Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 10, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | Ra Medical Systems, Inc. | |
Entity Central Index Key | 0001716621 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2022 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | RMED | |
Security Exchange Name | NYSEAMER | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 54,514,828 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38677 | |
Entity Tax Identification Number | 38-3661826 | |
Entity Address, Address Line One | 2070 Las Palmas Drive | |
Entity Address, City or Town | Carlsbad | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92011 | |
City Area Code | 760 | |
Local Phone Number | 804-1648 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 11,128 | $ 15,045 |
Accounts receivable, net | 17 | 21 |
Inventories | 43 | 986 |
Prepaid expenses and other current assets | 1,144 | 1,037 |
Total current assets | 12,332 | 17,089 |
Property and equipment, net | 38 | 1,809 |
Operating lease right-of-use assets | 1,967 | 2,110 |
Other long-term assets | 36 | 36 |
TOTAL ASSETS | 14,373 | 21,044 |
Current Liabilities | ||
Accounts payable | 487 | 988 |
Accrued expenses | 1,970 | 4,119 |
Current portion of operating lease liability | 297 | 283 |
Total current liabilities | 2,754 | 5,390 |
Operating lease liability | 1,828 | 1,981 |
Total liabilities | 4,582 | 7,371 |
Commitments and contingencies (Notes 12-14) | ||
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; 32,279 and 7,010 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 10 | 8 |
Additional paid-in capital | 201,996 | 191,937 |
Accumulated deficit | (192,215) | (178,272) |
Total stockholders’ equity | 9,791 | 13,673 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 14,373 | $ 21,044 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 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 | 32,279,000 | 7,010,000 |
Common stock, shares outstanding | 32,279,000 | 7,010,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | ||||
Total net revenues | $ 5 | $ 9 | $ 14 | $ 13 |
Cost of revenues | ||||
Total cost of revenues | 66 | 520 | 161 | 967 |
Gross loss | (61) | (511) | (147) | (954) |
Operating expenses | ||||
Selling, general and administrative | 2,476 | 3,398 | 4,778 | 7,075 |
Research and development | 2,396 | 2,829 | 5,511 | 5,579 |
Restructuring and impairment (Note 13) | 3,527 | 3,527 | ||
Total operating expenses | 8,399 | 6,227 | 13,816 | 12,654 |
Operating loss | (8,460) | (6,738) | (13,963) | (13,608) |
Other income, net | 12 | 2,019 | 20 | 2,012 |
Loss from continuing operations before income taxes | (8,448) | (4,719) | (13,943) | (11,596) |
Loss from continuing operations | (8,448) | (4,719) | (13,943) | (11,596) |
Discontinued operations | ||||
Loss from discontinued operations before income taxes | (530) | (889) | ||
Loss from discontinued operations | (530) | (889) | ||
Net loss | $ (8,448) | $ (5,249) | $ (13,943) | $ (12,485) |
Net loss per share, basic and diluted | ||||
Continuing operations, basic | $ (0.26) | $ (1.15) | $ (0.53) | $ (3.31) |
Continuing operations, diluted | (0.26) | (1.15) | (0.53) | (3.31) |
Discontinued operations, basic | (0.13) | (0.25) | ||
Discontinued operations, diluted | (0.13) | (0.25) | ||
Total net loss per share, basic | (0.26) | (1.28) | (0.53) | (3.56) |
Total net loss per share, diluted | $ (0.26) | $ (1.28) | $ (0.53) | $ (3.56) |
Weighted average number of shares used in computing net loss per share, basic | 32,162 | 4,089 | 26,133 | 3,506 |
Weighted average number of shares used in computing net loss per share, diluted | 32,162 | 4,089 | 26,133 | 3,506 |
Product Sales [Member] | ||||
Cost of revenues | ||||
Total cost of revenues | $ 11 | $ 344 | $ 42 | $ 608 |
Service and Other [Member] | ||||
Cost of revenues | ||||
Total cost of revenues | $ 55 | $ 176 | $ 119 | $ 359 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (13,943) | $ (12,485) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash restructuring and impairment | 2,943 | |
Depreciation and amortization | 322 | 881 |
Stock-based compensation | 291 | 1,865 |
Loss (gain) on sales and disposals of property and equipment | 44 | (493) |
Gain on extinguishment of promissory note | (2,023) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4 | 10 |
Inventories | (57) | (108) |
Prepaid expenses and other assets | (502) | (46) |
Accounts payable | (501) | 368 |
Accrued expenses | (3,039) | (2,359) |
Other liabilities | (139) | (175) |
Deferred revenue | (134) | |
Net cash used in operating activities | (14,577) | (14,699) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sales of property and equipment | 534 | |
Purchases of property and equipment | (76) | |
Net cash provided by investing activities | 458 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock and warrants | 12,670 | 11,022 |
Payments of offering costs related to the issuance of common stock and warrants | (2,040) | (228) |
Proceeds from exercise of warrants | 25 | |
Proceeds from issuance of common stock in connection with the employee stock purchase plan | 5 | 26 |
Payments on equipment financing | (265) | |
Net cash provided by financing activities | 10,660 | 10,555 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (3,917) | (3,686) |
CASH AND CASH EQUIVALENTS, beginning of period | 15,045 | 23,906 |
CASH AND CASH EQUIVALENTS, end of period | 11,128 | 20,220 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Unpaid offering costs | $ 890 | 84 |
Unpaid property and equipment | 109 | |
Transfer of lasers from inventories to property and equipment | 3 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash payments for interest | 2 | |
Cash payments for income taxes | $ 2 |
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, 2020 | 21,147 | $ 7 | 174,342 | (153,202) |
Balance (in shares) at Dec. 31, 2020 | 3,189 | |||
Net loss | (12,485) | |||
Balances at Jun. 30, 2021 | 21,263 | $ 7 | 186,943 | (165,687) |
Balance (in shares) at Jun. 30, 2021 | 5,903 | |||
Balances at Mar. 31, 2021 | 15,145 | $ 7 | 175,576 | (160,438) |
Balance (in shares) at Mar. 31, 2021 | 3,259 | |||
Common stock issued, net | 10,645 | 10,645 | ||
Common stock issued, net (in shares) | 2,582 | |||
Common stock issued pursuant to the vesting of restricted stock units and purchases under the employee stock purchase plan | 26 | 26 | ||
Common stock issued pursuant to the vesting of restricted stock units and purchases under the employee stock purchase plan (in shares) | 6 | |||
Stock-based compensation | 696 | 696 | ||
Stock-based compensation (In shares) | 56 | |||
Net loss | (5,249) | (5,249) | ||
Balances at Jun. 30, 2021 | 21,263 | $ 7 | 186,943 | (165,687) |
Balance (in shares) at Jun. 30, 2021 | 5,903 | |||
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 | |||
Balances at Dec. 31, 2021 | 13,673 | $ 8 | 191,937 | (178,272) |
Balance (in shares) at Dec. 31, 2021 | 7,010 | |||
Net loss | (13,943) | |||
Balances at Jun. 30, 2022 | 9,791 | $ 10 | 201,996 | (192,215) |
Balance (in shares) at Jun. 30, 2022 | 32,279 | |||
Balances at Mar. 31, 2022 | 18,108 | $ 10 | 201,865 | (183,767) |
Balance (in shares) at Mar. 31, 2022 | 32,301 | |||
Common stock issued pursuant to the vesting of restricted stock units and purchases under the employee stock purchase plan | 5 | 5 | ||
Common stock issued pursuant to the vesting of restricted stock units and purchases under the employee stock purchase plan (in shares) | 19 | |||
Restricted stock awards cancelled | (41) | |||
Stock-based compensation | 126 | 126 | ||
Net loss | (8,448) | (8,448) | ||
Balances at Jun. 30, 2022 | $ 9,791 | $ 10 | $ 201,996 | $ (192,215) |
Balance (in shares) at Jun. 30, 2022 | 32,279 |
Organization
Organization | 6 Months Ended |
Jun. 30, 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 that owns intellectual property related to an 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 the DABRA Excimer Laser System, (“DABRA”), is used as a tool in the treatment of peripheral artery disease. The Company was formed on September 4, 2002 in the state of California and reincorporated in Delaware on July 14, 2018. Reduction in Force The Company previously disclosed that its board of directors was reviewing strategic alternatives with the goal of maximizing shareholder value. This review was triggered by the deteriorating macroeconomic environment and concerns regarding the Company’s ability to continue funding its clinical and engineering programs at levels consistent with the past few years. In conjunction with this review, on June 3, 2022, the board of directors approved a reduction in force (“RIF”) to preserve capital with the goal of maximizing the opportunities available to the Company during the board of directors’ review of strategic alternatives. See further discussion in Note 13. Restructuring and Impairment Charges Proposed Merger On June 18, 2022, the Company signed a non-binding summary of proposed terms (the “Term Sheet”) with Catheter Precision, Inc. (“Catheter Precision”) to acquire 100% of the outstanding equity interests of Catheter Precision (the “Merger”). Pursuant to the Term Sheet, the Company would acquire Catheter Precision in exchange for shares of the Company. The Merger would give the Company’s shareholders exposure to Catheter Precision’s innovative devices that are designed to improve treatment of cardiac arrhythmias, while allowing the combined company the ability to explore funding its strategic initiatives for the Catheter Precision devices through the public capital markets. The Company has not entered into a binding agreement with Catheter Precision with respect to the Merger transaction. The Company is currently completing its due diligence review of Catheter Precision and is continuing to negotiate the terms of a definitive merger agreement. Accordingly, the Company cannot provide any assurance that it will effect the Merger or, if it is able to consummate such a transaction, that the terms of any such Merger will be on the terms set forth in the Term Sheet or that the intended benefits of the Merger will be fully realized. Going Concern The Company has incurred recurring net losses from operations and negative cash flows from operating activities since inception. As of June 30, 2022, the Company had an accumulated deficit of $192.2 million. For the six months ended June 30, 2022, the Company used cash of $14.6 million in operating activities. As of June 30, 2022, the Company had cash and cash equivalents of $11.1 million. Management will continue to monitor operating costs and seek to reduce the Company’s current liabilities. Such actions may impair the Company’s ability to proceed with certain strategic activities, and the Company may be unsuccessful at negotiating existing liabilities, including its operating lease liability, to the Company’s benefit. If these efforts are unsuccessful or the Merger is not completed, the Company’s cash position could be negatively impacted and the Company may, among other things, be required to seek other sources of financing, consummate another strategic transaction or be required to liquidate assets and dissolve the Company Management believes that, based on the Company’s liquidity resources and the significant uncertainty regarding its future plans, 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. The Company’s independent registered public accounting firm expressed substantial doubt regarding the Company’s ability to continue as a going concern in its report on the Company’s financial statements as of and for the year ended December 31, 2021. Although the Company improved its liquidity resources through a private placement in July 2022, resulting in net proceeds of $5.5 million 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 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 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. COVID-19 The global effects of COVID-19 have created significant volatility, uncertainty and economic disruption. Although restrictions have been recently eased around the world, the 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 patient follow-up 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 follow-up visits and physicians’ offices may intermittently close or operate at a reduced capacity in response to COVID-19. The Company’s facility located in Carlsbad, California is currently open. 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. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 on March 24, 2022, and as amended on July 13, 2022. Use of Estimates The preparation of interim unaudited condensed financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”) 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. 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. Prior to June 6, 2022, catheters were manufactured in-house, and each catheter was tested at various stages of the manufacturing process for adherence to quality standards. Catheters that did not meet functionality specification at each test point were destroyed and immediately written off. Once manufactured, completed catheters that passed quality assurance were 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 was re-tested. If the sample tests were successful, the batch was accepted into finished goods inventory. If the sample tests were unsuccessful, the entire batch was written off. Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived assets, including its eventual residual values, is compared to the carrying value to determine whether impairment exists. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written down to their estimated fair values. 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 In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting , Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Discontinued Operations | Note 3. Discontinued Operations The Company completed the sale of its Pharos dermatology business (the “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 ended December 31, 2021. The Dermatology Business was previously disclosed as a separate reportable segment of the Company. T he results of the Dermatology Business are reported as loss from discontinued operations in the condensed statement s of operations for the three and six months ended June 30 , 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 and six months ended June 30 , 2021 . The following table summarizes the loss from discontinued operations in the condensed statements of operations for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, 2021 Revenues $ 996 $ 2,109 Cost of revenues 967 1,894 Gross income 29 215 Operating expenses 532 1,034 Operating loss from discontinued operations (503 ) (819 ) Other expense, net (27 ) (70 ) Net loss from discontinued operations $ (530 ) $ (889 ) Depreciation expense for the Dermatology Business was $0.1 million and $0.2 million for the three and six months ended June 30, 2021, respectively. There were no capital expenditures for the Dermatology Business during the three and six months ended June 30, 2021. Stock-based compensation expense for the Dermatology Business was approximately $11,000 and $30,000 for the three and six months ended June 30, 2021, respectively. Stock-based compensation expense of approximately $33,000 and $71,000 was capitalized to inventory and property and equipment during the three and six months ended June 30, 2021, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements As of June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): June 30, 2022 December 31, 2021 Raw materials $ — $ 911 Work in process — 70 Finished goods 43 5 Total inventories $ 43 $ 986 Due to the RIF and the Company’s decision to discontinue enrollment of patients in its clinical trial, the Company ceased manufacturing activities and disposed of substantially all inventories in July 2022, resulting in a write-down of $1.0 million in its inventories to net realizable value as of June 30, 2022. Such expense is included in restructuring and impairment charges in the condensed statements of operations for the three and six months ended June 30, 2022. See Note 13. Restructuring and Impairment Charges. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property Plant And Equipment Net [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Property and equipment consisted of the following (in thousands): June 30, 2022 December 31, 2021 Furniture and fixtures $ 36 $ 48 Machinery and equipment 2 858 Lasers — 3,085 Computer hardware and software — 353 Construction in progress — 169 Leasehold improvements — 145 Property and equipment, gross 38 4,658 Accumulated depreciation — (2,849 ) Total property and equipment, net $ 38 $ 1,809 Depreciation expense was $0.1 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively, and $0.2 million and $0.7 million for the six months ended June 30, 2022 and 2021, respectively. Due to the Company’s decision to discontinue enrollment of patients in its clinical trial and the RIF, the Company has ceased manufacturing activities. The Company’s property and equipment was determined to be impaired as of June 30, 2022, resulting in an impairment charge of $1.5 million which was based on the actual cash proceeds received upon the disposal of the property and equipment in July 2022. The impairment charge of $1.5 million is included in restructuring and impairment charges in the condensed statements of operations for the three and six months ended June 30, 2022. See Note 13. Restructuring and Impairment Charges. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 7. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2022 December 31, 2021 Offering costs $ 890 $ — Compensation and related benefits 318 2,004 Warranty expenses 192 195 Restructuring charges 117 — Legal expenses 110 1,345 Other accrued expenses 343 575 Total accrued expenses $ 1,970 $ 4,119 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 8. Lease 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 June 30, 2022, the remaining lease term was 5.5 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 an 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 June 30, 2022 and 2021, operating lease expense and cash paid for leases was $ de minimis . Maturities of operating lease liabilities as of June 30, 2022 (in thousands): Years Ending December 31, 2022 (remaining six months) $ 216 2023 445 2024 459 2025 472 2026 486 Thereafter 501 Total operating lease payments 2,579 Less: imputed interest (454 ) Total operating lease liability $ 2,125 |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 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 June 30, 2022 consisted of warrants of 56,329,950, stock options of 101,577, restricted stock awards of 79,988 and restricted stock units of 6,818. Anti-dilutive share equivalents excluded from the computation of diluted net loss per share at June 30, 2021 consisted of warrants of 2,345,033, stock options of 132,477, restricted stock awards of 355,598, restricted stock units of 54,924 and Employee Stock Purchase Plan shares of 10,557. |
Equity Offerings
Equity Offerings | 6 Months Ended |
Jun. 30, 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. In addition, the Company granted the underwriters of the Offering a 45-day option (the “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 $11.6 million using the Black-Scholes option pricing model (the “Black-Scholes model”) based on the following assumptions: Series A Series B Risk-free interest rate 0.91 % 1.93 % Volatility 131.07 % 85.38 % Expected dividend yield 0.00 % 0.00 % Expected life (in years) 1.0 7.0 In addition, the Company issued 1,245,116 shares of common stock, 3,600,000 Series A warrants and 3,600,000 Series B warrants pursuant to the exercise of the Overallotment Option, resulting in cash proceeds of approximately $0.6 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 p re- f unded w arrants issued in the Offering. In addition, in March 2022 , the Company issued 50,000 shares of common stock in connection with the exercise of Series A w arrants 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 June 30, 2022. At June 30, 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 cash tail fee equal to 7.5% cash compensation for the gross proceeds raised in the Offering and to issue warrants equal to 7% of the number of shares of common stock sold in the Offering (the “Tail Fees”) 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 tail 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 $0.4 million on February 8, 2022, using the Black-Scholes model based on the following assumptions: expected volatility of 93.25%, risk-free interest rate of 1.81%, expected dividend yield of 0% and an expected term of 5 years. The cash tail fees of $0.9 million are included in accrued expenses in the condensed balance sheet as of June 30, 2022. The warrants had not been issued by the Company as of June 30, 2022. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 11. Stock-Based Compensation A summary of the activity and related data by award type under the 2018 Equity Incentive Plan and the 2020 Inducement Equity Incentive Plan (collectively, the “Plans”) for the six months ended June 30, 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 Canceled/forfeited (6,871 ) $ 90.76 Outstanding at June 30, 2022 101,577 $ 362.77 3.83 $ — Exercisable at June 30, 2022 88,451 $ 412.48 3.27 $ — Vested and expected to vest at June 30, 2022 101,577 $ 362.77 3.83 $ — Restricted Stock Units Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 70,025 $ 4.37 Vested (5,864 ) $ 12.17 Canceled/forfeited (57,343 ) $ 3.04 Outstanding at June 30, 2022 6,818 $ 8.88 Restricted Stock Awards Restricted Stock Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 179,334 $ 4.71 Vested (63,284 ) $ 4.78 Canceled/forfeited (36,062 ) $ 4.31 Outstanding at June 30, 2022 79,988 The following table summarizes stock-based compensation expense for the Plans included in operating expenses for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Selling, general and administrative $ 104 $ 530 $ 217 $ 1,473 Research and development 19 95 68 224 Stock-based compensation in operating expenses $ 123 $ 625 $ 285 $ 1,697 Stock-based compensation expense of approximately $3,000 and $27,000 was capitalized to inventory and property and equipment during the three months ended June 30, 2022 and 2021, respectively. Stock-based compensation expense of approximately $6,000 and $67,000 was capitalized to inventory and property and equipment during the six months ended June 30, 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 June 30, 2022 was as follows: Unrecognized Expense (in thousands) Remaining Weighted Average Recognition Period (in years) Stock options $ 190 1.5 Restricted stock awards $ 321 1.7 Restricted stock units $ 50 1.4 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | N ote 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 June 9, 2022, the court entered an order continuing the hearing on final approval of the settlement from June 13, 2022 to August 15, 2022. Should the court not provide final approv al of the proposed settlement or if the proposed settlement otherwise does not become final, the parties will be returned to their litigation postures prior to the execution of the stipulation of settlement. Should the Company ultimately be found liable, the liability could have a material adverse effect on the Company’s financial condition and its results of operations for the period or periods in which such determination is made . 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. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Impairment Charges | Note 13. Restructuring and Impairment Charges During the three months ended June 30, 2022, the Company incurred restructuring and impairment charges of approximately $3.5 million as set forth below: Impairment of property and equipment $ 1,548 Inventory obsolescence 1,000 Severance expense 584 Prepaid expenses 395 Total restructuring and impairment charges $ 3,527 The RIF was effective on June 6, 2022 and impacted approximately 65% of the Company’s full-time employees, resulting in one-time severance payments of $0.6 million. Certain non-terminated employees were offered conditional retention arrangements for a period of approximately 60-120 days to allow for evaluation and monitoring of the Company’s near-term personnel needs based in part on its financial status and the board of directors’ review of strategic alternatives. In addition, the Company decided to discontinue enrollment of patients in its clinical trial, cease manufacturing activities, sell or dispose of substantially all of its property and equipment, inventories and research and development supplies, resulting in impairment and inventory obsolescence charges and the write-off of research and development supplies totaling $2.9 million. As of June 30, 2022, the accrued liability balance related to severance expense was $ 0.1 million and is included in accrued e xpenses in the accompanying condensed balance sheet at June 30, 2022 . The Company expects to terminate certain employees who accepted retention arrangements under the RIF in August 2022, resulting in additional severance expense of approximately $ 0.2 million. The restructuring charges related to prepaid expenses are for supplies that would have been expensed when used for research and development. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14. Subsequent Events Proposed Merger As of the date of this filing, the terms of the Merger with Catheter Precision are under negotiation. The Company cannot provide any assurance that it will effect the Merger or, even if it is able to consummate such a Merger, that the terms of any such Merger will be on the terms set forth in the Term Sheet or that the intended benefits of the Merger will be fully realized. The consummation of the Merger will also be subject to specified conditions precedent to closing that must be satisfied or waived, including certain conditions to closing that are subject to the approval or consent of third parties. The Company cannot provide any assurance that all of the conditions to closing will be satisfied or waived or that it will receive any of the required third party consents or approvals or be able to satisfy or waive all the conditions precedent to closing necessary to consummate the Merger. If the conditions precedent to closing are not satisfied or waived in a timely manner or at all, the Merger may not occur or may be delayed, and the Company may lose some or all of the intended benefits of the Merger with Catheter Precision. Warrant Repricing On July 22, 2022, the Company reduced the exercise price of all outstanding warrants, consisting of Series A warrants and Series B warrants, that were issued in the February 2022 public offering from $0.50 per share to $0.28 per share (the “Warrant Repricing”). Following the Warrant Repricing, the Company entered into warrant inducement offer letters (the “Inducement Letters”) with certain investors to immediately exercise all of the Series A warrants and Series B warrants held by such investors. In response to the Inducement Letters, investors exercised approximately 22.2 million Series A warrants and no Series B warrants. Investors who exercised their Series A warrants received Series C warrants to purchase 100% of the shares exercised pursuant to the Series A warrants with an exercise price of $0.28 and a term of five years. The Company received net proceeds of approximately $5.5 million, after issuance costs of approximately $0.7 million, from the exercises of the Series A warrants. The Series C warrants and the shares underlying the Series C warrants are unregistered and were issued in a private placement pursuant to Section 4(a)(2) of the Securities Act. The Warrant Repricing resulted in an immediate and incremental increase of approximately $2.3 million in the estimated fair value of the Series A warrants and Series B warrants which will be reported in the statement of stockholders’ equity for the three months ended September 30, 2022. Based on the Black-Scholes model, the Company estimated the fair value of the Series C warrants issued to be approximately $2.3 million. The Company may be obligated to pay a former placement agent Tail Fees on the proceeds received from the Series A warrant exercises and the issuance of the Series C warrants. As a result, the Company may be obligated to pay a cash fee of approximately $0.5 million and issue approximately 1.6 million warrants to purchase common stock at an exercise price of $0.35 per share which represents 125% of the exercise price of the Series C warrants. Such warrants were valued at approximately $0.2 million on the issuance date of the Series C warrants and would be immediately exercisable and expire five years from their issuance date. These warrants had not been issued by the Company as of the date of this filing. 510(k) Clearance On July 5, 2022, the Company received U.S. Food and Drug Administration 510(k) clearance for its DABRA 2.0 catheter as part of the DABRA Excimer Laser System. This next-generation DABRA catheter features enhancements, including a braided over jacket design that’s intended to improve deliverability and kink resistance when navigating tortuous anatomy, as well as a six-month shelf life. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 on March 24, 2022, and as amended on July 13, 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”) |
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. |
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. Prior to June 6, 2022, catheters were manufactured in-house, and each catheter was tested at various stages of the manufacturing process for adherence to quality standards. Catheters that did not meet functionality specification at each test point were destroyed and immediately written off. Once manufactured, completed catheters that passed quality assurance were 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 was re-tested. If the sample tests were successful, the batch was accepted into finished goods inventory. If the sample tests were unsuccessful, the entire batch was written off. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived assets, including its eventual residual values, is compared to the carrying value to determine whether impairment exists. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written down to their estimated fair values. |
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 In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting , Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Loss from Discontinued Operations | The following table summarizes the loss from discontinued operations in the condensed statements of operations for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, 2021 Revenues $ 996 $ 2,109 Cost of revenues 967 1,894 Gross income 29 215 Operating expenses 532 1,034 Operating loss from discontinued operations (503 ) (819 ) Other expense, net (27 ) (70 ) Net loss from discontinued operations $ (530 ) $ (889 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): June 30, 2022 December 31, 2021 Raw materials $ — $ 911 Work in process — 70 Finished goods 43 5 Total inventories $ 43 $ 986 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property Plant And Equipment Net [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): June 30, 2022 December 31, 2021 Furniture and fixtures $ 36 $ 48 Machinery and equipment 2 858 Lasers — 3,085 Computer hardware and software — 353 Construction in progress — 169 Leasehold improvements — 145 Property and equipment, gross 38 4,658 Accumulated depreciation — (2,849 ) Total property and equipment, net $ 38 $ 1,809 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): June 30, 2022 December 31, 2021 Offering costs $ 890 $ — Compensation and related benefits 318 2,004 Warranty expenses 192 195 Restructuring charges 117 — Legal expenses 110 1,345 Other accrued expenses 343 575 Total accrued expenses $ 1,970 $ 4,119 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities as of June 30, 2022 (in thousands): Years Ending December 31, 2022 (remaining six months) $ 216 2023 445 2024 459 2025 472 2026 486 Thereafter 501 Total operating lease payments 2,579 Less: imputed interest (454 ) Total operating lease liability $ 2,125 |
Equity Offerings (Tables)
Equity Offerings (Tables) | 6 Months Ended |
Jun. 30, 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 $11.6 million using the Black-Scholes option pricing model (the “Black-Scholes model”) based on the following assumptions: Series A Series B Risk-free interest rate 0.91 % 1.93 % Volatility 131.07 % 85.38 % Expected dividend yield 0.00 % 0.00 % Expected life (in years) 1.0 7.0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 Canceled/forfeited (6,871 ) $ 90.76 Outstanding at June 30, 2022 101,577 $ 362.77 3.83 $ — Exercisable at June 30, 2022 88,451 $ 412.48 3.27 $ — Vested and expected to vest at June 30, 2022 101,577 $ 362.77 3.83 $ — |
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 (5,864 ) $ 12.17 Canceled/forfeited (57,343 ) $ 3.04 Outstanding at June 30, 2022 6,818 $ 8.88 |
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 (63,284 ) $ 4.78 Canceled/forfeited (36,062 ) $ 4.31 Outstanding at June 30, 2022 79,988 |
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 for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Selling, general and administrative $ 104 $ 530 $ 217 $ 1,473 Research and development 19 95 68 224 Stock-based compensation in operating expenses $ 123 $ 625 $ 285 $ 1,697 |
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 June 30, 2022 was as follows: Unrecognized Expense (in thousands) Remaining Weighted Average Recognition Period (in years) Stock options $ 190 1.5 Restricted stock awards $ 321 1.7 Restricted stock units $ 50 1.4 |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring and Impairment Charges | During the three months ended June 30, 2022, the Company incurred restructuring and impairment charges of approximately $3.5 million as set forth below: Impairment of property and equipment $ 1,548 Inventory obsolescence 1,000 Severance expense 584 Prepaid expenses 395 Total restructuring and impairment charges $ 3,527 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jul. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 18, 2022 | Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Accumulated deficit | $ 192,215 | $ 178,272 | |||
Proceeds from exercise of warrants | 25 | ||||
Cash and cash equivalents | 11,128 | $ 15,045 | |||
Net cash used in operating activities | $ 14,577 | $ 14,699 | |||
Subsequent Event [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Proceeds from exercise of warrants | $ 5,500 | ||||
Catheter Precision Inc [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Percentage of outstanding equity interests acquire | 100% |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - Segment | 6 Months Ended | |
Jun. 30, 2022 | Jan. 01, 2022 | |
Accounting Policies [Line Items] | ||
Number of operating segments | 1 | |
ASU 2020-06 [Member] | ||
Accounting Policies [Line Items] | ||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2022 | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - Dermatology [Member] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 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 | $ 200,000 | ||
Capital expenditure | 0 | 0 | ||
Stock based compensation expense | 11,000 | 30,000 | ||
Stock based compensation expense capitalized to inventory and property and equipment | $ 33,000 | $ 71,000 | ||
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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Revenues | $ 996 | $ 2,109 |
Cost of revenues | 967 | 1,894 |
Gross income | 29 | 215 |
Operating expenses | 532 | 1,034 |
Operating loss from discontinued operations | (503) | (819) |
Other expense, net | (27) | (70) |
Net loss from discontinued operations | $ (530) | $ (889) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 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 | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 911 | |
Work in process | 70 | |
Finished goods | $ 43 | 5 |
Total inventories | $ 43 | $ 986 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Inventory [Line Items] | ||
Inventory write-down | $ 1,000 | |
Restructuring and Impairment Charges [Member] | ||
Inventory [Line Items] | ||
Inventory write-down | $ 1,000 | $ 1,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 38 | $ 4,658 |
Accumulated depreciation | (2,849) | |
Total property and equipment, net | 38 | 1,809 |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 36 | 48 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2 | 858 |
Lasers [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,085 | |
Computer Hardware and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 353 | |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 169 | |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 145 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 100,000 | $ 300,000 | $ 200,000 | $ 700,000 |
Impairment of long-lived assets to be disposed of | 1,500,000 | |||
Restructuring costs and asset impairment charges | 2,943,000 | |||
Property, Plant and Equipment [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Restructuring costs and asset impairment charges | $ 1,500 | $ 1,500 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Offering costs | $ 890 | |
Compensation and related benefits | 318 | $ 2,004 |
Warranty expenses | 192 | 195 |
Restructuring charges | 117 | |
Legal expenses | 110 | 1,345 |
Other accrued expenses | 343 | 575 |
Total accrued expenses | $ 1,970 | $ 4,119 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Leased Assets [Line Items] | ||||
Operating lease, discount rate | 7% | 7% | ||
Operating lease, remaining lease term | 5 years 6 months | 5 years 6 months | ||
Operating lease , cash payment | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.3 |
Operating lease right-of-use-assets amortization | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.2 |
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 | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (remaining six months) | $ 216 |
2023 | 445 |
2024 | 459 |
2025 | 472 |
2026 | 486 |
Thereafter | 501 |
Total operating lease payments | 2,579 |
Less: imputed interest | (454) |
Total operating lease liability | $ 2,125 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 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 | 101,577 | 132,477 |
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 | 6,818 | 54,924 |
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 | 79,988 | 355,598 |
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 | 10,557 |
Equity Offerings - Additional I
Equity Offerings - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | ||
Feb. 08, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jun. 30, 2022 | |
Class Of Stock [Line Items] | ||||
Warrants issued price per share | $ 0.625 | |||
Warrants expire period | 5 years | |||
Valuation of warrants | $ 0.4 | |||
Common stock reserve for issuance | 56,329,950 | |||
Common stock, weighted average exercise price | $ 0.89 | |||
Percentage of cash compensation for gross proceeds raised | 7.50% | |||
Percentage of number of common shares sold to issue warrants | 7% | |||
Number of warrants to issue for purchase of common stock | 1,700,000 | |||
Percentage of warrants exercise price in the offering | 125% | |||
Expected Volatility | 93.25% | |||
Risk-free interest rate | 1.81% | |||
Expected dividend yield | 0% | |||
Expected term (In Years) | 5 years | |||
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 | 50,000 | |||
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 | |||
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 | $ 11.6 | |||
Overallotment Option | ||||
Class Of Stock [Line Items] | ||||
Common stock issued (in shares) | 1,245,116 | |||
Overallotment option period | 45 days | |||
Cash proceeds | $ 0.6 | |||
Overallotment Option | Maximum | ||||
Class Of Stock [Line Items] | ||||
Common stock issued (in shares) | 3,600,000 | |||
Overallotment Option | Series A Warrants | ||||
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 | ||||
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 | 0.91% |
Volatility | 131.07% |
Expected dividend yield | 0% |
Expected life (in years) | 1 year |
Series B | |
Class Of Stock [Line Items] | |
Risk-free interest rate | 1.93% |
Volatility | 85.38% |
Expected dividend yield | 0% |
Expected life (in years) | 7 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Options Activity (Details) - Plans [Member] - Stock Options [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Options outstanding | |
Beginning balance | shares | 108,448 |
Canceled/forfeited | shares | (6,871) |
Ending balance | shares | 101,577 |
Exercisable at end of the period | shares | 88,451 |
Vested and expected to vest at end of the period | shares | 101,577 |
Weighted Average Exercise Price | |
Beginning balance | $ / shares | $ 345.54 |
Canceled/forfeited | $ / shares | 90.76 |
Ending balance | $ / shares | 362.77 |
Exercisable at the end of period | $ / shares | 412.48 |
Vested and expected to vest at the end of period | $ / shares | $ 362.77 |
Weighted Average Remaining Life (in years) | |
Weighted Average Remaining Life (in years) | 3 years 9 months 29 days |
Exercisable at the end of the period | 3 years 3 months 7 days |
Vested and expected to vest at the end of the period | 3 years 9 months 29 days |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Plans [Member] - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Restricted Stock Units | |
Beginning balance | shares | 70,025 |
Vested | shares | (5,864) |
Canceled/forfeited | shares | (57,343) |
Ending balance | shares | 6,818 |
Weighted Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 4.37 |
Vested | $ / shares | 12.17 |
Canceled/forfeited | $ / shares | 3.04 |
Ending balance | $ / shares | $ 8.88 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Restricted Stock Awards Activity (Details) - Plans [Member] - Restricted Stock Awards (RSAs) [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance | 179,334 |
Vested | (63,284) |
Canceled/forfeited | (36,062) |
Ending balance | 79,988 |
Beginning balance | $ / shares | $ 4.71 |
Vested | $ / shares | 4.78 |
Canceled/forfeited | $ / shares | $ 4.31 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation in operating expenses | $ 123 | $ 625 | $ 285 | $ 1,697 |
Selling, General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation in operating expenses | 104 | 530 | 217 | 1,473 |
Research and Development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation in operating expenses | $ 19 | $ 95 | $ 68 | $ 224 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation | $ 291,000 | $ 1,865,000 | ||
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation | $ 3,000 | $ 27,000 | $ 6,000 | $ 67,000 |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of Unrecognized Estimated Stock Based Compensation Expense by Award Type (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 190 |
Remaining Weighted Average Recognition Period | 1 year 6 months |
Restricted Stock Awards (RSAs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 321 |
Remaining Weighted Average Recognition Period | 1 year 8 months 12 days |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 50 |
Remaining Weighted Average Recognition Period | 1 year 4 months 24 days |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Mar. 18, 2022 | Nov. 12, 2021 | Dec. 28, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loss Contingencies [Line Items] | |||||||
Revenue | $ 5,000 | $ 9,000 | $ 14,000 | $ 13,000 | |||
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% | ||||||
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 |
Restructuring and Impairment _3
Restructuring and Impairment Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 06, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Aug. 10, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment charges | $ 3,500 | |||
One-time severance payments | 584 | |||
One-time impairment and inventory obsolescence charges and write-off of research and development supplies | $ 2,900 | |||
Severance expense | $ 100 | $ 100 | ||
Subsequent Event [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Additional severance expense | $ 200 | |||
Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-terminated employees offered condition retention period | 120 days | |||
Maximum | Board of Directors [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Percentage of full time employees terminated | 65% | |||
Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Non-terminated employees offered condition retention period | 60 days |
Restructuring and Impairment _4
Restructuring and Impairment Charges - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Restructuring And Related Activities [Abstract] | ||
Impairment of property and equipment | $ 1,548 | |
Inventory obsolescence | 1,000 | |
Severance expense | 584 | |
Prepaid expenses | 395 | |
Total restructuring and impairment charges | $ 3,527 | $ 3,527 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 22, 2022 | Feb. 08, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Feb. 28, 2022 | |
Subsequent Event [Line Items] | |||||
Warrants issued price per share | $ 0.625 | ||||
Issuance of warrants to purchase common stock | 1,700,000 | ||||
Percentage of warrants exercise price in the offering | 125% | ||||
Valuation of warrants | $ 0.4 | ||||
Warrants expire period | 5 years | ||||
Series A Warrants and Series B Warrants [Member] | February 2022 Public Offering [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrants issued price per share | $ 0.28 | ||||
Subsequent Event [Member] | Series A Warrants and Series B Warrants [Member] | February 2022 Public Offering [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrants issued price per share | $ 0.50 | ||||
Subsequent Event [Member] | Series A Warrants | |||||
Subsequent Event [Line Items] | |||||
Warrants issued price per share | $ 0.28 | ||||
Stock issued during period, warrants exercised | 22,200,000 | ||||
Percentage of shares exercised | 100% | ||||
Warrants exercise period | 5 years | ||||
Proceeds from issuance of common stock | $ 5.5 | ||||
Issuance costs | $ 0.7 | ||||
Subsequent Event [Member] | Series B Warrants | |||||
Subsequent Event [Line Items] | |||||
Stock issued during period, warrants exercised | 0 | ||||
Subsequent Event [Member] | Series A Warrants and Series B Warrants | |||||
Subsequent Event [Line Items] | |||||
Estimated fair value of warrants | $ 2.3 | ||||
Subsequent Event [Member] | Series C Warrants [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrants issued price per share | $ 0.35 | ||||
Estimated fair value of warrants | $ 2.3 | ||||
Cash fee for placement agent | $ 0.5 | ||||
Issuance of warrants to purchase common stock | 1,600,000 | ||||
Percentage of warrants exercise price in the offering | 125% | ||||
Valuation of warrants | $ 0.2 | ||||
Warrants expire period | 5 years |