Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | ViewRay, Inc. | |
Entity Central Index Key | 0001597313 | |
Document Type | 10-Q | |
Trading Symbol | VRAY | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 161,740,251 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-37725 | |
Entity Tax Identification Number | 42-1777485 | |
Entity Address, Address Line One | 2 Thermo Fisher Way | |
Entity Address, City or Town | Oakwood Village | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44146 | |
City Area Code | 440 | |
Local Phone Number | 703-3210 | |
Title of 12(b) Security | Common Stock | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 182,019 | $ 156,720 |
Accounts receivable | 16,569 | 11,769 |
Inventory, net of allowance of $2,334 and $2,286, respectively | 43,858 | 46,641 |
Deposits on purchased inventory | 2,550 | 2,084 |
Deferred cost of revenue | 2,310 | 1,954 |
Prepaid expenses and other current assets | 5,273 | 5,257 |
Total current assets | 252,579 | 224,425 |
Property and equipment, net | 22,822 | 24,062 |
Restricted cash | 1,460 | 1,460 |
Intangible assets, net | 48 | 50 |
Right-of-use assets | 9,553 | 10,129 |
Other assets | 1,428 | 1,426 |
TOTAL ASSETS | 287,890 | 261,552 |
Current liabilities: | ||
Accounts payable | 7,591 | 9,984 |
Accrued liabilities | 14,164 | 19,281 |
Customer deposits | 15,433 | 15,463 |
Operating lease liability, current | 1,988 | 2,089 |
Current portion of long-term debt | 0 | 0 |
Deferred revenue, current | 10,022 | 10,094 |
Total current liabilities | 49,198 | 56,911 |
Deferred revenue, net of current portion | 2,089 | 2,572 |
Long-term debt | 57,022 | 56,940 |
Warrant liabilities | 5,484 | 4,864 |
Operating lease liability, noncurrent | 8,546 | 9,043 |
Other long-term liabilities | 1,146 | 956 |
TOTAL LIABILITIES | 123,485 | 131,286 |
Commitments and contingencies (Note 6) | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock, par value of $0.01 per share; 10,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued and outstanding at March 31, 2021 and December 31, 2020 | 0 | 0 |
Common stock, par value of $0.01 per share; 300,000,000 shares authorized at March 31, 2021 and December 31, 2020; 161,730,363 and 148,615,351 shares issued and outstanding at March 31, 2021 and December 31, 2020 | 1,607 | 1,476 |
Additional paid-in capital | 816,625 | 755,874 |
Accumulated deficit | (653,827) | (627,084) |
TOTAL STOCKHOLDERS’ EQUITY | 164,405 | 130,266 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 287,890 | $ 261,552 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Inventory, allowance | $ 2,334 | $ 2,286 |
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 | 161,730,363 | 148,615,351 |
Common stock, shares outstanding | 161,730,363 | 148,615,351 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Total revenue | $ 15,525 | $ 14,250 |
Cost of revenue: | ||
Total cost of revenue | 15,203 | 16,357 |
Gross profit (loss) | 322 | (2,107) |
Operating expenses: | ||
Research and development | 6,510 | 6,337 |
Selling and marketing | 2,848 | 5,823 |
General and administrative | 15,639 | 15,788 |
Total operating expenses | 24,997 | 27,948 |
Loss from operations | (24,675) | (30,055) |
Interest income | 2 | 695 |
Interest expense | (1,058) | (1,038) |
Other (expense) income, net | (1,012) | 2,866 |
Loss before provision for income taxes | (26,743) | (27,532) |
Provision for income taxes | 0 | 0 |
Net loss and comprehensive loss | $ (26,743) | $ (27,532) |
Net loss per share, basic and diluted | $ (0.17) | $ (0.19) |
Weighted-average common shares used to compute net loss per share attributable to common stockholders, basic and diluted | 160,138,327 | 147,457,116 |
Product | ||
Revenue: | ||
Total revenue | $ 11,379 | $ 11,470 |
Cost of revenue: | ||
Total cost of revenue | 10,685 | 13,129 |
Service | ||
Revenue: | ||
Total revenue | 4,027 | 2,661 |
Cost of revenue: | ||
Total cost of revenue | 4,518 | 3,228 |
Distribution Rights | ||
Revenue: | ||
Total revenue | $ 119 | $ 119 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2019 | $ 216,174 | $ 1,462 | $ 733,888 | $ (519,176) |
Balance, shares at Dec. 31, 2019 | 147,191,695 | |||
Issuance of common stock from option exercises | 2 | 2 | ||
Issuance of common stock from option exercises, shares | 2,870 | |||
Stock-based compensation | 5,501 | 5,501 | ||
Issuance of common stock from releases of restricted stock units | $ 2 | (2) | ||
Issuance of common stock from releases of restricted stock units, shares | 202,420 | |||
Tax withholding paid on behalf of employees for stock-based awards | (131) | (131) | ||
Net loss | (27,532) | (27,532) | ||
Balance at Mar. 31, 2020 | 194,014 | $ 1,464 | 739,258 | (546,708) |
Balance, shares at Mar. 31, 2020 | 147,396,985 | |||
Balance at Dec. 31, 2019 | 216,174 | $ 1,462 | 733,888 | (519,176) |
Balance, shares at Dec. 31, 2019 | 147,191,695 | |||
Balance at Dec. 31, 2020 | 130,266 | $ 1,476 | 755,874 | (627,084) |
Balance, shares at Dec. 31, 2020 | 148,615,351 | |||
Issuance of common stock from option exercises | $ 19 | 19 | ||
Issuance of common stock from option exercises, shares | 6,021 | 6,021 | ||
Stock-based compensation | $ 8,494 | 8,494 | ||
Issuance of common stock from releases of restricted stock units | $ 12 | (12) | ||
Issuance of common stock from releases of restricted stock units, shares | 1,209,870 | |||
Tax withholding paid on behalf of employees for stock-based awards | (1,473) | (1,473) | ||
Issuance of common stock upon public offering | 53,513 | $ 119 | 53,394 | |
Issuance of common stock upon public offering, shares | 11,856,500 | |||
Issuance of common stock from warrant exercises | 2 | 2 | ||
Issuance of common stock from warrant exercises, shares | 42,621 | |||
Reclassification of warrant liability to additional paid-in capital upon warrant exercises | 327 | 327 | ||
Net loss | (26,743) | (26,743) | ||
Balance at Mar. 31, 2021 | $ 164,405 | $ 1,607 | $ 816,625 | $ (653,827) |
Balance, shares at Mar. 31, 2021 | 161,730,363 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Offering cost | $ 3,991 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (26,743) | $ (27,532) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,648 | 1,463 |
Stock-based compensation | 8,494 | 5,501 |
Accretion on asset retirement obligation | 33 | 20 |
Change in fair value of warrant liabilities | 947 | (2,869) |
Loss on disposal of property and equipment | 0 | 12 |
Amortization of debt discount and interest accrual | 239 | 177 |
Product upgrade reserve | 600 | (1,260) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,800) | (4,673) |
Inventory | 2,783 | 0 |
Deposits on purchased inventory | (466) | 2,222 |
Deferred cost of revenue | (356) | (952) |
Prepaid expenses and other assets | 420 | (2,680) |
Accounts payable | (2,391) | (6,415) |
Accrued expenses and other long-term liabilities | (6,130) | (3,702) |
Customer deposits and deferred revenue | (585) | 5,689 |
Net cash used in operating activities | (26,307) | (34,999) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (336) | (451) |
Net cash used in investing activities | (336) | (451) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from the exercise of stock options | 19 | 2 |
Proceeds from the exercise of warrants | 2 | 0 |
Payments for taxes related to net share settlement of equity awards | (1,473) | (132) |
Net cash (used in) provided by financing activities | 51,942 | (669) |
NET INCREASE (DECREASE) IN CASH DURING THE PERIOD | 25,299 | (36,119) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — BEGINNING OF PERIOD | 158,180 | 228,187 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — END OF PERIOD | 183,479 | 192,068 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 819 | 1,070 |
Cash paid for income taxes | 0 | 0 |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Fair value of common stock warrants reclassified from liability to additional paid-in capital upon exercise | 327 | 0 |
Transfer of property and equipment from inventory and deferred cost of revenue | 0 | 864 |
Purchases of property and equipment in accounts payable and accrued liabilities | 129 | 986 |
Offering costs included in accounts payable and accrued expenses | 0 | 191 |
Public Offering | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from common stock public offering, gross | 57,385 | 0 |
Payment of offering costs related to common stock public offering | $ (3,991) | $ (539) |
BACKGROUND AND ORGANIZATION
BACKGROUND AND ORGANIZATION | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
BACKGROUND AND ORGANIZATION | NOTE 1. 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 Conformité Européene, or CE, mark to MRIdian with Cobalt-60 in the European Economic Area, or EEA, 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. In February 2019, the Company received 510(k) clearance from the FDA for advancements in MRI, 8 frames per second cine, and Functional imaging (T1/T2/DWI) and High-Speed MLC. In December 2019, we received the CE mark for these advancements in the EEA. The Company’s condensed consolidated financial statements have been prepared on the basis of the Company continuing as a going concern for a reasonable period of time. 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, operating expenses, and debt service obligations. During the three months ended March 31, 2021, the Company incurred a net loss from operations of $26.7 million and net cash used in operations of $26.3 million. The Company believes that its existing cash balance of $182.0 million as of March 31, 2021, together with anticipated cash proceeds from sales of MRIdian systems, will be sufficient to provide liquidity to fund its obligations for at least the next 12 months. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 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, 2020. 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, 2020 filed with the SEC on March 5, 2021, and have not changed significantly since that filing. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. For smaller reporting companies, as defined by the SEC, ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The standard is effective for the Company on January 1, 2023. The Company is currently assessing the impact of ASU 2016-13 on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options, and ASC Topic 815, Subtopic – 40, Derivatives and Hedging - Contracts in Entity's Own Equity. The ASU simplifies the guidance for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity by reducing the number of accounting models for convertible instruments and amends guidance in ASC Topic 260, Earnings Per Share, relating to the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2021, with early adoption permitted for fiscal years that begin after December 15, 2020. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. No significant changes were made to our condensed consolidated financial statements and related notes in order to comply with ASU 2020-04. |
BALANCE SHEET COMPONENTS
BALANCE SHEET COMPONENTS | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
BALANCE SHEET COMPONENTS | NOTE 3. BALANCE SHEET COMPONENTS Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, 2021 December 31, 2020 Prototype $ 17,711 $ 17,711 Machinery and equipment 17,587 17,486 Leasehold improvements 14,205 14,196 Furniture and fixtures 1,295 1,295 Software 1,389 1,389 Construction in progress 782 486 Property and equipment, gross 52,969 52,563 Less: accumulated depreciation and amortization (30,147 ) (28,501 ) Property and equipment, net $ 22,822 $ 24,062 Depreciation and amortization expense related to property and equipment was $1.6 million and $1.5 million during the three months ended March 31, 2021 and 2020, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued payroll and related benefits $ 8,051 $ 12,810 Accrued accounts payable 1,945 2,810 Payroll withholding tax, sales and other tax payable 1,271 1,398 Accrued legal, accounting and professional fees 298 305 Product upgrade reserve 2,100 1,500 Other 499 458 Total accrued liabilities $ 14,164 $ 19,281 Deferred Revenue Deferred revenue consisted of the following (in thousands): March 31, 2021 December 31, 2020 Deferred revenue: Product $ 1,228 $ 1,888 Service 9,081 8,857 Distribution rights 1,802 1,921 Total deferred revenue 12,111 12,666 Less: current portion of deferred revenue (10,022 ) (10,094 ) Noncurrent portion of deferred revenue $ 2,089 $ 2,572 Other Long-Term Liabilities Other long-term liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued interest, noncurrent portion $ 256 $ 99 Asset retirement obligation 890 857 Total other-long term liabilities $ 1,146 $ 956 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 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—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3—Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. 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, 2021 and December 31, 2020. 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). During the three months ended March 31, 2021, warrants to purchase 113,161 shares of common stock were exercised and the aggregate fair value upon exercise of $0.3 million was reclassified from liabilities to additional paid-in-capital. During the three months ended March 31, 2020, no warrants were exercised. 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, 2021 and 2020, the Company recorded a loss of $0.9 million and a gain of $2.9 million, respectively, related to the change in fair value of the 2017 and 2016 Placement Warrants. 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, 2021 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 4,072 $ 4,072 2016 Placement Warrants Liability — — 1,412 1,412 Total $ — $ — $ 5,484 $ 5,484 At December 31, 2020 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 3,675 $ 3,675 2016 Placement Warrants Liability — — 1,189 1,189 Total $ — $ — $ 4,864 $ 4,864 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, 2021 2020 Fair value, beginning of period $ 4,864 $ 5,373 Change in fair value of Level 3 financial liabilities 947 (2,869 ) Fair value of 2016 Placement Warrants at exercise (2 ) — Fair value of 2017 Placement Warrants at exercise (325 ) — Fair value, end of period $ 5,484 $ 2,504 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instruments [Abstract] | |
DEBT | NOTE 5. 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-offs of unamortized debt discount and debt issuance costs associated with the CRG Term Loan. The Company received net proceeds 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 requires that the Company maintain a minimum cash balance in accounts at Silicon Valley Bank or one of its affiliates or else comply with a liquidity ratio and/or a minimum revenue financial covenant. On December 31, 2019, the Company entered into the First Amendment (the First Amendment) to the SVB Term Loan. The First Amendment, among other things, amended the SVB Term Loan to (i) suspend testing of the minimum revenue financial covenant for the fiscal quarter ended December 31, 2019, (ii) provide for the minimum trailing twelve-month revenue thresholds under the minimum revenue financial covenant for periods ending on the last day of fiscal quarters in fiscal years subsequent to 2020 to be determined annually at the greater of (a) a 25% cushion to revenue forecasts provided by the Company to SVB and (b) 10% year-over-year annual growth, unless otherwise agreed, (iii) increase the minimum liquidity ratio financial covenant from 1.50:1.00 to 1.75:1.00 and (iv) increase the prepayment premium from 1.00% to 2.00% for amounts prepaid under the SVB Term Loan prior to the maturity date thereof, subject to certain exceptions. On October 30, 2020, the Company entered into the Second Amendment (the Second Amendment) to the SVB Term Loan. twelve-month In connection with the execution of the Second Amendment, the Company agreed to pay the earned portion of the final payment, which equated to $ 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 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 Term Loan, which could harm the Company's financial condition. The Company’s scheduled future payments on the SVB Term Loan at March 31, 2021 are as follows (in thousands): Year Ended December 31, The remainder of 2021 $ — 2022 3,222 2023 19,333 2024 19,333 2025 16,112 Total future principal payments 58,000 Less: unamortized debt discount (978 ) Carrying value of long-term debt 57,022 Less: current portion — Long-term portion $ 57,022 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6. COMMITMENTS AND CONTINGENCIES Operating Leases The Company entered into agreements to lease office space in Oakwood Village, Ohio, Mountain View, California and Denver, Colorado 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 2026. The Company entered into an office lease agreement to lease approximately 25,500 square feet of office space located in Mountain View, California, with an expiration date of July 2025. Additionally, the Company entered into a lease agreement to lease additional office space in Mountain View, California of approximately 24,600 square feet, which 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. T he Company also entered into a sub-lease agreement to lease approximately 19,800 square feet of office space located in Denver, Colorado. The sub-lease commenced in June 2019 and will expire in July 2021; the Company does not intend to extend the term of this sub-lease. On March 3, 2021, the Company entered into a sub-lease agreement to lease approximately 12,800 square feet of office space in Denver, Colorado. This sub-lease will commence on September 1, 2021 and will expire October 31, 2024. In recognition of the right-of-use assets and the related lease liabilities, 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, 2021, the weighted-average remaining lease term in years is 4.5 years and the weighted-average discount rate used is 7.7%. The Company recognized the following lease costs arising from lease transactions (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost $ 781 $ 781 The Company recognized the following cash flow transactions arising from lease transactions (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 803 $ 783 Right-of-use assets obtained in exchange for new operating lease liabilities — — At March 31, 2021, the future payments and interest expense for the operating leases are as follows (in thousands): Year Ending December 31, Future Payments The remainder of 2021 $ 2,044 2022 2,659 2023 2,738 2024 2,774 2025 2,096 2026 147 Total undiscounted cash flows $ 12,458 Less: imputed interest (1,924 ) Present value of lease liabilities $ 10,534 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. Patent Litigation On September 10, 2019, a complaint for patent infringement was filed by Varian Medical Systems, Inc., in U.S. District Court for the Northern District of California against the Company. Captioned Varian Medical Systems, Inc., v. ViewRay, Inc., the complaint alleges that the Company infringes two related patents, U.S. Patent Nos. 8,637,841 and 9,082,520 and seeks injunctive relief and monetary damages. The Company filed its answer on November 1, 2019. The Company believes the allegations in the complaint are without merit and has been vigorously defending the litigation. On July 7, 2020 and July 31, 2020, the Company filed petitions with the Patent Trial & Appeal Board of the United States Patent and Trademark Office (PTAB), requesting institution of inter partes review (IPR) and cancellation of claims 1-3, 5-8, 10, 13, 14 of Varian’s U.S. Patent No. 9,082,520. On August 13, 2020, the Company filed a separate petition with the PTAB, requesting an IPR and cancellation of claims 1-4 and 20-22 of Varian’s U.S. Patent No. 8,637,841. In August 2020, Varian announced that it had entered into a definitive agreement to combine with Siemens Healthineers AG. The merger closed effective April 15, 2021, within 60 days of which, Siemens has agreed to dismiss Varian’s lawsuit and release ViewRay from all claims brought by Varian. In light of this, both the district court case and the proceedings before the PTAB are currently stayed, pending such dismissal. Class Action Litigation On September 13, 2019, a class action complaint for violation of federal securities laws was filed in U.S. District Court for the Northern District of Ohio against the Company, its chief executive officer, chief scientific officer, and former chief financial officer. On December 19, 2019, the court appointed Plymouth County Retirement Association as the lead plaintiff, and on February 28, 2020 the lead plaintiff filed an amended complaint asserting securities fraud claims against the Company, its chief executive officer, chief operating officer, chief scientific officer, and former chief executive officer and former chief financial officer. Now captioned Plymouth County Retirement Association v. ViewRay, Inc., et al., the amended complaint alleges that the Company violated federal securities laws by issuing materially false and misleading statements that failed to disclose adverse facts concerning its business, operations, and financial results, and seeks damages, interest, and other relief. The Company filed a motion to dismiss the amended complaint on May 28, 2020. While the initial motion to dismiss was pending, the plaintiff was granted leave to file a second amended complaint. A motion to dismiss the second amended complaint was filed on September 16, 2020. That motion has been fully briefed and is pending before the District Court. The Company believes the allegations in the complaint are without merit and intends to vigorously defend the litigation. Stockholder Derivative Lawsuit On July 22, 2020, a stockholder derivative lawsuit was filed against ViewRay (as a nominal defendant) and certain of its current and former officers and directors in the U.S. District Court for the Northern District of Ohio. This action alleges, purportedly on behalf of ViewRay, that the officers and directors violated Section 14(a) of the Securities Exchange Act of 1934, breached their fiduciary duties, wasted corporate assets, and were unjustly enriched based on factual assertions substantially similar to those in the class action complaint described above. The complaint seeks, among other things, damages awarded to ViewRay, restitution and disgorgement of profits in an unspecified amount, and corporate reforms. Due to the overlap between the allegations in the derivative complaint and those in the putative securities class action complaint, this lawsuit is stayed until June 1, 2021, pending a decision on the motion to dismiss the second amended complaint in the securities action. Given the early stage of each of the litigation matters described above, at this time the Company is unable to reasonably estimate possible losses or form a judgment that an unfavorable outcome is either probable or remote. However, litigation is subject to inherent uncertainties, and one or more unfavorable outcomes in any claim or litigation against the Company could have a material adverse effect in the period in which they are resolved and on the Company’s business generally. In addition, regardless of their merits or their ultimate outcomes, lawsuits and legal proceedings are costly, divert management attention and may materially adversely affect the Company’s reputation, even if resolved in the Company’s favor. Purchase Commitments At March 31, 2021, the Company had $2.9 million in outstanding firm purchase commitments. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE | NOTE 7. 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, 2021 2020 U.S. Product $ 5,067 $ 1,618 Service 2,367 1,466 Total U.S. revenue $ 7,434 $ 3,084 Outside of U.S. ("OUS") Product $ 6,312 $ 9,852 Service 1,660 1,195 Distribution rights 119 119 Total OUS revenue $ 8,091 $ 11,166 Total Product $ 11,379 $ 11,470 Service 4,027 2,661 Distribution rights 119 119 Total revenue $ 15,525 $ 14,250 Arrangements with Multiple Performance Obligations The Company frequently enters into sales arrangements that include multiple performance obligations. Such performance obligations mainly consist of (i) sale of MRIdian systems, which generally includes installation and embedded software, and (ii) product support, which includes extended service and maintenance. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The standalone selling price, or SSP, is determined based on observable prices at which the Company separately sells the products and services. If an SSP is not directly observable, the Company will estimate the SSP considering market conditions or internally approved pricing guidelines related to the performance obligations. Product Revenue Product revenue is derived primarily from the sales of MRIdian systems. The system contains both software and non-software components that together deliver essential functionality. For contracts in which control of the system transfers upon delivery and inspection, the Company recognizes revenue for the systems at the point in time when delivery and inspection by the customer has occurred. For these same contracts, the Company recognizes installation revenue over the period of installation as the installation services are performed and control is transferred to the customer. For all contracts in which control transfers upon post-installation customer acceptance, revenue for the system and installation are recognized upon customer acceptance. Certain customer contracts with distributors do not require ViewRay to complete installation at the ultimate user site, and the distributors may either perform the installation themselves or hire another party to perform the installation. For sales of MRIdian systems for which the Company is not responsible for installation, revenue recognition generally occurs when the entire system is shipped, which is when the control of the system is transferred to the customer. Service Revenue Service revenue is derived primarily from maintenance services. The maintenance and support service is a stand-ready obligation which is performed over the term of the arrangement and, as a result, service revenue is recognized ratably over the service period as the customers benefit from the service throughout the service period. Distribution Rights Revenue In December 2014, the Company entered into a distribution agreement with Itochu Corporation pursuant to which it appointed Itochu as its exclusive distributor for the promotion, sale and delivery of its MRIdian products within Japan. In consideration of the exclusive distribution rights granted, the Company received $4.0 million, which was recorded as deferred revenue. Starting in August 2016, the distribution rights revenue is recognized ratably over the remaining term of the 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 $0.1 million and $0.1 million were reported within other assets in the condensed consolidated balance sheets at March 31, 2021 and at December 31, 2020, respectively. These amounts are billed in accordance with the terms of the customer contracts to which they relate and are expected to be collected two to three 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 consolidated balance sheets. As of March 31, 2021 and December 31, 2020, the contract asset was $13.6 million and $6.6 million, respectively. 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 estimated allowance for credit losses. The Company generally does not require collateral for trade receivables. There were no estimated allowances for doubtful accounts recorded at March 31, 2021 or December 31, 2020. Customer deposits represent payments received in advance of system installation. For domestic and international sales, advance payments received prior to inventory shipments are recorded as customer deposits. Advance payments are subsequently reclassified to deferred revenue upon inventory shipment. 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, but revenue recognition has not yet occurred. 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, 2021 and 2020, the Company recognized $4.2 million and $3.3 million of revenues that was included in the deferred revenue balance at the beginning of the reporting period, respectively. 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. There were no amounts recognized during the three months ended March 31, 2021 from performance obligations satisfied in the prior period. |
EQUITY FINANCING
EQUITY FINANCING | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
EQUITY FINANCING | NOTE 8. EQUITY FINANCING Public Offering of Common Stock On January 4, 2021, the Company entered into an underwriting agreement with Piper Sandler & Co., as representative of the several underwriters named therein (the “2021 Underwriters”), with respect to the issuance and sale of 11,856,500 shares of our common stock, which included the full exercise of the 2021 Underwriters’ option to purchase additional shares, at a price to the public of $4.85 per share. The Company completed the offering on January 7, 2021 and received net proceeds of approximately $53.5 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. At-The-Market Offering of Common Stock 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 its 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 an at-the-market offering program with FBR Capital Markets & Co., now known as B. Riley Securities. Under this at-the-market offering program, the Company did not sell any shares of its common stock during the years ended December 31, 2019 or December 31, 2020. The consummation of the January 2021 public offering of common stock effectively reduced the common shares available for issuance under the at-the-market offering program to approximately $42.9 million. |
WARRANTS
WARRANTS | 3 Months Ended |
Mar. 31, 2021 | |
Warrant [Abstract] | |
WARRANTS | NOTE 9. WARRANTS Equity Classified Common Stock Warrants 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 as part of which the Company the five-year In connection with a March 2018 direct registered offering (the “March 2018 Direct Registered Offering”), the Company issued (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 common stock at an exercise price of $8.31 per share (the “2018 Offering Warrants”). The 2018 Offering Warrants became exercisable upon issuance and expire in March 2025 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 were 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 assumptions: Upon Issuance Common Stock Warrants: Expected term (in years) 7.0 Expected volatility (%) 62.5% Risk-free interest rate (%) 2.8% Expected dividend yield (%) 0% The allocated proceeds from the 2018 Offering Warrants of $6.6 million were recorded in additional paid-in-capital Liability Classified Common Stock Warrants In connection with private placement offerings in 2016 and 2017 (the “2016 and 2017 Private Placements”), the Company issued warrants that provide the warrant holder the right to purchase 1,720,512 and 1,380,745 shares of common stock (the “2017 and 2016 Placement Warrants”, respectively). The 2017 and 2016 Placement Warrants 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 warrant agreement. 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 (expense) income, 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, 2021 Warrants Outstanding at March 31, 2021 2017 Placement Warrants January 2017 7 years $ 3.17 112,609 1,506,281 2016 Placement Warrants August and September 2016 7 years $ 2.95 552 536,711 Total 113,161 2,042,992 During the three months ended March 31, 2021 and 2020, the Company recorded a loss of $0.9 million and a gain of $2.9 million, respectively, related to the change in fair value of the 2017 and 2016 Placement Warrants. The fair value of the 2017 and 2016 Placement Warrants at March 31, 2021 and December 31, 2020, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions: 2017 Placement Warrants 2016 Placement Warrants March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Expected term (in years) 2.8 3.0 2.4 2.6 Expected volatility 90.3 % 86.9 % 89.4 % 86.3 % Risk-free interest rate 0.3 % 0.2 % 0.2 % 0.2 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 10. STOCK-BASED COMPENSATION As of March 31, 2021, the Company had an active stock-based incentive compensation plan, an employee stock purchase plan and an equity inducement plan: the 2015 Equity Incentive Award Plan (as amended and restated, the “2015 Plan”), the 2015 Employee Stock Purchase Plan (as amended and restated, the “ESPP”), and the 2018 Equity Inducement Award Program (the “2018 Plan”), respectively. All new equity compensation grants are issued under these three plans; however, outstanding awards previously issued under inactive plans will continue to vest and remain exercisable in accordance with the terms of the respective plans. The 2015 Plan and the 2018 Plan provide for the grant of stock and stock-based awards including stock options, restricted stock units (including deferred stock units), performance-based stock units, and stock appreciation rights. As of March 31, 2021, there were 5.2 million shares available for grant under the 2015 Plan and 2018 Plan. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended March 31, 2021 2020 Cost of revenue $ 236 $ 238 Research and development 637 520 Selling and marketing 295 216 General and administrative 7,326 4,527 Total stock-based compensation expense $ 8,494 $ 5,501 The Company’s stock-based compensation expense is based on the value of the portion of share-based payment awards that are ultimately expected to vest, assuming estimated forfeitures at the time of grant. Stock-based compensation relating to stock-based awards granted to consultants was insignificant for the three months ended March 31, 2021 and 2020. Restricted Stock Units and Deferred Stock Units: The Company grants Restricted Stock Units, or RSUs, to its board of directors and employees for their services. Additionally, the Company grants Deferred Stock Units, or DSUs, to its board of directors at their election in lieu of retainer and committee service fees. The DSUs granted to board members 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, the occurrence of a change in control event, or the tenth anniversary of the grant date. The RSUs granted to employees and/or board members vest in equal annual or monthly installments over either two or three years from the grant date and are subject to the participants continuing service to the Company over that period. The weighted-average grant date fair value of RSUs granted three months ended March 31, 2021 and 2020 was $4.67 per share, and $3.09 per share, respectively. In March 2021, the Company introduced a performance share plan (the “2021 PSU Plan”) as a component of its equity grants for 2021. The 2021 PSU Plan provides for the award of performance share units which will be awarded based on a metric around the Company’s compound annual revenue growth rate over a three-year A summary of the Company’s RSU activity and related information is as follows: RSUs Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2020 8,046,399 $ 3.41 RSUs granted 2,890,478 4.67 RSUs vested (1,556,823 ) 3.54 RSUs forfeited (162,558 ) 3.66 Unvested at March 31, 2021 9,217,496 $ 3.79 Vested and unreleased 177,644 Outstanding at March 31, 2021 9,395,140 The total grant date fair value of RSUs awarded was $13.5 million and $12.9 million for the three months ended March 31, 2021 and 2020, respectively. The total grant date fair value of RSUs vested was $5.5 million, and $1.9 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, total unrecognized stock-based compensation cost related to RSUs, net of estimated forfeitures, was $22.0 million, which is expected to be recognized over a weighted-average period of 2.1 years. As of March 31, 2021, 8.6 million shares of RSUs are expected to vest. Stock Options: Stock options awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant and with a four-year A summary of the Company’s stock option activity and related information is as follows: Number of Stock Options Outstanding Weighted-Average Exercise Price Weighted- Average Remaining Contractual (Years) Aggregate Intrinsic Value (In Options outstanding at December 31, 2020 8,142,348 $ 7.14 7.3 $ 2,638 Options granted — — Options exercised (6,021 ) 3.10 Options cancelled or forfeited (39,422 ) 6.58 Options outstanding at March 31, 2021 8,096,905 $ 7.15 6.9 $ 3,309 Options exercisable at March 31, 2021 5,676,389 $ 7.24 6.4 $ 1,755 Options vested and expected to vest at March 31, 2021 7,889,379 $ 7.18 6.9 $ 3,101 There were no options granted to employees for the three months ended March 31, 2021 The weighted-average grant date fair value of options granted to employees was $1.46 per share for the three months ended March 31, 2020. The grant date fair value of options vested was $1.7 million and $3.0 million for the three months ended March 31, 2021 and 2020, 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 nominal for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, total unrecognized stock-based compensation cost related to stock options granted to employees, net of estimated forfeitures, was $8.6 million, which is expected to be recognized over a weighted-average period of 1.8 years. 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 risk-free interest rate is based on the zero-coupon U.S. Treasury notes, with maturities similar to the expected term of the options. The Company has not paid and does not anticipate paying cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. During the fourth quarter of 2020, the Company began to determine volatility by solely using the Company’s own historical volatility measurements, since more than four years of historical data became available in the public market. Prior to the fourth quarter of 2020, the Company determined the volatility for stock options granted based on the average historical price volatility for the Company and industry peers over a period equivalent to the expected term of the stock option grants. The forfeiture rate of stock options is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures have been estimated by the Company based upon historical and expected forfeiture experience. The fair value of employee stock options was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2020 Expected term (in years) 6.1 Expected volatility 66.5% Risk-free interest rate 1.4% Expected dividend yield 0.0% Employee Stock Purchase Plan In July 2015, the Company adopted the Employee Stock Purchase Plan, or ESPP. Certain employees, as defined by the ESPP, are eligible to participate in the ESPP if employed by the Company for at least 20 hours per week during at least five months per calendar year. Participating employees may contribute up to the lesser of 15% of their eligible earnings or $30,000 during each offering period, provided that in no event shall a participating employee be permitted to purchase more than 3,000 shares of common stock during each offering period. During 2021, the first offering period provided to eligible employees is January 1, 2021 through June 30, 2021. The purchase price of common stock purchased under the ESPP is currently equal to 85% of the lesser of the fair market value of a share of common stock on: 1) the first trading day of an offering period and 2) the last trading of each offering period. At March 31, 2021, 3.5 million shares were reserved for issuance under the ESPP. No more than 3.5 million shares of common stock may be issued under the ESPP. As of March 31, 2021, 0.2 million shares have been issued under the ESPP and 3.3 million shares remained available for future issuance under the ESPP. Purchase rights granted under the ESPP are valued using the Black-Scholes pricing model. |
INCOME TAX
INCOME TAX | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 11. INCOME TAX Due to the current operating losses, the Company recorded zero income tax expense during the three months ended March 31, 2021 and 2020, 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. 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 in the future. Accordingly, the Company’s deferred tax assets, which include 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, 2021. 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 $2.8 million and $2.7 million at March 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020 , there were no accrued interest and penalties related to uncertain tax positions. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes provisions relating to refundable payroll tax credits, deferment of the employer portion of certain payroll taxes, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The enactment of the CARES Act did not result in any material adjustments to our income tax provision for the three months ended March 31, 2021 and 2020. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | NOTE 12. Diluted earnings per share (“EPS”) includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the years ended March 31, 2021 and 2020 excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported loss per share. The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share: Three Months Ended March 31, 2021 2020 Stock options outstanding 8,096,905 10,412,952 Warrants to purchase common stock - liability classified 2,042,992 2,156,153 Warrants to purchase common stock - equity classified 1,418,116 1,457,856 Unvested restricted stock units 9,217,496 8,002,687 Total 20,775,509 22,029,648 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 13. 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 $0.1 million during the three months ended March 31, 2021 and 2020, respectively, and were recorded as product cost of revenue. In November 2019, the Company entered into a distribution agreement with Chindex Shanghai International Trading Company Limited, or Chindex, which became effective in February 2020. Chindex is a subsidiary of Fosun International Limited, or Fosun. Under the distribution agreement, Chindex will act as the Company’s distributor and regulatory agent for the sale and delivery of its MRIdian products within the People’s Republic of China, excluding Hong Kong, Macau and Taiwan. The distribution agreement has an initial term of five years with an option to renew for an additional five years. Under the distribution agreement, the Company will supply its products and services to Chindex based on an agreed upon price between the Company and Chindex. In accordance with the agreement, Chindex agreed to pay ViewRay an upfront fee, portions of which may be refundable under certain conditions, of $3.5 million, payable in three installments: (i) the first installment of $1.5 million due approximately 60 days after the effectiveness of the distribution agreement; (ii) the second installment of $1.0 million due on the first anniversary from the effective date of the agreement; and (iii) the third installment of $1.0 million due on the second anniversary from the effective date of the agreement. The Company received the first installment in the fourth quarter of 2020. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14. SUBSEQUENT EVENTS The Company has evaluated the period subsequent to March 31, 2021 for material events that did not exist at the balance sheet date but arose after that date and determined that no additional subsequent events arose that should be disclosed in order to keep the financial statements from being misleading. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 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, 2020. |
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, 2020 filed with the SEC on March 5, 2021, and have not changed significantly since that filing. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. For smaller reporting companies, as defined by the SEC, ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022. The standard is effective for the Company on January 1, 2023. The Company is currently assessing the impact of ASU 2016-13 on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, an update to ASC Topic 470, Subtopic - 20, Debt - Debt with Conversion and Other Options, and ASC Topic 815, Subtopic – 40, Derivatives and Hedging - Contracts in Entity's Own Equity. The ASU simplifies the guidance for certain financial instruments with characteristics of liability and equity, including convertible instruments and contracts on an entity’s own equity by reducing the number of accounting models for convertible instruments and amends guidance in ASC Topic 260, Earnings Per Share, relating to the computation of earnings per share for convertible instruments and contracts on an entity’s own equity. The ASU is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2021, with early adoption permitted for fiscal years that begin after December 15, 2020. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. No significant changes were made to our condensed consolidated financial statements and related notes in order to comply with ASU 2020-04. |
BALANCE SHEET COMPONENTS (Table
BALANCE SHEET COMPONENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, 2021 December 31, 2020 Prototype $ 17,711 $ 17,711 Machinery and equipment 17,587 17,486 Leasehold improvements 14,205 14,196 Furniture and fixtures 1,295 1,295 Software 1,389 1,389 Construction in progress 782 486 Property and equipment, gross 52,969 52,563 Less: accumulated depreciation and amortization (30,147 ) (28,501 ) Property and equipment, net $ 22,822 $ 24,062 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued payroll and related benefits $ 8,051 $ 12,810 Accrued accounts payable 1,945 2,810 Payroll withholding tax, sales and other tax payable 1,271 1,398 Accrued legal, accounting and professional fees 298 305 Product upgrade reserve 2,100 1,500 Other 499 458 Total accrued liabilities $ 14,164 $ 19,281 |
Schedule of Deferred Revenue | Deferred revenue consisted of the following (in thousands): March 31, 2021 December 31, 2020 Deferred revenue: Product $ 1,228 $ 1,888 Service 9,081 8,857 Distribution rights 1,802 1,921 Total deferred revenue 12,111 12,666 Less: current portion of deferred revenue (10,022 ) (10,094 ) Noncurrent portion of deferred revenue $ 2,089 $ 2,572 |
Schedule of Other Long Term Liabilities | Other long-term liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued interest, noncurrent portion $ 256 $ 99 Asset retirement obligation 890 857 Total other-long term liabilities $ 1,146 $ 956 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 4,072 $ 4,072 2016 Placement Warrants Liability — — 1,412 1,412 Total $ — $ — $ 5,484 $ 5,484 At December 31, 2020 Level 1 Level 2 Level 3 Total 2017 Placement Warrants Liability $ — $ — $ 3,675 $ 3,675 2016 Placement Warrants Liability — — 1,189 1,189 Total $ — $ — $ 4,864 $ 4,864 |
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, 2021 2020 Fair value, beginning of period $ 4,864 $ 5,373 Change in fair value of Level 3 financial liabilities 947 (2,869 ) Fair value of 2016 Placement Warrants at exercise (2 ) — Fair value of 2017 Placement Warrants at exercise (325 ) — Fair value, end of period $ 5,484 $ 2,504 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Scheduled Future Payments on Term Loan | The Company’s scheduled future payments on the SVB Term Loan at March 31, 2021 are as follows (in thousands): Year Ended December 31, The remainder of 2021 $ — 2022 3,222 2023 19,333 2024 19,333 2025 16,112 Total future principal payments 58,000 Less: unamortized debt discount (978 ) Carrying value of long-term debt 57,022 Less: current portion — Long-term portion $ 57,022 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Lease Costs and Cash Flow Transactions Arising From Lease Transactions | The Company recognized the following lease costs arising from lease transactions (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost $ 781 $ 781 The Company recognized the following cash flow transactions arising from lease transactions (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 803 $ 783 Right-of-use assets obtained in exchange for new operating lease liabilities — — |
Schedule of Future Minimum Payments and Interest Expense for Operating Leases | At March 31, 2021, the future payments and interest expense for the operating leases are as follows (in thousands): Year Ending December 31, Future Payments The remainder of 2021 $ 2,044 2022 2,659 2023 2,738 2024 2,774 2025 2,096 2026 147 Total undiscounted cash flows $ 12,458 Less: imputed interest (1,924 ) Present value of lease liabilities $ 10,534 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 U.S. Product $ 5,067 $ 1,618 Service 2,367 1,466 Total U.S. revenue $ 7,434 $ 3,084 Outside of U.S. ("OUS") Product $ 6,312 $ 9,852 Service 1,660 1,195 Distribution rights 119 119 Total OUS revenue $ 8,091 $ 11,166 Total Product $ 11,379 $ 11,470 Service 4,027 2,661 Distribution rights 119 119 Total revenue $ 15,525 $ 14,250 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Warrant [Abstract] | |
Summary of Assumptions using Black- Scholes Option Pricing Model to estimate fair value | 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 assumptions: Upon Issuance Common Stock Warrants: Expected term (in years) 7.0 Expected volatility (%) 62.5% Risk-free interest rate (%) 2.8% Expected dividend yield (%) 0% 2017 Placement Warrants 2016 Placement Warrants March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Expected term (in years) 2.8 3.0 2.4 2.6 Expected volatility 90.3 % 86.9 % 89.4 % 86.3 % Risk-free interest rate 0.3 % 0.2 % 0.2 % 0.2 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % |
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, 2021 Warrants Outstanding at March 31, 2021 2017 Placement Warrants January 2017 7 years $ 3.17 112,609 1,506,281 2016 Placement Warrants August and September 2016 7 years $ 2.95 552 536,711 Total 113,161 2,042,992 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recognized in the Company’s consolidated statements of operations and comprehensive loss is classified as follows (in thousands): Three Months Ended March 31, 2021 2020 Cost of revenue $ 236 $ 238 Research and development 637 520 Selling and marketing 295 216 General and administrative 7,326 4,527 Total stock-based compensation expense $ 8,494 $ 5,501 |
Summary of RSU Activity | A summary of the Company’s RSU activity and related information is as follows: RSUs Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2020 8,046,399 $ 3.41 RSUs granted 2,890,478 4.67 RSUs vested (1,556,823 ) 3.54 RSUs forfeited (162,558 ) 3.66 Unvested at March 31, 2021 9,217,496 $ 3.79 Vested and unreleased 177,644 Outstanding at March 31, 2021 9,395,140 |
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: Number of Stock Options Outstanding Weighted-Average Exercise Price Weighted- Average Remaining Contractual (Years) Aggregate Intrinsic Value (In Options outstanding at December 31, 2020 8,142,348 $ 7.14 7.3 $ 2,638 Options granted — — Options exercised (6,021 ) 3.10 Options cancelled or forfeited (39,422 ) 6.58 Options outstanding at March 31, 2021 8,096,905 $ 7.15 6.9 $ 3,309 Options exercisable at March 31, 2021 5,676,389 $ 7.24 6.4 $ 1,755 Options vested and expected to vest at March 31, 2021 7,889,379 $ 7.18 6.9 $ 3,101 |
Schedule of Weighted-Average Assumptions Used in Black-Scholes Option-Pricing Model to Estimate Fair Value of Employee Stock Options at Grant Date | The fair value of employee stock options was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2020 Expected term (in years) 6.1 Expected volatility 66.5% Risk-free interest rate 1.4% Expected dividend yield 0.0% |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share | The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share: Three Months Ended March 31, 2021 2020 Stock options outstanding 8,096,905 10,412,952 Warrants to purchase common stock - liability classified 2,042,992 2,156,153 Warrants to purchase common stock - equity classified 1,418,116 1,457,856 Unvested restricted stock units 9,217,496 8,002,687 Total 20,775,509 22,029,648 |
BACKGROUND AND ORGANIZATION - A
BACKGROUND AND ORGANIZATION - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Net loss | $ (26,743) | $ (27,532) | |
Net cash used in operations | (26,307) | $ (34,999) | |
Cash and cash equivalents | $ 182,019 | $ 156,720 |
BALANCE SHEET COMPONENTS - Sche
BALANCE SHEET COMPONENTS - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 52,969 | $ 52,563 |
Less: accumulated depreciation and amortization | (30,147) | (28,501) |
Property and equipment, net | 22,822 | 24,062 |
Prototype | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 17,711 | 17,711 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 17,587 | 17,486 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 14,205 | 14,196 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,295 | 1,295 |
Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,389 | 1,389 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 782 | $ 486 |
BALANCE SHEET COMPONENTS - Addi
BALANCE SHEET COMPONENTS - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation and amortization | $ 1.6 | $ 1.5 |
BALANCE SHEET COMPONENTS - Sc_2
BALANCE SHEET COMPONENTS - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued payroll and related benefits | $ 8,051 | $ 12,810 |
Accrued accounts payable | 1,945 | 2,810 |
Payroll withholding tax, sales and other tax payable | 1,271 | 1,398 |
Accrued legal, accounting and professional fees | 298 | 305 |
Product upgrade reserve | 2,100 | 1,500 |
Other | 499 | 458 |
Total accrued liabilities | $ 14,164 | $ 19,281 |
BALANCE SHEET COMPONENTS - Sc_3
BALANCE SHEET COMPONENTS - Schedule of Deferred Revenue (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deferred Revenue [Line Items] | ||
Total deferred revenue | $ 12,111 | $ 12,666 |
Less: current portion of deferred revenue | (10,022) | (10,094) |
Noncurrent portion of deferred revenue | 2,089 | 2,572 |
Product | ||
Deferred Revenue [Line Items] | ||
Total deferred revenue | 1,228 | 1,888 |
Service | ||
Deferred Revenue [Line Items] | ||
Total deferred revenue | 9,081 | 8,857 |
Distribution Rights | ||
Deferred Revenue [Line Items] | ||
Total deferred revenue | $ 1,802 | $ 1,921 |
BALANCE SHEET COMPONENTS - Sc_4
BALANCE SHEET COMPONENTS - Schedule of Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued interest, noncurrent portion | $ 256 | $ 99 |
Asset retirement obligation | 890 | 857 |
Total other-long term liabilities | $ 1,146 | $ 956 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS- Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Warrants exercised | 113,161 | |
Change in fair value of Level 3 financial liabilities | $ (947) | $ 2,869 |
2016 and 2017 Private Placement Warrants | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Warrants exercised | 113,161 | 0 |
Aggregate fair value of warrants upon exercise | $ 300 | |
Change in fair value of Level 3 financial liabilities | $ (900) | $ 2,900 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Financial Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | $ 5,484 | $ 4,864 |
Fair Value Measurement on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Warrant Liability | 5,484 | 4,864 |
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 | 4,072 | 3,675 |
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 | 1,412 | 1,189 |
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 | 5,484 | 4,864 |
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 | 4,072 | 3,675 |
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 | $ 1,412 | $ 1,189 |
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, 2021 | Mar. 31, 2020 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value, beginning of period | $ 4,864 | $ 5,373 |
Change in fair value of Level 3 financial liabilities | 947 | (2,869) |
Fair value, end of period | 5,484 | 2,504 |
2016 Placement Warrants | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of Placement Warrants at exercise | (2) | 0 |
2017 Placement Warrants | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value of Placement Warrants at exercise | $ (325) | $ 0 |
DEBT- Additional Information (D
DEBT- Additional Information (Detail) $ in Thousands | Oct. 30, 2020USD ($)Installment | Oct. 29, 2020USD ($) | Dec. 30, 2019 | Dec. 31, 2018USD ($)Installment | Mar. 31, 2021USD ($) | Dec. 31, 2018USD ($) |
SVB Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Total principal amount | $ 58,000 | $ 56,000 | $ 56,000 | $ 58,000 | $ 56,000 | |
Debt maturity date | Oct. 1, 2025 | Dec. 1, 2023 | ||||
Debt instrument interest rate percentage | 6.30% | 6.30% | 6.30% | |||
Frequency of periodic payment | monthly | monthly | ||||
Number of installments | Installment | 36 | 36 | ||||
Number of installments if achieving trailing revenue target and company so elects | Installment | 30 | |||||
Debt instrument description | revise the thirty-six equal monthly payments of principal to begin on November 1, 2022 | 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 | 3.70% | 3.15% | 3.15% | 3.15% | ||
Proceeds from term loan | $ 55,400 | |||||
Legal and consulting fees | $ 600 | |||||
Debt instrument first amendment terms | The First Amendment, among other things, amended the SVB Term Loan to (i) suspend testing of the minimum revenue financial covenant for the fiscal quarter ended December 31, 2019, (ii) provide for the minimum trailing twelve-month revenue thresholds under the minimum revenue financial covenant for periods ending on the last day of fiscal quarters in fiscal years subsequent to 2020 to be determined annually at the greater of (a) a 25% cushion to revenue forecasts provided by the Company to SVB and (b) 10% year-over-year annual growth, unless otherwise agreed, (iii) increase the minimum liquidity ratio financial covenant from 1.50:1.00 to 1.75:1.00 and (iv) increase the prepayment premium from 1.00% to 2.00% for amounts prepaid under the SVB Term Loan prior to the maturity date thereof, subject to certain exceptions. | |||||
Debt instrument minimum liquidity ratio financial covenant | 170.00% | 175.00% | 150.00% | 175.00% | ||
Debt instrument prepayment premium percentage | 3.00% | 2.00% | 1.00% | 2.00% | ||
Debt instrument second amendment terms | The Second Amendment, among other things, amended the SVB Term Loan to (i) increase the term loan agreement principal amount from $56.0 million to $58.0 million, (ii) revise the thirty-six equal monthly payments of principal to begin on November 1, 2022, (iii) revise the maturity date to October 1, 2025, (iv) decrease the interest rate from a fixed rate of 6.3% to a floating rate of 2.4% above the Prime Rate, (v) increase the final payment from 3.15% of the original aggregate principal amount to 3.7% of the revised aggregate principal amount, (vi) revise the minimum trailing twelve-month revenue thresholds under the minimum revenue financial covenant for periods ending on the last day of fiscal quarters in fiscal years subsequent to 2020, (vii) decrease the minimum liquidity ratio financial covenant from 1.75:1.00 to 1.70:1.00, (viii) remove the minimum cash balance as a condition of the minimum revenue financial covenant and the minimum liquidity ratio financial covenant, and (ix) increase the prepayment premium from 2.00% to 3.00% for the first 30 months of the term for amounts prepaid under the SVB Term Loan prior to the maturity date thereof, subject to certain exceptions. | |||||
Final payment percentage of original principal amount | 3.70% | 3.15% | 3.15% | 3.15% | ||
Minimum trailing period for revenue thresholds under minimum revenue financial covenant | 12 months | |||||
Debt instrument final payment | $ 800 | |||||
SVB Term Loan | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument floating rate | 2.40% | |||||
CRG Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt extinguishment loss | $ 2,400 | $ 2,400 | ||||
Write-offs of unamortized debt discount and debt issuance costs | $ 300 | $ 300 |
DEBT- Scheduled Future Payments
DEBT- Scheduled Future Payments on Term Loan (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 30, 2020 | Oct. 29, 2020 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||||
Less: current portion | $ 0 | $ 0 | |||
Long-term portion | 57,022 | $ 56,940 | |||
SVB Term Loan | |||||
Debt Instrument [Line Items] | |||||
The remainder of 2021 | 0 | ||||
2022 | 3,222 | ||||
2023 | 19,333 | ||||
2024 | 19,333 | ||||
2025 | 16,112 | ||||
Total future principal payments | 58,000 | $ 58,000 | $ 56,000 | $ 56,000 | |
Less: unamortized debt discount | (978) | ||||
Carrying value of long-term debt | 57,022 | ||||
Less: current portion | 0 | ||||
Long-term portion | $ 57,022 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Millions | Mar. 03, 2021ft² | Sep. 10, 2019Patent | Mar. 31, 2021USD ($)ft² |
Operating Leased Assets [Line Items] | |||
Weighted-average remaining lease term | 4 years 6 months | ||
Weighted-average discount rate | 7.70% | ||
Number of patents infringes | Patent | 2 | ||
Purchase commitments | $ | $ 2.9 | ||
Lease Agreement | Oakwood Village, Ohio | |||
Operating Leased Assets [Line Items] | |||
Area of land | 19,800 | ||
Lease agreement, expiration date | 2026-10 | ||
Lease Agreement | Mountain View, California | |||
Operating Leased Assets [Line Items] | |||
Area of land | 25,500 | ||
Lease agreement, expiration date | 2025-07 | ||
Additional area of land | 24,600 | ||
Additional area lease agreement, expiration date | 2025-12 | ||
Lease Agreement | Maximum | Mountain View, California | |||
Operating Leased Assets [Line Items] | |||
Lease agreement, renewal term | 5 years | ||
Sub-Lease Agreement | Denver, Colorado | |||
Operating Leased Assets [Line Items] | |||
Area of land | 12,800 | 19,800 | |
Lease agreement, expiration date | 2021-07 | ||
Lease commencement date | 2019-06 | ||
Lease commencement date | Sep. 1, 2021 | ||
Lease agreement, expiration date | Oct. 31, 2024 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Lease Costs Arising From Lease Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 781 | $ 781 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Schedule of Cash Flow Transactions Arising From Lease Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 803 | $ 783 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Payments and Interest Expense for Operating Leases (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
The remainder of 2021 | $ 2,044 |
2022 | 2,659 |
2023 | 2,738 |
2024 | 2,774 |
2025 | 2,096 |
2026 | 147 |
Total undiscounted cash flows | 12,458 |
Less: imputed interest | (1,924) |
Present value of lease liabilities | $ 10,534 |
REVENUE - Summary of Revenue Di
REVENUE - Summary of Revenue Disaggregated by Types and Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | $ 15,525 | $ 14,250 |
Product | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 11,379 | 11,470 |
Service | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 4,027 | 2,661 |
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 | 7,434 | 3,084 |
U.S. | Product | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 5,067 | 1,618 |
U.S. | Service | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 2,367 | 1,466 |
Outside of U.S. ("OUS") | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 8,091 | 11,166 |
Outside of U.S. ("OUS") | Product | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 6,312 | 9,852 |
Outside of U.S. ("OUS") | Service | ||
Disaggregation Of Revenue [Line Items] | ||
Product, service and distribution rights revenue | 1,660 | 1,195 |
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) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Aug. 31, 2016 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2014 | |
Revenues [Line Items] | |||||
Long-term trade receivables | $ 100,000 | $ 100,000 | |||
Long-term trade credit maintenance services term | 1 year | ||||
Contract asset | $ 13,600,000 | 6,600,000 | |||
Allowance for credit losses | 0 | $ 0 | |||
Deferred revenue, recognized | 4,200,000 | $ 3,300,000 | |||
Company recognized revenue from performance obligations satisfied in a prior period | $ 0 | ||||
Minimum | |||||
Revenues [Line Items] | |||||
Expected long-term trade receivables collection period | 2 years | ||||
Maximum | |||||
Revenues [Line Items] | |||||
Expected long-term trade receivables collection period | 3 years | ||||
Itochu Corporation Agreement | Distribution Rights | |||||
Revenues [Line Items] | |||||
Distribution revenue reclassified as deferred revenue | $ 4,000,000 | ||||
Remaining term of distribution agreement | 8 years 6 months |
EQUITY FINANCING - Additional I
EQUITY FINANCING - Additional Information (Detail) - USD ($) | Jan. 07, 2021 | Jan. 04, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2019 |
Common Stock | ||||||
Subsidiary Sale Of Stock [Line Items] | ||||||
Stock issued during period | 11,856,500 | |||||
Underwriters | Common Stock | ||||||
Subsidiary Sale Of Stock [Line Items] | ||||||
Underwriting agreement date | Jan. 4, 2021 | |||||
Number of shares issued in transaction | 11,856,500 | |||||
Sale of stock, price | $ 4.85 | |||||
Aggregate proceeds from issuance of common stock | $ 53,500,000 | |||||
At The Market Offering Program January 2019 | ||||||
Subsidiary Sale Of Stock [Line Items] | ||||||
Maximum common stock saleable shares, value | $ 42,900,000 | |||||
At The Market Offering Program January 2019 | Maximum | ||||||
Subsidiary Sale Of Stock [Line Items] | ||||||
Maximum aggregate offering price | $ 250,000,000 | |||||
Maximum common stock saleable shares, value | $ 100,000,000 | |||||
At The Market Offering Program January 2019 | Common Stock | ||||||
Subsidiary Sale Of Stock [Line Items] | ||||||
Stock issued during period | 0 | 0 |
WARRANTS - Additional Informati
WARRANTS - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Aug. 31, 2015 | Jul. 31, 2015 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2018 | Dec. 31, 2018 | Jan. 31, 2017 | Sep. 30, 2016 | |
Common Stock Warrants [Line Items] | ||||||||
Placement warrants not exercised and remained outstanding | 2,042,992 | |||||||
Change in fair value of warrant liability | $ 947 | $ (2,869) | ||||||
Common Stock | ||||||||
Common Stock Warrants [Line Items] | ||||||||
Issuance of common stock upon public offering, shares | 11,856,500 | |||||||
March 2018 Direct Registered Offering | Common Stock | ||||||||
Common Stock Warrants [Line Items] | ||||||||
Issuance of common stock upon public offering, shares | 4,090,000 | |||||||
March 2018 Direct Registered Offering | Series A Convertible Preferred Stock | ||||||||
Common Stock Warrants [Line Items] | ||||||||
Issuance of common stock upon public offering, shares | 3,000,581 | |||||||
March 2018 Direct Registered Offering | Common Stock Warrants | ||||||||
Common Stock Warrants [Line Items] | ||||||||
Warrants issued | 1,418,116 | |||||||
Exercise price | $ 8.31 | |||||||
Number of warrant exercised | 0 | |||||||
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 | |||||||
Allocated portion of proceeds from issuance of stock and warrants recorded in additional paid-in-capital | $ 6,600 | |||||||
2015 Placement Warrants | ||||||||
Common Stock Warrants [Line Items] | ||||||||
Warrants issued | 198,760 | 198,760 | ||||||
Exercise price | $ 5 | $ 5 | ||||||
Common stock warrants, expiry term | 5 years | 5 years | ||||||
Number of warrant exercised | 159,010 | |||||||
Stock issued during period | 92,487 | |||||||
Number of warrant expired | 39,750 | 39,750 | ||||||
Placement warrants not exercised and remained outstanding | 0 | |||||||
2016 Placement Warrants | ||||||||
Common Stock Warrants [Line Items] | ||||||||
Warrants issued | 1,380,745 | |||||||
Exercise price | $ 2.95 | |||||||
Common stock warrants, expiry term | 7 years | |||||||
Placement warrants not exercised and remained outstanding | 536,711 | |||||||
2017 Placement Warrants | ||||||||
Common Stock Warrants [Line Items] | ||||||||
Warrants issued | 1,720,512 | |||||||
Exercise price | $ 3.17 | |||||||
Common stock warrants, expiry term | 7 years | |||||||
Placement warrants not exercised and remained outstanding | 1,506,281 | |||||||
2016 and 2017 Private Placement Warrants | Common Stock | ||||||||
Common Stock Warrants [Line Items] | ||||||||
Change in fair value of warrant liability | $ 900 | $ (2,900) |
WARRANTS - Summary of Assumptio
WARRANTS - Summary of Assumptions to Use Option Pricing Model (Detail) | Mar. 31, 2021 | Dec. 31, 2020 |
Common Stock Warrants | 2018 Direct Registered Offering | Expected Term | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Expected term (in years) | 7 years | |
Common Stock Warrants | 2018 Direct Registered Offering | Expected Volatility | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.625 | |
Common Stock Warrants | 2018 Direct Registered Offering | Risk-free Interest Rate | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.028 | |
Common Stock Warrants | 2018 Direct Registered Offering | Expected Dividend Yield | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0 | |
2017 Placement Warrants | Expected Term | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Expected term (in years) | 2 years 9 months 18 days | 3 years |
2017 Placement Warrants | Expected Volatility | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.903 | 0.869 |
2017 Placement Warrants | Risk-free Interest Rate | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.003 | 0.002 |
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) | 2 years 4 months 24 days | 2 years 7 months 6 days |
2016 Placement Warrants | Expected Volatility | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.894 | 0.863 |
2016 Placement Warrants | Risk-free Interest Rate | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0.002 | 0.002 |
2016 Placement Warrants | Expected Dividend Yield | ||
Fair Value Inputs1 Liabilities Quantitative Information [Line Items] | ||
Warrants, fair value measurement inputs | 0 | 0 |
WARRANTS - Schedule of Key Term
WARRANTS - Schedule of Key Terms of Placement Warrants (Detail) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrants Exercised | 113,161 |
Warrants Outstanding | 2,042,992 |
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 | $ / shares | $ 3.17 |
Warrants Exercised | 112,609 |
Warrants Outstanding | 1,506,281 |
2016 Placement Warrants | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Issuance Date | August and September 2016 |
Term | 7 years |
Exercise Price Per Share | $ / shares | $ 2.95 |
Warrants Exercised | 552 |
Warrants Outstanding | 536,711 |
STOCK-BASED COMPENSATION - Addi
STOCK-BASED COMPENSATION - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Weighted average period for recognition of compensation costs | 1 year 9 months 18 days | ||
Expiration period of stock option plan | 10 years | ||
Options granted to employees | 0 | ||
Weighted average grant date fair value of options granted, per share | $ 1.46 | ||
Grant date fair value of options vested | $ 1,700 | $ 3,000 | |
Unrecognized compensation cost | $ 8,600 | ||
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average grant date fair value of RSUs granted | $ 4.67 | $ 3.09 | |
Total grant date fair value of RSUs | $ 13,500 | $ 12,900 | |
Total fair value of RSUs vested | 5,500 | $ 1,900 | |
Unrecognized stock based compensation cost | $ 22,000 | ||
Weighted average period for recognition of compensation costs | 2 years 1 month 6 days | ||
Shares expected to vest | 8,600,000 | ||
Restricted Stock Units (RSUs) | Employees and/or Board of Directors | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units (RSUs) | Employees and/or Board of Directors | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
2015 and 2018 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for grant | 5,200,000 | ||
2021 PSU Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of years of compound annual revenue growth rate used as metric to award performance share units | 3 years | ||
2015 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Purchase price as a percentage of fair market value per share | 85.00% | ||
Common stock reserved for issuance | 3,500,000 | ||
Number of common stock authorized for issuance | 3,500,000 | ||
Shares issued under ESPP | 200,000 | ||
Common stock remained available for issuance pursuant to the purchase plan | 3,300,000 | ||
2015 Employee Stock Purchase Plan | Offering Period | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum contribution percentage amount of employee's base compensation | 15.00% | ||
Maximum employee contribution in to share purchase plan per offering | $ 30,000 | ||
Maximum number of shares allowed for purchase by each employee | 3,000 |
STOCK-BASED COMPENSATION - Summ
STOCK-BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 8,494 | $ 5,501 |
Cost of Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 236 | 238 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 637 | 520 |
Selling and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 295 | 216 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 7,326 | $ 4,527 |
STOCK-BASED COMPENSATION - Su_2
STOCK-BASED COMPENSATION - Summary of RSU Activity (Detail) - RSU - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Unvested at December 31, 2020, Number of Shares | 8,046,399 | |
RSUs granted, Number of Shares | 2,890,478 | |
RSUs vested, Number of Shares | (1,556,823) | |
RSUs forfeited, Number of Shares | (162,558) | |
Unvested at March 31, 2021, Number of Shares | 9,217,496 | |
Vested and unreleased, Number of Shares | 177,644 | |
Outstanding at March 31, 2021, Number of Shares | 9,395,140 | |
Unvested at December 31, 2020, Weighted Average Grant Date Fair Value | $ 3.41 | |
RSUs granted, Weighted Average Grant Date Fair Value | 4.67 | $ 3.09 |
RSUs vested, Weighted Average Grant Date Fair Value | 3.54 | |
RSUs forfeited, Weighted Average Grant Date Fair Value | 3.66 | |
Unvested at March 31, 2021, Weighted Average Grant Date Fair Value | $ 3.79 |
STOCK-BASED COMPENSATION - Su_3
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, 2021 | Dec. 31, 2020 | |
Number of Stock Options Outstanding | ||
Number of Stock Options Outstanding, Beginning balance | 8,142,348 | |
Number of Stock Options Outstanding, Options granted | 0 | |
Number of Stock Options Outstanding, Options exercised | (6,021) | |
Number of Stock Options Outstanding, Options cancelled or forfeited | (39,422) | |
Number of Stock Options Outstanding, Ending balance | 8,096,905 | 8,142,348 |
Number of Stock Options Outstanding, Options exercisable | 5,676,389 | |
Number of Stock Options Outstanding, Options vested and expected to vest | 7,889,379 | |
Weighted- Average Exercise Price | ||
Weighted- Average Exercise Price, Beginning balance | $ 7.14 | |
Weighted- Average Exercise Price, Options granted | 0 | |
Weighted- Average Exercise Price, Options exercised | 3.10 | |
Weighted- Average Exercise Price, Options cancelled or forfeited | 6.58 | |
Weighted- Average Exercise Price, Ending balance | 7.15 | $ 7.14 |
Weighted- Average Exercise Price, Options exercisable | 7.24 | |
Weighted- Average Exercise Price,Options vested and expected to vest | $ 7.18 | |
Weighted- Average Remaining Contractual Life (Years) | ||
Options Outstanding, Weighted- Average Remaining Contractual Life (Years) | 6 years 10 months 24 days | 7 years 3 months 18 days |
Weighted- Average Remaining Contractual Life (Years), Options exercisable | 6 years 4 months 24 days | |
Weighted- Average Remaining Contractual Life (Years), Options vested and expected to vest | 6 years 10 months 24 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value | $ 3,309 | $ 2,638 |
Aggregate Intrinsic Value, Options exercisable | 1,755 | |
Aggregate Intrinsic Value, Options vested and expected to vest | $ 3,101 |
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 Options at Grant Date (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Expected term (in years) | 6 years 1 month 6 days |
Expected volatility | 66.50% |
Risk-free interest rate | 1.40% |
Expected dividend yield | 0.00% |
INCOME TAX - Additional Informa
INCOME TAX - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 0 | $ 0 | |
Unrecognized tax benefits | 2,800,000 | $ 2,700,000 | |
Accrued interest and penalties related to uncertain tax positions | $ 0 | $ 0 |
NET LOSS PER SHARE - Dilutive S
NET LOSS PER SHARE - Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from calculation of diluted earnings per share | 20,775,509 | 22,029,648 |
Stock Options Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from calculation of diluted earnings per share | 8,096,905 | 10,412,952 |
Warrants To Purchase Common Stock - Liability Classified | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from calculation of diluted earnings per share | 2,042,992 | 2,156,153 |
Warrants To Purchase Common Stock - Equity Classified | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from calculation of diluted earnings per share | 1,418,116 | 1,457,856 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from calculation of diluted earnings per share | 9,217,496 | 8,002,687 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) | Nov. 29, 2019USD ($)Installment | Dec. 31, 2004USD ($)shares | Mar. 31, 2021USD ($) |
Related Party Transaction [Line Items] | |||
Percentage of royalty expense based on net sales | 1.00% | ||
Chindex Shanghai International Trading Company Limited | |||
Related Party Transaction [Line Items] | |||
Distribution agreement term | 5 years | ||
Distribution agreement additional term | 5 years | ||
Number of payment installments | Installment | 3 | ||
Chindex Shanghai International Trading Company Limited | Upfront Fees | |||
Related Party Transaction [Line Items] | |||
Distribution fees | $ 3,500,000 | ||
Chindex Shanghai International Trading Company Limited | Upfront Fees | First Installment | |||
Related Party Transaction [Line Items] | |||
Distribution fees | 1,500,000 | ||
Chindex Shanghai International Trading Company Limited | Upfront Fees | Second Installment | |||
Related Party Transaction [Line Items] | |||
Distribution fees | 1,000,000 | ||
Chindex Shanghai International Trading Company Limited | Upfront Fees | Third Installment | |||
Related Party Transaction [Line Items] | |||
Distribution fees | $ 1,000,000 | ||
University Of Florida Research Foundation | Licensing Agreements | |||
Related Party Transaction [Line Items] | |||
Common Stock granted in exchange for licensing | shares | 33,652 | ||
Percentage of royalty payment based on sale | 1.00% | ||
University Of Florida Research Foundation | Licensing Agreements | Minimum | |||
Related Party Transaction [Line Items] | |||
Royalty payment per quarter | $ 100,000 | ||
University Of Florida Research Foundation | Licensing Agreements | Cost of Revenue | |||
Related Party Transaction [Line Items] | |||
Royalty Expense | $ 100,000 |