrants, fair value measurement inputs | 0.625 | |||||
2018 Direct Registered Offering | Common Stock | Risk-free Interest Rate | ||||||
Common Stock Warrants [Line Items] | ||||||
Warrants, fair value measurement inputs | 0.028 | |||||
2018 Direct Registered Offering | Common Stock | Expected Dividend Yield | ||||||
Common Stock Warrants [Line Items] | ||||||
Warrants, fair value measurement inputs | 0 | |||||
Equity Classified Common Stock Warrants | ||||||
Common Stock Warrants [Line Items] | ||||||
Warrants issued | 128,231 | |||||
Exercise price | $ / shares | $ 5.84 | |||||
Common stock warrants, expiration date | Dec. 16, 2023 | |||||
2015 Placement Equity Classified Common Stock Warrants | Insiders | ||||||
Common Stock Warrants [Line Items] | ||||||
Warrants issued | 198,760 | 198,760 | ||||
Exercise price | $ / shares | $ 5 | $ 5 | ||||
Warrant expiration period | 5 years | 5 years | ||||
Number of warrant exercised | 159,010 | |||||
Stock issued during period | 92,487 | |||||
Placement warrants not excercised and remained outstanding | 39,750 | |||||
2016 and 2017 Placement Warrants | Common Stock | ||||||
Common Stock Warrants [Line Items] | ||||||
(Gain) loss related to change in fair value | $ | $ 3,000 | $ (8,200) |
Warrants - Schedule of Key Term
Warrants - Schedule of Key Terms of Placement Warrants (Detail) - $ / shares | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Warrants Exercised | 21,571 | ||
Warrants Outstanding | 2,818,576 | ||
2017 Placement Warrants | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Issuance Date | 2017-01 | ||
Term | 7 years | ||
Exercise Price Per Share | $ 3.17 | $ 3.17 | |
Warrants Exercised | 6,022 | ||
Warrants Outstanding | 1,703,510 | ||
2016 Placement Warrants | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Issuance Date | 2016-08 | ||
Issuance Date | 2016-09 | ||
Term | 7 years | 7 years | |
Exercise Price Per Share | $ 2.95 | $ 2.95 | |
Warrants Exercised | 15,549 | ||
Warrants Outstanding | 1,115,066 |
Warrants - Summary of Assumptio
Warrants - Summary of Assumptions to Use Option Pricing Model (Detail) | Mar. 31, 2019 | Dec. 31, 2018 |
2017 Placement Warrants | Expected Term | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Expected term (in years) | 4 years 9 months 18 days | 5 years 1 month 6 days |
2017 Placement Warrants | Expected Volatility | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.594 | 0.608 |
2017 Placement Warrants | Risk-free Interest Rate | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.022 | 0.025 |
2017 Placement Warrants | Expected Dividend Yield | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0 | 0 |
2016 Placement Warrants | Expected Term | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Expected term (in years) | 4 years 4 months 24 days | 4 years 8 months 12 days |
2016 Placement Warrants | Expected Volatility | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.600 | 0.609 |
2016 Placement Warrants | Risk-free Interest Rate | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.022 | 0.025 |
2016 Placement Warrants | Expected Dividend Yield | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0 | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Company's Stock Option Activity and Related Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Shares Available for Grant | ||
Shares Available for Grant, Beginning balance | 1,908,626 | |
Shares Available for Grant, Additional options authorized | 3,853,280 | |
Shares Available for Grant, Options granted | (1,872,022) | |
Shares Available for Grant, Options canceled | 79,293 | |
Shares Available for Grant, Ending balance | 3,317,785 | 1,908,626 |
Shares Available for Grant, RSUs granted | (651,392) | |
Number of Stock Options Outstanding | ||
Number of Stock Options Outstanding, Beginning balance | 11,603,708 | |
Number of Stock Options Outstanding, Options granted | 1,872,022 | |
Number of Stock Options Outstanding, Options exercised | (588,120) | |
Number of Stock Options Outstanding, Options canceled | (79,293) | |
Number of Stock Options Outstanding, Ending balance | 12,808,317 | 11,603,708 |
Number of Stock Options Outstanding, Vested and exercisable | 4,071,182 | |
Number of Stock Options Outstanding, Vested and expected to vest | 12,181,953 | |
Weighted- Average Exercise Price | ||
Weighted- Average Exercise Price, Beginning balance | $ 6.64 | |
Weighted- Average Exercise Price, Options granted | 8.28 | |
Weighted- Average Exercise Price, Options exercised | 4.90 | |
Weighted- Average Exercise Price, Options canceled | 7.49 | |
Weighted- Average Exercise Price, Ending balance | 6.95 | $ 6.64 |
Weighted- Average Exercise Price, Vested and exercisable | 4.32 | |
Weighted- Average Exercise Price, Vested and expected to vest | $ 6.89 | |
Weighted- Average Remaining Contractual Life (Years) | ||
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 7 years 10 months 24 days | 7 years 7 months 6 days |
Weighted- Average Remaining Contractual Life (Years), Vested and exercisable | 5 years 10 months 24 days | |
Weighted- Average Remaining Contractual Life (Years), Vested and expected to vest | 7 years 10 months 24 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value | $ 16,290 | $ 10,151 |
Aggregate Intrinsic Value, Vested and exercisable | 12,759 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 16,094 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average grant date fair value of options granted, per share | $ 4.78 | $ 4.75 |
Grant date fair value of options vested | $ 1,200,000 | $ 1,100,000 |
Aggregate intrinsic value of options exercised | 1,900,000 | 1,600,000 |
Unrecognized compensation cost | $ 34,100,000 | |
Weighted average period for recognition of compensation costs | 3 years 2 months 12 days | |
RSUs Granted | 651,392 | |
RSUs Vested | 21,149 | |
Stock-based compensation expense capitalized | $ 0 | $ 0 |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average period for recognition of compensation costs | 2 years 3 months 18 days | |
Total grant date fair value of RSUs | $ 5,000,000 | |
Total fair value of RSUs vested | 100,000 | |
RSUs Granted | 0 | |
RSUs Vested | 0 | |
Unrecognized stock based compensation cost | $ 16,200,000 | |
Shares expected to vest | 2,191,333 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Weighted-Average Assumptions Used in Black-Scholes Option-Pricing Model to Estimate Fair Value of Employee Stock Option at Grant Date (Detail) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Expected term (in years) | 6 years | 5 years 10 months 24 days |
Expected volatility% | 60.40% | 61.70% |
Risk-free interest rate% | 2.60% | 2.60% |
Expected dividend yield% | 0.00% | 0.00% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSU Activity (Detail) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unvested at December 31, 2018, Number of Shares | 1,736,234 |
RSUs granted, Number of Shares | 651,392 |
RSUs vested, Number of Shares | (21,149) |
Unvested at March 31, 2019, Number of Shares | 2,366,477 |
Vested and unreleased, Number of Shares | 142,656 |
Outstanding at March 31, 2019, Number of Shares | 2,509,133 |
Unvested at December 31, 2018, Weighted Average Grant Date Fair Value | $ / shares | $ 9.65 |
RSUs granted, Weighted Average Grant Date Fair Value | $ / shares | 7.69 |
RSUs vested, Weighted Average Grant Date Fair Value | $ / shares | 6.33 |
Unvested at March 31, 2019, Weighted Average Grant Date Fair Value | $ / shares | $ 9.14 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 4,552 | $ 1,190 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 391 | 203 |
Selling and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 265 | 127 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 3,896 | $ 860 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 0 | $ 0 | |
Federal and state effective tax rate before valuation allowance | 24.00% | ||
Unrecognized tax benefits | $ 2,100,000 | $ 1,600,000 | |
Accrued interest and penalties related to uncertain tax positions | $ 0 | $ 0 |
Net Loss Per Share - Anti-Dilut
Net Loss Per Share - Anti-Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 13,315,376 | 13,457,239 |
Series A Convertible Preferred Stock (If Converted) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 0 | 900,174 |
Options To Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 8,399,374 | 8,600,707 |
Common Stock Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 4,404,673 | 3,819,190 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 511,329 | 137,168 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2017 | Dec. 31, 2014 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2004 | |
Related Party Transaction [Line Items] | |||||
Percentage of royalty expense based on net sales | 1.00% | ||||
Cost of Revenue | |||||
Related Party Transaction [Line Items] | |||||
Royalty Expense | $ 200,000 | $ 0 | |||
University Of Florida Research Foundation | Licensing Agreements | |||||
Related Party Transaction [Line Items] | |||||
Common Stock granted in exchange for licensing | 33,652 | ||||
Percentage of royalty payment based on sale | 1.00% | ||||
Royalty payment per quarter | $ 100,000 | ||||
Investment Manager of Investment Company | Sales Consulting Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party, agreement term | 1 year | ||||
Related party, total consideration | $ 1,300,000 |