Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CLXT | |
Entity Registrant Name | CALYXT, INC. | |
Entity Central Index Key | 0001705843 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 33,040,520 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38161 | |
Entity Tax Identification Number | 27-1967997 | |
Entity Address, Address Line One | 2800 Mount Ridge Road | |
Entity Address, City or Town | Roseville | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55113-1127 | |
City Area Code | 651 | |
Local Phone Number | 683-2807 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock (0.0001 par value) | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 7,385 | $ 58,610 |
Short-term investments | 38,620 | |
Restricted cash | 388 | 388 |
Accounts receivable | 841 | 1,122 |
Due from related parties | 7 | |
Inventory | 3,198 | 2,594 |
Prepaid expenses and other current assets | 1,594 | 808 |
Total current assets | 52,033 | 63,522 |
Non-current restricted cash | 1,045 | 1,040 |
Land, buildings, and equipment | 22,902 | 23,212 |
Other non-current assets | 441 | 324 |
Total assets | 76,421 | 88,098 |
Current liabilities: | ||
Accounts payable | 1,085 | 1,077 |
Accrued expenses | 2,093 | 2,544 |
Accrued compensation | 1,363 | 2,181 |
Due to related parties | 554 | 977 |
Current portion of financing lease obligations | 361 | 356 |
Other current liabilities | 94 | 61 |
Total current liabilities | 5,550 | 7,196 |
Financing lease obligations | 18,194 | 18,244 |
Other non-current liabilities | 141 | 150 |
Total liabilities | 23,885 | 25,590 |
Stockholders’ equity: | ||
Common stock, $0.0001 par value; 275,000,000 shares authorized; 33,090,799 shares issued and 32,990,647 shares outstanding as of March 31, 2020, and 33,033,689 shares issued and 32,951,329 shares outstanding as of December 31, 2019 | 3 | 3 |
Additional paid-in capital | 186,859 | 185,588 |
Common stock in treasury, at cost; 100,152 shares as of March 31, 2020, and 82,360 shares as of December 31, 2019 | (1,043) | (1,043) |
Accumulated deficit | (133,120) | (122,057) |
Accumulated other comprehensive income (loss) | (163) | 17 |
Total stockholders’ equity | 52,536 | 62,508 |
Total liabilities and stockholders’ equity | $ 76,421 | $ 88,098 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 275,000,000 | 275,000,000 |
Common stock, shares issued | 33,090,799 | 33,033,689 |
Common stock, shares outstanding | 32,990,647 | 32,951,329 |
Treasury stock, shares | 100,152 | 82,360 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 2,377 | $ 157 |
Cost of goods sold | 3,884 | 34 |
Gross margin | (1,507) | 123 |
Operating expenses: | ||
Research and development | 2,787 | 2,219 |
Selling and supply chain | 1,580 | 904 |
General and administrative | 4,720 | 4,162 |
Management fees | 62 | 361 |
Total operating expenses | 9,149 | 7,646 |
Loss from operations | (10,656) | (7,523) |
Interest, net | (398) | 172 |
Foreign currency transaction loss | (9) | (24) |
Loss before income taxes | (11,063) | (7,375) |
Income taxes | 0 | 0 |
Net loss | $ (11,063) | $ (7,375) |
Basic and diluted loss per share | $ (0.34) | $ (0.23) |
Weighted average shares outstanding - basic and diluted | 32,988,141 | 32,677,944 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Shares in Treasury [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2018 | $ 93,397 | $ 3 | $ 176,069 | $ (230) | $ (82,445) | |
Beginning balance, shares at Dec. 31, 2018 | 32,648,893 | |||||
Net loss | (7,375) | (7,375) | ||||
Stock based compensation | 1,556 | 1,556 | ||||
Stock based compensation, shares | 43,296 | |||||
Issuance of common stock | 125 | 125 | ||||
Ending balance at Mar. 31, 2019 | 87,703 | $ 3 | 177,750 | (230) | (89,820) | |
Ending balance, shares at Mar. 31, 2019 | 32,692,189 | |||||
Beginning balance at Dec. 31, 2019 | 62,508 | $ 3 | 185,588 | (1,043) | (122,057) | $ 17 |
Beginning balance, shares at Dec. 31, 2019 | 32,951,329 | |||||
Net loss | (11,063) | (11,063) | ||||
Stock based compensation | 1,271 | 1,271 | ||||
Stock based compensation, shares | 57,110 | |||||
Shares withheld for net share settlement, shares | (17,792) | |||||
Other comprehensive loss | (180) | (180) | ||||
Ending balance at Mar. 31, 2020 | $ 52,536 | $ 3 | $ 186,859 | $ (1,043) | $ (133,120) | $ (163) |
Ending balance, shares at Mar. 31, 2020 | 32,990,647 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net loss | $ (11,063) | $ (7,375) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation and amortization | 452 | 342 |
Stock-based compensation | 1,271 | 1,556 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 281 | (124) |
Due to/from related parties | (430) | (1,114) |
Inventory | (604) | (379) |
Prepaid expenses and other current assets | (786) | (629) |
Accounts payable | 8 | (94) |
Accrued expenses | (451) | (397) |
Accrued compensation | (818) | (418) |
Other current liabilities | (156) | (428) |
Other non-current assets | (120) | (216) |
Net cash used by operating activities | (12,416) | (9,276) |
Investing activities | ||
Short-term investments | (38,620) | |
Purchases of land, buildings, and equipment | (139) | (346) |
Net cash used by investing activities | (38,759) | (346) |
Financing activities | ||
Repayments of financing lease obligations | (45) | (59) |
Proceeds from the exercise of stock options | 125 | |
Net cash (used) provided by financing activities | (45) | 66 |
Net decrease in cash, cash equivalents and restricted cash | (51,220) | (9,556) |
Cash, cash equivalents and restricted cash - beginning of period | 60,038 | 95,288 |
Cash, cash equivalents and restricted cash - end of period | $ 8,818 | $ 85,732 |
Basis of Presentation & Summary
Basis of Presentation & Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation & Summary of Significant Accounting Policies | 1. BASIS OF PRESENTATION & SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP or GAAP) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (SEC) applicable to interim financial statements. In our opinion, the accompanying consolidated financial statements reflect all adjustments necessary for a fair presentation of our statements of financial position, results of operations and cash flows for the periods presented but they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Except as otherwise disclosed herein, these adjustments consist of normal recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other interim period. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the consolidated financial statements and during the reporting period. Actual results could materially differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information, refer to the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 5, 2020. The accompanying Balance Sheet as of December 31, 2019 was derived from the audited consolidated financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2019. Short-term investments We consider investments with more than ninety days to maturity at issuance to be short-term investments. These short-term investments are considered trading securities and are carried at fair value with any unrealized gains and losses recorded in current earnings as a component of interest, net. |
Financial Instruments, Fair Val
Financial Instruments, Fair Value, Hedging Activities, and Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Financial Instruments, Fair Value, Hedging Activities, and Concentrations of Credit Risk | 2. FINANCIAL INSTRUMENTS, FAIR VALUE, HEDGING ACTIVITIES, AND CONCENTRATIONS OF CREDIT RISK The carrying values of cash and cash equivalents, restricted cash, due from related parties, accounts payable, due to related parties and all other current liabilities approximate fair value. We measure certain assets and liabilities at fair value on a recurring basis, including short-term investments, financing lease obligations and commodity futures and options. The accounting guidance establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as of the measurement date as follows: Level 1: Fair values are based on unadjusted quoted prices in active trading markets for identical assets and liabilities. Level 2: Fair values are based on observable quoted prices other than those in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3: Fair values are based on at least one significant unobservable input for the asset or liability. Fair Value Measurements and Financial Statement Presentation The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of March 31, 2020 and December 31, 2019, were as follows: March 31, 2020 March 31, 2020 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Short-term investments $ 38,620 $ — $ — $ 38,620 $ — $ — $ — $ — Commodity futures and options 603 — — 603 — — — — Financing lease obligations — — — — — 15,509 — 15,509 Total $ 39,223 $ — $ — $ 39,223 $ — $ 15,509 $ — $ 15,509 December 31, 2019 December 31, 2019 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Financing lease obligations $ — $ — $ — $ — $ — $ 15,651 $ — $ 15,651 Commodity futures and options 62 — — 62 — — — — Total $ 62 $ — $ — $ 62 $ — $ 15,651 $ — $ 15,651 The composition of our short-term investments at March 31, 2020 and December 31, 2019 were as follows: As of March 31, As of December 31, In Thousands 2020 2019 Corporate debt securities $ 29,677 $ — Commercial paper 8,943 — Total $ 38,620 $ — Commodity Price Risk We enter into seed and grain production agreements (Forward Purchase Contracts) with settlement values based on commodity futures market prices. These Forward Purchase Contracts allow the counterparty to fix their sales prices at various times as defined in the contract. We are also engaged in the business of selling soybean oil and meal under a variety of pricing structures. We may enter hedging arrangements to either fix variable exposures or convert fixed prices to floating prices through commodity derivative contracts. As of March 31, 2020, we held commodity contracts with a notional amount of $23.6 million. We have designated all our commodity derivative contracts as cash flow hedges. As a result, all gains or losses associated with recording commodity derivative contracts at fair value are recorded as a component of accumulated other comprehensive income (loss) (AOCI). We reclassify amounts from AOCI to cost of goods sold when we sell the underlying products to which those hedges relate. As of March 31, 2020, we expect the entire AOCI balance to be reclassified into earnings within the next eight months. Certain amounts related to our hedging activities are as follows: Amount of Gain (Loss) Recognized in AOCI Amount of Gain (Loss) Reclassified to Earnings For the Three Months Ended March 31, For the Three Months Ended March 31, In thousands 2020 2019 2020 2019 Cash flow hedges: Commodity derivative contracts $ (163 ) $ — $ 14 $ — Total $ (163 ) $ — $ 14 $ — Foreign Exchange Risk Foreign currency fluctuations affect our foreign currency cash flows related primarily to payments to Cellectis. Our principal foreign currency exposure is to the euro. We do not hedge these exposures, and we do not believe that the current level of foreign currency risk is significant to our operations. Concentrations of Credit Risk We invest our cash, cash equivalents and restricted cash in highly liquid securities and investment funds and until late December 2019, also held deposits at a financial institution that exceeded insured limits. In the first quarter of 2020, we diversified this risk by shifting our investments to a diverse portfolio of short-dated, high investment-grade securities we classify as short-term investments that are recorded at fair value in our consolidated financial statements. We ensure the credit risk in this portfolio is in accordance with our internal policies and if necessary, make changes to investments to ensure credit risk is minimized. We have not experienced any counterparty credit losses. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 3. RELATED-PARTY TRANSACTIONS We have several agreements that govern our relationship with Cellectis, some of which require us to make payments to Cellectis. Pursuant to our management services agreement with Cellectis, we incurred management fee expenses of $62,000 for the three months ended March 31, 2020, and $361,000 for the Cellectis has also guaranteed the lease agreement for our headquarters. Cellectis’ guarantee of our obligations under the lease will terminate at the end of the second consecutive calendar year in which our tangible net worth exceeds $300 million. TALEN ® ® ® We have entered into various agreements with the University of Minnesota, pursuant to which we have been granted both exclusive and non-exclusive license agreements that carry annual license fees, milestone payments, royalties, and associated legal fees. These agreements primarily relate to gene-editing tools, enabling technologies and germplasm. We have incurred $12,000 of costs pursuant to these agreements for the three months ended March 31, 2020, and $4,000 for the three months ended March 31, 2019. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 4. NET LOSS PER SHARE Basic and diluted loss per share was calculated using the following: For the Three Months Ended March 31, In Thousands, Except Share Data and Per Share Amounts 2020 2019 Net loss $ (11,063 ) $ (7,375 ) Weighted average shares outstanding - basic and diluted 32,988,141 32,677,944 Basic and diluted loss per share $ (0.34 ) $ (0.23 ) As of March 31, 2020 2019 Anti-dilutive stock options, restricted stock units, and performance stock units 5,328,268 4,385,595 All outstanding stock options and restricted stock units are excluded from the calculation since they are anti-dilutive. We have not used the treasury method in determining the number of anti-dilutive stock options and restricted stock units in the table above. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 5. We use broad-based stock plans to attract and retain highly qualified officers and employees and to help ensure that management’s interests are aligned with those of our shareholders. We have also granted equity-based awards to directors, nonemployees, and certain employees of Cellectis. In December 2014, we adopted the Calyxt, Inc. Equity Incentive Plan (2014 Plan), which allowed for the grant of stock options, and in June 2017, we adopted the 2017 Omnibus Plan (2017 Plan), which allowed for the grant of stock options, performance shares and other types of equity awards. As of March 31, 2020, 1,976,394 shares were registered and available for grant under effective registration statements, while 2,770,295 shares were available for grant in the form of stock options, restricted stock, restricted stock units, and performance stock units under the 2017 Plan. Stock-based awards currently outstanding also include awards granted under the 2014 Plan, under which no further awards can be granted. Stock Options The estimated fair values of stock options granted, and the assumptions used for the Black-Scholes option pricing model were as follows: Three Months Ended March 31, 2020 2019 Estimated fair values of stock options granted $ 5.19 $ 9.45 Assumptions: Risk-free interest rate 1.7 % 2.5 % Expected volatility 77.4 % 78.9 % Expected term (in years) 6.9 6.9 We estimate the fair value of each option on the grant date or other measurement dates if applicable using a Black-Scholes option-pricing model, which requires us to make predictive assumptions regarding future stock price volatility, employee exercise behavior and dividend yield. The risk-free interest rate for periods during the expected term of the options is based on the United States Treasury zero-coupon yield curve in effect at the date of grant. We estimate our future stock price volatility using the historical volatility of comparable public companies over the expected term of the option. Our expected term represents the period that options granted are expected to be outstanding determined using the simplified method. We have not paid dividends on our common stock and we do not currently plan to pay any cash dividends in the foreseeable future. Option strike prices are set at 100 percent or more of the closing share price on the date of grant, and generally vest over six years following the grant date. Options generally expire 10 years after the date of grant. Information on stock option activity is as follows: Options Exercisable Weighted- Average Exercise Price Per Share Options Outstanding Weighted- Average Exercise Price Per Share Balance as of December 31, 2019 1,789,567 $ 8.73 4,481,359 $ 11.73 Granted 60,000 7.30 Forfeited or expired (235,894 ) 15.61 Balance as of March 30, 2020 1,890,357 $ 8.97 4,305,465 $ 11.46 Stock-based compensation expense related to stock option awards is as follows: Three Months Ended March 31, In Thousands 2020 2019 Stock-based compensation expense $ 1,006 $ 768 At March 31, 2020, options outstanding and exercisable had no aggregate intrinsic value and the weighted average remaining contractual term was 6.6 years. Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows: Three Months Ended March 31, In Thousands 2020 2019 Net cash proceeds $ — $ 125 Intrinsic value of options exercised $ — $ 353 As of March 31, 2020, unrecognized compensation expense related to non-vested stock options was $10.6 million. This expense will be recognized over 56 months on average. Restricted Stock Units Units settled in stock subject to a restricted period may be granted under the 2017 Plan. Restricted stock units generally vest and become unrestricted over five years after the date of grant. Information on restricted stock unit activity is as follows: Number of Restricted Stock Units Outstanding Weighted- Average Grant Date Fair Value Unvested balance at December 31, 2019 813,526 $ 10.31 Vested (51,973 ) 9.80 Forfeited (50,417 ) 10.45 Unvested balance at March 31, 2020 711,136 $ 10.33 The total grant-date fair value of restricted stock unit awards that vested is as follows: Three Months Ended March 31, In Thousands 2020 2019 Grant-date fair value $ 510 $ 133 Stock-based compensation expense related to restricted stock units is as follows: Three Months Ended March 31, In Thousands 2020 2019 Stock-based compensation expense $ 155 $ 787 We treat stock-based compensation awards granted to employees of Cellectis as deemed dividends. We recorded deemed dividends as follows: Three Months Ended March 31, In Thousands 2020 2019 Deemed dividends from grants to Cellectis employees $ 224 $ 411 As of March 31, 2020, unrecognized compensation expense related to restricted stock units was $2.5 million. This expense will be recognized over 43 months on average. Performance Stock Units In June 2019, we granted 311,667 performance stock units under the 2017 Plan to three executive officers. The performance stock units will vest at 50%, 100% or 120% of the shares under the award at the end of a three-year performance period based upon increases in the value of our common stock from the grant price of $12.48. The performance stock units will be settled in restricted stock upon vesting, with restrictions on transfer lapsing on the second anniversary of the restricted stock issuance date. Stock-based compensation expense related to performance stock units is as follows: Three Months Ended March 31, In Thousands 2020 2019 Stock-based compensation expense $ 110 $ — As of March 31, 2020, unrecognized compensation expense related to performance stock units was $1.9 million. This expense will be recognized over 51 months on average. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. INCOME TAXES We provide for a valuation allowance when it is more likely than not that we will not realize a portion of the deferred tax assets. We have established a full valuation allowance for deferred tax assets due to the uncertainty that enough taxable income will be generated in the taxing jurisdiction to utilize the assets. Therefore, we have not reflected any benefit of such deferred tax assets in the accompanying consolidated financial statements. As of March 31, 2020, there were no material changes to what we disclosed regarding tax uncertainties or penalties as of December 31, 2019. |
Leases, Other Commitments, and
Leases, Other Commitments, and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Leases, Other Commitments, and Contingencies | 7. LEASES, OTHER COMMITMENTS, AND CONTINGENCIES Litigation and Claims We are not currently a party to any material pending legal proceeding. Leases We lease our headquarters facility, office equipment, and other items. Our headquarters lease involved the sale of land and improvements to a third party who then constructed the facility. This lease is considered a financing lease. We also have an equipment financing arrangement that is considered a financing lease. This arrangement has a term of four years for each draw. We were required to deposit cash into a restricted account in an amount equal to the future rent payments required by the lease. As of March 31, 2020, this restricted cash totaled $1.4 million. We have the option to request the return of excess collateral annually in December. Rent expense from operating leases was as follows: Three Months Ended March 31, In Thousands 2020 2019 Rent expense from operating leases $ 24 $ 49 Other Commitments As of March 31, 2020, we have noncancelable commitments to purchase grain from farmers and seed from growers at dates throughout 2020 aggregating $9.2 million based on current commodity futures market prices, other payments to growers, and estimated yields per acre. This amount is not recorded in the consolidated financial statements because we have not taken delivery of the grain as of March 31, 2020. If growers do not plant our soybeans, we allow the grain production contacts to be cancelled. Therefore, we do not include commitments to purchase grain as noncancelable commitment until the corresponding seed is planted. |
Employee Benefit Plan
Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | 8. EMPLOYEE BENEFIT PLAN We provide a 401(k) defined contribution plan for all regular full-time employees who have completed three months of service. We match employee contributions up to certain amounts and those matching contributions vest immediately. Three Months Ended March 31, In Thousands 2020 2019 Employee benefit plan expenses $ 120 $ 56 |
Supplemental Information
Supplemental Information | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Information | 9. SUPPLEMENTAL INFORMATION Certain balance sheet amounts are as follows: As of March 31, As of December 31, In Thousands 2020 2019 Inventory: Raw materials $ 2,535 $ 2,211 Work-in-process 445 272 Finished goods 218 111 Total $ 3,198 $ 2,594 Certain statements of operations amounts are as follows: Three Months Ended March 31, In Thousands 2020 2019 Stock compensation expense: Research and development $ 319 $ 241 Selling and supply chain (251 ) 63 General and administrative 1,203 1,286 Total $ 1,271 $ 1,590 Three Months Ended March 31, In Thousands 2020 2019 Interest, net: Interest expense $ (372 ) $ (370 ) Interest income (26 ) 542 Total $ (398 ) $ 172 Certain statements of cash flows amounts are as follows: As of March 31, 2020 In Thousands 2020 2019 Cash, cash equivalents, restricted cash, and short-term investments: Cash and cash equivalents $ 7,385 $ 84,231 Restricted cash 1,433 1,501 Total cash, cash equivalents, and restricted cash: 8,818 85,732 Short-term investments 38,620 — Total cash, cash equivalents, restricted cash, and short-term investments: $ 47,438 $ 85,732 Three Months Ended March 31, In Thousands 2020 2019 Supplemental cash flow information: Interest paid $ 367 $ 365 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 10. SEGMENT INFORMATION We operate in a single reportable segment, agricultural products. Our current commercial focus is North America. Our major product categories are high oleic soybean oil and high oleic soybean meal. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. SUBSEQUENT EVENTS On April 19, 2020, we received a $1,517,500 loan under the Paycheck Protection Program implemented under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The loan has a term of two years, an interest rate of one percent with no interest payable for six months and is forgivable if certain employee and compensation levels are maintained and the proceeds are used for qualifying purposes. After the initial six-month deferral period, the loan requires monthly payments of principal and interest until maturity with respect to any portion of the Paycheck Protection Program loan that is not forgiven. |
Basis of Presentation & Summa_2
Basis of Presentation & Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Short-term Investments | Short-term investments We consider investments with more than ninety days to maturity at issuance to be short-term investments. These short-term investments are considered trading securities and are carried at fair value with any unrealized gains and losses recorded in current earnings as a component of interest, net. |
Financial Instruments, Fair V_2
Financial Instruments, Fair Value, Hedging Activities, and Concentrations of Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Summary of Fair Value Measurements and Financial Statement Presentation | The fair values of our assets, liabilities, and derivative positions recorded at fair value and their respective levels in the fair value hierarchy as of March 31, 2020 and December 31, 2019, were as follows: March 31, 2020 March 31, 2020 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Short-term investments $ 38,620 $ — $ — $ 38,620 $ — $ — $ — $ — Commodity futures and options 603 — — 603 — — — — Financing lease obligations — — — — — 15,509 — 15,509 Total $ 39,223 $ — $ — $ 39,223 $ — $ 15,509 $ — $ 15,509 December 31, 2019 December 31, 2019 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Financing lease obligations $ — $ — $ — $ — $ — $ 15,651 $ — $ 15,651 Commodity futures and options 62 — — 62 — — — — Total $ 62 $ — $ — $ 62 $ — $ 15,651 $ — $ 15,651 |
Composition of Short-term Investments | The composition of our short-term investments at March 31, 2020 and December 31, 2019 were as follows: As of March 31, As of December 31, In Thousands 2020 2019 Corporate debt securities $ 29,677 $ — Commercial paper 8,943 — Total $ 38,620 $ — |
Summary of Certain Amounts Related to Hedging Activities | Certain amounts related to our hedging activities are as follows: Amount of Gain (Loss) Recognized in AOCI Amount of Gain (Loss) Reclassified to Earnings For the Three Months Ended March 31, For the Three Months Ended March 31, In thousands 2020 2019 2020 2019 Cash flow hedges: Commodity derivative contracts $ (163 ) $ — $ 14 $ — Total $ (163 ) $ — $ 14 $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted loss per share was calculated using the following: For the Three Months Ended March 31, In Thousands, Except Share Data and Per Share Amounts 2020 2019 Net loss $ (11,063 ) $ (7,375 ) Weighted average shares outstanding - basic and diluted 32,988,141 32,677,944 Basic and diluted loss per share $ (0.34 ) $ (0.23 ) As of March 31, 2020 2019 Anti-dilutive stock options, restricted stock units, and performance stock units 5,328,268 4,385,595 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Fair Values of Stock Options Granted and Assumptions used in Black-Scholes Model | The estimated fair values of stock options granted, and the assumptions used for the Black-Scholes option pricing model were as follows: Three Months Ended March 31, 2020 2019 Estimated fair values of stock options granted $ 5.19 $ 9.45 Assumptions: Risk-free interest rate 1.7 % 2.5 % Expected volatility 77.4 % 78.9 % Expected term (in years) 6.9 6.9 |
Summary of Stock Option Activity | Information on stock option activity is as follows: Options Exercisable Weighted- Average Exercise Price Per Share Options Outstanding Weighted- Average Exercise Price Per Share Balance as of December 31, 2019 1,789,567 $ 8.73 4,481,359 $ 11.73 Granted 60,000 7.30 Forfeited or expired (235,894 ) 15.61 Balance as of March 30, 2020 1,890,357 $ 8.97 4,305,465 $ 11.46 |
Schedule of Net Cash Proceeds from Exercise of Stock Options Less Shares Used for Minimum Withholding Taxes and Intrinsic Value of Options Exercised | Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows: Three Months Ended March 31, In Thousands 2020 2019 Net cash proceeds $ — $ 125 Intrinsic value of options exercised $ — $ 353 |
Summary of Activity of Restricted Stock Units | Information on restricted stock unit activity is as follows: Number of Restricted Stock Units Outstanding Weighted- Average Grant Date Fair Value Unvested balance at December 31, 2019 813,526 $ 10.31 Vested (51,973 ) 9.80 Forfeited (50,417 ) 10.45 Unvested balance at March 31, 2020 711,136 $ 10.33 |
Summary of Grant Date Fair Value of Restricted Stock Unit Awards Vested | The total grant-date fair value of restricted stock unit awards that vested is as follows: Three Months Ended March 31, In Thousands 2020 2019 Grant-date fair value $ 510 $ 133 |
Summary of Stock-Based Compensation Granted As Deemed Dividends | We treat stock-based compensation awards granted to employees of Cellectis as deemed dividends. We recorded deemed dividends as follows: Three Months Ended March 31, In Thousands 2020 2019 Deemed dividends from grants to Cellectis employees $ 224 $ 411 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to stock option awards is as follows: Three Months Ended March 31, In Thousands 2020 2019 Stock-based compensation expense $ 1,006 $ 768 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to restricted stock units is as follows: Three Months Ended March 31, In Thousands 2020 2019 Stock-based compensation expense $ 155 $ 787 |
Performance Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to performance stock units is as follows: Three Months Ended March 31, In Thousands 2020 2019 Stock-based compensation expense $ 110 $ — |
Leases, Other Commitments, an_2
Leases, Other Commitments, and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Lease Cost [Abstract] | |
Summary of Rent Expense from Operating Leases | Rent expense from operating leases was as follows: Three Months Ended March 31, In Thousands 2020 2019 Rent expense from operating leases $ 24 $ 49 |
Employee Benefit Plan (Tables)
Employee Benefit Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Summary of Defined Contribution Plan | Three Months Ended March 31, In Thousands 2020 2019 Employee benefit plan expenses $ 120 $ 56 |
Supplemental Information (Table
Supplemental Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Certain Balance Sheet Amounts | Certain balance sheet amounts are as follows: As of March 31, As of December 31, In Thousands 2020 2019 Inventory: Raw materials $ 2,535 $ 2,211 Work-in-process 445 272 Finished goods 218 111 Total $ 3,198 $ 2,594 |
Schedule of Certain Statements of Operations Amounts | Certain statements of operations amounts are as follows: Three Months Ended March 31, In Thousands 2020 2019 Stock compensation expense: Research and development $ 319 $ 241 Selling and supply chain (251 ) 63 General and administrative 1,203 1,286 Total $ 1,271 $ 1,590 Three Months Ended March 31, In Thousands 2020 2019 Interest, net: Interest expense $ (372 ) $ (370 ) Interest income (26 ) 542 Total $ (398 ) $ 172 |
Schedule of Statements of Certain Statements of Cash Flows Amounts | Certain statements of cash flows amounts are as follows: As of March 31, 2020 In Thousands 2020 2019 Cash, cash equivalents, restricted cash, and short-term investments: Cash and cash equivalents $ 7,385 $ 84,231 Restricted cash 1,433 1,501 Total cash, cash equivalents, and restricted cash: 8,818 85,732 Short-term investments 38,620 — Total cash, cash equivalents, restricted cash, and short-term investments: $ 47,438 $ 85,732 Three Months Ended March 31, In Thousands 2020 2019 Supplemental cash flow information: Interest paid $ 367 $ 365 |
Financial Instruments, Fair V_3
Financial Instruments, Fair Value, Hedging Activities, and Concentrations of Credit Risk - Summary of Fair Value Measurements and Financial Statement Presentation (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Assets | $ 39,223 | $ 62 |
Fair Values of Liabilities | 15,509 | 15,651 |
Short Term Investments [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Assets | 38,620 | |
Commodity Futures and Options [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Assets | 603 | 62 |
Financing Lease Obligations [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Liabilities | 15,509 | 15,651 |
Level 1 [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Assets | 39,223 | 62 |
Level 1 [Member] | Short Term Investments [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Assets | 38,620 | |
Level 1 [Member] | Commodity Futures and Options [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Assets | 603 | 62 |
Level 2 [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Liabilities | 15,509 | 15,651 |
Level 2 [Member] | Financing Lease Obligations [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair Values of Liabilities | $ 15,509 | $ 15,651 |
Financial Instruments, Fair V_4
Financial Instruments, Fair Value, Hedging Activities, and Concentrations of Credit Risk - Composition of Short-term Investments (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Total short-term investments | $ 38,620 |
Corporate Debt Securities [Member] | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Total short-term investments | 29,677 |
Commercial Paper [Member] | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Total short-term investments | $ 8,943 |
Financial Instruments, Fair V_5
Financial Instruments, Fair Value, Hedging Activities, and Concentrations of Credit Risk - Additional Information (Detail) $ in Millions | Mar. 31, 2020USD ($) |
Commodity Contracts [Member] | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Commodity derivative assets, notional amount | $ 23.6 |
Financial Instruments, Fair V_6
Financial Instruments, Fair Value, Hedging Activities, and Concentrations of Credit Risk - Summary of Certain Amounts Related to Hedging Activities (Detail) - Cash Flow Hedges [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Amount of Gain (Loss) Recognized in AOCI | $ (163) |
Amount of Gain (Loss) Reclassified to Earnings | 14 |
Commodity Derivative Contracts [Member] | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Amount of Gain (Loss) Recognized in AOCI | (163) |
Amount of Gain (Loss) Reclassified to Earnings | $ 14 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cellectis [Member] | ||
Related Party Transaction [Line Items] | ||
Minimum net worth required | $ 300,000,000 | |
Cellectis [Member] | License and Royalty Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 33,000 | $ 25,000 |
University of Minnesota [Member] | License, Milestone Payments, Royalties and Legal Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 12,000 | 4,000 |
General and Administrative Expense [Member] | Cellectis [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | $ 62,000 | $ 361,000 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (11,063) | $ (7,375) |
Weighted average shares outstanding - basic and diluted | 32,988,141 | 32,677,944 |
Basic and diluted loss per share | $ (0.34) | $ (0.23) |
Anti-dilutive stock options, restricted stock units, and performance stock units | 5,328,268 | 4,385,595 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Mar. 31, 2020shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares registered and available for grant | 1,976,394 |
2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based compensation arrangement by share-based payment award, number of shares registered and available for grant | 2,770,295 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Fair Values of Stock Options Granted and Assumptions used in Black-Scholes Model (Detail) - Stock Options [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated fair values of stock options granted | $ 5,190 | $ 9,450 |
Risk-free interest rate | 1.70% | 2.50% |
Expected volatility | 77.40% | 78.90% |
Expected term (in years) | 6 years 10 months 24 days | 6 years 10 months 24 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense related to non-vested stock options | $ 10,600,000 |
2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options priced at fair market value, percent | 100.00% |
Stock option expiration period | 10 years |
Stock option, vesting period | 6 years |
Weighted average remaining contractual term | 6 years 7 months 6 days |
Aggregate intrinsic value of options outstanding and exercisable | $ 0 |
Employee Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividends paid on common stock | $ 0 |
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 56 months |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options Exercisable, Beginning Balance | shares | 1,789,567 |
Options Exercisable, Ending Balance | shares | 1,890,357 |
Weighted-Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 8.73 |
Weighted-Average Exercise Price Per Share, Ending Balance | $ / shares | $ 8.97 |
Options Outstanding, Beginning Balance | shares | 4,481,359 |
Options Outstanding, Granted | shares | 60,000 |
Options Outstanding, Forfeited or expired | shares | (235,894) |
Options Outstanding, Ending Balance | shares | 4,305,465 |
Weighted-Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 11.73 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 7.30 |
Weighted-Average Exercise Price Per Share, Forfeited or expired | $ / shares | 15.61 |
Weighted-Average Exercise Price Per Share, Ending Balance | $ / shares | $ 11.46 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Related to Stock Option Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1,271 | $ 1,590 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1,006 | $ 768 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Net Cash Proceeds from Exercise of Stock Options Less Shares Used for Minimum Withholding Taxes and Intrinsic Value of Options Exercised (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Net cash proceeds | $ 125 |
Intrinsic value of options exercised | $ 353 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 6 years |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense related to restricted stock units | $ 2.5 |
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 43 months |
Restricted Stock Units [Member] | 2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Activity of Restricted Stock Units (Detail) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted stock units outstanding, Unvested beginning balance | shares | 813,526 |
Number of restricted stock units outstanding, Vested | shares | (51,973) |
Number of restricted stock units outstanding, Forfeited | shares | (50,417) |
Number of restricted stock units outstanding, Unvested ending balance | shares | 711,136 |
Weighted-average grant date fair value, Unvested beginning balance | $ / shares | $ 10.31 |
Weighted-average grant date fair value, Vested | $ / shares | 9.80 |
Weighted-average grant date fair value, Forfeited | $ / shares | 10.45 |
Weighted-average grant date fair value, Unvested ending balance | $ / shares | $ 10.33 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Grant Date Fair Value of Restricted Stock Unit Awards Vested (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant-date fair value | $ 510 | $ 133 |
Stock-Based Compensation - Su_7
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses Related to Restricted Stock Units (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1,271 | $ 1,590 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 155 | $ 787 |
Stock-Based Compensation - Su_8
Stock-Based Compensation - Summary of Stock-Based Compensation Granted as Deemed Dividends (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Nonemployee Restricted Stock Units [Member] | Cellectis [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deemed dividends from grants to Cellectis employees | $ 224 | $ 411 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Stock Units - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended |
Jun. 30, 2019 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance stock, shares granted | 1,976,394 | |
2017 Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 6 years | |
Performance stock, shares granted | 2,770,295 | |
Performance Stock Units [Member] | 2017 Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Increase in common stock starting price | $ 12.48 | |
Unrecognized stock-based compensation expense related to performance stock units | $ 1,900 | |
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 51 months | |
Performance Stock Units [Member] | Tranche One [Member] | 2017 Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 50.00% | |
Performance Stock Units [Member] | Tranche Two [Member] | 2017 Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 100.00% | |
Performance Stock Units [Member] | Tranche Three [Member] | 2017 Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 120.00% | |
Performance Stock Units [Member] | Three Executive Officers [Member] | 2017 Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance stock, shares granted | 311,667 |
Stock-Based Compensation - Su_9
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses Related to Performance Stock Units (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1,271 | $ 1,590 |
Performance Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 110 |
Leases, Other Commitments, an_3
Leases, Other Commitments, and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Commitments [Line Items] | ||
Restricted cash | $ 1,433 | $ 1,501 |
Forward purchase noncancelable commitments amount | $ 9,200 | |
Equipment [Member] | ||
Other Commitments [Line Items] | ||
Lease term | 4 years | |
Restricted cash | $ 1,400 |
Leases, Other Commitments, an_4
Leases, Other Commitments, and Contingencies - Summary of Rent Expense from Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Leases Rent Expense [Abstract] | ||
Rent expense from operating leases | $ 24 | $ 49 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Compensation Related Costs [Abstract] | |
Defined contribution plan description | We provide a 401(k) defined contribution plan for all regular full-time employees who have completed three months of service. |
Employee Benefit Plan - Summary
Employee Benefit Plan - Summary of Defined Contribution Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | ||
Employee benefit plan expenses | $ 120 | $ 56 |
Condensed Financial Statements
Condensed Financial Statements - Summary of Certain Balance Sheet Amounts (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||
Raw materials | $ 2,535 | $ 2,211 |
Work-in-process | 445 | 272 |
Finished goods | 218 | 111 |
Total | $ 3,198 | $ 2,594 |
Condensed Financial Statement_2
Condensed Financial Statements - Summary of Certain Statements of Operations Amounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock compensation expense | $ 1,271 | $ 1,590 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock compensation expense | 319 | 241 |
Selling and Supply Chain [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock compensation expense | (251) | 63 |
General and Administrative Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock compensation expense | $ 1,203 | $ 1,286 |
Condensed Financial Statement_3
Condensed Financial Statements - Summary of Components of Interest, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||
Interest expense | $ (372) | $ (370) |
Interest income | (26) | 542 |
Total | $ (398) | $ 172 |
Condensed Financial Statement_4
Condensed Financial Statements - Summary of Statements of Certain Statements of Cash Flows Amounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 7,385 | $ 84,231 | $ 58,610 | |
Restricted cash | 1,433 | 1,501 | ||
Total cash, cash equivalents, and restricted cash: | 8,818 | 85,732 | $ 60,038 | $ 95,288 |
Short-term investments | 38,620 | |||
Total cash, cash equivalents, restricted cash, and short-term investments: | 47,438 | 85,732 | ||
Interest paid | $ 367 | $ 365 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Associated Bank, N.A [Member] - Loan Agreement [Member] - Subsequent Event [Member] | Apr. 19, 2020USD ($) |
Subsequent Event [Line Items] | |
Loan face amount | $ 1,517,500 |
Loan term | two years |
Loan, interest rate | 1.00% |
Interest payable | no interest payable for six months and is forgivable if certain employee and compensation levels are maintained |