Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SWAV | |
Entity Registrant Name | ShockWave Medical, Inc. | |
Entity Central Index Key | 0001642545 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 28,012,387 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 138,064 | $ 39,643 |
Accounts receivable, net | 3,939 | 2,850 |
Inventory | 7,014 | 5,131 |
Prepaid expenses and other current assets | 2,508 | 1,112 |
Total current assets | 151,525 | 48,736 |
Operating lease right-of-use assets | 2,645 | |
Property and equipment, net | 2,803 | 2,619 |
Other assets | 566 | 2,066 |
TOTAL ASSETS | 157,539 | 53,421 |
CURRENT LIABILITIES: | ||
Accounts payable | 3,967 | 1,487 |
Term notes, current portion | 3,333 | 1,667 |
Accrued liabilities | 6,439 | 6,217 |
Lease liability, current portion | 877 | |
Total current liabilities | 14,616 | 9,371 |
Lease liability, noncurrent portion | 1,916 | |
Term notes, noncurrent portion | 11,821 | 13,383 |
Convertible preferred stock warrant liability | 313 | |
Other liabilities | 136 | |
TOTAL LIABILITIES | 28,353 | 23,203 |
Commitments and contingencies (Note 6) | ||
Convertible preferred stock | 152,806 | |
STOCKHOLDERS’ EQUITY (DEFICIT): | ||
Preferred stock | ||
Common stock | 28 | 2 |
Additional paid-in capital | 268,822 | 4,275 |
Accumulated deficit | (139,664) | (126,865) |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 129,186 | (122,588) |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ 157,539 | $ 53,421 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue: | ||
Product revenue | $ 7,269 | $ 1,322 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Operating expenses: | ||
Cost of product revenue | $ 3,072 | $ 794 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Research and development | $ 7,484 | $ 5,516 |
Sales and marketing | 5,871 | 3,438 |
General and administrative | 3,001 | 1,376 |
Total operating expenses | 19,428 | 11,124 |
Loss from operations | (12,159) | (9,802) |
Interest expense | (245) | (18) |
Change in fair value of warrant liability | (609) | 41 |
Other income, net | 221 | 185 |
Net loss before taxes | (12,792) | (9,594) |
Income tax provision | 7 | |
Net loss | (12,799) | (9,594) |
Unrealized gain on available-for-sale securities | 1 | |
Total comprehensive loss | $ (12,799) | $ (9,593) |
Net loss per share, basic and diluted | $ (1.37) | $ (5.63) |
Shares used in computing net loss per share, basic and diluted | 9,364,755 | 1,705,144 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance at Dec. 31, 2017 | $ (83,292) | $ 2 | $ 2,470 | $ (1) | $ (85,763) | |
Temporary equity, Beginning balance, shares at Dec. 31, 2017 | 17,510,045 | |||||
Temporary equity, Beginning balance at Dec. 31, 2017 | $ 137,469 | |||||
Beginning balance, shares at Dec. 31, 2017 | 1,627,032 | |||||
Exercise of Series A-1 warrants | $ 312 | |||||
Temporary equity, Exercise of Series A-1 warrants, Shares | 52,169 | |||||
Issuance of common stock warrants | 104 | 104 | ||||
Exercise of stock options | 215 | 215 | ||||
Exercise of stock options, Shares | 143,422 | |||||
Unrealized gain on available-for-sale securities | 1 | $ 1 | ||||
Vesting of early exercised options | 22 | 22 | ||||
Stock-based compensation | 273 | 273 | ||||
Net loss | (9,594) | (9,594) | ||||
Ending balance at Mar. 31, 2018 | (92,271) | $ 2 | 3,084 | (95,357) | ||
Temporary equity, Ending balance, shares at Mar. 31, 2018 | 17,562,214 | |||||
Temporary equity, Ending balance at Mar. 31, 2018 | $ 137,781 | |||||
Ending balance, shares at Mar. 31, 2018 | 1,770,454 | |||||
Beginning balance at Dec. 31, 2018 | (122,588) | $ 2 | 4,275 | (126,865) | ||
Temporary equity, Beginning balance, shares at Dec. 31, 2018 | 18,670,328 | |||||
Temporary equity, Beginning balance at Dec. 31, 2018 | 152,806 | $ 152,806 | ||||
Beginning balance, shares at Dec. 31, 2018 | 1,824,852 | |||||
Exercise of common stock warrants for cash | 110 | 110 | ||||
Exercise of common stock warrants for cash, shares | 50,331 | |||||
Issuance of common stock upon net exercise of warrants | 133 | 133 | ||||
Issuance of common stock upon net exercise of warrants, shares | 101,744 | |||||
Conversion of preferred stock to common stock upon initial public offering | 152,806 | $ 18 | 152,788 | |||
temporary equity conversion of preferred stock shares to common stock upon initial public offering, shares | (18,670,328) | |||||
temporary equity conversion of preferred stock value to common stock upon initial public offering | $ (152,806) | |||||
Conversion of preferred to common stock upon initial public offering, Shares | 18,670,328 | |||||
Conversion of Series A-1 warrants to common stock warrants upon initial public offering | 789 | 789 | ||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $11.3 million | 100,139 | $ 7 | 100,132 | |||
Issuance of common stock in connection with initial public offering, net of issuance costs, Shares | 6,555,000 | |||||
Issuance of common stock in connection with private placement | 10,000 | $ 1 | 9,999 | |||
issuance of common stock in connection with private placement, shares | 588,235 | |||||
Exercise of stock options | $ 169 | 169 | ||||
Exercise of stock options, Shares | 80,515 | 80,515 | ||||
Vesting of early exercised options | $ 18 | 18 | ||||
Stock-based compensation | 412 | 412 | ||||
Adjustment for fractional shares resulting from reverse stock split | (3) | (3) | ||||
Adjustment for fractional shares resulting from reverse stock split | (114) | |||||
Net loss | (12,799) | (12,799) | ||||
Ending balance at Mar. 31, 2019 | $ 129,186 | $ 28 | $ 268,822 | $ (139,664) | ||
Ending balance, shares at Mar. 31, 2019 | 27,870,891 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Issuance costs, initial public offering | $ 11.3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (12,799) | $ (9,594) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 255 | 129 |
Stock-based compensation | 412 | 273 |
Amortization of right-of-use assets | 249 | |
Loss on write down of fixed assets | 19 | |
Change in fair value of warrant liability | 609 | (41) |
Amortization of debt issuance costs | 104 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,089) | (503) |
Inventory | (1,883) | (1,168) |
Prepaid expenses and other current assets | (1,396) | 11 |
Other assets | (19) | (143) |
Accounts payable | 369 | 346 |
Accrued and other current liabilities | 991 | (678) |
Lease liabilities | (237) | |
Other liabilities | (9) | |
Net cash used in operating activities | (14,415) | (11,377) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of available-for-sale securities | 1,807 | |
Purchase of property and equipment | (420) | (315) |
Net cash (used in) provided by investing activities | (420) | 1,492 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock upon initial public offering, net of issuance costs paid | 102,977 | |
Proceeds from issuance of common stock in private placement | 10,000 | |
Proceeds from stock option exercises | 169 | 315 |
Proceeds from warrant exercises | 110 | 101 |
Net cash provided by financing activities | 113,256 | 416 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 98,421 | (9,469) |
Cash, cash equivalents and restricted cash at beginning of period | 40,093 | 51,923 |
Cash, cash equivalents and restricted cash equivalents at end of period | 138,514 | 42,454 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid | 132 | 18 |
Income tax paid | 4 | |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued on conversion of convertible preferred stock | 152,806 | |
Issuance of Series A-1 convertible preferred stock on net exercise of warrants | 211 | |
Common stock issued upon net exercise of warrants | 133 | |
Common stock warrants issued on conversion of preferred stock warrants and the reclassification of the warrant liability | 789 | |
Deferred offering costs included in accounts payable and accrued liabilities | 2,215 | |
Right-of-use asset obtained in exchange for lease liability | 73 | |
Property and equipment purchases included in accounts payable | $ 93 | 74 |
Issuance of common stock warrants in connection with debt financing | $ 104 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation ShockWave Medical, Inc. (the “Company”) was incorporated on June 17, 2009. The Company is primarily engaged in the development of Intravascular Lithotripsy (“IVL”) technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular and heart valve disease. Built on a balloon catheter platform, the IVL technology uses lithotripsy to disrupt both superficial and deep vascular calcium, while minimizing soft tissue injury, and an integrated angioplasty balloon to dilate blockages at low pressures, restoring blood flow. In 2016, the Company began commercial and manufacturing operations, and began selling catheters based on the IVL technology. The Company’s headquarters are in Santa Clara, California. The Company is located and operates primarily in the United States and has a subsidiary in Germany. Initial Public Offering On March In addition, on the completion of the IPO, all the Company’s outstanding preferred stock warrants were converted into 54,903 common stock warrants, which resulted in the reclassification of the convertible preferred stock warrant liability to additional paid-in capital. Furthermore, Concurrent with the IPO, the Company issued 588,235 shares of its common stock in a private placement for net proceeds of $10.0 million. Reverse Stock Split In February 2019, the Company’s board of directors approved an amended and restated certificate of incorporation to effect a reverse split of shares Reverse Stock Split, aggregating to 45 whole shares of common stock and 69 whole shares of preferred stock for the period presented, which fractional shares will be settled in cash in fiscal 2019. Need for Additional Capital The Company has incurred significant losses and has negative cash flows from operations. As of March 31, 2019, the Company had an accumulated deficit of $139.7 million. Management expects to continue to incur additional substantial losses in the foreseeable future. As of March 31, 2019, the Company had cash and cash equivalents of $138.1 million, which are available to fund future operations. The Company believes that its cash and cash equivalents as of March 31, 2019, together with available borrowings under a revolving line of credit, will be sufficient for the Company to continue as a going concern for at least 12 months from the date the unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (“SEC”). The Company’s future capital requirements will depend on many factors, including its growth rate, the timing and extent of its spending to support research and development activities and the timing and cost of establishing additional sales and marketing capabilities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of SEC regarding interim financial reporting. The interim condensed consolidated balance sheet as of March 31, 2019, the condensed consolidated statements of operations and comprehensive loss, the condensed consolidated statements of convertible preferred stock and stockholders’ equity (deficit) and the statements of cash flows for the three months ended March 31, 2019 and 2018 are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position as of March 31, 2019 and its results of operations and cash flows for the three months ended March 31, 2019 and 2018. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three month periods are also unaudited. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the prospectus dated March 6, 2019 (“Prospectus”) that forms a part of the Company's Registration Statements on Form S-1 (File No. 333-229590), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act of 1933, as amended. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Restricted cash as of March 31, 2019 and December 31, 2018 relates to a letter of credit established for a lease entered into in May 2018 and is recorded as other assets on the condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: March 31, 2019 December 31, 2018 (in thousands) Cash and cash equivalents $ 138,064 $ 39,643 Restricted cash 450 450 Total cash, cash equivalents, and restricted cash $ 138,514 $ 40,093 Fair Value of Financial Instruments The Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Management believes that its term notes bear interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Leases The Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) Upon adoption of Topic 842, on January 1, 2019, the Company recorded operating right-of-use assets of $2.9 million and operating lease liabilities of $3.0 million and derecognized the deferred rent liability of $0.1 million. Results for the three months ended March 31, 2019 are presented under Topic 842. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840: Leases (Topic 840). For its long-term operating lease, the Company recognized a right-of-use asset and a lease liability on its condensed consolidated balance sheet. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The right-of-use asset is based on the liability adjusted for any prepaid or deferred rent. The lease term at the commencement date is determined by considering whether renewal options and termination options are reasonably assured of exercise. Rent expense for the operating lease is recognized on a straight-line basis over the lease term and is included in operating expenses on the condensed consolidated statements of operations and comprehensive loss. Variable lease payments include lease operating expenses. The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real estate leases. Deferred Offering Costs Offering costs, consisting of legal, accounting, printer and filing fees related to the IPO, were deferred until the completion of the IPO. As of December 31, 2018, $1.5 million of deferred offering costs were recorded as other assets on the condensed consolidated balance sheet. In March 2019, upon the closing of the IPO, all deferred costs were offset against the Company’s IPO proceeds. Convertible Preferred Stock Warrant Liability The Company has accounted for its freestanding warrants to purchase shares of the Company’s convertible preferred stock as liabilities at fair value upon issuance primarily because the shares underlying the warrants contain contingent redemption features outside the control of the Company. The warrants are subject to re-measurement at each balance sheet date and any change in fair value is recognized as the change in fair value of warrant liability. The carrying value of the warrants will continue to be adjusted until such time as these instruments are exercised, expire or convert into warrants to purchase shares of the Company’s common stock upon the completion of a liquidation event, including the completion of the IPO, which occurred on March 11, 2019. At that time, the preferred stock warrant liability was reclassified to additional paid-in capital, a component of stockholders’ equity (deficit). Revenue The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a significant portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals. Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and certain customers that purchase stocking orders in the United States, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. The Company generally provides for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days’ notice. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 3. Financial Instruments and Fair Value Measurements The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy: March 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 111,801 $ — $ — $ 111,801 Total assets $ 111,801 $ — $ — $ 111,801 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 21,680 $ — $ — $ 21,680 Total assets $ 21,680 $ — $ — $ 21,680 Liabilities: Convertible preferred stock warrant liability $ — $ — $ 313 $ 313 Total liabilities $ — $ — $ 313 $ 313 There were no transfers between Levels 1, 2 or 3 for the periods presented. The change in the fair value of the warrant liability for the three months ended March 31, 2019 is summarized below (in thousands): Balance at December 31, 2018 $ 313 Change in fair value of warrant liability 609 Net exercise of warrants (133 ) Conversion of Series A preferred stock warrants to common stock warrants upon the closing of the IPO (789 ) Balance at March 31, 2019 $ — The change in the fair value of the warrant liability for the three months ended March 31, 2018 is summarized below (in thousands): Balance at December 31, 2017 $ 577 Exercise of warrants (211 ) Expiration of warrants, included in change in fair value of warrant liability (87 ) Change in fair value of warrant liability 46 Balance at March 31, 2018 $ 325 The valuation of the Company’s convertible preferred stock warrant liability contains unobservable inputs that reflect the Company’s own assumptions for which there is little, if any, market activity for at the measurement date. Accordingly, the Company’s convertible preferred stock warrant liability is measured at fair value on a recurring basis using unobservable inputs and are classified as Level 3 inputs, and any change in fair value is recognized as change in fair value of warrant liability in the condensed consolidated statements of operations and comprehensive loss. The fair value of the warrants was determined using the Black-Scholes option pricing model and the following assumptions: Three Months Ended March 31, 2019 2018 Expected term (in years) 5.28 6.21 Expected volatility 43.9% 42.8% Risk-free interest rate 2.49% 2.62% Expected dividend yield 0% 0% |
Cash Equivalents
Cash Equivalents | 3 Months Ended |
Mar. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Cash Equivalents | 4. Cash Equivalents The following is a summary of the Company’s cash equivalents: March 31, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 111,801 $ — $ — $ 111,801 Total $ 111,801 $ — $ — $ 111,801 Reported as: Cash equivalents $ 111,801 Total $ 111,801 December 31, 2018 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 21,680 $ — $ — $ 21,680 Total $ 21,680 $ — $ — $ 21,680 Reported as: Cash equivalents $ 21,680 Total $ 21,680 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Inventory Inventory consists of the following: March 31, December 31, 2019 2018 (in thousands) Raw material $ 1,915 $ 1,084 Work in progress 1,103 634 Finished goods 2,643 2,313 Consigned inventory 1,353 1,100 Total inventory $ 7,014 $ 5,131 Accrued Liabilities Accrued liabilities consist of the following: March 31, December 31, 2019 2018 (in thousands) Accrued employee compensation $ 2,965 $ 3,135 Accrued research and development costs 1,736 1,115 Accrued professional services 713 1,391 Other 1,025 576 Total accrued liabilities $ 6,439 $ 6,217 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Operating Leases In August 2012, the Company entered into a lease for office space located in Fremont, California. In October 2018, the Company extended the term of the lease to June 30, 2019 and in February 2019, the Company exercised the option to extend the lease further until September 30, 2019. The Company is using the facility for office, manufacturing and research and development purposes. In connection with the lease, the Company recognized an operating lease right-of-use asset of $0.1 million as of March 31, 2019 and an aggregate lease liability of $0.1 million on its condensed consolidated balance sheet. The remaining lease term is six months. In May 2018, the Company entered into a new lease agreement for office and laboratory space which consist of approximately 35,000 square feet located in Santa Clara, California. The lease term commenced in September 2018 and ends in August 2022. In connection with the lease, the Company maintains a letter of credit for the benefit of the landlord in the amount of $0.5 million, which is secured by restricted cash recorded as other assets on the condensed consolidated balance sheets. In connection with the lease, the Company recognized an operating lease right-of-use asset of $2.4 million as of March 31, 2019 and an aggregate lease liability of $2.6 million on its condensed consolidated balance sheet. The remaining lease term is three years and four months. T he Company also leases several vehicles for use by employees. In connection with the vehicle leases, the Company recognized an operating lease right-of-use asset of $0.1 million as of March 31, 2019 and an aggregate lease liability of $0.1 million on its condensed consolidated balance sheet. The weighted average remaining lease term is 14 months. The weighted average incremental borrowing rate used to measure the operating lease liability is 6.93%. Short-term leases are leases having a term of 12 months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases. Rent expense for the three months ended March 31, 2019 and 2018 was $0.3 million and $0.1 million, respectively. The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of March 31, 2019: (in thousands) Remainder of 2019 $ 812 2020 861 2021 855 2022 581 Total minimum lease payments $ 3,109 Less: imputed interest (316 ) Total $ 2,793 |
Convertible Preferred Stock and
Convertible Preferred Stock and Stockholders’ Equity (Deficit) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity [Abstract] | |
Convertible Preferred Stock and Stockholders’ Equity (Deficit) | 7. Convertible Preferred Stock and Stockholders’ Equity (Deficit) Convertible Preferred Stock Immediately prior to the closing of the Company's IPO, 18,670,259 shares of outstanding convertible preferred stock converted into 18,670,259 shares of common stock. As discussed in Note 1, t he fractional shares resulting from the Preferred Stock The Company’s amended and restated certificate of incorporation, which became effective upon the completion of the IPO, authorizes 5,000,000 shares of preferred stock, of which no shares were issued or outstanding as of March 31, 2019. Preferred Stock Warrants Upon the closing of the IPO, all of the outstanding convertible preferred stock warrants were converted into 54,903 common stock warrants, which resulted in the reclassification of the convertible preferred stock warrant liability of $0.8 million to additional paid-in capital. Common Stock Warrants As part of the IPO, 91,446 related party common stock warrants were net exercised based on the IPO price of $17.00 per share into 79,632 shares of common stock. In February 2018, in connection with the execution of the Loan and Security Agreement with Silicon Valley Bank for a term loan and revolving line of credit (the “2018 Loan and Security Agreement”), the Company issued warrants to purchase shares of the Company’s common stock. The key terms of the outstanding common stock warrants are summarized in the following table: Warrants Outstanding March 31, 2019 Warrants Outstanding December 31, 2018 Exercise Price Expiration Related party common stock warrants — 141,778 $ 2.196 May 2025 Common stock warrants issued in connection with the 2018 Loan and Security Agreement 34,440 34,440 $ 4.026 February 2028 Common stock warrant issued in connection with conversion of preferred stock warrants upon initial public offering 54,903 — $ 3.096 June 2024 Total common stock warrants 89,343 176,218 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Total stock-based compensation was as follows: Three Months March 31, 2019 2018 (in thousands) Cost of product revenue $ 27 $ 15 Research and development 72 49 Sales and marketing 108 43 General and administrative 205 166 Total stock-based compensation $ 412 $ 273 Determination of Fair Value The Company estimates the grant-date fair value of the Company’s option awards using the Black-Scholes option pricing model. The assumptions for the Black-Scholes model for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 Expected term (in years) 6.08 6.08 Expected volatility 42.4%-42.9% 45.9% Risk-free interest rate 2.5%-2.6% 1.9% Expected dividend yield 0% 0% 2009 Equity Incentive Plan and 2019 Equity Incentive Plan On June 17, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) under which the Board had the authority to issue stock options to employees, directors and consultants. In February 2019, the Company adopted the 2019 Stock Option and Incentive Plan (the “2019 Plan”), which became effective in connection with the IPO. As a result, effective as of March 6, 2019, the Company may not grant any additional awards under the 2009 Plan. The 2009 Plan will continue to govern outstanding equity awards granted thereunder. The Company has initially reserved 2,000,430 shares of common stock for the issuance of awards under the 2019 Plan. In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years, commencing on January 1, 2020, in an amount equal to 3% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. Activity under the 2009 Plan and 2019 Plan is set forth below: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Term Aggregate Intrinsic Value (in years) (in thousands) Balance, December 31, 2018 392,299 3,636,358 $ 3.54 7.79 $ 11,267 Awards authorized 2,000,430 — 2009 Plan shares expired (293,953 ) — Options granted (425,983 ) 425,983 14.08 Options exercised — (80,515 ) 2.12 Options cancelled 21,321 (21,321 ) 3.12 Balance, March 31, 2019 1,694,114 3,960,505 $ 4.67 7.87 $ 114,058 Vested and exercisable, March 31, 2019 1,716,874 $ 2.78 6.59 $ 52,691 Vested and expected to vest, March 31, 2019 3,960,505 $ 4.67 7.87 $ 114,058 Employees Share Purchase Plan (ESPP) In February 2019, the Company adopted the 2019 Employee Stock Purchase Plan (“ESPP”), which became effective as of March 6, 2019. The Company has initially reserved 300,650 shares of common stock for purchase under the ESPP. Each offering to the employees to purchase stock under the ESPP will begin on each September 1 and March 1 and will end on the following February 28 or 29 and August 30, respectively. The first offering period is expected to begin on September 1, 2019 and end on February 29, 2020. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: Three Months Ended March 31, 2019 2018 (in thousands) Convertible preferred stock on an as-converted basis — 17,562,214 Common stock options issued and outstanding 3,960,505 3,121,530 Early exercised options subject to future vesting 5,328 41,240 Convertible preferred stock warrants — 94,345 Common stock warrants 89,343 176,218 Total 4,055,176 20,995,547 |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 10. Segment and Geographic Information The following table represents the Company’s product revenue based on the location to which the product is shipped: Three Months Ended March 31, 2019 2018 (in thousands) United States $ 3,636 $ 897 Germany 643 254 Rest of Europe 2,736 129 All other countries 254 42 Product revenue $ 7,269 $ 1,322 As of March 31, 2019 and December 31, 2018, the Company’s long-lived assets are all held in the United States with the exception of certain equipment on loan to customers held internationally, which was not material as of each period end. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of SEC regarding interim financial reporting. The interim condensed consolidated balance sheet as of March 31, 2019, the condensed consolidated statements of operations and comprehensive loss, the condensed consolidated statements of convertible preferred stock and stockholders’ equity (deficit) and the statements of cash flows for the three months ended March 31, 2019 and 2018 are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position as of March 31, 2019 and its results of operations and cash flows for the three months ended March 31, 2019 and 2018. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three month periods are also unaudited. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2018 included herein was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the prospectus dated March 6, 2019 (“Prospectus”) that forms a part of the Company's Registration Statements on Form S-1 (File No. 333-229590), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act of 1933, as amended. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Restricted cash as of March 31, 2019 and December 31, 2018 relates to a letter of credit established for a lease entered into in May 2018 and is recorded as other assets on the condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: March 31, 2019 December 31, 2018 (in thousands) Cash and cash equivalents $ 138,064 $ 39,643 Restricted cash 450 450 Total cash, cash equivalents, and restricted cash $ 138,514 $ 40,093 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Management believes that its term notes bear interest at the prevailing market rates for instruments with similar characteristics; accordingly, the carrying value of this instrument approximates its fair value. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. |
Leases | Leases The Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) Upon adoption of Topic 842, on January 1, 2019, the Company recorded operating right-of-use assets of $2.9 million and operating lease liabilities of $3.0 million and derecognized the deferred rent liability of $0.1 million. Results for the three months ended March 31, 2019 are presented under Topic 842. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840: Leases (Topic 840). For its long-term operating lease, the Company recognized a right-of-use asset and a lease liability on its condensed consolidated balance sheet. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The right-of-use asset is based on the liability adjusted for any prepaid or deferred rent. The lease term at the commencement date is determined by considering whether renewal options and termination options are reasonably assured of exercise. Rent expense for the operating lease is recognized on a straight-line basis over the lease term and is included in operating expenses on the condensed consolidated statements of operations and comprehensive loss. Variable lease payments include lease operating expenses. The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real estate leases. |
Deferred Offering Costs | Deferred Offering Costs Offering costs, consisting of legal, accounting, printer and filing fees related to the IPO, were deferred until the completion of the IPO. As of December 31, 2018, $1.5 million of deferred offering costs were recorded as other assets on the condensed consolidated balance sheet. In March 2019, upon the closing of the IPO, all deferred costs were offset against the Company’s IPO proceeds. |
Convertible Preferred Stock Warrant Liability | Convertible Preferred Stock Warrant Liability The Company has accounted for its freestanding warrants to purchase shares of the Company’s convertible preferred stock as liabilities at fair value upon issuance primarily because the shares underlying the warrants contain contingent redemption features outside the control of the Company. The warrants are subject to re-measurement at each balance sheet date and any change in fair value is recognized as the change in fair value of warrant liability. The carrying value of the warrants will continue to be adjusted until such time as these instruments are exercised, expire or convert into warrants to purchase shares of the Company’s common stock upon the completion of a liquidation event, including the completion of the IPO, which occurred on March 11, 2019. At that time, the preferred stock warrant liability was reclassified to additional paid-in capital, a component of stockholders’ equity (deficit). |
Revenue | Revenue The Company records product revenue primarily from the sale of its IVL catheters. The Company sells its products to hospitals, primarily through direct sales representatives, as well as through distributors in selected international markets. Additionally, a significant portion of the Company’s revenue is generated through a consignment model under which inventory is maintained at hospitals. Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. For products sold through direct sales representatives, control is transferred upon delivery to customers. For products sold to distributors internationally and certain customers that purchase stocking orders in the United States, control is transferred upon shipment or delivery to the customer’s named location, based on the contractual shipping terms. For consignment inventory, control is transferred at the time the IVL catheters are consumed in a procedure. The Company generally provides for the use of an IVL generator and connector cable under an agreement to customers at no charge to facilitate use of the IVL catheters. These agreements do not contain contractually enforceable minimum commitments and are generally cancellable by either party with 30 days’ notice. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: March 31, 2019 December 31, 2018 (in thousands) Cash and cash equivalents $ 138,064 $ 39,643 Restricted cash 450 450 Total cash, cash equivalents, and restricted cash $ 138,514 $ 40,093 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy: March 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 111,801 $ — $ — $ 111,801 Total assets $ 111,801 $ — $ — $ 111,801 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 21,680 $ — $ — $ 21,680 Total assets $ 21,680 $ — $ — $ 21,680 Liabilities: Convertible preferred stock warrant liability $ — $ — $ 313 $ 313 Total liabilities $ — $ — $ 313 $ 313 |
Schedule of Change in the Fair Value of the Warrant Liability | The change in the fair value of the warrant liability for the three months ended March 31, 2019 is summarized below (in thousands): Balance at December 31, 2018 $ 313 Change in fair value of warrant liability 609 Net exercise of warrants (133 ) Conversion of Series A preferred stock warrants to common stock warrants upon the closing of the IPO (789 ) Balance at March 31, 2019 $ — The change in the fair value of the warrant liability for the three months ended March 31, 2018 is summarized below (in thousands): Balance at December 31, 2017 $ 577 Exercise of warrants (211 ) Expiration of warrants, included in change in fair value of warrant liability (87 ) Change in fair value of warrant liability 46 Balance at March 31, 2018 $ 325 |
Schedule of Fair Value of Warrants Determined Using the Black-Scholes Option Pricing Model | The fair value of the warrants was determined using the Black-Scholes option pricing model and the following assumptions: Three Months Ended March 31, 2019 2018 Expected term (in years) 5.28 6.21 Expected volatility 43.9% 42.8% Risk-free interest rate 2.49% 2.62% Expected dividend yield 0% 0% |
Cash Equivalents (Tables)
Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash Equivalents | The following is a summary of the Company’s cash equivalents: March 31, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 111,801 $ — $ — $ 111,801 Total $ 111,801 $ — $ — $ 111,801 Reported as: Cash equivalents $ 111,801 Total $ 111,801 December 31, 2018 Amortized Cost Basis Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 21,680 $ — $ — $ 21,680 Total $ 21,680 $ — $ — $ 21,680 Reported as: Cash equivalents $ 21,680 Total $ 21,680 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Inventory | Inventory consists of the following: March 31, December 31, 2019 2018 (in thousands) Raw material $ 1,915 $ 1,084 Work in progress 1,103 634 Finished goods 2,643 2,313 Consigned inventory 1,353 1,100 Total inventory $ 7,014 $ 5,131 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: March 31, December 31, 2019 2018 (in thousands) Accrued employee compensation $ 2,965 $ 3,135 Accrued research and development costs 1,736 1,115 Accrued professional services 713 1,391 Other 1,025 576 Total accrued liabilities $ 6,439 $ 6,217 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Carrying Value of Operating Lease Liabilities | The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of March 31, 2019: (in thousands) Remainder of 2019 $ 812 2020 861 2021 855 2022 581 Total minimum lease payments $ 3,109 Less: imputed interest (316 ) Total $ 2,793 |
Convertible Preferred Stock a_2
Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity [Abstract] | |
Summary of Key Terms of Outstanding Common Stock Warrants | The key terms of the outstanding common stock warrants are summarized in the following table: Warrants Outstanding March 31, 2019 Warrants Outstanding December 31, 2018 Exercise Price Expiration Related party common stock warrants — 141,778 $ 2.196 May 2025 Common stock warrants issued in connection with the 2018 Loan and Security Agreement 34,440 34,440 $ 4.026 February 2028 Common stock warrant issued in connection with conversion of preferred stock warrants upon initial public offering 54,903 — $ 3.096 June 2024 Total common stock warrants 89,343 176,218 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Total Stock-Based Compensation | Total stock-based compensation was as follows: Three Months March 31, 2019 2018 (in thousands) Cost of product revenue $ 27 $ 15 Research and development 72 49 Sales and marketing 108 43 General and administrative 205 166 Total stock-based compensation $ 412 $ 273 |
Schedule of Estimates Grant-Date Fair Value of Option Awards Using Black-Scholes Option Pricing Model with Assumptions | The Company estimates the grant-date fair value of the Company’s option awards using the Black-Scholes option pricing model. The assumptions for the Black-Scholes model for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 Expected term (in years) 6.08 6.08 Expected volatility 42.4%-42.9% 45.9% Risk-free interest rate 2.5%-2.6% 1.9% Expected dividend yield 0% 0% |
Schedule of Activity under 2009 Plan and 2019 Plan | Activity under the 2009 Plan and 2019 Plan is set forth below: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Term Aggregate Intrinsic Value (in years) (in thousands) Balance, December 31, 2018 392,299 3,636,358 $ 3.54 7.79 $ 11,267 Awards authorized 2,000,430 — 2009 Plan shares expired (293,953 ) — Options granted (425,983 ) 425,983 14.08 Options exercised — (80,515 ) 2.12 Options cancelled 21,321 (21,321 ) 3.12 Balance, March 31, 2019 1,694,114 3,960,505 $ 4.67 7.87 $ 114,058 Vested and exercisable, March 31, 2019 1,716,874 $ 2.78 6.59 $ 52,691 Vested and expected to vest, March 31, 2019 3,960,505 $ 4.67 7.87 $ 114,058 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: Three Months Ended March 31, 2019 2018 (in thousands) Convertible preferred stock on an as-converted basis — 17,562,214 Common stock options issued and outstanding 3,960,505 3,121,530 Early exercised options subject to future vesting 5,328 41,240 Convertible preferred stock warrants — 94,345 Common stock warrants 89,343 176,218 Total 4,055,176 20,995,547 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Product Revenue Based on Location | The following table represents the Company’s product revenue based on the location to which the product is shipped: Three Months Ended March 31, 2019 2018 (in thousands) United States $ 3,636 $ 897 Germany 643 254 Rest of Europe 2,736 129 All other countries 254 42 Product revenue $ 7,269 $ 1,322 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | Mar. 11, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Mar. 05, 2019shares |
Organization and Basis of Presentation [Line Items] | ||||
Entity incorporation, date of incorporation | Jun. 17, 2009 | |||
Net proceeds from IPO, after deducting underwriters’ discounts and commissions | $ | $ 7,100 | |||
Common stock, conversion basis | one-to-one basis | |||
Stock split, conversion ratio | 12.2 | |||
Stockholders' equity, reverse stock split | The Company’s common stock and convertible preferred stock on a 12.2-for-one basis (the “Reverse Stock Split”) | |||
Accumulated deficit | $ | $ (139,664) | $ (126,865) | ||
Cash and cash equivalents | $ | $ 138,064 | 39,643 | ||
Common Stock | ||||
Organization and Basis of Presentation [Line Items] | ||||
Common stock issued | 6,555,000 | |||
Proceeds from initial public offering | $ | $ 100,100 | |||
Issuance of common stock upon net exercise of warrants, shares | 101,744 | 101,744 | ||
Fractional shares issued in reverse stock split | 45 | |||
Warrants | ||||
Organization and Basis of Presentation [Line Items] | ||||
Convertible preferred stock, shares issued upon conversion | 54,903 | |||
Preferred Stock | ||||
Organization and Basis of Presentation [Line Items] | ||||
Fractional shares issued in reverse stock split | 69 | |||
Initial Public Offering | ||||
Organization and Basis of Presentation [Line Items] | ||||
Common stock issued | 6,555,000 | |||
Common stock, offering price per share | $ / shares | $ 17 | |||
Offering costs | $ | $ 4,200 | |||
Stock split, conversion ratio | 1 | |||
Initial Public Offering | Common Stock | ||||
Organization and Basis of Presentation [Line Items] | ||||
Convertible preferred stock, shares issued upon conversion | 18,670,259 | |||
Over Allotment Option | ||||
Organization and Basis of Presentation [Line Items] | ||||
Common stock issued | 855,000 | |||
Offering costs | $ | $ 1,500 | |||
Private Placement | ||||
Organization and Basis of Presentation [Line Items] | ||||
Common stock issued | 588,235 | |||
Proceeds from issuance of common stock | $ | $ 10,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 138,064 | $ 39,643 | ||
Restricted cash | 450 | 450 | ||
Total cash, cash equivalents, and restricted cash | $ 138,514 | $ 40,093 | $ 42,454 | $ 51,923 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease right-of-use assets | $ 2,645 | ||
Operating lease liabilities | $ 2,793 | ||
Lease term | 12 months | ||
Notice period for cancellation of agreement | 30 days | ||
Other Assets | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred offering costs | $ 1,500 | ||
Adoption of Topic 842 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease right-of-use assets | $ 2,900 | ||
Operating lease liabilities | 3,000 | ||
Derecognized the deferred rent liability | $ (100) |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Total assets | $ 111,801 | $ 21,680 |
Liabilities: | ||
Total liabilities | 313 | |
Convertible Preferred Stock Warrants Liability | ||
Liabilities: | ||
Total liabilities | 313 | |
Money Market Funds | ||
ASSETS | ||
Total assets | 111,801 | 21,680 |
Level 1 | ||
ASSETS | ||
Total assets | 111,801 | 21,680 |
Level 1 | Money Market Funds | ||
ASSETS | ||
Total assets | $ 111,801 | 21,680 |
Level 3 | ||
Liabilities: | ||
Total liabilities | 313 | |
Level 3 | Convertible Preferred Stock Warrants Liability | ||
Liabilities: | ||
Total liabilities | $ 313 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Schedule of Change in the Fair Value of the Warrant Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 313 | $ 577 |
Net exercise of warrants | (133) | (211) |
Expiration of warrants, included in change in fair value of warrant liability | (87) | |
Change in fair value of warrant liability | 609 | 46 |
Conversion of Series A preferred stock warrants to common stock warrants upon the closing of the IPO | $ (789) | |
Ending balance | $ 325 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Warrants Determined Using the Black-Scholes Option Pricing Model (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Expected term (in years) | 5 years 3 months 10 days | 6 years 2 months 15 days |
Expected Volatility | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value assumption measurement input | 43.9 | 42.8 |
Risk-free Interest Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value assumption measurement input | 2.49 | 2.62 |
Expected Dividend Yield | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value assumption measurement input | 0 | 0 |
Cash Equivalents - Summary of C
Cash Equivalents - Summary of Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | $ 111,801 | $ 21,680 |
Fair Value | 111,801 | 21,680 |
Money Market Funds | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 111,801 | 21,680 |
Fair Value | $ 111,801 | $ 21,680 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 1,915 | $ 1,084 |
Work in progress | 1,103 | 634 |
Finished goods | 2,643 | 2,313 |
Consigned inventory | 1,353 | 1,100 |
Total inventory | $ 7,014 | $ 5,131 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued employee compensation | $ 2,965 | $ 3,135 |
Accrued research and development costs | 1,736 | 1,115 |
Accrued professional services | 713 | 1,391 |
Other | 1,025 | 576 |
Total accrued liabilities | $ 6,439 | $ 6,217 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Oct. 31, 2018 | May 31, 2018ft² | Feb. 28, 2018 | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Loss Contingencies [Line Items] | |||||
Operating lease right-of-use asset | $ 2,645 | ||||
Operating lease liability | 1,916 | ||||
Operating lease liability | 2,793 | ||||
Rent expense | 300 | $ 100 | |||
Fremont, California | |||||
Loss Contingencies [Line Items] | |||||
Lease term expiration date | Jun. 30, 2019 | Sep. 30, 2019 | |||
Operating lease right-of-use asset | 100 | ||||
Operating lease liability | $ 100 | ||||
Operating lease, remaining lease term | 6 months | ||||
Santa Clara, California | |||||
Loss Contingencies [Line Items] | |||||
Lease term expiration date | Aug. 31, 2022 | ||||
Operating lease right-of-use asset | $ 2,400 | ||||
Operating lease, remaining lease term | 3 years 4 months | ||||
Lease commencement date | 2018-09 | ||||
Area of office and laboratory space | ft² | 35,000 | ||||
Letter of credit secured by restricted cash | $ 500 | ||||
Operating lease liability | 2,600 | ||||
Germany | |||||
Loss Contingencies [Line Items] | |||||
Operating lease right-of-use asset | 100 | ||||
Operating lease liability | $ 100 | ||||
Operating lease, weighted average remaining lease term | 14 months | ||||
Operating lease liability, weighted average incremental borrowing rate | 6.93% |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Carrying Value of Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
Remainder of 2019 | $ 812 |
2020 | 861 |
2021 | 855 |
2022 | 581 |
Total minimum lease payments | 3,109 |
Less: imputed interest | (316) |
Total | $ 2,793 |
Convertible Preferred Stock a_3
Convertible Preferred Stock and Stockholder's Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 06, 2019 | Mar. 05, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Temporary Equity And Stockholders Equity [Line Items] | ||||||
Preferred stock, shares authorized | 5,000,000 | |||||
Preferred stock, shares issued | 0 | |||||
Preferred stock, shares outstanding | 0 | |||||
Related Party Common Stock Warrants | ||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||
Warrants exercised price | $ 2.196 | |||||
Initial Public Offering | Common Stock Warrants Related to Convertible Preferred Stock Warrants | ||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||
Common stock warrants issued | 54,903 | |||||
Adjustments to additional paid in capital | $ 0.8 | |||||
Warrants exercised price | $ 3.096 | |||||
Initial Public Offering | Related Party Common Stock Warrants | ||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||
Common stock warrants exercised | 91,446 | |||||
Warrants exercised price | $ 17 | |||||
Common stock issued upon exercise of common stock warrants | 79,632 | |||||
Convertible Preferred Stock | ||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||
Convertible preferred stock, shares outstanding | 18,670,259 | 18,670,328 | 17,562,214 | 17,510,045 | ||
Fractional shares that will be settled in cash | 69 | |||||
Common Stock | ||||||
Temporary Equity And Stockholders Equity [Line Items] | ||||||
Conversion of stock, common stock issued | 18,670,259 | |||||
Fractional shares that will be settled in cash | 45 |
Convertible Preferred Stock a_4
Convertible Preferred Stock and Stockholder's Equity (Deficit) - Summary of Key Terms of Outstanding Common Stock Warrants (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 06, 2019 | Dec. 31, 2018 | |
Common Stock Warrants | |||
Class Of Warrant Or Right [Line Items] | |||
Common stock warrants outstanding | 89,343 | 176,218 | |
Related Party Common Stock Warrants | |||
Class Of Warrant Or Right [Line Items] | |||
Common stock warrants outstanding | 141,778 | ||
Warrants Outstanding Exercise Price | $ 2.196 | ||
Warrants Outstanding Expiration | 2025-05 | ||
Related Party Common Stock Warrants | Initial Public Offering | |||
Class Of Warrant Or Right [Line Items] | |||
Warrants Outstanding Exercise Price | $ 17 | ||
Common Stock Warrants Related to 2018 Loan and Security Agreement | |||
Class Of Warrant Or Right [Line Items] | |||
Common stock warrants outstanding | 34,440 | 34,440 | |
Warrants Outstanding Exercise Price | $ 4.026 | ||
Warrants Outstanding Expiration | 2028-02 | ||
Common Stock Warrants Related to Convertible Preferred Stock Warrants | Initial Public Offering | |||
Class Of Warrant Or Right [Line Items] | |||
Common stock warrants outstanding | 54,903 | ||
Warrants Outstanding Exercise Price | $ 3.096 | ||
Warrants Outstanding Expiration | 2024-06 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Total Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 412 | $ 273 |
Cost of Product Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 27 | 15 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 72 | 49 |
Sales and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 108 | 43 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 205 | $ 166 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Estimates Grant-Date Fair Value of Option Awards Using Black-Scholes Option Pricing Model with Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Expected term (in years) | 6 years 29 days | 6 years 29 days |
Expected volatility | 45.90% | |
Expected volatility, minimum | 42.40% | |
Expected volatility, maximum | 42.90% | |
Risk-free interest rate | 1.90% | |
Risk-free interest rate, minimum | 2.50% | |
Risk-free interest rate, maximum | 2.60% | |
Expected dividend yield | 0.00% | 0.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - shares | 1 Months Ended | ||
Mar. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares available for issuance | 1,694,114 | 392,299 | |
2019 Stock Option and Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for issuance | 2,000,430 | ||
Maximum period of automatic annual increase in common stock reserved for issuance | 10 years | ||
Automatic annual increase in common stock reserved for issuance | 3.00% | ||
Shares available for issuance | 1,694,114 | ||
2019 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for issuance | 300,650 | ||
Purchase shares of common stock, price per share, percentage of fair market value | 85.00% |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Activity under 2009 Plan and 2019 Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Shares Available for Grant | ||
Shares Available for Grant, Beginning balance | 392,299 | |
Shares Available for Grant, Awards authorized | 2,000,430 | |
Shares Available for Grant, Options granted | (425,983) | |
Shares Available for Grant, Options cancelled | 21,321 | |
Shares Available for Grant, Ending balance | 1,694,114 | 392,299 |
Number of Shares | ||
Number of Shares, Beginning balance | 3,636,358 | |
Shares Available for Grant, Awards authorized | 2,000,430 | |
Number of Shares, Options granted | 425,983 | |
Number of Shares, Options exercised | (80,515) | |
Number of Shares, Options cancelled | (21,321) | |
Number of Shares, Ending balance | 3,960,505 | 3,636,358 |
Number of Shares, Vested and exercisable, March 31, 2019 | 1,716,874 | |
Number of Shares, Vested and expected to vest, March 31, 2019 | 3,960,505 | |
Weighted-Average Exercise Price Per Share | ||
Weighted-Average Exercise Price Per Share, Beginning balance | $ 3.54 | |
Weighted-Average Exercise Price Per Share, Options granted | 14.08 | |
Weighted-Average Exercise Price Per Share, Options exercised | 2.12 | |
Weighted-Average Exercise Price Per Share, Options cancelled | 3.12 | |
Weighted-Average Exercise Price Per Share, Ending balance | 4.67 | $ 3.54 |
Weighted-Average Exercise Price Per Share, Vested and exercisable, March 31, 2019 | 2.78 | |
Weighted-Average Exercise Price Per Share, Vested and expected to vest, March 31, 2019 | $ 4.67 | |
Weighted-Average Remaining Term (in years) | ||
Weighted-Average Remaining Term (in years), Balance | 7 years 10 months 13 days | 7 years 9 months 14 days |
Weighted-Average Remaining Term (in years), Vested and exercisable, March 31, 2019 | 6 years 7 months 2 days | |
Weighted-Average Remaining Term (in years), Vested and expected to vest, March 31, 2019 | 7 years 10 months 13 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Balance | $ 114,058 | $ 11,267 |
Aggregate Intrinsic Value, Vested and exercisable, March 31, 2019 | 52,691 | |
Aggregate Intrinsic Value, Vested and expected to vest, March 31, 2019 | $ 114,058 | |
2009 Equity Incentive Plan | ||
Shares Available for Grant | ||
Shares Available for Grant, Awards expired | (293,953) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 4,055,176 | 20,995,547 |
Convertible Preferred Stock on an As-Converted Basis | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 17,562,214 | |
Common Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 3,960,505 | 3,121,530 |
Early Exercised Options Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 5,328 | 41,240 |
Convertible Preferred Stock Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 94,345 | |
Common Stock Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 89,343 | 176,218 |
Segment and Geographic Inform_3
Segment and Geographic Information - Schedule of Product Revenue Based on Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Product revenue | $ 7,269 | $ 1,322 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Product revenue | $ 3,636 | $ 897 |
Germany | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Product revenue | 643 | 254 |
Rest of Europe | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Product revenue | 2,736 | 129 |
All Other Countries | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Product revenue | $ 254 | $ 42 |