Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 23, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Entity Registrant Name | Ra Medical Systems, Inc. | ||
Entity Central Index Key | 0001716621 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Trading Symbol | RMED | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 4,984,093 | ||
Entity Public Float | $ 9.9 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Emerging Growth Company | true | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Ex transition period | false | ||
Title of 12(b) Security | Common Stock, $0.0001 par value | ||
Security Exchange Name | NYSEAMER | ||
Entity Tax Identification Number | 38-3661826 | ||
Entity Address, Address Line One | 1670 Highway 160 West, Suite 205 | ||
Entity File Number | 001-38677 | ||
Entity Address, City or Town | Fort Mill | ||
Entity Address, State or Province | SC | ||
Entity Address, Postal Zip Code | 29708 | ||
City Area Code | 973 | ||
Local Phone Number | 691-2000 | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Auditor Name | HASKELL & WHITE LLP | ||
Auditor Firm ID | 200 | ||
Auditor Location | Irvine, California | ||
ICFR Auditor Attestation Flag | false |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 15,859 | $ 15,045 |
Accounts receivable, net | 21 | |
Inventories | 986 | |
Prepaid expenses and other current assets | 977 | 1,037 |
Total current assets | 16,836 | 17,089 |
Property and equipment, net | 1,809 | |
Operating lease right-of-use assets | 2,110 | |
Other non-current assets | 36 | |
TOTAL ASSETS | 16,836 | 21,044 |
Current Liabilities | ||
Accounts payable | 92 | 988 |
Accrued expenses | 7,484 | 4,119 |
Current portion of operating lease liabilities | 283 | |
Total current liabilities | 7,576 | 5,390 |
Operating lease liabilities | 1,981 | |
Total liabilities | 7,576 | 7,371 |
Commitments and contingencies (Notes 16 - 18) | ||
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; 2,161 and 140 shares issued and outstanding at December 31, 2022 and 2021, respectively | ||
Additional paid-in capital | 214,397 | 191,945 |
Accumulated deficit | (205,137) | (178,272) |
Total stockholders’ equity | 9,260 | 13,673 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 16,836 | $ 21,044 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 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 | 2,161,000 | 140,000 |
Common stock, shares outstanding | 2,161,000 | 140,000 |
Statements of Operations
Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net revenues | ||
Total net revenues | $ 14 | $ 22 |
Cost of revenues | ||
Total cost of revenues | 161 | 1,560 |
Gross loss | (147) | (1,538) |
Operating expenses | ||
Selling, general and administrative | 16,250 | 15,475 |
Research and development | 6,392 | 12,253 |
Restructuring costs | 4,172 | |
Total operating expenses | 26,814 | 27,728 |
Operating loss | (26,961) | (29,266) |
Other income (expense), net | ||
Other income (expense), net | 99 | (14) |
Gain on extinguishment of promissory note | 2,023 | |
Total other income (expense), net | 99 | 2,009 |
Loss from continuing operations before income taxes | (26,862) | (27,257) |
Income taxes | 3 | 4 |
Loss from continuing operations | (26,865) | (27,261) |
Discontinued operations (Note 3) | ||
Income from discontinued operations before income taxes | 2,191 | |
Income from discontinued operations | 2,191 | |
Net loss | $ (26,865) | $ (25,070) |
Net income (loss) per share, basic and diluted | ||
Continuing operations, basic | $ (25.98) | $ (269.91) |
Continuing operations, diluted | (25.98) | (269.91) |
Discontinued operations, basic | 21.69 | |
Discontinued operations, diluted | 21.69 | |
Total net loss per share, basic | (25.98) | (248.22) |
Total net loss per share, diluted | $ (25.98) | $ (248.22) |
Weighted average common shares used in computing net income (loss) per share, basic | 1,034 | 101 |
Weighted average common shares used in computing net income (loss) per share, diluted | 1,034 | 101 |
Product Sales [Member] | ||
Cost of revenues | ||
Total cost of revenues | $ 42 | $ 832 |
Service and Other [Member] | ||
Cost of revenues | ||
Total cost of revenues | $ 119 | $ 728 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balances at Dec. 31, 2020 | $ 21,147 | $ 174,349 | $ (153,202) | |
Balance (in shares) at Dec. 31, 2020 | 63 | |||
Common stock issued, net | 15,153 | 15,153 | ||
Common stock issued, net (in shares) | 78 | |||
Warrants issued, net | 132 | 132 | ||
Restricted stock awards canceled | (2) | |||
Common stock issued pursuant to the vesting of restricted stock units and purchases under employee stock purchase plan | 74 | 74 | ||
Common stock issued pursuant to the vesting of restricted stock units and purchases under employee stock purchase plan (in shares) | 1 | |||
Stock-based compensation | 2,237 | 2,237 | ||
Net loss | (25,070) | (25,070) | ||
Balances at Dec. 31, 2021 | 13,673 | 191,945 | (178,272) | |
Balance (in shares) at Dec. 31, 2021 | 140 | |||
Common stock issued, net | 11,638 | 11,638 | ||
Common stock issued, net (in shares) | 1,576 | |||
Warrants issued, net | 4,658 | 4,658 | ||
Warrants exercised | 5,704 | 5,704 | ||
Warrants exercised (in shares) | 446 | |||
Restricted stock awards canceled | (1) | |||
Common stock issued pursuant to the vesting of restricted stock units and purchases under employee stock purchase plan | 5 | 5 | ||
Stock-based compensation | 447 | 447 | ||
Net loss | (26,865) | (26,865) | ||
Balances at Dec. 31, 2022 | $ 9,260 | $ 214,397 | $ (205,137) | |
Balance (in shares) at Dec. 31, 2022 | 2,161 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (26,865) | $ (25,070) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Restructuring charges | 2,943 | |
Stock-based compensation | 447 | 2,237 |
Depreciation and amortization | 421 | 1,565 |
Gain on write-off of right-of-use asset and liability | (126) | |
Loss (gain) on sales and disposals of property and equipment | 44 | (550) |
Provision for credit losses | 21 | 47 |
Gain on sale of discontinued operations | (3,473) | |
Gain on extinguishment of PPP promissory note | (2,023) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 42 | |
Inventories | (14) | (197) |
Prepaid expenses and other assets | (335) | 150 |
Accounts payable | (879) | 627 |
Accrued expenses | 2,009 | (390) |
Deferred revenue | (234) | |
Other liabilities | (234) | (356) |
Net cash used in operating activities | (22,568) | (27,625) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of property and equipment | 38 | 594 |
Purchases of property and equipment | (17) | (265) |
Proceeds from sale of discontinued operations | 3,700 | |
Payment of fees related to sale of discontinued operations | (227) | |
Net cash provided by investing activities | 21 | 3,802 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock and warrants, net of fees withheld | 18,906 | 15,528 |
Proceeds from exercise of warrants, net of fees withheld | 5,704 | |
Payment of offering costs related to the issuance of common stock and warrants | (1,254) | (375) |
Proceeds from purchases under employee stock purchase plan | 5 | 74 |
Repayment of equipment financing | (265) | |
Net cash provided by financing activities | 23,361 | 14,962 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 814 | (8,861) |
CASH AND CASH EQUIVALENTS, beginning of year | 15,045 | 23,906 |
CASH AND CASH EQUIVALENTS, end of year | 15,859 | 15,045 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Unpaid offering costs | 1,356 | |
Unpaid property and equipment | 17 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash payments for income taxes | $ 3 | 2 |
Cash payments for interest | $ 2 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Nature of Operations | Note 1. Organization and Nature of Operations 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. Definitive Merger Agreement On January 9, 2023, the Company completed its merger with Catheter Precision, Inc., a privately-held Delaware corporation (“Catheter”), focused on the cardiac electrophysiology market. Following the merger, the Company began focusing on the field of cardiac electrophysiology. See Note 18. Subsequent Events. Reverse Stock Split On September 20, 2022, the Company’s board of directors approved a reverse stock split ratio of 1-for-50 (the “Reverse Stock Split”). On the effective date of the Reverse Stock Split of October 3, 2022, the number of the Company’s issued and outstanding shares of common stock decreased from 68.2 million shares to 1.4 million shares. The number of authorized shares and par value per common share remained unchanged. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. The financial statements and accompanying notes to financial statements have been retrospectively adjusted to reflect the Reverse Stock Split of the Company’s common stock for all periods presented. NYSE American On August 31, 2022, the Company received a deficiency letter (the “Letter”) from the NYSE American LLC (“NYSE American”) indicating that it was not in compliance with NYSE American’s continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide because its shares of common stock had been selling for a substantial period of time at a low price per share, which NYSE American determined to be a 30 trading day average price of less than $0.20 per share. The Letter had no immediate effect on the listing or trading of the Company’s common stock, and the common stock continued to trade on NYSE American under the symbol “RMED.” On December 8, 2022, the Company received a letter from NYSE American stating that the Company had regained compliance with NYSE American’s continued listing standards. Specifically, the Company had resolved the continued listing deficiency with respect to its low selling price as described in Section 1003(f)(v) of the NYSE American Company Guide. Reduction in Force and Operations The Company’s board of directors approved a staggered reduction in force (“RIF”) under which approximately 65% of the Company’s full-time employees were immediately terminated, effective June 6, 2022, and provided one-time severance payments totaling $0.6 million. On September 2, 2022, the Company completed the RIF, pursuant to which an additional 20% of the Company’s employees were terminated, with effective dates ranging from August 1, 2022 through September 2, 2022, and were provided one-time severance payments totaling $0.3 million. The purpose of the RIF was to preserve capital with the goal of maximizing the opportunities available to the Company in furtherance of the board of directors’ review of strategic alternatives. See further discussion in Note 14. Restructuring and Impairment Charges As a result of the RIF, the discontinuation of enrollment in the atherectomy clinical trial and the board of directors’ review of strategic alternatives, the Company paused all engineering and manufacturing activities during the third quarter of 2022, including the development of a version of the DABRA catheter that is compatible with a standard interventional guidewire. The Company also paused research to prove the feasibility of using a DABRA- derived catheter technology to fracture calcium in arteries in a procedure known as lithotripsy. On July 5, 2022, the Company announced the receipt of FDA 510(k) clearance for the DABRA 2.0 catheter as part of the DABRA Excimer Laser System. The Company suspended sales of DABRA during the year ended December 31, 2022 and currently has no plans to commercialize DABRA 2.0 . Going Concern As of December 31, 2022, the Company had cash and cash equivalents of approximately $15.9 million. For the year ended December 31, 2022, the Company used approximately $22.6 million in cash for operating activities. The Company has incurred recurring net losses from operations and negative cash flows from operating activities since inception. As of December 31, 2022, the Company had an accumulated deficit of approximately $205.1 million. Management expects operating losses and negative cash flows to continue for the foreseeable future as the Company invests in its commercial capabilities. Accrued expenses of approximately $7.5 million at December 31, 2022 are primarily related to the Merger with Catheter. Additional costs associated with the Merger paid during the year ended December 31, 2022 have substantially depleted the Company’s cash. Following the Merger with Catheter, management further reduced staff and other costs while assuming the operating costs of Catheter. Management will continue to monitor its operating costs and seek to reduce its current liabilities. Such actions may impair its ability to proceed with certain strategic activities, and it may be unsuccessful at negotiating existing liabilities to the Company’s benefit. If expected revenues are not adequate to fund our planned expenditures, or if the Company is unsuccessful at raising cash through future capital transactions, it may be required to reduce its spending rate to align with expected revenue levels and cash reserves, although there can be no guarantee that it will be successful in doing so. Accordingly, the Company may be required to raise additional cash through debt or equity transactions. It may not be able to secure financing in a timely manner or on favorable terms, if at all. In January 2023, the Company raised gross proceeds of $1.3 million from the Warrant Repricing and signed the Securities Purchase Agreement for the Private Placement for $8.0 million. In March 2023, the Company completed the Private Placement and raised gross proceeds of $8.0 million . Management believes its current cash reserves will be sufficient to fund the Company’s operations for the next twelve months. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Use of Estimates The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Segment Reporting After the sale of the Dermatology Business in August 2021, the Company began operating its business in one segment which included 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. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents primarily represent funds invested in readily available checking and money market accounts. The Company maintains deposits in financial institutions in excess of federally insured limits. 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. Fair Value of Financial Instruments Cash equivalents, trade accounts receivable and accounts payable are reported on the balance sheets at carrying value which approximates fair value due to the short-term maturities of these instruments. Accounts Receivable Trade accounts receivable are presented net of allowances for credit losses. Prior to the discontinuation of sales of catheters in June 2022, the Company sold its catheters directly to distributors or physicians and maintained an allowance for credit losses for balances that appeared to have specific collection issues. The collection process was based on the age of the invoice and required attempted contacts with the customer at specified intervals. Delinquent accounts receivable were charged against the allowance for credit losses once the Company determined the amounts were uncollectible. The factors considered in reaching this determination were the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers deteriorated, resulting in an impairment of their ability to make payments, additional allowances might have been required. The following table shows the activity in the allowance for credit losses for the periods presented (in thousands): Year Ended December 31, 2022 2021 Balance at beginning of year $ 131 $ 84 Provision for credit losses 21 47 Balance at end of year $ 152 $ 131 Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Cost includes materials, labor and manufacturing overhead related to the purchase and production of inventories. The Company reduced the carrying value of inventories for those items that were potentially excess, obsolete or slow-moving based on changes in customer demand, technological developments or other economic factors. See Note 14. Restructuring and Impairment Charges Prior to June 6, 2022, the Company’s 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 we re destroyed and immediately written off, with the expense recorded in cost of revenue s in the statement s of operations. Once manufactured, completed catheters that pass ed quality assurance, we re 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 we re re-tested. If the sample tests we re successful, the batch wa s accepted into finished goods inventory . I f the sample tests we re unsuccessful, the entire batch wa s written off, with the expense recorded in cost of revenue s in the statement s of operations. Property and Equipment Property and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives as follows: Lasers 8 years Machinery and equipment 5-10 years Computer hardware and software 4-5 years Furniture and fixtures 5 years Leasehold improvements were depreciated over the shorter of the useful life of the leasehold improvement or the term of the underlying property’s lease. The Company periodically reviewed the residual values and estimated useful lives of each class of its property and equipment for ongoing reasonableness, considering long-term views on its intended use of each class of property and equipment and the planned level of improvements to maintain and enhance assets within those classes. Effective January 1, 2022, based on management’s revised assessment of average laser on-time utilization, the Company changed the estimated useful life of its lasers to eight years. When assets were retired or otherwise disposed of, the cost and related accumulated depreciation were removed from the account balances and any resulting gain or loss was recognized in income for the period. The cost of repairs and maintenance was expensed as incurred, whereas significant betterments were capitalized. Impairment of Long-Lived Assets The Company periodically reviewed its long-lived assets for impairment when certain events or changes in circumstances indicate that the carrying value of the long-lived assets may not be recoverable. Should the sum of the undiscounted expected future net cash flows be less than the carrying value, the Company would recognize an impairment loss at that date. See Note 14. Restructuring and Impairment Charges Product Warranty Products were warrantied against defects in material and workmanship when properly used for their intended purpose and appropriately maintained. Accordingly, the Company generally replaced catheters that kinked or failed to calibrate. The product warranty liability was determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor. The product warranty liability also includes the estimated costs of a product recall. The warranty accrual is included in accrued expenses in the accompanying balance sheets. Warranty expenses are included in cost of revenues in the accompanying statements of operations. Changes in estimates to previously established warranty accruals resulted from current period updates to assumptions regarding repair and product recall costs and are included in current period warranty expense. Revenue Recognition The Company generated revenue from the sales of products and services. Product sales consisted of the sales of catheters for use with the DABRA laser system. The Company paused selling commercial products in late 2020 and was only selling catheters for use in the atherectomy clinical trial prior to the discontinuation of such sales in June 2022. The Company’s sales agreements generally did not include right-of-return provisions for any form of consideration, including partial refund or credit against amounts owed to the Company. Services and other revenues primarily consisted of billable services, including fees related to DABRA laser commercial usage agreements. The Company determined revenue recognition incorporating the following steps: • Identification of each contract with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, performance obligations were satisfied. The Company accounted for a contract with a customer when it had a legally enforceable contract with the customer, the arrangement identified the rights of the parties, the contract had commercial substance, and the Company determined it was probable that it would collect the contract consideration. The Company recognized revenue when control of the promised goods or services transferred to customers, in an amount that reflected the consideration the Company expected to be entitled to in exchange for those goods or services. Taxes collected from customers relating to goods or services and remitted to governmental authorities were excluded from revenue. Catheter Revenue When engaged in commercial sales, the Company entered into a DABRA laser commercial usage agreement or DABRA laser placement acknowledgement with each customer that was supplied a DABRA laser, collectively the “usage agreement”, which provided for specific terms of continued use of the DABRA laser, including a nominal periodic fee. The terms of a usage agreement typically allowed the Company to place a DABRA laser at a customer’s specified location without a specified contract term. Under the usage agreement terms, the Company retained all ownership rights to the DABRA laser and was permitted to request the return of the equipment within 10 business days of notification. While the laser periodic fees were nominal, the usage agreement provided the Company the exclusive rights to supply related single-use catheters to the customer which aggregated the majority of the product sales revenue. There were no specified minimum purchase commitments for the catheters. The Company recognized revenue associated with the usage agreements and catheter supply arrangements in accordance with Financial Accounting Standards Board (“FASB”) “ Revenue from Contracts with Customers (Topic 606),” Shipping and Handling Costs Shipping and handling costs charged to customers are included in net product sales, while all other shipping and handling costs are included in selling, general and administrative expenses in the accompanying statements of operations. Research and Development Major components of research and development costs include personnel expenses, stock-based compensation, consulting, supplies and clinical trial expenses. Research and development expenses were charged to operations in the period they were incurred. Patents The Company expensed patent costs, including related legal costs, as incurred and recorded such costs as selling, general and administrative expenses in the accompanying statements of operations. Stock-Based Compensation The Company records stock-based compensation expense associated with stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) issued to employees, members of the Company’s board of directors and consultants in accordance with the authoritative guidance for stock-based compensation. The Company evaluates whether an award should be classified and accounted for as a liability award or equity award for all stock-based compensation awards granted. The cost of an award of an equity instrument is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing valuation model (“Black-Scholes model”) which incorporates various assumptions including expected term, volatility and risk-free interest rate, and is recognized as expense on a straight-line basis over the requisite service period of the award. Share-based compensation for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized, and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense and other expense, respectively. Concentrations of Credit Risk Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk that arise from financial instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial instruments, which potentially subject the Company to concentration of credit risk, consist of cash equivalent balances maintained in excess of Federal Depository Insurance Corporation limits, and accounts receivable which have no collateral or security. The Company monitors the financial condition of the banks in which it currently has deposits. The Company has not experienced any significant losses in this respect and believes that it is not exposed to any significant related risk. Exposure to losses on accounts receivable is dependent upon the individual customer’s financial condition. The Company monitors its exposure to credit losses and reserves for those accounts receivable that it deems to be not collectible. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during the period from transactions and other events and non-owner sources. The Company had no such transactions or other events and non-owner sources during the years ended December 31, 2022 and 2021. Significant Accounting Policies Related to Discontinued Operations Laser Sales The Company recognized revenue on laser sales at the point in time that control transferred to the customer. Control of the product typically transferred upon shipment. Warranty Service Revenue The Company typically provided a 12-month warranty with the purchase of its laser systems. Customers could extend the warranty period through the purchase of extended warranty service contracts. Extended warranty service contracts were sold with contract terms ranging from 12 to 60 months and covered periods after the end of the initial 12-month warranty period. The warranty provided the customer with maintenance services in addition to the assurance that the laser product complied with agreed-upon specifications. Therefore, the warranty service was treated as a separate performance obligation from the laser system. Warranty services were a stand-ready obligation, and the Company recognized revenue on a straight-line basis over the service contract term. Warranty service revenue was included in service and other revenue in the statement of operations. Contracts With Multiple Performance Obligations Certain of the Company’s contracts with customers contained multiple performance obligations. For these contracts, the Company accounted for individual products and services as separate performance obligations if they are distinct, which was if (i) a product or service is separately identifiable from other items in the arrangement and (ii) the customer can benefit from the product or service on its own or with other readily available resources. The transaction price was allocated to the separate performance obligations on a relative standalone selling price basis. The Company determined standalone selling prices based on observable prices of products or services sold separately in comparable circumstances to similar customers. Significant Financing Component For multi-year warranty service contracts in which there was a difference between the cash selling price and the consideration in the contract and a significant amount of time between the payment, which was due up-front, and delivery of the services (greater than one year), the Company recorded an adjustment for significant financing to reflect the time value of money. The Company recognized revenue associated with the cash selling price and interest expense using the effective interest method as the Company satisfied its performance obligation(s). The amount of interest expense the Company recognized over the contract term was based on the contract liability balance, which increased for the accrual of interest and decreased as services are provided. For services contracts that had an original duration of one year or less, the Company used the practical expedient applicable to such contracts and did not adjust the transaction price for the time value of money. Practical Expedients Elected As part of the Company’s adoption of Topic 606, the Company elected to use the following practical expedients: • not to adjust the promised amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company’s transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less; • to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less; • to exclude government assessed taxes from the transaction price; and • not to recast revenue for contracts that begin and end in the same fiscal year. Contract Costs The Company capitalized costs to obtain contracts that were considered incremental and recoverable, such as sales commissions. The capitalized costs were amortized to selling, general and administrative expense over the estimated period of benefit of the asset, which was the contract term. The Company elected to use the practical expedient to expense the costs to obtain a contract when the amortization period was less than one year. Rental Income The Company also derived income pursuant to product operating lease agreements for its Pharos laser systems, prior to the sale of the Dermatology Business. Consequently, the Company retained title to the equipment. Depreciation expense on these leased lasers was recorded to cost of revenues on a straight-line basis. The costs to maintain these leased lasers were charged to cost of revenues as incurred. These lease arrangements contained one lease component (the laser) and one non-lease component (warranty service) for which the Company elected the practical expedient to not separate the non-lease component from the lease component. The Company accounted for the combined lease component as an operating lease and recognized lease income on a straight-line basis over the lease term. Recently Adopted Accounting Pronouncement In August 2020, the FASB issued , Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . Recently Announced Accounting Pronouncements On October 28, 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Business Combinations In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions As an emerging growth company, the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than public companies must adopt the standards. The Company has elected to take advantage of the extended transition period afforded by the JOBS Act and, as a result, will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 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 cash proceeds of $3.7 million. The Company paid broker and legal fees of approximately $0.2 million related to the sale of the Dermatology Business. In addition, the Company issued a warrant to the broker to purchase 1,484 shares of common stock at an exercise price of $149.50 per share. The warrant was immediately exercisable and expires five years following the date of issuance. The warrant was valued at approximately $0.1 million on the grant date using the Black-Scholes model based on the following assumptions: expected volatility of 104.55%, risk-free interest rate of 0.32%, expected dividend yield of 0% and an expected term of 2.5 years. The Dermatology Business was previously disclosed as a separate reportable segment of the Company. The sale of the Dermatology Business resulted in a gain of approximately $3.5 million which is included as a component of income from discontinued operations in the statement of operations for the year ended December 31, 2021. The Company has reported the results of the Dermatology Business as income from discontinued operations and excluded such results from continuing operations in the statement of operations for the year ended December 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 year ended December 31, 2021. The following table summarizes the major classes of items constituting income from discontinued operations in the statement of operations for the year ended December 31, 2021 (in thousands): Net revenues Product sales $ 852 Service and other 1,748 Total net revenues 2,600 Cost of revenues Product sales 1,201 Service and other 1,089 Total cost of revenues 2,290 Gross income 310 Operating expenses Selling, general and administrative 1,110 Research and development 388 Total operating expenses 1,498 Operating loss (1,188 ) Interest income (expense), net (94 ) Loss from discontinued operations (1,282 ) Gain on sale of the Dermatology Business 3,473 Income from discontinued operations $ 2,191 Depreciation expense for the Dermatology Business was $0.3 million for the year ended December 31, 2021. There were no capital expenditures for the Dermatology Business during the year ended December 31, 2021. There was no provision for credit losses for the Dermatology Business for the year ended December 31, 2021. Stock-based compensation expense for the Dermatology Business was approximately $18,000 for the year ended December 31, 2021. Stock-based compensation expense of approximately $0.1 million was capitalized to inventory and property and equipment for the Dermatology Business during the year ended December 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements As of December 31, 2022 and 2021, the Company had cash equivalents measured at fair value on a recurring basis using Level 1 inputs. As of December 31, 2022, cash equivalents of $1.7 million were comprised of $1.4 million of money market funds and $0.3 million of certificates of deposit. As of December 31, 2021, cash equivalents of $9.4 million consisted of money market funds. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories Inventories consisted of the following (in thousands): December 31, 2022 2021 Raw materials $ — $ 911 Work in process — 70 Finished goods — 5 Inventories $ — $ 986 Due to the RIF and the Company’s decision to discontinue enrollment of patients in its atherectomy clinical trial, the Company suspended manufacturing activities in June 2022 and disposed of all inventories, resulting in a write-down of $1.0 million to net realizable value of its inventories. Such expense is included in restructuring and impairment charges in the statement of operations for the year ended December 31, 2022. See Note 14. Restructuring and Impairment Charges |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property Plant And Equipment Net [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Property and equipment, net consisted of the following (in thousands): December 31, 2022 2021 Lasers $ — $ 3,086 Machinery and equipment — 858 Computer hardware and software — 353 Construction in progress — 168 Leasehold improvements — 145 Furniture and fixtures — 48 Property and equipment, gross — 4,658 Accumulated depreciation — (2,849 ) Property and equipment, net $ — $ 1,809 Depreciation expense was $0.2 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively. Due to the RIF and the Company’s decision to discontinue enrollment of patients in its clinical trial, the Company also suspended manufacturing activities in June 2022. The Company’s property and equipment was determined to be impaired, resulting in an impairment charge of $1.5 million which was based on the actual cash proceeds received in July 2022 upon the sale and disposal of its property and equipment. The impairment charge of $1.5 million is included in restructuring and impairment charges in the statement of operations for the year ended December 31, 2022. See Note 14. Restructuring and Impairment Charges |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Note 7. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2022 2021 Legal expenses $ 5,195 $ 1,345 Offering costs 1,356 — Compensation and related benefits 369 2,004 Warranty expenses (Note 8) 192 195 Other accrued expenses 372 575 Accrued expenses $ 7,484 $ 4,119 |
Accrued Warranty
Accrued Warranty | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Note 8. Accrued Warranty Activity in the product warranty accrual is included in accrued expenses in the balance sheets and consisted of the following (in thousands): Year Ended December 31, 2022 2021 Balance at beginning of period $ 195 $ 204 Claims satisfied (3 ) (9 ) Balance at end of period $ 192 $ 195 The accrued warranty balances at December 31, 2022 and 2021 relate to the voluntary recall of catheters, which was initiated in September 2019. |
Paycheck Protection Program Pro
Paycheck Protection Program Promissory Note | 12 Months Ended |
Dec. 31, 2022 | |
Paycheck Protection Program Promissory Note [Abstract] | |
Paycheck Protection Program Promissory Note | Note 9. Paycheck Protection Program Promissory Note In May 2020, the Company entered into a $2.0 million Paycheck Protection Program Promissory Note and Agreement (“PPP Promissory Note”) with a commercial bank under the Coronavirus Aid, Relief, and Economic Security Act “CARES Act”). The PPP Promissory Note bore interest at 1.0% per annum. Under the terms of the PPP Promissory Note, payments would have been due monthly beginning November 1, 2020, and the principal amount of the PPP Promissory Note, along with any unpaid interest, would have been due in May 2022. On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 extended the deferral period for all loans to 10 months after the last day of the covered period. Under the revised terms, payments would have been due beginning August 2021, and the principal amount, along with unpaid interest, would have been due in May 2022. The principal and interest could be forgiven if the proceeds were used for forgivable purposes as defined by the terms in the PPP Promissory Note. The Company applied for full forgiveness under the provisions of the CARES Act in March 2021 and received approval by the Small Business Administration on June 24, 2021. Gain on extinguishment of the PPP Promissory Note of $2.0 million was included in other income (expense), net in the statement of operations for the year ended December 31, 2021. Interest expense on the PPP Promissory Note for the year ended December 31, 2021 was approximately $10,000. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | Note 10. Operating Leases On October 24, 2022, the Company entered into a lease termination agreement (the “Lease Termination Agreement”) with the landlord, pursuant to which it terminated the lease agreement for its office and manufacturing space in Carlsbad, California, effective October 28, 2022. In accordance with the terms of the Lease Termination Agreement, the Company agreed to (i) release its right to the security deposit of approximately $36,000 previously paid to the landlord and (ii) pay a $0.3 million lease termination fee to the landlord. As a result of the Lease Termination Agreement, the Company wrote-off its right-of-use asset, right-of-use liability and security deposit, resulting in a non-cash gain of approximately $0.1 million. The lease termination fee of $0.3 million was paid on October 31, 2022. On October 31, 2022, the Company entered into a month-to-month lease agreement with Avanti Workspace (the “Lease Agreement”) for its corporate headquarters in Carlsbad, California, effective November 1, 2022. The rent expense under the Lease Agreement is approximately $1,000 per month. During the year ended December 31, 2021, t he Company had two operating leases for office and manufacturing space which required it to pay base rent and certain utilities. Monthly rent expense was recognized on a straight-line basis over the terms of the leases. The office operating lease expired in December 2021 and the office and manufacturing operating lease would have expired in 2027, had it not been terminated. At December 31, 2021, the remaining lease term for the manufacturing operating lease was six years. The manufacturing operating lease was included in the balance sheet at the present value of the lease payments at a 7% discount rate, the rate of interest that the Company estimated it would have paid 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 did not provide an implicit rate. For the years ended December 31, 2022 and 2021, operating lease expense and cash paid were $0.4 million and $0.5 million, respectively. The Company recognized non-cash right-of-use assets and lease liabilities of $3.2 million upon adoption of ASU 2016-02 on January 1, 2019. de minimis |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 11. Net Loss per Share The Company calculates basic net loss per share by dividing 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 and non-vested restricted stock awards and restricted stock units using the treasury stock method, along with the effect, if any, from outstanding convertible securities. 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 common share equivalents excluded from the computation of diluted net loss per share at December 31, 2022 consisted of warrants of 1,150,669, stock options of 990, restricted stock awards of 948, and restricted stock units of 61. Anti-dilutive common share equivalents excluded from the computation of diluted net loss per share at December 31, 2021 consisted of warrants of 48,365, stock options of 2,094, restricted stock units of 1,402, restricted stock awards of 3,586 and ESPP shares of 452. |
Equity Offerings
Equity Offerings | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity Offerings | Note 12. Equity Offerings At-The-Market Sales Agreement On September 2, 2022, the Company entered into the At-The-Market Sales Agreement (the “ATM Agreement”) under which the Company could sell its common stock from time to time having an aggregate offering price of up to $7.6 million. The Company completed the sale of 1,071,240 shares of common stock under the ATM Agreement on October 7, 2022, at a weighted average price of $7.09 per share, resulting in net proceeds of approximately $7.4 million, after offering fees withheld of approximately $0.2 million. 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 public offering on February 8, 2022 (the “Offering”) from $25.00 per share to $14.00 per share (the “Warrant Repricing”). Following the Warrant Repricing, the Company entered into warrant inducement offer letters (the “Inducement Letters”) with certain investors. In response to the Inducement Letters, investors exercised approximately 0.4 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, The Series C warrants have an exercise price of $14.00, are immediately exercisable and expire in five years. The Company received net proceeds of approximately $4.9 million from the exercises of the Series A warrants, after deducting underwriter commissions and fees withheld of $0.6 million and other offering expenses paid or payable of $0.7 million. 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 issued in the Offering. The Series A warrants and Series B warrants were valued on the date of the Warrant Repricing using the Black-Scholes model based on the following assumptions: Series A Series B Risk-free interest rate 2.97 % 2.85 % Volatility 137.87 % 90.44 % Expected dividend yield 0.00 % 0.00 % Expected life (in years) 0.6 6.6 The Series C warrants were valued on the date of the Warrant Repricing at approximately $2.3 million using the Black-Scholes model based on the following assumptions: Risk-free interest rate 2.87 % Volatility 96.70 % Expected dividend yield 0.00 % Expected life (in years) 5.0 The Company entered into an agreement with a former placement agent that, subject to satisfaction of the requirements contained therein, called for a cash tail fee payable based on capital raised from certain investors for a definitive time following the expiration of the agreement. The accrued cash tail fee of approximately $0.5 million related to the Warrant Repricing is included in accrued expenses in the balance sheet as of December 31, 2022. Additionally, the agreement called for the issuance of a warrant to purchase approximately 31,000 shares of common stock with an exercise price of $17.50 per share, expiring five years from the date issued. This warrant was valued at approximately $0.2 million on the Warrant Repricing date using the Black-Scholes model based on the following assumptions: expected volatility of 96.7%, risk-free interest rate of 2.87%, expected dividend yield of 0% and an expected term of 5.0 years. This warrant has not been issued by the Company as of the date of this Annual Report. Public Offering On February 8, 2022, the Company completed the Offering in which it issued and sold (i) 190,700 shares of common stock, (ii) 480,052 warrants to purchase one share of common stock at an exercise price of $25.00 that were immediately exercisable and expire one year from the date of issuance, or Series A warrants, and (iii) 480,052 warrants to purchase one share of common stock at an exercise price of $25.00 that were immediately exercisable and expire seven years from the date of issuance, or Series B warrants, and (iv) 289,352 pre-funded warrants to purchase one share of common stock at an exercise price of $0.005 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) 72,000 additional shares of common stock, (ii) 72,000 additional Series A warrants and/or (iii) 72,000 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 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 Pursuant to the exercise of the Overallotment Option in February 2022, the Company issued 24,902 shares of common stock, 72,000 Series A warrants and 72,000 Series B warrants, net of underwriting discounts. On various dates in February 2022 and March 2022, the Company issued 289,352 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 1,000 shares of common stock in connection with the exercise of 500 each of Series A warrants and Series B warrants issued in the Offering. In July 2022, the Company issued 800 shares of common stock in connection with the exercise of 800 Series A warrants issued in the Offering. Net proceeds received from the Offering were approximately $11.5 million, after deducting underwriter commissions and fees withheld of approximately $1.1 million. In addition, the Company incurred offering expenses paid or payable of $1.8 million. The Company entered into an agreement with a former placement agent that, subject to satisfaction of the requirements contained therein, called for a cash tail fee payable based on capital raised from certain investors for a definitive time following the expiration of the agreement. The accrued cash tail fee of approximately $0.9 million related to the Offering is included in accrued expenses in the balance sheet as of December 31, 2022. Additionally, the agreement called for the issuance of a warrant to purchase approximately 33,000 shares of common stock at an exercise price of $31.25 per share. During the year ended December 31, 2021, the Company completed ATM offerings of 76,223 shares of common stock at a weighted average price of $210.41 per share. The Company received approximately $15.5 million in net proceeds, after deducting placement agent fees. The Company also incurred approximately $0.4 million in offering fees and other expenses. Warrants Outstanding As of December 31, 2022, the Company had 1,150,669 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 13. Stock-Based Compensation 2018 Equity Incentive Plan In September 2018, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2018 Equity Incentive Plan (the “2018 Plan”) which provided for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, performance-based stock awards and other forms of equity compensation to the Company’s employees, directors and consultants. 2020 Inducement Equity Incentive Plan In March 2020, the Company adopted the 2020 Inducement Equity Incentive Plan (the “2020 Plan”) for the purpose of attracting, retaining and incentivizing employees in furtherance of the Company’s success. The 2020 Plan was adopted without stockholder approval pursuant to Rule 303A.08 of the New York Stock Exchange. The 2020 Plan is used to offer equity awards as material inducements for new employees to join the Company. Upon adoption of the 2020 Plan, 640 shares of common stock were reserved for the granting of inducement stock options, restricted stock awards, restricted stock units and other forms of equity awards. As of December 31, 2022, 181 shares of common stock were reserved for future issuance under the 2020 Plan. Stock Options The following is a summary of stock option activity for the year ended December 31, 2022: Stock Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 2,094 $ 17,138 Canceled/forfeited (1,104 ) $ 22,279 Outstanding at December 31, 2022 990 $ 11,405 4.14 $ — Vested and expected to vest at December 31, 2022 990 $ 11,405 4.14 $ — Exercisable at December 31, 2022 849 $ 13,077 3.92 $ — The Company did not grant any stock options during the years ended December 31, 2022 and 2021. Restricted Stock Units The following is a summary of the restricted stock unit activity for the 2018 Plan for employees of continuing operations and discontinued operations for the year ended December 31, 2022: Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 1,402 $ 258.48 Vested (117 ) $ 892.00 Canceled/forfeited (1,224 ) $ 188.35 Outstanding at December 31, 2022 61 $ 450.46 Restricted Stock Awards A summary of the restricted stock award activity for the year ended December 31, 2022 is presented below: Restricted Stock Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 3,586 $ 235.03 Vested (1,660 ) $ 241.38 Canceled/forfeited (978 ) $ 211.24 Outstanding at December 31, 2022 948 $ 248.48 Employee Stock Purchase Plan In September 2018, the Company’s board of directors adopted the 2018 Employee Stock Purchase Plan (the “ESPP”) which permitted eligible employees to purchase the Company’s common stock at a discount through payroll deductions during defined offering periods. Eligible employees could elect to withhold up to 15% of their base earnings to purchase shares of the Company’s common stock at a price equal to 85% of the fair market value on the first day of the offering period or the purchase date, whichever was lower. For the years ended December 31, 2022 and 2021, cash received from the exercise of purchase rights under the ESPP was approximately $5,000 and $0.1 million, respectively. The Company paused the ESPP in May 2022. As of December 31, 2022, the Company had issued 950 shares of common stock since inception of the ESPP, and no shares were reserved for future issuance. Stock-based compensation expense recorded in operating expenses was as follows (in thousands): Year Ended December 31, 2022 2021 Selling, general and administrative $ 387 $ 1,750 Research and development 60 304 Stock-based compensation in operating expenses $ 447 $ 2,054 Stock-based compensation of approximately $5,000 and $0.1 million was capitalized to property and equipment and inventory during the years ended December 31, 2022 and 2021, respectively. Total unrecognized estimated stock-based compensation expense by award type and the remaining weighted average recognition period over which such expense is expected to be recognized at December 31, 2022 was as follows: December 31, 2022 Unrecognized Expense (in thousands) Remaining Weighted Average Recognition Period (in years) Stock options $ 93 1.2 Restricted stock awards $ 186 1.0 Restricted stock units $ 14 1.0 |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Impairment Charges | Note 14. Restructuring and Impairment Charges Restructuring and impairment charges consisted of the following for the year ended December 31, 2022 (in thousands): Impairment of property and equipment $ 1,548 Inventory obsolescence 1,000 Severance expense 910 Prepaid expenses 395 Contract termination fees 319 Total restructuring and impairment charges $ 4,172 The Company’s RIF was completed in September 2022 and impacted approximately 85% of its full-time employees, resulting in one-time severance payments totaling approximately $0.9 million. In addition, the Company discontinued enrollment of patients in its clinical trial, ceased engineering and manufacturing activities, sold or disposed 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 prepaid research and development supplies totaling approximately $2.9 million during the year ended December 31, 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15. Income Taxes A reconciliation of the differences between the U.S. statutory federal income tax rate and the effective tax rate as provided in the statements of operations is as follows: Year Ended December 31, 2022 2021 Tax computed at the federal statutory rate 21 % 21 % Section 382 NOL limitation (42.6 ) — Nondeductible expenses (1.3 ) — State income taxes, net of federal benefits 0.2 1.3 Stock-based compensation — (2.6 ) Tax exempt income — 1.7 Other 0.4 — Change in valuation allowance 22.3 (21.4 ) — — The federal and state income tax provision is summarized as follows (in thousands): Year Ended December 31, 2022 2021 Current Federal $ — $ — State 3 4 3 4 Deferred Federal — — State — — — — Income tax expense $ 3 $ 4 Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 518 $ 9,706 Stock-based compensation 5,162 4,605 Capitalized research and development 1,528 — Reserves 95 169 Intangible assets 35 56 Accrued legal settlement 1,355 — Operating lease liabilities — 556 Accrued compensation — 399 Other accruals 1 71 Total gross deferred tax assets 8,694 15,562 Deferred tax liabilities: Property and equipment — (348 ) Operating lease right-of-use assets — (518 ) Other — — Total gross deferred tax liabilities — (866 ) Valuation allowance (8,694 ) (14,696 ) Total deferred taxes $ — $ — At December 31, 2022, the Company had federal and state net operating loss (“NOL”) carryforwards of approximately $54.5 million and $47.8 million, respectively. The state NOL carryforwards begin expiring in 2030. Use of these NOL carryforwards may be significantly limited under the tax rules regarding the use of losses following an ownership change under Internal Revenue Code (“IRC”) Section 382. Management performed a Section 382 analysis regarding the limitation of net operating losses through December 31, 2020 and determined that ownership changes occurred in May 2020. The Company believes further ownership changes occurred during each of the years ended December 31, 2022 and 2021. Accordingly, utilization of the Company’s NOLs is subject to an annual limitation for federal tax purposes under IRC Section 382. Due to the changes in control, the Company estimated that all of its $54.5 million federal NOL carryforwards are effectively eliminated, in accordance with IRC Section 382. In addition, $40.8 million of its $47.8 million in state NOL carryforwards is also eliminated. As a result of these eliminations, the Company’s federal and state NOLs were reduced to zero and $6.9 million, respectively, before taking into consideration the valuation allowance. Also, as described in Note. 18 Subsequent Events The valuation allowance relates to deferred tax assets for certain items that will be deductible for income tax purposes under very limited circumstances and for which the Company believes it is not more likely than not that it will realize the associated tax benefit. However, in the even that the Company determines that it would be able to realize more or less than the recorded amount of net deferred tax assets, an adjustment to the deferred tax asset valuation allowance would be recorded in the period such a determination is made. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax planning strategies in making this assessment. Based upon the levels of historical taxable income, projection of future taxable income and the reversal of deferred tax liabilities over the periods in which the deferred tax assets are deductible, management believes it is more-likely- than-not that the Company will not realize the benefits of these deductible differences, net of the existing valuation allowance. The amount of deferred tax asset considered realizable, however, could change in the near term if estimates which require significant judgment of future taxable income during the carryforward period are increased or decreased. As of December 31, 2022, the Company does not have any unrecognized tax benefits. The Company does not anticipate that the amount of unrecognized tax benefits will significantly increase in the next 12 months. There were no interest and penalties accrued as of December 31, 2022. The Company files U.S. federal and various states income tax returns, which are subject to examination by the taxing authorities for years 2018 and later. However, the federal net operating loss carryover may be adjusted three years from the date the loss is utilized on an income tax return. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16. Commitments and Contingencies Securities Class Action 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 required 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 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 September 23, 2022, the court granted final approval of the settlement, certified the settlement class, granted in part lead counsel’s motion for an award of attorneys’ fees and reimbursement of litigation expenses, dismissed plaintiffs’ claims with prejudice, and entered final judgment. Shareholder Derivative Litigation 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 (“DOJ”) and on behalf of the Office of Inspector General, and other settlement agreements with certain state attorneys general, collectively the “Settlement Agreements”, 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 Agreements, (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 wa s 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 s 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. A s a result of the Merger, the Company recorded $ 5.0 million related to the Settlement Agreement s as of December 31, 2022 , which is included in accrued expenses in the accompanying balance sheet . See Note 18. Subsequent Events . Filing of Complaint On September 29, 2022, a purported stockholder of the Company filed a complaint captioned David Nguyen v. Ra Medical Systems, Inc. et al. 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. Services Agreement Pursuant to the terms of the Services Agreement between the Company and Strata, executed simultaneously with the sale of the Dermatology Business, the Company continued to provide certain services to Strata, including certain support services and the sale of spare parts, through October 2022. Income earned and expenses incurred in accordance with the Services Agreement are recorded as other income (expense), net in the accompanying statement of operations for the year ended December 31, 2022. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan Additional Information [Abstract] | |
Employee Benefit Plan | Note 17. Employee Benefit Plan In January 2019, the Company established a defined contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). Under the terms of the 401(k) Plan, all full-time employees were eligible to make voluntary contributions as a percentage or defined amount of compensation. The Company made matching contributions based on 100% of each employee’s contribution up to 3% and 50% of contributions between 3% and 5%, with the match-eligible contribution limited to 4% of the employee’s eligible compensation. The Company’s expense related to the matching contributions was approximately $0.2 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18. Subsequent Events Settlement Agreements with the Department of Justice and Participating States In February 2023, the Company made payments of $4.7 million and $0.3 million to the DOJ and the participating states, respectively, pursuant to the terms of the Settlement Agreements. Merger with Catheter On January 9, 2023, the Company completed the Merger for the purpose of acquiring Catheter’s existing and developing product lines based on electrophysiology technology. Pursuant to the Merger Agreement, the Company issued 14,649.591 shares of Series X Preferred Stock to Catheter debtholders and stockholders in exchange for 100% of the issued and outstanding common shares of Catheter and the cancellation of the principal amount. The estimated total purchase consideration for the Merger was approximately $82.9 million which represents the sum of the (i) estimated fair value of the 14,649.591 Series X Preferred Stock issued and (ii) the portion of the estimated fair value of the options issued as replacement of share-based payment awards, as required under ASC 805. The fair value of the Series X Preferred Stock includes certain discounts applied to the closing stock price of the Company on January 9, 2023 of $6.41, with a 15% discount applied to reflect the Series X Preferred Stock’s lack of marketability. The following table summarizes the preliminary estimated fair value of the consideration associated with the Merger (in thousands): Fair value of 14,649.591 Series X Preferred Stock issued $ 79,840 Fair value of Catheter's fully vested stock options 3,027 Total purchase price $ 82,867 The Merger is being accounted for as a business combination in accordance with ASC 805. The Company has determined the preliminary fair values of the assets acquired and liabilities assumed in the Merger. These values have been prepared based on preliminary estimates of fair value of consideration, assets acquired and liabilities assumed. Differences between these preliminary estimates and the final acquisition accounting are likely to occur and these differences could be material. The following table summarizes the preliminary purchase price allocations related to the Merger (in thousands): Estimated consideration $ 82,867 Assets (liabilities) assumed: Cash and cash equivalents 33 Other assets 152 Long-term assets 145 Accounts payable, accrued expenses and other liabilities (2,806 ) Royalties payable, long-term (7,591 ) Intangible assets 37,000 Net assets assumed 26,933 Deferred tax liability (10,108 ) Excess of consideration over net assets assumed $ 66,042 Excess of the purchase price over the estimated fair value of the net assets assumed has been reflected as goodwill. All intangible assets acquired are subject to amortization and their associated estimated acquisition date fair values and estimated useful lives are as follows (in thousands except for estimated useful life which is in years): Estimated Fair Value Estimated Useful Life Developed technology – $ 8,020 8 Developed technology – 27,060 6 Customer Relationships 220 5 Trademark – 1,480 9 Trademark – 220 8 $ 37,000 ASC 805 requires that an acquirer in a business combination report provisional amounts when measurements are incomplete as of the end of the reporting period covering the business combination. In accordance with ASC 805, the acquirer has a period of time, referred to as the measurement period, to finalize the accounting for a business combination. The measurement period provides companies with a reasonable period of time to determine the value of the identifiable assets acquired, liabilities assumed, and the consideration transferred for the acquiree. In accordance with ASC 805, the measurement period ends as soon as the acquirer receives all necessary information about the facts and circumstances that existed as of the acquisition date for the provisional amounts or has otherwise learned that more information is not obtainable. However, the measurement period cannot exceed one year from the acquisition date. ASC 805 requires that measurement period adjustments be recognized in the reporting period in which the adjustment amount is determined. Unaudited Pro Forma Financial Information The following table represents the revenue, net loss and net loss per share effect of the acquired company, as reported on a pro forma basis as if the acquisition occurred on January 1, 2022. These pro forma results are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. The following information for the year ended December 31, 2022 is presented in thousands except for the per share data: Revenues $ 355 Net loss (41,559 ) Basic and diluted net loss per share – (22.30 ) Conversion of Series X Preferred Stock On March 21, 2023, the Company held a special meeting of stockholders (the “Stockholders’ Meeting”), at which the stockholders approved, among other things, the issuance of 1,993,627 shares of common stock upon the conversion of 1,993.627 of Series X Preferred Stock which were issued upon the closing of the Merger. The remaining 12,655.965 shares of Series X Preferred Stock are expected to remain outstanding until at least July 9, 2024, and will convert thereafter into up to 12,655,965 shares of common stock, only if the Company meets the initial listing standards of the NYSE American or another national securities exchange or are delisted from the NYSE American. Warrant Inducement Offer On January 9, 2023, the Company reduced the exercise price of certain existing warrants, or the Existing Warrants, exercisable for 331,608 shares of the Company’s common stock held by a certain investor (the “Investor”), with exercise prices ranging from $14.00 to $526.50 per share to $4.00 per share, or the Warrant Repricing. In connection with the Warrant Repricing, the Company entered into a warrant inducement offer letter, or the Inducement Letter, with the Investor pursuant to which it would exercise up to all of the 331,608 Existing Warrants, or the Inducement Offer. In consideration for exercising the Existing Warrants pursuant to the terms of the Inducement Letter, the Company received approximately $1.3 million in gross proceeds. The Company paid the placement agent aggregate cash fees of approximately $0.2 million related to the Inducement Offer which represented 8.0% of the gross proceeds received from the Inducement Offer plus other offering costs. In consideration for exercising the Existing Warrants pursuant to the terms of the Inducement Letter, the Company issued the Investor a new Series E common stock purchase warrant, or Series E Warrant, to purchase 331,608 shares of common stock at an exercise price of $4.00 per share. The Series E Warrant is exercisable for five years from the date of stockholder approval. Exercise of the Series E Warrant in full was subject to approval of the pre-closing holders of Ra Medical’s stockholders which was obtained at the Stockholders’ Meeting. Based on the Black Scholes model, the Warrant Repricing resulted in an immediate and incremental increase of approximately $0.3 million in the estimated fair value of the Existing Warrants which will be reported in the statement of stockholders’ equity for the three months ending March 31, 2023. In addition, based on the Black-Scholes model, the Company estimated the fair value of the Series E Warrant issued to be approximately $1.9 million. Securities Purchase Agreement On January 9, 2023, the Company entered into a Securities Purchase Agreement (“Securities Purchase Agreement”) for a private placement (“Private Placement”), with the Investor. Pursuant to the Securities Purchase Agreement, the Investor agreed to purchase, for an aggregate purchase price of approximately $8.0 million, The PIPE Warrants are exercisable at an exercise price of $3.00 per share, subject to adjustments as provided under the terms of the PIPE Warrants. The PIPE Warrants are exercisable at any time on or after the closing date of the Private Placement until the expiration thereof, except that the PIPE Warrants cannot be exercised if, after giving effect thereto, the purchaser would beneficially own more than 4.99%, or the Maximum Percentage, of the outstanding shares of common stock of the Company, which Maximum Percentage may be increased or decreased by the purchaser with written notice to the Company to any other percentage specified not in excess of 9.99%. The Series F Warrants have a term of two years from the date of stockholder approval, and the Series G Warrants have a term of six years from the date of stockholder approval. The Series F Warrants and Series G Warrants were approved at the Stockholders’ Meeting. Shares of PIPE Preferred Stock, the conversion of which was approved at the Stockholders’ Meeting, convert into common stock at the option of the holder at the Preferred Conversion Rate, subject to certain ownership limitations as described below. The conversion price is subject to adjustment in the case of stock splits, stock dividends, combinations of shares and similar recapitalization transactions. Subject to limited exceptions, holders of shares of PIPE Preferred Stock will not have the right to convert any portion of their Preferred Stock if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or up to 9.99% at the election of the holder) of the number of shares of the Company’s common stock outstanding immediately after giving effect to its conversion. Holders of PIPE Preferred Stock will be entitled to receive dividends on shares of PIPE Preferred Stock equal, on an as-if-converted-to-common stock basis, and in the same form as dividends actually paid on shares of the common stock. Except as otherwise required by law, the PIPE Preferred Stock does not have voting rights. The Company also entered into a registration rights agreement with the purchasers requiring the Company to register the resale of the shares of common stock, the shares issuable upon exercise of the Warrants and the shares issuable upon the conversion of the PIPE Preferred Stock. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The |
Segment Reporting | Segment Reporting After the sale of the Dermatology Business in August 2021, the Company began operating its business in one segment which included 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents primarily represent funds invested in readily available checking and money market accounts. The Company maintains deposits in financial institutions in excess of federally insured limits. |
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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Cash equivalents, trade accounts receivable and accounts payable are reported on the balance sheets at carrying value which approximates fair value due to the short-term maturities of these instruments. |
Accounts Receivable | Accounts Receivable Trade accounts receivable are presented net of allowances for credit losses. Prior to the discontinuation of sales of catheters in June 2022, the Company sold its catheters directly to distributors or physicians and maintained an allowance for credit losses for balances that appeared to have specific collection issues. The collection process was based on the age of the invoice and required attempted contacts with the customer at specified intervals. Delinquent accounts receivable were charged against the allowance for credit losses once the Company determined the amounts were uncollectible. The factors considered in reaching this determination were the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers deteriorated, resulting in an impairment of their ability to make payments, additional allowances might have been required. The following table shows the activity in the allowance for credit losses for the periods presented (in thousands): Year Ended December 31, 2022 2021 Balance at beginning of year $ 131 $ 84 Provision for credit losses 21 47 Balance at end of year $ 152 $ 131 |
Inventories | Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Cost includes materials, labor and manufacturing overhead related to the purchase and production of inventories. The Company reduced the carrying value of inventories for those items that were potentially excess, obsolete or slow-moving based on changes in customer demand, technological developments or other economic factors. See Note 14. Restructuring and Impairment Charges Prior to June 6, 2022, the Company’s 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 we re destroyed and immediately written off, with the expense recorded in cost of revenue s in the statement s of operations. Once manufactured, completed catheters that pass ed quality assurance, we re 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 we re re-tested. If the sample tests we re successful, the batch wa s accepted into finished goods inventory . I f the sample tests we re unsuccessful, the entire batch wa s written off, with the expense recorded in cost of revenue s in the statement s of operations. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives as follows: Lasers 8 years Machinery and equipment 5-10 years Computer hardware and software 4-5 years Furniture and fixtures 5 years Leasehold improvements were depreciated over the shorter of the useful life of the leasehold improvement or the term of the underlying property’s lease. The Company periodically reviewed the residual values and estimated useful lives of each class of its property and equipment for ongoing reasonableness, considering long-term views on its intended use of each class of property and equipment and the planned level of improvements to maintain and enhance assets within those classes. Effective January 1, 2022, based on management’s revised assessment of average laser on-time utilization, the Company changed the estimated useful life of its lasers to eight years. When assets were retired or otherwise disposed of, the cost and related accumulated depreciation were removed from the account balances and any resulting gain or loss was recognized in income for the period. The cost of repairs and maintenance was expensed as incurred, whereas significant betterments were capitalized. |
Impairment of Long-lived Assets | Impairment of Long-Lived Assets The Company periodically reviewed its long-lived assets for impairment when certain events or changes in circumstances indicate that the carrying value of the long-lived assets may not be recoverable. Should the sum of the undiscounted expected future net cash flows be less than the carrying value, the Company would recognize an impairment loss at that date. See Note 14. Restructuring and Impairment Charges |
Product Warranty | Product Warranty Products were warrantied against defects in material and workmanship when properly used for their intended purpose and appropriately maintained. Accordingly, the Company generally replaced catheters that kinked or failed to calibrate. The product warranty liability was determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor. The product warranty liability also includes the estimated costs of a product recall. The warranty accrual is included in accrued expenses in the accompanying balance sheets. Warranty expenses are included in cost of revenues in the accompanying statements of operations. Changes in estimates to previously established warranty accruals resulted from current period updates to assumptions regarding repair and product recall costs and are included in current period warranty expense. |
Revenue Recognition | Revenue Recognition The Company generated revenue from the sales of products and services. Product sales consisted of the sales of catheters for use with the DABRA laser system. The Company paused selling commercial products in late 2020 and was only selling catheters for use in the atherectomy clinical trial prior to the discontinuation of such sales in June 2022. The Company’s sales agreements generally did not include right-of-return provisions for any form of consideration, including partial refund or credit against amounts owed to the Company. Services and other revenues primarily consisted of billable services, including fees related to DABRA laser commercial usage agreements. The Company determined revenue recognition incorporating the following steps: • Identification of each contract with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, performance obligations were satisfied. The Company accounted for a contract with a customer when it had a legally enforceable contract with the customer, the arrangement identified the rights of the parties, the contract had commercial substance, and the Company determined it was probable that it would collect the contract consideration. The Company recognized revenue when control of the promised goods or services transferred to customers, in an amount that reflected the consideration the Company expected to be entitled to in exchange for those goods or services. Taxes collected from customers relating to goods or services and remitted to governmental authorities were excluded from revenue. Catheter Revenue When engaged in commercial sales, the Company entered into a DABRA laser commercial usage agreement or DABRA laser placement acknowledgement with each customer that was supplied a DABRA laser, collectively the “usage agreement”, which provided for specific terms of continued use of the DABRA laser, including a nominal periodic fee. The terms of a usage agreement typically allowed the Company to place a DABRA laser at a customer’s specified location without a specified contract term. Under the usage agreement terms, the Company retained all ownership rights to the DABRA laser and was permitted to request the return of the equipment within 10 business days of notification. While the laser periodic fees were nominal, the usage agreement provided the Company the exclusive rights to supply related single-use catheters to the customer which aggregated the majority of the product sales revenue. There were no specified minimum purchase commitments for the catheters. The Company recognized revenue associated with the usage agreements and catheter supply arrangements in accordance with Financial Accounting Standards Board (“FASB”) “ Revenue from Contracts with Customers (Topic 606),” |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs charged to customers are included in net product sales, while all other shipping and handling costs are included in selling, general and administrative expenses in the accompanying statements of operations. |
Research and Development | Research and Development Major components of research and development costs include personnel expenses, stock-based compensation, consulting, supplies and clinical trial expenses. Research and development expenses were charged to operations in the period they were incurred. |
Patents | Patents The Company expensed patent costs, including related legal costs, as incurred and recorded such costs as selling, general and administrative expenses in the accompanying statements of operations. |
Share-based Compensation | Stock-Based Compensation The Company records stock-based compensation expense associated with stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) issued to employees, members of the Company’s board of directors and consultants in accordance with the authoritative guidance for stock-based compensation. The Company evaluates whether an award should be classified and accounted for as a liability award or equity award for all stock-based compensation awards granted. The cost of an award of an equity instrument is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing valuation model (“Black-Scholes model”) which incorporates various assumptions including expected term, volatility and risk-free interest rate, and is recognized as expense on a straight-line basis over the requisite service period of the award. Share-based compensation for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized, and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Any resulting net deferred tax assets are evaluated for recoverability and, accordingly, a valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense and other expense, respectively. |
Concentrations of Credit Risk | Concentrations of Credit Risk Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk that arise from financial instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial instruments, which potentially subject the Company to concentration of credit risk, consist of cash equivalent balances maintained in excess of Federal Depository Insurance Corporation limits, and accounts receivable which have no collateral or security. The Company monitors the financial condition of the banks in which it currently has deposits. The Company has not experienced any significant losses in this respect and believes that it is not exposed to any significant related risk. Exposure to losses on accounts receivable is dependent upon the individual customer’s financial condition. The Company monitors its exposure to credit losses and reserves for those accounts receivable that it deems to be not collectible. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during the period from transactions and other events and non-owner sources. The Company had no such transactions or other events and non-owner sources during the years ended December 31, 2022 and 2021. |
Discontinued Operations | Significant Accounting Policies Related to Discontinued Operations Laser Sales The Company recognized revenue on laser sales at the point in time that control transferred to the customer. Control of the product typically transferred upon shipment. Warranty Service Revenue The Company typically provided a 12-month warranty with the purchase of its laser systems. Customers could extend the warranty period through the purchase of extended warranty service contracts. Extended warranty service contracts were sold with contract terms ranging from 12 to 60 months and covered periods after the end of the initial 12-month warranty period. The warranty provided the customer with maintenance services in addition to the assurance that the laser product complied with agreed-upon specifications. Therefore, the warranty service was treated as a separate performance obligation from the laser system. Warranty services were a stand-ready obligation, and the Company recognized revenue on a straight-line basis over the service contract term. Warranty service revenue was included in service and other revenue in the statement of operations. Contracts With Multiple Performance Obligations Certain of the Company’s contracts with customers contained multiple performance obligations. For these contracts, the Company accounted for individual products and services as separate performance obligations if they are distinct, which was if (i) a product or service is separately identifiable from other items in the arrangement and (ii) the customer can benefit from the product or service on its own or with other readily available resources. The transaction price was allocated to the separate performance obligations on a relative standalone selling price basis. The Company determined standalone selling prices based on observable prices of products or services sold separately in comparable circumstances to similar customers. Significant Financing Component For multi-year warranty service contracts in which there was a difference between the cash selling price and the consideration in the contract and a significant amount of time between the payment, which was due up-front, and delivery of the services (greater than one year), the Company recorded an adjustment for significant financing to reflect the time value of money. The Company recognized revenue associated with the cash selling price and interest expense using the effective interest method as the Company satisfied its performance obligation(s). The amount of interest expense the Company recognized over the contract term was based on the contract liability balance, which increased for the accrual of interest and decreased as services are provided. For services contracts that had an original duration of one year or less, the Company used the practical expedient applicable to such contracts and did not adjust the transaction price for the time value of money. Practical Expedients Elected As part of the Company’s adoption of Topic 606, the Company elected to use the following practical expedients: • not to adjust the promised amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company’s transfer of a promised product or service to a customer and when the customer pays for that product or service will be one year or less; • to expense costs as incurred for costs to obtain a contract when the amortization period would have been one year or less; • to exclude government assessed taxes from the transaction price; and • not to recast revenue for contracts that begin and end in the same fiscal year. Contract Costs The Company capitalized costs to obtain contracts that were considered incremental and recoverable, such as sales commissions. The capitalized costs were amortized to selling, general and administrative expense over the estimated period of benefit of the asset, which was the contract term. The Company elected to use the practical expedient to expense the costs to obtain a contract when the amortization period was less than one year. Rental Income The Company also derived income pursuant to product operating lease agreements for its Pharos laser systems, prior to the sale of the Dermatology Business. Consequently, the Company retained title to the equipment. Depreciation expense on these leased lasers was recorded to cost of revenues on a straight-line basis. The costs to maintain these leased lasers were charged to cost of revenues as incurred. These lease arrangements contained one lease component (the laser) and one non-lease component (warranty service) for which the Company elected the practical expedient to not separate the non-lease component from the lease component. The Company accounted for the combined lease component as an operating lease and recognized lease income on a straight-line basis over the lease term. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncement In August 2020, the FASB issued , Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . |
Recently Announced Accounting Pronouncements | Recently Announced Accounting Pronouncements On October 28, 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Business Combinations In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions As an emerging growth company, the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than public companies must adopt the standards. The Company has elected to take advantage of the extended transition period afforded by the JOBS Act and, as a result, will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Credit Losses | The following table shows the activity in the allowance for credit losses for the periods presented (in thousands): Year Ended December 31, 2022 2021 Balance at beginning of year $ 131 $ 84 Provision for credit losses 21 47 Balance at end of year $ 152 $ 131 |
Schedule of Property and Equipment Estimated Useful Lives | Property and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives as follows: Lasers 8 years Machinery and equipment 5-10 years Computer hardware and software 4-5 years Furniture and fixtures 5 years |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Income from Discontinued Operations | The following table summarizes the major classes of items constituting income from discontinued operations in the statement of operations for the year ended December 31, 2021 (in thousands): Net revenues Product sales $ 852 Service and other 1,748 Total net revenues 2,600 Cost of revenues Product sales 1,201 Service and other 1,089 Total cost of revenues 2,290 Gross income 310 Operating expenses Selling, general and administrative 1,110 Research and development 388 Total operating expenses 1,498 Operating loss (1,188 ) Interest income (expense), net (94 ) Loss from discontinued operations (1,282 ) Gain on sale of the Dermatology Business 3,473 Income from discontinued operations $ 2,191 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): December 31, 2022 2021 Raw materials $ — $ 911 Work in process — 70 Finished goods — 5 Inventories $ — $ 986 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property Plant And Equipment Net [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2022 2021 Lasers $ — $ 3,086 Machinery and equipment — 858 Computer hardware and software — 353 Construction in progress — 168 Leasehold improvements — 145 Furniture and fixtures — 48 Property and equipment, gross — 4,658 Accumulated depreciation — (2,849 ) Property and equipment, net $ — $ 1,809 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): December 31, 2022 2021 Legal expenses $ 5,195 $ 1,345 Offering costs 1,356 — Compensation and related benefits 369 2,004 Warranty expenses (Note 8) 192 195 Other accrued expenses 372 575 Accrued expenses $ 7,484 $ 4,119 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Schedule Product Warranty Accrual Included in Accrued Expenses | Activity in the product warranty accrual is included in accrued expenses in the balance sheets and consisted of the following (in thousands): Year Ended December 31, 2022 2021 Balance at beginning of period $ 195 $ 204 Claims satisfied (3 ) (9 ) Balance at end of period $ 192 $ 195 |
Equity Offerings (Tables)
Equity Offerings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Series A Warrants and Series B Warrants [Member] | Warrants Repricing [Member] | |
Schedule of Black-Scholes Model Based on Assumptions | The Series A warrants and Series B warrants were valued on the date of the Warrant Repricing using the Black-Scholes model based on the following assumptions: Series A Series B Risk-free interest rate 2.97 % 2.85 % Volatility 137.87 % 90.44 % Expected dividend yield 0.00 % 0.00 % Expected life (in years) 0.6 6.6 |
Series A Warrants and Series B Warrants [Member] | Offering [Member] | |
Schedule of Black-Scholes Model Based on Assumptions | The Series A warrants and Series B warrants were valued at approximately $11.6 million using 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 |
Series C Warrants [Member] | Warrants Repricing [Member] | |
Schedule of Black-Scholes Model Based on Assumptions | The Series C warrants were valued on the date of the Warrant Repricing at approximately $2.3 million using the Black-Scholes model based on the following assumptions: Risk-free interest rate 2.87 % Volatility 96.70 % Expected dividend yield 0.00 % Expected life (in years) 5.0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Options Activity | The following is a summary of stock option activity for the year ended December 31, 2022: Stock Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 2,094 $ 17,138 Canceled/forfeited (1,104 ) $ 22,279 Outstanding at December 31, 2022 990 $ 11,405 4.14 $ — Vested and expected to vest at December 31, 2022 990 $ 11,405 4.14 $ — Exercisable at December 31, 2022 849 $ 13,077 3.92 $ — |
Schedule of Restricted Stock Units Activity | The following is a summary of the restricted stock unit activity for the 2018 Plan for employees of continuing operations and discontinued operations for the year ended December 31, 2022: Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 1,402 $ 258.48 Vested (117 ) $ 892.00 Canceled/forfeited (1,224 ) $ 188.35 Outstanding at December 31, 2022 61 $ 450.46 |
Schedule of Restricted Stock Awards Activity | A summary of the restricted stock award activity for the year ended December 31, 2022 is presented below: Restricted Stock Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 3,586 $ 235.03 Vested (1,660 ) $ 241.38 Canceled/forfeited (978 ) $ 211.24 Outstanding at December 31, 2022 948 $ 248.48 |
Schedule of Stock-based Compensation Expense Recorded in Operating Expenses | Stock-based compensation expense recorded in operating expenses was as follows (in thousands): Year Ended December 31, 2022 2021 Selling, general and administrative $ 387 $ 1,750 Research and development 60 304 Stock-based compensation in operating expenses $ 447 $ 2,054 |
Schedule of Unrecognized Estimated Stock Based Compensation Expense by Award Type | Total unrecognized estimated stock-based compensation expense by award type and the remaining weighted average recognition period over which such expense is expected to be recognized at December 31, 2022 was as follows: December 31, 2022 Unrecognized Expense (in thousands) Remaining Weighted Average Recognition Period (in years) Stock options $ 93 1.2 Restricted stock awards $ 186 1.0 Restricted stock units $ 14 1.0 |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring and Impairment Charges | Restructuring and impairment charges consisted of the following for the year ended December 31, 2022 (in thousands): Impairment of property and equipment $ 1,548 Inventory obsolescence 1,000 Severance expense 910 Prepaid expenses 395 Contract termination fees 319 Total restructuring and impairment charges $ 4,172 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Differences between United States Statutory Federal Income Tax Rate and Effective Tax Rate | A reconciliation of the differences between the U.S. statutory federal income tax rate and the effective tax rate as provided in the statements of operations is as follows: Year Ended December 31, 2022 2021 Tax computed at the federal statutory rate 21 % 21 % Section 382 NOL limitation (42.6 ) — Nondeductible expenses (1.3 ) — State income taxes, net of federal benefits 0.2 1.3 Stock-based compensation — (2.6 ) Tax exempt income — 1.7 Other 0.4 — Change in valuation allowance 22.3 (21.4 ) — — |
Summary of Federal and State Income Tax Provision | The federal and state income tax provision is summarized as follows (in thousands): Year Ended December 31, 2022 2021 Current Federal $ — $ — State 3 4 3 4 Deferred Federal — — State — — — — Income tax expense $ 3 $ 4 |
Significant Components of Deferred Tax Assets (Liabilities) | The tax effects of significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 518 $ 9,706 Stock-based compensation 5,162 4,605 Capitalized research and development 1,528 — Reserves 95 169 Intangible assets 35 56 Accrued legal settlement 1,355 — Operating lease liabilities — 556 Accrued compensation — 399 Other accruals 1 71 Total gross deferred tax assets 8,694 15,562 Deferred tax liabilities: Property and equipment — (348 ) Operating lease right-of-use assets — (518 ) Other — — Total gross deferred tax liabilities — (866 ) Valuation allowance (8,694 ) (14,696 ) Total deferred taxes $ — $ — |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Summary of Preliminary Estimated Fair Value of Consideration | The following table summarizes the preliminary estimated fair value of the consideration associated with the Merger (in thousands): Fair value of 14,649.591 Series X Preferred Stock issued $ 79,840 Fair value of Catheter's fully vested stock options 3,027 Total purchase price $ 82,867 |
Summary of Preliminary Purchase Price Allocations | The following table summarizes the preliminary purchase price allocations related to the Merger (in thousands): Estimated consideration $ 82,867 Assets (liabilities) assumed: Cash and cash equivalents 33 Other assets 152 Long-term assets 145 Accounts payable, accrued expenses and other liabilities (2,806 ) Royalties payable, long-term (7,591 ) Intangible assets 37,000 Net assets assumed 26,933 Deferred tax liability (10,108 ) Excess of consideration over net assets assumed $ 66,042 |
Schedule of Intangible Assets Acquired Subject to Amortization Estimated Acquisition Date Fair Values And Estimated Useful Lives | Excess of the purchase price over the estimated fair value of the net assets assumed has been reflected as goodwill. All intangible assets acquired are subject to amortization and their associated estimated acquisition date fair values and estimated useful lives are as follows (in thousands except for estimated useful life which is in years): Estimated Fair Value Estimated Useful Life Developed technology – $ 8,020 8 Developed technology – 27,060 6 Customer Relationships 220 5 Trademark – 1,480 9 Trademark – 220 8 $ 37,000 |
Schedule of Unaudited Pro Forma Financial Information | The following table represents the revenue, net loss and net loss per share effect of the acquired company, as reported on a pro forma basis as if the acquisition occurred on January 1, 2022. These pro forma results are not necessarily indicative of the results that would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. The following information for the year ended December 31, 2022 is presented in thousands except for the per share data: Revenues $ 355 Net loss (41,559 ) Basic and diluted net loss per share – (22.30 ) |
Organization and Nature of Op_2
Organization and Nature of Operations - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 09, 2023 | Sep. 20, 2022 | Sep. 02, 2022 | Jun. 06, 2022 | Mar. 28, 2023 | Sep. 30, 2022 | Sep. 02, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 03, 2022 | Aug. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Reverse stock split ratio, description | On September 20, 2022, the Company’s board of directors approved a reverse stock split ratio of 1-for-50 (the “Reverse Stock Split”). | ||||||||||
Common stock, shares outstanding | 68,200 | 2,161 | 140 | 1,400 | |||||||
One-time severance payments | $ 600 | $ 900 | $ 300 | $ 910 | |||||||
Cash and cash equivalents | 15,859 | $ 15,045 | |||||||||
Net cash used in operating activities | 22,568 | 27,625 | |||||||||
Accumulated deficit | 205,137 | $ 178,272 | |||||||||
Accrued expenses related to merger with catheter | $ 7,500 | ||||||||||
Subsequent Event [Member] | Private Placement [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Gross proceeds from private placement | $ 8,000 | ||||||||||
Subsequent Event [Member] | Warrant Inducement Offer [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Gross proceeds from warrant repricing | $ 1,300 | ||||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Private Placement [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Gross proceeds from private placement | $ 8,000 | ||||||||||
Board of Directors [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Percentage of full time employees terminated | 20% | ||||||||||
Maximum [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Average price per share | $ 0.20 | ||||||||||
Maximum [Member] | Board of Directors [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||||
Percentage of full time employees terminated | 65% | 85% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Jan. 01, 2022 | Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | |
Number of operating segments | Segment | 1 | ||
Inventory obsolescence charges | $ | $ 1,000,000 | $ 0 | |
Tax benefit likely of being realized upon ultimate settlement description | measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. | ||
Capitalized contract cost amortization period | 1 year | ||
ASU 2020-06 [Member] | |||
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 | ||
Minimum [Member] | |||
Regular warranty service contracts term | 12 months | ||
Maximum [Member] | |||
Extended warranty service contracts term | 60 months | ||
Lasers | |||
Estimated useful life | 8 years | 8 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Balance at beginning of year | $ 131 | $ 84 |
Provision for credit losses | 21 | 47 |
Balance at end of year | $ 152 | $ 131 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details) | 12 Months Ended | |
Jan. 01, 2022 | Dec. 31, 2022 | |
Furniture And Fixtures [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | |
Lasers [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 8 years | 8 years |
Minimum [Member] | Computer Hardware And Software [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 4 years | |
Minimum [Member] | Machinery And Equipment [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | |
Maximum [Member] | Computer Hardware And Software [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | |
Maximum [Member] | Machinery And Equipment [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful lives | 10 years |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Aug. 16, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Common stock, shares issued | 140,000 | 2,161,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Gain on disposition of business | $ 3,473,000 | ||
Dermatology [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation expense | 300,000 | ||
Capital expenditure | 0 | ||
Provision for credit losses | 0 | ||
Stock based compensation expense | 18,000 | ||
Stock based compensation expense capitalized to inventory and property and equipment | 100,000 | ||
Dermatology [Member] | 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 | ||
Dermatology [Member] | 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 | ||
Broker and legal fees on disposal | $ 200,000 | ||
Dermatology [Member] | Warrant [Member] | Discontinued Operations [Member] | Disposition by Sale [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Common stock, shares issued | 1,484 | ||
Common stock, par value | $ 149.50 | ||
Warrant expiry period | 5 years | ||
Warrant | $ 100,000 | ||
Expected volatility rate | 104.55% | ||
Risk free interest rate | 0.32% | ||
Expected dividend rate | 0% | ||
Expected term | 2 years 6 months |
Discontinued Operations - Summa
Discontinued Operations - Summary of Income from Discontinued Operations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Total net revenues | $ 2,600 |
Total cost of revenues | 2,290 |
Gross income | 310 |
Total operating expenses | 1,498 |
Operating loss | (1,188) |
Interest income (expense), net | (94) |
Loss from discontinued operations | (1,282) |
Gain on disposition of business | 3,473 |
Income from discontinued operations | 2,191 |
Service and Other [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Total net revenues | 1,748 |
Total cost of revenues | 1,089 |
Selling, General And Administrative [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Total operating expenses | 1,110 |
Research And Development [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Total operating expenses | 388 |
Product Sales [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Total net revenues | 852 |
Total cost of revenues | $ 1,201 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value disclosure of cash equivalents | $ 1.7 | |
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 | 1.4 | $ 9.4 |
Certificates of Deposit [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value disclosure of cash equivalents | $ 0.3 |
Inventories (Details)
Inventories (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Inventory Disclosure [Abstract] | |
Raw materials | $ 911 |
Work in process | 70 |
Finished goods | 5 |
Inventories | $ 986 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Inventory [Line Items] | ||
Inventory write-down | $ 1,000,000 | $ 0 |
Restructuring and Impairment Charges [Member] | ||
Inventory [Line Items] | ||
Inventory write-down | $ 1,000,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Property Plant And Equipment [Line Items] | |
Property and equipment, gross | $ 4,658 |
Accumulated depreciation | (2,849) |
Property and equipment, net | 1,809 |
Lasers [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, gross | 3,086 |
Machinery And Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, gross | 858 |
Computer Hardware And Software [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, gross | 353 |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, gross | 145 |
Furniture And Fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, gross | 48 |
Construction in Progress [Member] | |
Property Plant And Equipment [Line Items] | |
Property and equipment, gross | $ 168 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 200 | $ 1,000 |
Impairment of long-lived assets to be disposed of | 1,500 | |
Restructuring costs and asset impairment charges | 4,172 | |
Property, Plant and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Restructuring costs and asset impairment charges | $ 1,500 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | |||
Legal expenses | $ 5,195 | $ 1,345 | |
Offering costs | 1,356 | ||
Compensation and related benefits | 369 | 2,004 | |
Warranty expenses (Note 8) | 192 | 195 | $ 204 |
Other accrued expenses | 372 | 575 | |
Accrued expenses | $ 7,484 | $ 4,119 |
Accrued Warranty - Schedule Pro
Accrued Warranty - Schedule Product Warranty Accrual Included in Accrued Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product Warranties Disclosures [Abstract] | ||
Balance at beginning of period, Accrued warranty | $ 195 | $ 204 |
Claims satisfied | (3) | (9) |
Balance at end of period, Accrued warranty | $ 192 | $ 195 |
Paycheck Protection Program P_2
Paycheck Protection Program Promissory Note - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
May 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain on extinguishment of promissory note | $ 2,023,000 | ||
PPP Promissory Note [Member] | CARES Act [Member] | |||
Paycheck protection program, amount | $ 2,000,000 | ||
Interest rate | 1% | ||
Payments due, beginning date | Nov. 01, 2020 | ||
Payments due, ending date | 2022-05 | ||
Gain on extinguishment of promissory note | 2,000,000 | ||
Interest expense | $ 10,000 | ||
Deferral period for all loans | 10 months | ||
Debt instrument, description | payments would have been due beginning August 2021, and the principal amount, along with unpaid interest, would have been due in May 2022. The principal and interest could be forgiven if the proceeds were used for forgivable purposes as defined by the terms in the PPP Promissory Note. |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) | 12 Months Ended | ||||
Oct. 31, 2022 USD ($) | Oct. 24, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Lease | Jan. 01, 2019 USD ($) | |
Operating Leased Assets [Line Items] | |||||
Operating lease rent expense per month | $ 400,000 | $ 500,000 | |||
Number of leases | Lease | 2 | ||||
Operating lease, discount rate | 7% | ||||
Operating lease, weighted average remaining lease term | 6 years | ||||
Operating lease , cash payment | 500,000 | $ 500,000 | |||
Operating lease right-of-use-assets amortization | $ 200,000 | 400,000 | |||
Operating lease right-of-use assets | $ 2,110,000 | ||||
ASU 2016-02 [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease right-of-use assets | $ 3,200,000 | ||||
Operating lease, liability | $ 3,200,000 | ||||
Office Building [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Lease expiration period | 2021 | ||||
Manufacturing Facility [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Lease expiration period | 2027 | ||||
Lease Termination Agreement | Anaya Holdings L L C | |||||
Operating Leased Assets [Line Items] | |||||
Lease termination effective date | Oct. 28, 2022 | ||||
Operating lease, security deposit | $ 36,000 | ||||
Lease termination fee | $ 300,000 | ||||
Non-cash gain | $ 100,000 | ||||
Lease Agreement | Avanti Workspace | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, operating lease, description | On October 31, 2022, the Company entered into a month-to-month lease agreement with Avanti Workspace (the “Lease Agreement”) for its corporate headquarters in Carlsbad, California, effective November 1, 2022. The rent expense under the Lease Agreement is approximately $1,000 per month | ||||
Lessee, operating lease, effective date | Nov. 01, 2022 | ||||
Operating lease rent expense per month | $ 1,000,000 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 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 common share equivalents excluded from computation of diluted net loss per share | 990 | 2,094 |
Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents excluded from computation of diluted net loss per share | 1,150,669 | 48,365 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents excluded from computation of diluted net loss per share | 61 | 1,402 |
Employee Stock Purchase Plan [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents excluded from computation of diluted net loss per share | 452 | |
Restricted Stock Awards (RSAs) [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive common share equivalents excluded from computation of diluted net loss per share | 948 | 3,586 |
Equity Offerings - Additional I
Equity Offerings - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 07, 2022 | Jul. 22, 2022 | Feb. 08, 2022 | Jul. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 02, 2022 | Aug. 31, 2021 | |
Class Of Stock [Line Items] | |||||||||
Common stock reserve for issuance | 1,150,669 | ||||||||
Common stock, weighted average exercise price | $ 33.67 | ||||||||
Maximum [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Share price per share | $ 0.20 | ||||||||
Common Stock [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 1,576,000 | 78,000 | |||||||
Series C Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Warrants issued price per share | $ 14 | ||||||||
Warrants exercise period | 5 years | ||||||||
Series A Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Proceeds from issuance of common stock | $ 4,900,000 | ||||||||
Offering expenses paid or payable | $ 700,000 | ||||||||
Stock issued during period, warrants exercised | 400,000 | ||||||||
Percentage of shares exercised | 100% | ||||||||
Fee withheld | $ 600,000 | ||||||||
Series B Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Stock issued during period, warrants exercised | 0 | ||||||||
ATM Offering [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Aggregate offering price | $ 7,600,000 | ||||||||
Proceeds from issuance of common stock | $ 7,400,000 | $ 15,500,000 | |||||||
Offering expenses paid or payable | $ 200,000 | $ 400,000 | |||||||
ATM Offering [Member] | Common Stock [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 1,071,240 | 76,223 | |||||||
ATM Offering [Member] | Common Stock [Member] | Weighted Average [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Share price per share | $ 7.09 | $ 210.41 | |||||||
February 2022 Public Offering [Member] | Series A Warrants and Series B Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Warrants issued price per share | $ 14 | $ 25 | |||||||
February 2022 Public Offering [Member] | Series A Warrants and Series B Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Estimated fair value of warrants | $ 2,300,000 | ||||||||
Offering [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 190,700 | ||||||||
Proceeds from issuance of common stock | 11,500,000 | ||||||||
Offering expenses paid or payable | $ 1,800,000 | ||||||||
Warrants issued price per share | $ 31.25 | ||||||||
Stock issued during period, warrants exercised | 800 | 1,000 | |||||||
Fee withheld | $ 1,100,000 | ||||||||
Number of warrants to issue for purchase of common stock | 33,000 | ||||||||
Warrants expire period | 5 years | ||||||||
Valuation of warrants | $ 400,000 | ||||||||
Expected Volatility | 93.25% | ||||||||
Risk-free interest rate | 1.81% | ||||||||
Expected dividend yield | 0% | ||||||||
Expected term (In Years) | 5 years | ||||||||
Offering [Member] | Accrued Expenses [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Cash fee for placement agent | $ 900,000 | ||||||||
Offering [Member] | Series A Warrants and Series B Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Stock issued during period, warrants exercised | 500 | ||||||||
Offering [Member] | Series C Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Estimated fair value of warrants | $ 2,300,000 | ||||||||
Offering [Member] | Series A Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 480,052 | ||||||||
Warrants issued price per share | $ 25 | ||||||||
Stock issued during period, warrants exercised | 800 | ||||||||
Warrants expire period | 1 year | ||||||||
Equity offering description | warrants to purchase one share of common stock | ||||||||
Offering [Member] | Series B Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 480,052 | ||||||||
Warrants issued price per share | $ 25 | ||||||||
Warrants expire period | 7 years | ||||||||
Equity offering description | warrants to purchase one share of common stock | ||||||||
Offering [Member] | Series A Warrants and Series B Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Valuation of warrants | $ 11,600,000 | ||||||||
Offering [Member] | Pre-Funded Warrants | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 289,352 | ||||||||
Warrants issued price per share | $ 0.005 | ||||||||
Stock issued during period, warrants exercised | 289,352 | ||||||||
Warrants expire period | 20 years | ||||||||
Equity offering description | warrants to purchase one share of common stock | ||||||||
Warrants Repricing [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Warrants issued price per share | $ 17.50 | ||||||||
Number of warrants to issue for purchase of common stock | 31,000 | ||||||||
Warrants expire period | 5 years | ||||||||
Valuation of warrants | $ 400,000 | $ 200,000 | |||||||
Expected Volatility | 98.90% | 96.70% | |||||||
Risk-free interest rate | 2.87% | 2.87% | |||||||
Expected dividend yield | 0% | 0% | |||||||
Expected term (In Years) | 4 years 7 months 6 days | 5 years | |||||||
Warrants Repricing [Member] | Accrued Expenses [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Cash fee for placement agent | $ 500,000 | ||||||||
Overallotment Option [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 24,902 | ||||||||
Overallotment option period | 45 days | ||||||||
Overallotment Option [Member] | Maximum [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 72,000 | ||||||||
Overallotment Option [Member] | Series A Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 72,000 | ||||||||
Overallotment Option [Member] | Series A Warrants [Member] | Maximum [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 72,000 | ||||||||
Overallotment Option [Member] | Series B Warrants [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 72,000 | ||||||||
Overallotment Option [Member] | Series B Warrants [Member] | Maximum [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued (in shares) | 72,000 |
Equity Offerings - Schedule of
Equity Offerings - Schedule of Black-Scholes Option Pricing Model Based on Assumptions (Details) | Jul. 22, 2022 | Feb. 08, 2022 |
Warrants Repricing [Member] | Series A [Member] | ||
Class Of Stock [Line Items] | ||
Risk-free interest rate | 2.97% | |
Volatility | 137.87% | |
Expected dividend yield | 0% | |
Expected life (in years) | 7 months 6 days | |
Warrants Repricing [Member] | Series B [Member] | ||
Class Of Stock [Line Items] | ||
Risk-free interest rate | 2.85% | |
Volatility | 90.44% | |
Expected dividend yield | 0% | |
Expected life (in years) | 6 years 7 months 6 days | |
Warrants Repricing [Member] | Series C Warrants [Member] | ||
Class Of Stock [Line Items] | ||
Risk-free interest rate | 2.87% | |
Volatility | 96.70% | |
Expected dividend yield | 0% | |
Expected life (in years) | 5 years | |
Offering [Member] | Series A [Member] | ||
Class Of Stock [Line Items] | ||
Risk-free interest rate | 0.91% | |
Volatility | 131.07% | |
Expected dividend yield | 0% | |
Expected life (in years) | 1 year | |
Offering [Member] | Series B [Member] | ||
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 - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 52 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserve for issuance | 1,150,669 | 1,150,669 | |||
Stock-based compensation | $ 447,000 | $ 2,237,000 | |||
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares granted | 0 | 0 | |||
Stock-based compensation | $ 5,000 | $ 100,000 | |||
2018 Stock Compensation Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserve for issuance | 8,552 | 8,552 | |||
Maximum annual increase of outstanding stock reserved for future issuance, Percentage | 5% | ||||
Number of shares available for grant under the plan | 1,305 | 1,305 | |||
2020 Inducement Equity Incentive Plan (the "2020 plan") [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserve for issuance | 181 | 181 | 640 | ||
2018 Employee Stock Purchase Plan (ESPP) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserve for issuance | 237 | 0 | 0 | ||
Maximum annual increase of outstanding stock reserved for future issuance, Percentage | 1.25% | ||||
Eligible employees withhold percentage of earnings to purchase shares of common stock | 15% | ||||
Percentage of fair market value of share of common stock to purchase | 85% | ||||
Shares issued under employee stock purchase plan | 950 | ||||
Cash received from the exercise of purchase rights | $ 5,000 | $ 100,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Options Activity (Details) - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Options outstanding | |
Beginning balance | shares | 2,094 |
Canceled/forfeited | shares | (1,104) |
Ending balance | shares | 990 |
Vested and expected to vest at the end of the period | shares | 990 |
Exercisable at the end of the period | shares | 849 |
Weighted Average Exercise Price | |
Beginning balance | $ / shares | $ 17,138 |
Canceled/forfeited | $ / shares | 22,279 |
Outstanding at December 31, 2022 | $ / shares | 11,405 |
Vested and expected to vest at the end of the period | $ / shares | 11,405 |
Exercisable at the end of the period | $ / shares | $ 13,077 |
Weighted Average Remaining Life (in years) | |
Weighted Average Remaining Life (in years) | 4 years 1 month 20 days |
Vested and expected to vest at the end of the period | 3 years 11 months 1 day |
Exercisable at the end of the period | 4 years 1 month 20 days |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - 2018 Plan [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Restricted Stock Units | |
Beginning balance | shares | 1,402 |
Vested | shares | (117) |
Canceled/forfeited | shares | (1,224) |
Ending balance | shares | 61 |
Weighted Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 258.48 |
Vested | $ / shares | 892 |
Canceled/forfeited | $ / shares | 188.35 |
Ending balance | $ / shares | $ 450.46 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Restricted Stock Awards Activity (Details) - Restricted Stock Awards (RSAs) [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance | shares | 3,586 |
Vested | shares | (1,660) |
Canceled/forfeited | shares | (978) |
Ending balance | shares | 948 |
Beginning balance | $ / shares | $ 235.03 |
Vested | $ / shares | 241.38 |
Canceled/forfeited | $ / shares | 211.24 |
Ending balance | $ / shares | $ 248.48 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Stock-based Compensation Expense Recorded in Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation in operating expenses | $ 447 | $ 2,054 |
Selling, General And Administrative [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation in operating expenses | 387 | 1,750 |
Research And Development [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation in operating expenses | $ 60 | $ 304 |
Stock-Based Compensation - Sc_5
Stock-Based Compensation - Schedule of Unrecognized Estimated Stock Based Compensation Expense by Award Type (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 93 |
Remaining Weighted Average Recognition Period | 1 year 2 months 12 days |
Restricted Stock Awards (RSAs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 186 |
Remaining Weighted Average Recognition Period | 1 year |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 14 |
Remaining Weighted Average Recognition Period | 1 year |
Restructuring and Impairment _3
Restructuring and Impairment Charges - Schedule of Restructuring and Impairment Charges (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 06, 2022 | Sep. 30, 2022 | Sep. 02, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |||||
Impairment of property and equipment | $ 1,548,000 | ||||
Inventory write-down | 1,000,000 | $ 0 | |||
One-time severance payments | $ 600,000 | $ 900,000 | $ 300,000 | 910,000 | |
Prepaid expenses | 395,000 | ||||
Contract termination fees | 319,000 | ||||
Total restructuring and impairment charges | $ 4,172,000 |
Restructuring and Impairment _4
Restructuring and Impairment Charges - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 02, 2022 | Jun. 06, 2022 | Sep. 30, 2022 | Sep. 02, 2022 | Dec. 31, 2022 | |
Restructuring Cost And Reserve [Line Items] | |||||
One-time severance payments | $ 600 | $ 900 | $ 300 | $ 910 | |
One-time impairment and inventory obsolescence charges and write-off of prepaid research and development supplies | $ 2,900 | ||||
Board of Directors [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Percentage of full time employees terminated | 20% | ||||
Maximum [Member] | Board of Directors [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Percentage of full time employees terminated | 65% | 85% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Differences between United States Statutory Federal Income Tax Rate and Effective Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Tax computed at the federal statutory rate | 21% | 21% |
Section 382 NOL limitation | (42.60%) | |
Nondeductible expenses | (1.30%) | |
State income taxes, net of federal benefits | 0.20% | 1.30% |
Stock-based compensation | (2.60%) | |
Tax exempt income | 1.70% | |
Other | 0.40% | |
Change in valuation allowance | 22.30% | (21.40%) |
Income Taxes - Summary of Feder
Income Taxes - Summary of Federal and State Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current | ||
State | $ 3 | $ 4 |
Current federal and state income tax expense | 3 | 4 |
Deferred | ||
Income tax expense | $ 3 | $ 4 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 518 | $ 9,706 |
Stock-based compensation | 5,162 | 4,605 |
Capitalized research and development | 1,528 | |
Reserves | 95 | 169 |
Intangible assets | 35 | 56 |
Accrued legal settlement | 1,355 | |
Operating lease liabilities | 556 | |
Accrued compensation | 399 | |
Other accruals | 1 | 71 |
Total gross deferred tax assets | 8,694 | 15,562 |
Deferred tax liabilities: | ||
Property and equipment | (348) | |
Operating lease right-of-use assets | (518) | |
Total gross deferred tax liabilities | (866) | |
Valuation allowance | $ (8,694) | $ (14,696) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards expiration year | 2030 |
Unrecognized tax benefits | $ 0 |
Anticipated amount of unrecognized tax benefits significantly increase or decrease in next 12 months | 0 |
Unrecognized tax benefits accrued interest and penalties | $ 0 |
Income tax examination years under examination | 2018 and later |
IRC Section 382 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 47,800,000 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 54,500,000 |
Federal [Member] | IRC Section 382 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 54,500,000 |
Net operating loss carryforwards, valuation allowance | 0 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 47,800,000 |
State [Member] | IRC Section 382 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 40,800,000 |
Net operating loss carryforwards, valuation allowance | $ 6,900,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 28, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Revenue | $ 14,000 | $ 22,000 | |
Accrued legal fees | 5,195,000 | $ 1,345,000 | |
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 | ||
Accrued legal fees | $ 5,000,000 | ||
Settlement Agreement | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Revenue | 10,000,000 | ||
Securities Class Action | |||
Loss Contingencies [Line Items] | |||
Settlement provided for a payment to plaintiff class | 10,000,000 | ||
Litigation settlement amount | $ 600,000 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Retirement benefits, description | In January 2019, the Company established a defined contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). Under the terms of the 401(k) Plan, all full-time employees were eligible to make voluntary contributions as a percentage or defined amount of compensation. The Company made matching contributions based on 100% of each employee’s contribution up to 3% and 50% of contributions between 3% and 5%, with the match-eligible contribution limited to 4% of the employee’s eligible compensation. | |
Defined contribution plan, description | All full-time employees are eligible to make voluntary contributions as a percentage or defined amount of compensation. The Company makes matching contributions based on?100%?of each employee?s contribution up to 3% and 50% of contributions between 3% and 5%, with the match-eligible contribution limited to?4%?of the employee?s eligible compensation. | |
Defined benefit contribution plan expense | $ 0.2 | $ 0.3 |
First Contribution [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer matching contribution, maximum (percentage) | 100% | |
Maximum contribution per employee (percentage) | 3% | |
Second Contribution [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer matching contribution, maximum (percentage) | 50% | |
Third Contribution [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum contribution per employee (percentage) | 4% | |
Minimum [Member] | Second Contribution [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum contribution per employee (percentage) | 3% | |
Maximum [Member] | Second Contribution [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum contribution per employee (percentage) | 5% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jul. 09, 2024 | Mar. 21, 2023 | Jan. 09, 2023 | Mar. 28, 2023 | Feb. 28, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2021 | |
Subsequent Event [Line Items] | |||||||||
Common stock issued, net | $ 11,638 | $ 15,153 | |||||||
Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Average price per share | $ 0.20 | ||||||||
Scenario Forecast [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Estimated fair value of warrants | $ 300 | ||||||||
Scenario Forecast [Member] | Series E Warrant [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Estimated fair value of warrants | $ 1,900 | ||||||||
Catheter Merger Agreement | Scenario Forecast [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Expected common stock converted into options to purchase | 12,655,965 | ||||||||
Subsequent Event [Member] | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from issuance of private Placement | $ 8,000 | ||||||||
Subsequent Event [Member] | Series A Convertible Preferred Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Preferred Stock, Convertible, Shares Issuable | 4,501,060 | ||||||||
Subsequent Event [Member] | Catheter Merger Agreement | |||||||||
Subsequent Event [Line Items] | |||||||||
Total purchase consideration | $ 82,900 | ||||||||
Common stock converted into options to purchase | 1,993,627 | ||||||||
Subsequent Event [Member] | Catheter Merger Agreement | Series X Preferred Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Convertible preferred stock | 1,993.627 | 14,649.591 | |||||||
Percentage of exchange for issued and outstanding common shares | 100% | ||||||||
Total purchase consideration | $ 82,867 | ||||||||
Average price per share | $ 6.41 | ||||||||
Discount rate | 15% | ||||||||
Preferred stock, shares outstanding | 12,655.965 | ||||||||
Subsequent Event [Member] | Settlement Agreement | DOJ | |||||||||
Subsequent Event [Line Items] | |||||||||
Litigation settlement amount | $ 4,700 | ||||||||
Subsequent Event [Member] | Settlement Agreement | Participating States | |||||||||
Subsequent Event [Line Items] | |||||||||
Litigation settlement amount | $ 300 | ||||||||
Subsequent Event [Member] | Warrant Inducement Offer [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Gross proceeds from warrant exercise | $ 1,300 | ||||||||
Offering expenses paid or payable | $ 200 | ||||||||
Percentage of gross proceeds from offering as agent fee | 8% | ||||||||
Subsequent Event [Member] | Warrant Inducement Offer [Member] | Existing Warrants [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants exercisable for shares of common stock | 331,608 | ||||||||
Reduced warrants exercise price per share | $ 4 | ||||||||
Subsequent Event [Member] | Warrant Inducement Offer [Member] | Series E Warrant [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants exercisable for shares of common stock | 331,608 | ||||||||
Warrants issued price per share | $ 4 | ||||||||
Warrants exercise period | 5 years | ||||||||
Subsequent Event [Member] | Warrant Inducement Offer [Member] | Minimum [Member] | Existing Warrants [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants issued price per share | $ 14 | ||||||||
Subsequent Event [Member] | Warrant Inducement Offer [Member] | Maximum [Member] | Existing Warrants [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants issued price per share | $ 526.50 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from issuance of private Placement | $ 8,000 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants issued price per share | $ 3 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Series F Warrant [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants exercise period | 2 years | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Series G Warrant [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants exercise period | 6 years | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Class A Unit [Member] | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock issued, net (in shares) | 497,908 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Class A Unit [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock issued during period, shares, conversion of units | 1 | ||||||||
Common stock issued, net | $ 800 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Class A Unit [Member] | Series F Warrant [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of warrants convertible | 1 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Class A Unit [Member] | Series G Warrant [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of warrants convertible | 1 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Class B Unit | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock issued, net | $ 7,200 | ||||||||
Common stock issued, net (in shares) | 7,203 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Class B Unit | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock issued during period, shares, conversion of units | 1 | ||||||||
Shares issued, price per share | $ 1,000 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Class B Unit | Series F Warrant [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of warrants convertible | 1 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Class B Unit | Series G Warrant [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of warrants convertible | 1 | ||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Series A Convertible Preferred Stock [Member] | P I P E Warrants | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Shares issued, price per share | $ 0.0001 |
Subsequent Events - Summary of
Subsequent Events - Summary of Preliminary Estimated Fair Value of Consideration (Details) - Subsequent Event [Member] - Catheter Merger Agreement $ in Thousands | Jan. 09, 2023 USD ($) |
Subsequent Event [Line Items] | |
Total purchase price | $ 82,900 |
Series X Preferred Stock | |
Subsequent Event [Line Items] | |
Fair value of 14,649.591 Series X Preferred Stock issued | 79,840 |
Fair value of Catheter's fully vested stock options | 3,027 |
Total purchase price | $ 82,867 |
Subsequent Events - Summary o_2
Subsequent Events - Summary of Preliminary Estimated Fair Value of Consideration (Parenthetical) (Details) - shares | Mar. 21, 2023 | Jan. 09, 2023 |
Catheter Merger Agreement | Series X Preferred Stock | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Convertible preferred stock | 1,993.627 | 14,649.591 |
Subsequent Events - Summary o_3
Subsequent Events - Summary of Preliminary Purchase Price Allocations (Details) - Subsequent Event [Member] - Catheter Merger Agreement $ in Thousands | Jan. 09, 2023 USD ($) |
Subsequent Event [Line Items] | |
Estimated consideration | $ 82,867 |
Assets (liabilities) assumed: | |
Cash and cash equivalents | 33 |
Other assets | 152 |
Long-term assets | 145 |
Accounts payable, accrued expenses and other liabilities | (2,806) |
Royalties payable, long-term | (7,591) |
Intangible assets | 37,000 |
Net assets assumed | 26,933 |
Deferred tax liability | (10,108) |
Excess of consideration over net assets assumed | $ 66,042 |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Intangible Assets Acquired Subject to Amortization Estimated Acquisition Date Fair Values And Estimated Useful Lives (Details) - Catheter Merger Agreement - Subsequent Event [Member] $ in Thousands | Jan. 09, 2023 USD ($) |
Subsequent Event [Line Items] | |
Estimated Fair Value | $ 37,000 |
Developed technology – VIVO | |
Subsequent Event [Line Items] | |
Estimated Fair Value | $ 8,020 |
Estimated Useful Life | 8 years |
Developed technology – LockeT | |
Subsequent Event [Line Items] | |
Estimated Fair Value | $ 27,060 |
Estimated Useful Life | 6 years |
Customer Relationships | |
Subsequent Event [Line Items] | |
Estimated Fair Value | $ 220 |
Estimated Useful Life | 5 years |
Trademark – VIVO | |
Subsequent Event [Line Items] | |
Estimated Fair Value | $ 1,480 |
Estimated Useful Life | 9 years |
Trademark – LockeT | |
Subsequent Event [Line Items] | |
Estimated Fair Value | $ 220 |
Estimated Useful Life | 8 years |
Subsequent Events - Schedule _2
Subsequent Events - Schedule of Unaudited Pro Forma Financial Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | |
Subsequent Events [Abstract] | |
Revenues | $ | $ 355 |
Net loss | $ | $ (41,559) |
Basic net loss per share – on a pro forma basis (unaudited) | $ / shares | $ (22.30) |
Diluted net loss per share – on a pro forma basis (unaudited) | $ / shares | $ (22.30) |