Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 10, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | Ra Medical Systems, Inc. | |
Entity Central Index Key | 0001716621 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | RMED | |
Security Exchange Name | NYSEAMER | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,300,052 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38677 | |
Entity Tax Identification Number | 38-3661826 | |
Entity Address, Address Line One | 2070 Las Palmas Drive | |
Entity Address, City or Town | Carlsbad | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92011 | |
City Area Code | 760 | |
Local Phone Number | 804-1648 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 17,652 | $ 15,045 |
Accounts receivable, net | 26 | 21 |
Inventories | 1,059 | 986 |
Prepaid expenses and other current assets | 1,277 | 1,037 |
Total current assets | 20,014 | 17,089 |
Property and equipment, net | 1,658 | 1,809 |
Operating lease right-of-use assets | 2,039 | 2,110 |
Other long-term assets | 36 | 36 |
TOTAL ASSETS | 23,747 | 21,044 |
Current Liabilities | ||
Accounts payable | 1,171 | 988 |
Accrued expenses | 2,273 | 4,119 |
Current portion of operating lease liabilities | 291 | 283 |
Total current liabilities | 3,735 | 5,390 |
Operating lease liabilities | 1,904 | 1,981 |
Total liabilities | 5,639 | 7,371 |
Stockholders’ Equity | ||
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued | ||
Common stock, $0.0001 par value; 300,000 shares authorized; 32,301 and 7,010 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 10 | 8 |
Additional paid-in capital | 201,865 | 191,937 |
Accumulated deficit | (183,767) | (178,272) |
Total stockholders’ equity | 18,108 | 13,673 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 23,747 | $ 21,044 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 32,301,000 | 7,010,000 |
Common stock, shares outstanding | 32,301,000 | 7,010,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Total net revenues | $ 9 | $ 4 |
Cost of revenues | ||
Total cost of revenues | 95 | 447 |
Gross loss | (86) | (443) |
Operating expenses | ||
Selling, general and administrative | 2,302 | 3,677 |
Research and development | 3,115 | 2,750 |
Total operating expenses | 5,417 | 6,427 |
Operating loss | (5,503) | (6,870) |
Other income (expense), net | 8 | (7) |
Loss from continuing operations before income taxes | (5,495) | (6,877) |
Loss from continuing operations | (5,495) | (6,877) |
Discontinued operations | ||
Loss from discontinued operations before income taxes | (359) | |
Loss from discontinued operations | (359) | |
Net loss | $ (5,495) | $ (7,236) |
Net loss per share, basic and diluted | ||
Continuing operations | $ (0.27) | $ (2.36) |
Discontinued operations | (0.12) | |
Total net loss per share, basic and diluted | $ (0.27) | $ (2.48) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 20,037 | 2,917 |
Product Sales [Member] | ||
Cost of revenues | ||
Total cost of revenues | $ 31 | $ 264 |
Service and Other [Member] | ||
Cost of revenues | ||
Total cost of revenues | $ 64 | $ 183 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (5,495) | $ (7,236) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 186 | 455 |
Stock-based compensation | 165 | 1,169 |
Loss (gain) on sales and disposals of property and equipment | 36 | (501) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5) | 78 |
Inventories | (73) | (14) |
Prepaid expenses and other assets | (240) | (83) |
Accounts payable | (256) | 406 |
Accrued expenses | (2,822) | (2,172) |
Deferred revenue | (93) | |
Other liabilities | (65) | (87) |
Net cash used in operating activities | (8,569) | (8,078) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sales of property and equipment | 309 | |
Purchases of property and equipment | (20) | |
Net cash provided by investing activities | 289 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock and warrants | 12,670 | 300 |
Payments of offering costs related to the issuance of common stock and warrants | (1,519) | (198) |
Proceeds from exercise of warrants | 25 | |
Payments on equipment financing | (265) | |
Net cash provided by (used in) financing activities | 11,176 | (163) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 2,607 | (7,952) |
CASH AND CASH EQUIVALENTS, beginning of period | 15,045 | 23,906 |
CASH AND CASH EQUIVALENTS, end of period | 17,652 | 15,954 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Unpaid offering costs | $ 1,411 | 37 |
Receivable from sale of property and equipment | $ 222 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balances at Dec. 31, 2020 | $ 21,147 | $ 7 | $ 174,342 | $ (153,202) |
Balance (in shares) at Dec. 31, 2020 | 3,189 | |||
Common stock issued, net | 65 | 65 | ||
Common stock issued, net (in shares) | 35 | |||
Stock-based compensation | 1,169 | 1,169 | ||
Stock-based compensation (In shares) | 35 | |||
Net loss | (7,236) | (7,236) | ||
Balances at Mar. 31, 2021 | 15,145 | $ 7 | 175,576 | (160,438) |
Balance (in shares) at Mar. 31, 2021 | 3,259 | |||
Balances at Dec. 31, 2021 | 13,673 | $ 8 | 191,937 | (178,272) |
Balance (in shares) at Dec. 31, 2021 | 7,010 | |||
Common stock and warrants issued, net | 9,740 | $ 2 | 9,738 | |
Common stock and warrants issued, net (in shares) | 25,248 | |||
Warrants exercised | 25 | 25 | ||
Warrants exercised (in shares) | 50 | |||
Restricted stock awards cancelled | (7) | |||
Stock-based compensation | 165 | 165 | ||
Net loss | (5,495) | (5,495) | ||
Balances at Mar. 31, 2022 | $ 18,108 | $ 10 | $ 201,865 | $ (183,767) |
Balance (in shares) at Mar. 31, 2022 | 32,301 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1. Organization The Company Ra Medical Systems, Inc. (the “Company”) is a medical device company leveraging its advanced excimer laser-based platform for use in the treatment of vascular immune-mediated inflammatory diseases. Its excimer laser and single-use catheter system, together referred to as “DABRA”, is used as a tool in the treatment of peripheral artery disease (“PAD”). The Company was formed on September 4, 2002 in the state of California and reincorporated in Delaware on July 14, 2018. On August 16, 2021, the Company completed the sale of its Pharos dermatology business (the “Dermatology Business”). As a result, the Company has reported the operating results of the Dermatology Business as discontinued operations in the condensed statement of operations for the three months ended March 31, 2021. Unless otherwise noted, discussion within these notes to the unaudited condensed financial statements relates to continuing operations. See Note 3 . Discontinued Operations COVID-19 and Market Conditions The global effects of the novel coronavirus (“COVID-19”) have created significant volatility, uncertainty and economic disruption. Although restrictions have been recently eased around the world, COVID-19 pandemic is still ongoing, and the ultimate effects of COVID-19 on the Company’s business, operations and financial condition are unknown at this time. The Company expects that enrollment in its atherectomy clinical trial will continue to be affected by the uncertainty relating to COVID-19, as patients may continue to elect to postpone voluntary treatments and physicians’ offices may intermittently close or operate at a reduced capacity in response to COVID-19. The Company’s manufacturing facility located in Carlsbad, California is currently operational. The Company has experienced delays in receiving shipments of parts which has had an impact on the timing of its key engineering efforts but has not affected its ability to support its atherectomy clinical study. However, the extent to which COVID-19 impacts its business will depend on future developments which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to contain it or treat its impact, among others. The Company, like many companies, is also experiencing increased difficulty in attracting and retaining key personnel due to a tight labor market. Going Concern The Company has experienced recurring net losses from operations and negative cash flows from operating activities, has a significant accumulated deficit and expects to continue to incur net losses into the foreseeable future. The Company had an accumulated deficit of $183.8 million at March 31, 2022. For the three months ended March 31, 2022, the Company used cash of $8.6 million in operating activities. As of March 31, 2022, the Company had cash and cash equivalents of $17.7 million. Management expects operating losses and negative cash flows to continue for the foreseeable future with the Company’s reduced commercial footprint, and as the Company continues to incur costs related to its atherectomy clinical trial, engineering efforts to improve the shelf life of its catheters and develop next generation products and legal costs. In September 2020, the Company paused commercial sales of the DABRA catheter not being used for the atherectomy clinical trial while it conducted further studies on the stability of its shelf life. The Company submitted additional test data with respect to the DABRA catheter shelf life in March 2021, which was cleared by the U.S. Food and Drug Administration (“FDA”) in July 2021. Although eligible, the Company has not resumed commercial sales and is evaluating its commercial catheter strategy. The Company also expects the COVID-19 pandemic to have a continued negative impact on the timing of enrollment in its atherectomy clinical trial as well as the Company’s ability to secure additional financing in a timely manner or on favorable terms, if at all. Management believes that, based on the Company’s liquidity resources, there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of issuance of the financial statements. Although the Company bolstered its liquidity resources through an equity financing in February 2022, resulting in net proceeds of $9.7 million, has an effective shelf registration statement and may receive additional funds from the exercise of its warrants depending on market conditions, management has concluded that the aforementioned conditions, including the ongoing uncertainty related to the negative impacts of the COVID-19 pandemic, continue to raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of issuance of the financial statements. Management plans to address this uncertainty by raising additional funds, if necessary, through public or private equity or debt financings as well as by engaging in regular and ongoing reviews of its business model and strategic options to help ensure that the Company is focusing its cash resources on advancing its key corporate initiatives. However, the Company may not be able to secure such financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity securities to raise additional funds, its existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. The Company may be forced to downsize or reduce its personnel and development costs, significantly alter its business strategy, substantially curtail its current operations, refocus or rebuild around a different core or strategic technology, consummate another strategic transaction such as a company sale, merger, asset sale, in-license, out-license, or other business transaction , or be required to liquidate its assets and dissolve the Company . Consistent with the actions the Company has taken in the past, it will execute the appropriate steps to enable the continued operation of the business and preservation of the value of its assets, including but not limited to actions such as reduced personnel-related costs, delay or curtailment of the Company’s research and development activities, and other discretionary expenses that are within the Company’s control. These initiatives, if required, may have an adverse impact on the Company’s ability to achieve certain of its planned objectives as it seeks strategic alternatives. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The unaudited interim condensed financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed balance sheets, results of operations, cash flows and statements of stockholders’ equity for the periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 24, 2022. Use of Estimates The preparation of interim unaudited condensed financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in order to reflect the Dermatology Business as discontinued operations. Fair Value Measurements Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants and is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier value hierarchy is used to identify inputs used in measuring fair value as follows: Level 1 – Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; Level 2 – Inputs other than the quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and Level 3 – Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company measures its cash and cash equivalents at fair value. Fair value of financial instruments Cash and cash equivalents, trade accounts receivable, accounts payable, accrued expenses and other current assets and liabilities are reported on the balance sheets at carrying value which approximates fair value due to the short-term maturities of these instruments. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Cost includes materials, labor and manufacturing overhead related to the purchase and production of inventories. The Company reduces the carrying value of inventories for those items that are potentially excess or obsolete based on changes in customer demand, technological developments or other economic factors. Although inventories are classified as current assets in the accompanying condensed balance sheets, the Company anticipates that such inventories will be utilized beyond twelve months from March 31, 2022. Catheters are manufactured in-house, and each catheter is tested at various stages of the manufacturing process for adherence to quality standards. Catheters that do not meet functionality specification at each test point are destroyed and immediately written off, with the expense recorded in cost of revenue in the condensed statements of operations. Once manufactured, completed catheters that pass quality assurance are sent to a third-party for sterilization and sealed in a sterile container. Upon return from the third-party sterilizer, a sample of catheters from each batch are re-tested. If the sample tests are successful, the batch is accepted into finished goods inventory. If the sample tests are unsuccessful, the entire batch is written off with the expense recorded in cost of revenue in the condensed statements of operations. Segment Information The Company operates its business in one segment, which includes all activities related to the research, development and manufacture of the DABRA system. The chief operating decision-maker reviews the operating results on an aggregate basis and manages the operations as a single operating segment. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that the Company adopts as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and, based on its preliminary assessment, does not believe any will have a material impact on the condensed financial statements or related footnote disclosures. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Discontinued Operations | Note 3. Discontinued Operations The Company completed the sale of its Dermatology Business to STRATA Skin Sciences, Inc. (“Strata”) on August 16, 2021 for net proceeds of $3.7 million, resulting in a gain on the sale of the Dermatology Business of $3.5 million which was included as a component of income (loss) from discontinued operations in the statement of operations for the year December 31, 2021. The Dermatology Business was previously disclosed as a separate reportable segment of the Company. The results of the Dermatology Business is reported as loss from discontinued operations in the condensed statement of operations for the three months ended March 31, 2021. Certain overhead costs previously allocated to the Dermatology Business for segment reporting purposes did not qualify for classification as discontinued operations and have been reallocated to continuing operations for the three months ended March 31, 2021. The following table summarizes the loss from discontinued operations in the condensed statement of operations for the three months ended March 31, 2021 (in thousands): Net revenues $ 1,113 Cost of net revenues 927 Gross income 186 Operating expenses 502 Operating loss from discontinued operations (316 ) Other income (expense), net (43 ) Net loss from discontinued operations $ (359 ) Depreciation expense for the Dermatology Business was $0.1 million for the three months ended March 31, 2021. There were no capital expenditures for the Dermatology Business during the three months ended March 31, 2021. Stock-based compensation expense for the Dermatology Business was approximately $19,000 for the three months ended March 31, 2021. Stock-based compensation expense of approximately $38,000 was capitalized to inventory and property and equipment during the three months ended March 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements As of March 31, 2022 and December 31, 2021, cash equivalents of approximately $9.4 million were categorized as Level 1 and consisted of money market funds that were measured at fair value on a recurring basis. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 959 $ 911 Work in process 93 70 Finished goods 7 5 Total inventories $ 1,059 $ 986 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment Net [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2022 December 31, 2021 Lasers $ 2,998 $ 3,085 Machinery and equipment 890 858 Computer hardware and software 353 353 Construction in progress 138 169 Leasehold improvements 145 145 Furniture and fixtures 48 48 Property and equipment, gross 4,572 4,658 Accumulated depreciation (2,914 ) (2,849 ) Total property and equipment, net $ 1,658 $ 1,809 Depreciation expense was $0.1 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 7. Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, 2022 December 31, 2021 Offering costs $ 974 $ — Compensation and related benefits 419 2,004 Consulting fees 255 273 Warranty expenses 192 195 Legal expenses 104 1,345 Other accrued expenses 329 302 Total accrued expenses $ 2,273 $ 4,119 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 8. Leases The Company has an operating lease for office and manufacturing space which requires it to pay base rent and certain utilities. Monthly rent expense is recognized on a straight-line basis over the term of the lease which expires in 2027. At March 31, 2022, the remaining lease term was 5.75 years. The operating lease is included in the condensed balance sheets at the present value of the lease payments at a 7% discount rate which approximates the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment, as the lease does not provide an implicit rate. For each of the three months ended March 31, 2022 and 2021, operating lease expense and cash paid for leases was $ Maturities of operating lease liabilities as of March 31, 2022 (in thousands): Years Ending December 31, 2022 (remaining nine months) $ 324 2023 445 2024 459 2025 472 2026 486 Thereafter 501 Total operating lease payments 2,687 Less: imputed interest (492 ) Total operating lease liabilities $ 2,195 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 9. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the reporting period. A net loss cannot be diluted, so when the Company is in a net loss position, basic and diluted loss per common share are the same. If in the future the Company achieves profitability, the denominator of a diluted earnings per common share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents include warrants, stock options, non-vested restricted stock units and employee stock purchase plan rights. The Company’s outstanding warrants to purchase common stock have participation rights to any dividends that may be declared in the future and are therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to the participating securities since the holders have no contractual obligation to share in the losses of the Company. Anti-dilutive share equivalents excluded from the computation of diluted net loss per share at March 31, 2022 consisted of warrants of 56,329,950, stock options of 106,380, restricted stock awards of 164,879, restricted stock units of 49,636 and Employee Stock Purchase Plan shares of 16,634. Anti-dilutive share equivalents excluded from the computation of diluted net loss per share at March 31, 2021 consisted of warrants of 2,345,033, stock options of 136,033, restricted stock awards of 325,429, restricted stock units of 38,922 and Employee Stock Purchase Plan shares of 3,200. |
Equity Offerings
Equity Offerings | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Equity Offerings | Note 10. Equity Offerings On February 8, 2022, the Company completed a public offering (the “Offering”) in which it issued and sold (i) 9,535,000 shares of common stock, (ii) 24,002,893 warrants to purchase one share of common stock at an exercise price of $0.50 that were immediately exercisable and expire one year from the date of issuance, or Series A Warrants, and (iii) 24,002,893 warrants to purchase one share of common stock at an exercise price of $0.50 that were immediately exercisable and expire seven years from the date of issuance, or Series B Warrants, and (iv) 14,467,893 pre-funded warrants to purchase one share of common stock at an exercise price of $0.0001 per share that were immediately exercisable and expire twenty years from the date of issuance, or Pre-Funded Warrants. In addition, the Company granted the underwriters of the Offering a 45-day option, or Overallotment Option, to purchase up to (i) 3,600,000 additional shares of common stock, (ii) 3,600,000 additional Series A Warrants and/or (iii) 3,600,000 additional Series B Warrants, solely to cover overallotments. The Series A Warrants and Series B Warrants were valued at approximately $7.0 million using the Black-Scholes option pricing model based on the following assumptions: Series A Series B Risk-free interest rate 0.59 % 1.70 % Volatility 95.81 % 103.29 % Expected dividend yield 0.00 % 0.00 % Expected life (in years) 0.5 3.5 On February 10, 2022, the Company issued 1,245,116 shares of common stock pursuant to the partial exercise of the Overallotment Option, resulting in cash proceeds of approximately $0.5 million, net of underwriting discounts. On various dates in February 2022 and March 2022, the Company issued 14,467,893 shares of common stock upon the exercise of all of the Pre-Funded Warrants issued in the Offering. In addition, in March 2022, the Company issued 50,000 shares of common stock in connection with the exercise of 25,000 Series A Warrants and 25,000 Series B Warrants issued in the Offering. Net proceeds from the Offering were approximately $9.7 million, after deducting underwriter commissions and fees and other offering fees paid or payable by the Company as of March 31, 2022. At March 31, 2022, the Company had 56,329,950 shares of common stock reserved for issuance pursuant to the warrants issued by the Company at a weighted average exercise price of $0.89. The Company is contractually obligated to pay a former placement agent a tail fee equal to 7.5% cash compensation for the gross proceeds raised and issue warrants equal to 7% of the number of shares of common stock sold in the Offering to any investor contacted by the former placement agent during the term of its engagement with the Company. Thus, the Company is obligated to pay such placement agent a cash fee which it estimates to be approximately $0.9 million and to issue approximately 1.7 million warrants to purchase common stock at an exercise price of $0.625 per share, which represents 125% of the exercise price in the Offering. Such warrants would be immediately exercisable and expire five years from the date of issuance. These warrants were valued at approximately $0.3 million on February 8, 2022, using the Black-Scholes option pricing model based on the following assumptions: expected volatility of 109.9%, risk-free interest rate of 1.47%, expected dividend yield of 0% and an expected term of 2.5 years. The cash fees of $0.9 million are included in accrued expenses in the balance sheet as of March 31, 2022. The warrants had not been issued by the Company as of March 31, 2022. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 11. Stock-Based Compensation A summary of the activity under the 2018 Equity Inventive Plan and the 2020 Inducement Equity Incentive Plan (collectively, the “Plans”) for the three months ended March 31, 2022 is set forth below: Stock Options Stock Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 108,448 $ 345.54 Forfeited (2,068 ) $ 231.56 Outstanding at March 31, 2022 106,380 $ 347.75 5.31 $ — Exercisable at March 31, 2022 89,209 $ 409.27 4.83 $ — Vested and expected to vest at March 31, 2022 106,380 $ 347.75 5.31 $ — Restricted Stock Units Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 70,025 $ 4.37 Vested (1,334 ) $ 6.66 Forfeited (19,055 ) $ 3.24 Outstanding at March 31, 2022 49,636 $ 4.75 Restricted Stock Awards Restricted Stock Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 179,334 $ 4.71 Vested (6,667 ) $ 7.11 Forfeited (7,788 ) $ 4.75 Outstanding at March 31, 2022 164,879 $ 4.61 The following table summarizes stock-based compensation expense for the Plans included in operating expenses (in thousands): Three Months Ended March 31, 2022 2021 Selling, general and administrative $ 113 $ 943 Research and development 49 129 Stock-based compensation in operating expenses $ 162 $ 1,072 Stock-based compensation expense of approximately $3,000 and $40,000 was capitalized to inventory and property and equipment during the three months ended March 31, 2022 and 2021, respectively. Unrecognized stock-based compensation expense by award type and the remaining weighted average recognition period over which such expense is expected to be recognized as of March 31, 2022 was as follows: Unrecognized Expense (in thousands) Remaining Weighted Average Recognition Period (in years) Stock options $ 251 1.6 Restricted stock awards $ 503 1.9 Restricted stock units $ 172 1.8 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Securities Class Action and Shareholder Derivative Litigation Update On June 7, 2019, a putative securities class action complaint captioned Derr v. Ra Medical Systems, Inc., et al, The settlement provides for a payment to the plaintiff class of $10.0 million. The proposed settlement requires both preliminary and final approval by the court. On February 11, 2022, the court granted preliminary approval of the settlement, scheduled a hearing on final approval of the settlement for June 13, 2022, and denied the pending motion to dismiss without prejudice. On May 2, 2022, plaintiffs filed a motion for final approval of the settlement and plan of allocation, and lead counsel filed a motion for an award of attorneys’ fees and reimbursement of litigation expenses. On October 1, 2019, a shareholder derivative complaint captioned Noel Borg v. Dean Irwin, et al Settlement Agreements with the Department of Justice and Participating States As previously announced on December 28, 2020, the Company entered into a Settlement Agreement with the U.S., acting through the Department of Justice and on behalf of the Office of Inspector General, and other settlement agreements with certain state attorneys general to resolve investigations and a related civil action concerning its marketing of the DABRA laser system and DABRA-related remuneration to certain physicians. Pursuant to the terms of the Settlement Agreement and the agreements with the participating states, (a) if the Company’s revenue exceeds $10 million in any of fiscal years 2021-2024, the Company also is required to pay for the corresponding year: $500,000 for 2021, $750,000 for 2022, $1 million for 2023, and $1.25 million for 2024; (b) if the Company is acquired or is otherwise involved in a change in control transaction before the end of 2024, the Company is required to pay an additional settlement amount of $5 million, plus 4% of the value attributed to the Company in the transaction, so long as the attributed value is in excess of $100 million, with the total change in control payment never to exceed $28 million; and (c) if the Company’s obligations under the Settlement Agreement are avoided by bankruptcy, the U.S. may rescind the releases and bring an action against the Company in which the Company agrees is not subject to an automatic stay, is not subject to any statute of limitations, estoppel or laches defense, and is a valid claim in the amount of $56 million, minus any prior change in control payments. Other Litigation In the normal course of business, the Company is at times subject to pending and threatened legal actions. In management’s opinion, any potential loss resulting from the resolution of these matters will not have a material effect on the results of operations, financial position or cash flows of the Company. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 13. Subsequent Event On May 10, 2022, the Company’s Chief Financial Officer notified the Company that he will resign as the Company’s Chief Financial Officer and Secretary, effective May 25, 2022. This resignation is not the result of any disagreement with the Company or its board of directors or any matter relating to the Company’s operations, policies or practices. The Company expects to enter into a separation agreement with the Chief Financial Officer, the terms of which have not yet been finalized. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim condensed financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed balance sheets, results of operations, cash flows and statements of stockholders’ equity for the periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 24, 2022. |
Use of Estimates | Use of Estimates The preparation of interim unaudited condensed financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in order to reflect the Dermatology Business as discontinued operations. |
Fair Value Measurements | Fair Value Measurements Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants and is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier value hierarchy is used to identify inputs used in measuring fair value as follows: Level 1 – Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; Level 2 – Inputs other than the quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and Level 3 – Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company measures its cash and cash equivalents at fair value. |
Fair Value of Financial Instruments | Fair value of financial instruments Cash and cash equivalents, trade accounts receivable, accounts payable, accrued expenses and other current assets and liabilities are reported on the balance sheets at carrying value which approximates fair value due to the short-term maturities of these instruments. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Cost includes materials, labor and manufacturing overhead related to the purchase and production of inventories. The Company reduces the carrying value of inventories for those items that are potentially excess or obsolete based on changes in customer demand, technological developments or other economic factors. Although inventories are classified as current assets in the accompanying condensed balance sheets, the Company anticipates that such inventories will be utilized beyond twelve months from March 31, 2022. Catheters are manufactured in-house, and each catheter is tested at various stages of the manufacturing process for adherence to quality standards. Catheters that do not meet functionality specification at each test point are destroyed and immediately written off, with the expense recorded in cost of revenue in the condensed statements of operations. Once manufactured, completed catheters that pass quality assurance are sent to a third-party for sterilization and sealed in a sterile container. Upon return from the third-party sterilizer, a sample of catheters from each batch are re-tested. If the sample tests are successful, the batch is accepted into finished goods inventory. If the sample tests are unsuccessful, the entire batch is written off with the expense recorded in cost of revenue in the condensed statements of operations. |
Segment Information | Segment Information The Company operates its business in one segment, which includes all activities related to the research, development and manufacture of the DABRA system. The chief operating decision-maker reviews the operating results on an aggregate basis and manages the operations as a single operating segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that the Company adopts as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and, based on its preliminary assessment, does not believe any will have a material impact on the condensed financial statements or related footnote disclosures. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Loss from Discontinued Operations | The following table summarizes the loss from discontinued operations in the condensed statement of operations for the three months ended March 31, 2021 (in thousands): Net revenues $ 1,113 Cost of net revenues 927 Gross income 186 Operating expenses 502 Operating loss from discontinued operations (316 ) Other income (expense), net (43 ) Net loss from discontinued operations $ (359 ) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 959 $ 911 Work in process 93 70 Finished goods 7 5 Total inventories $ 1,059 $ 986 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment Net [Abstract] | |
Schedule of Property and Equipment | Note 6. Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2022 December 31, 2021 Lasers $ 2,998 $ 3,085 Machinery and equipment 890 858 Computer hardware and software 353 353 Construction in progress 138 169 Leasehold improvements 145 145 Furniture and fixtures 48 48 Property and equipment, gross 4,572 4,658 Accumulated depreciation (2,914 ) (2,849 ) Total property and equipment, net $ 1,658 $ 1,809 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): March 31, 2022 December 31, 2021 Offering costs $ 974 $ — Compensation and related benefits 419 2,004 Consulting fees 255 273 Warranty expenses 192 195 Legal expenses 104 1,345 Other accrued expenses 329 302 Total accrued expenses $ 2,273 $ 4,119 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of March 31, 2022 (in thousands): Years Ending December 31, 2022 (remaining nine months) $ 324 2023 445 2024 459 2025 472 2026 486 Thereafter 501 Total operating lease payments 2,687 Less: imputed interest (492 ) Total operating lease liabilities $ 2,195 |
Equity Offerings (Tables)
Equity Offerings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Series A Warrants and Series B Warrants | |
Schedule of Black-Scholes Option Pricing Model Based on Assumptions | The Series A Warrants and Series B Warrants were valued at approximately $7.0 million using the Black-Scholes option pricing model based on the following assumptions: Series A Series B Risk-free interest rate 0.59 % 1.70 % Volatility 95.81 % 103.29 % Expected dividend yield 0.00 % 0.00 % Expected life (in years) 0.5 3.5 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Options Activity | Stock Options Stock Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 108,448 $ 345.54 Forfeited (2,068 ) $ 231.56 Outstanding at March 31, 2022 106,380 $ 347.75 5.31 $ — Exercisable at March 31, 2022 89,209 $ 409.27 4.83 $ — Vested and expected to vest at March 31, 2022 106,380 $ 347.75 5.31 $ — |
Schedule of Restricted Stock Units Activity | Restricted Stock Units Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 70,025 $ 4.37 Vested (1,334 ) $ 6.66 Forfeited (19,055 ) $ 3.24 Outstanding at March 31, 2022 49,636 $ 4.75 |
Schedule of Restricted Stock Awards Activity | Restricted Stock Awards Restricted Stock Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 179,334 $ 4.71 Vested (6,667 ) $ 7.11 Forfeited (7,788 ) $ 4.75 Outstanding at March 31, 2022 164,879 $ 4.61 |
Schedule of Stock-based Compensation Expense Included in Operating Expenses | The following table summarizes stock-based compensation expense for the Plans included in operating expenses (in thousands): Three Months Ended March 31, 2022 2021 Selling, general and administrative $ 113 $ 943 Research and development 49 129 Stock-based compensation in operating expenses $ 162 $ 1,072 |
Schedule of Unrecognized Estimated Stock Based Compensation Expense by Award Type | Unrecognized stock-based compensation expense by award type and the remaining weighted average recognition period over which such expense is expected to be recognized as of March 31, 2022 was as follows: Unrecognized Expense (in thousands) Remaining Weighted Average Recognition Period (in years) Stock options $ 251 1.6 Restricted stock awards $ 503 1.9 Restricted stock units $ 172 1.8 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ in Thousands | Feb. 08, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Accumulated deficit | $ 183,767 | $ 178,272 | ||
Net cash used in operating activities | 8,569 | $ 8,078 | ||
Cash and cash equivalents | $ 17,652 | $ 15,045 | ||
Proceeds from equity financing | $ 9,700 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022Segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - Dermatology [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2021 | Aug. 16, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation expense | $ 100,000 | ||
Capital expenditure | 0 | ||
Stock based compensation expense | 19,000 | ||
Stock based compensation expense capitalized to inventory and property and equipment | $ 38,000 | ||
Disposition by Sale [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gain on disposition of business | $ 3,500,000 | ||
Discontinued Operations [Member] | Disposition by Sale [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Cash on disposition of business | $ 3,700,000 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Loss from Discontinued Operations in Condensed Statements of Operations (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Net revenues | $ 1,113 |
Cost of net revenues | 927 |
Gross income | 186 |
Operating expenses | 502 |
Operating loss from discontinued operations | (316) |
Other income (expense), net | (43) |
Net loss from discontinued operations | $ (359) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value disclosure of cash equivalents | $ 9.4 | $ 9.4 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 959 | $ 911 |
Work in process | 93 | 70 |
Finished goods | 7 | 5 |
Total inventories | $ 1,059 | $ 986 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 4,572 | $ 4,658 |
Accumulated depreciation | (2,914) | (2,849) |
Total property and equipment, net | 1,658 | 1,809 |
Lasers [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,998 | 3,085 |
Machinery And Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 890 | 858 |
Computer Hardware and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 353 | 353 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 138 | 169 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 145 | 145 |
Furniture And Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 48 | $ 48 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 0.1 | $ 0.4 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Offering costs | $ 974 | |
Compensation and related benefits | 419 | $ 2,004 |
Consulting fees | 255 | 273 |
Warranty expenses | 192 | 195 |
Legal expenses | 104 | 1,345 |
Other accrued expenses | 329 | 302 |
Total accrued expenses | $ 2,273 | $ 4,119 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Leased Assets [Line Items] | ||
Operating lease, discount rate | 7.00% | |
Operating lease, remaining lease term | 5 years 9 months | |
Operating lease , cash payment | $ 0.1 | $ 0.1 |
Operating lease right-of-use-assets amortization | $ 0.1 | $ 0.1 |
Office and Manufacturing Space [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease expiration period | 2027 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2022 (remaining nine months) | $ 324 |
2023 | 445 |
2024 | 459 |
2025 | 472 |
2026 | 486 |
Thereafter | 501 |
Total operating lease payments | 2,687 |
Less: imputed interest | (492) |
Total operating lease liabilities | $ 2,195 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Loss allocated to participating securities | $ 0 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive share equivalents excluded from computation of diluted net loss per share | 106,380 | 136,033 |
Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive share equivalents excluded from computation of diluted net loss per share | 56,329,950 | 2,345,033 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive share equivalents excluded from computation of diluted net loss per share | 49,636 | 38,922 |
Restricted Stock Awards (RSAs) [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive share equivalents excluded from computation of diluted net loss per share | 164,879 | 325,429 |
Employee Stock Purchase Plan [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive share equivalents excluded from computation of diluted net loss per share | 16,634 | 3,200 |
Equity Offerings - Additional I
Equity Offerings - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 10, 2022 | Feb. 08, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | |||||||
Warrants issued price per share | $ 0.625 | $ 0.625 | |||||
Warrants expire period | 5 years | ||||||
Valuation of warrants | $ 0.3 | ||||||
Common stock reserve for issuance | 56,329,950 | 56,329,950 | |||||
Common stock, weighted average exercise price | $ 0.89 | $ 0.89 | |||||
Percentage of cash compensation for gross proceeds raised | 7.50% | ||||||
Percentage of number of common shares sold to issue warrants | 7.00% | ||||||
Number of warrants to issue for purchase of common stock | 1,700,000 | 1,700,000 | |||||
Percentage of warrants exercise price in the offering | 125.00% | ||||||
Expected Volatility | 109.90% | ||||||
Risk-free interest rate | 1.47% | ||||||
Expected dividend yield | 0.00% | ||||||
Expected term (In Years) | 2 years 6 months | ||||||
Accrued Expenses | |||||||
Class Of Stock [Line Items] | |||||||
Cash fee for placement agent | $ 0.9 | ||||||
Offering | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued (in shares) | 9,535,000 | ||||||
Stock issued during period, warrants exercised | 50,000 | ||||||
Proceeds from issuance of common stock | $ 9.7 | ||||||
Offering | Series A Warrants | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued (in shares) | 24,002,893 | ||||||
Equity offering description | warrants to purchase one share of common stock | ||||||
Warrants issued price per share | $ 0.50 | ||||||
Warrants expire period | 1 year | ||||||
Stock issued during period, warrants exercised | 25,000 | ||||||
Offering | Series B Warrants | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued (in shares) | 24,002,893 | ||||||
Equity offering description | warrants to purchase one share of common stock | ||||||
Warrants issued price per share | $ 0.50 | ||||||
Warrants expire period | 7 years | ||||||
Stock issued during period, warrants exercised | 25,000 | ||||||
Offering | Pre-Funded Warrants | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued (in shares) | 14,467,893 | ||||||
Equity offering description | warrants to purchase one share of common stock | ||||||
Warrants issued price per share | $ 0.0001 | ||||||
Warrants expire period | 20 years | ||||||
Stock issued during period, warrants exercised | 14,467,893 | 14,467,893 | |||||
Offering | Series A Warrants and Series B Warrants | |||||||
Class Of Stock [Line Items] | |||||||
Valuation of warrants | $ 7 | ||||||
Overallotment Option | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued (in shares) | 1,245,116 | ||||||
Overallotment option period | 45 days | ||||||
Cash proceeds | $ 0.5 | ||||||
Overallotment Option | Maximum | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued (in shares) | 3,600,000 | ||||||
Overallotment Option | Series A Warrants | Maximum | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued (in shares) | 3,600,000 | ||||||
Overallotment Option | Series B Warrants | Maximum | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued (in shares) | 3,600,000 |
Equity Offerings - Schedule of
Equity Offerings - Schedule of Black-Scholes Option Pricing Model Based on Assumptions (Details) - Offering | Feb. 08, 2022 |
Series A | |
Class Of Stock [Line Items] | |
Risk-free interest rate | 0.59% |
Volatility | 95.81% |
Expected dividend yield | 0.00% |
Expected life (in years) | 6 months |
Series B | |
Class Of Stock [Line Items] | |
Risk-free interest rate | 1.70% |
Volatility | 103.29% |
Expected dividend yield | 0.00% |
Expected life (in years) | 3 years 6 months |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Options Activity (Details) - Plans [Member] - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Options outstanding | |
Beginning balance | shares | 108,448 |
Forfeited | shares | (2,068) |
Ending balance | shares | 106,380 |
Exercisable at end of the period | shares | 89,209 |
Vested and expected to vest at end of the period | shares | 106,380 |
Weighted Average Exercise Price | |
Beginning balance | $ / shares | $ 345.54 |
Forfeited | $ / shares | 231.56 |
Ending balance | $ / shares | 347.75 |
Exercisable at the end of period | $ / shares | 409.27 |
Vested and expected to vest at the end of period | $ / shares | $ 347.75 |
Weighted Average Remaining Life (in years) | |
Weighted Average Remaining Life (in years) | 5 years 3 months 21 days |
Exercisable at the end of the period | 4 years 9 months 29 days |
Vested and expected to vest at the end of the period | 5 years 3 months 21 days |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Plans [Member] - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Restricted Stock Units | |
Beginning balance | shares | 70,025 |
Vested | shares | (1,334) |
Forfeited | shares | (19,055) |
Ending balance | shares | 49,636 |
Weighted Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 4.37 |
Vested | $ / shares | 6.66 |
Forfeited | $ / shares | 3.24 |
Ending balance | $ / shares | $ 4.75 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Restricted Stock Awards Activity (Details) - Plans [Member] - Restricted Stock Awards (RSAs) [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance | shares | 179,334 |
Vested | shares | (6,667) |
Forfeited | shares | (7,788) |
Ending balance | shares | 164,879 |
Beginning balance | $ / shares | $ 4.71 |
Vested | $ / shares | 7.11 |
Forfeited | $ / shares | 4.75 |
Ending balance | $ / shares | $ 4.61 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Stock-based Compensation Expense Included in Operating Expenses (Details) - Plans [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation in operating expenses | $ 162 | $ 1,072 |
Selling, General and Administrative [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation in operating expenses | 113 | 943 |
Research and Development [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation in operating expenses | $ 49 | $ 129 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 165 | $ 1,169 |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 3,000 | $ 40,000 |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of Unrecognized Estimated Stock Based Compensation Expense by Award Type (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 251 |
Remaining Weighted Average Recognition Period | 1 year 7 months 6 days |
Restricted Stock Awards (RSAs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 503 |
Remaining Weighted Average Recognition Period | 1 year 10 months 24 days |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 172 |
Remaining Weighted Average Recognition Period | 1 year 9 months 18 days |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Mar. 18, 2022 | Nov. 12, 2021 | Dec. 28, 2020 | Mar. 31, 2022 | Mar. 31, 2021 |
Loss Contingencies [Line Items] | |||||
Revenue | $ 9,000 | $ 4,000 | |||
Settlement Agreement | |||||
Loss Contingencies [Line Items] | |||||
Settlement amount , year 2021 | $ 500,000 | ||||
Settlement year one | 2021 | ||||
Settlement amount , year 2022 | $ 750,000 | ||||
Settlement year two | 2022 | ||||
Settlement amount , year 2023 | $ 1,000,000 | ||||
Settlement year three | 2023 | ||||
Settlement amount , year 2024 | $ 1,250,000 | ||||
Settlement year four | 2024 | ||||
Business acquisition, settlement amount | $ 5,000,000 | ||||
Business acquisition additional settlement percentage | 4.00% | ||||
Business acquisition, transaction costs | $ 100,000,000 | ||||
Business acquisition change In control payments | 28,000,000 | ||||
Settlement claim | 56,000,000 | ||||
Settlement Agreement | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Revenue | $ 10,000,000 | ||||
Securities Class Action and Shareholder Derivative Litigation | |||||
Loss Contingencies [Line Items] | |||||
Settlement provided for a payment to plaintiff class | $ 10,000,000 | ||||
Litigation settlement amount | $ 600,000 |