Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Accelerate Diagnostics, Inc. | |
Entity Central Index Key | 727,207 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,738,956 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 25,191 | $ 53,563 |
Investments | 13,840 | 13,115 |
Trade accounts receivable | 742 | 78 |
Prepaid expenses and other | 1,147 | 342 |
Total current assets | 40,920 | 67,098 |
Property and equipment, net | 3,676 | 2,536 |
Intellectual property, net | 159 | 167 |
Total assets | 44,755 | 69,801 |
Current liabilities: | ||
Accounts payable | 1,552 | 2,129 |
Accrued liabilities | 1,953 | 494 |
Deferred income | 13 | 13 |
Capital lease obligations | 50 | 147 |
Total current liabilities | 3,568 | 2,783 |
Long-term deferred income | $ 1,000 | 1,014 |
Long-term capital lease obligation | 13 | |
Total liabilities | $ 4,568 | $ 3,810 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.001 par value; 55,000,000 common shares authorized 44,738,956 (as of September 30, 2015) and 44,639,829 (as of December 31, 2014) shares issued and outstanding | $ 45 | $ 45 |
5,000,000 preferred shares authorized and none outstanding as of September 30, 2015 and December 31, 2014 | ||
Contributed capital | $ 137,893 | $ 131,356 |
Accumulated deficit | (97,752) | (65,417) |
Accumulated other comprehensive income | 1 | 7 |
Total stockholders' equity | 40,187 | 65,991 |
Total liabilities and stockholders' equity | $ 44,755 | $ 69,801 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 55,000,000 | 55,000,000 |
Common Stock, shares issued | 44,738,956 | 44,639,829 |
Common Stock, shares outstanding | 44,738,956 | 44,639,829 |
Preferred stock, par value | ||
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Licensing and royalty revenues | $ 16 | $ 16 | $ 49 | $ 43 |
Product sales | 76 | 76 | ||
Total revenues | 92 | $ 16 | 125 | $ 43 |
Costs and expenses: | ||||
Research and development | 6,499 | 5,949 | 20,003 | 14,074 |
Sales, general and administrative | 4,332 | 2,625 | 11,953 | 8,116 |
Amortization | 3 | 18 | 8 | 56 |
Depreciation | 465 | 251 | 1,194 | 536 |
Total costs and expenses | 11,299 | 8,843 | 33,158 | 22,782 |
Loss from operations | (11,207) | (8,827) | (33,033) | (22,739) |
Interest expense | (1) | (2) | (2) | (5) |
Interest and dividend income | 22 | 15 | 53 | 49 |
Total other income | 21 | 13 | 51 | 44 |
Net loss before income taxes | $ (11,186) | $ (8,814) | (32,982) | (22,695) |
Benefit from income taxes | 647 | 527 | ||
Net loss | $ (11,186) | $ (8,814) | $ (32,335) | $ (22,168) |
Basic and diluted net loss per share | $ (0.25) | $ (0.20) | $ (0.72) | $ (0.51) |
Weighted average shares outstanding | 44,727 | 44,583 | 44,685 | 43,293 |
Other comprehensive loss: | ||||
Net loss | $ (11,186) | $ (8,814) | $ (32,335) | $ (22,168) |
Net unrealized loss on available-for-sale investments | (3) | (17) | (6) | (11) |
Comprehensive loss | $ (11,189) | $ (8,831) | $ (32,341) | $ (22,179) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net loss | $ (32,335) | $ (22,168) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 1,194 | 536 |
Amortization of intangible assets | 8 | 56 |
Amortization on investment instruments | 147 | 229 |
Equity-based compensation | 5,995 | 7,334 |
Increase in assets: | ||
Accounts receivable | (664) | (65) |
Prepaid expense and other | (642) | (547) |
(Decrease) increase in liabilities: | ||
Accounts payable | (329) | 528 |
Accrued liabilities | 1,400 | 125 |
Deferred income | (14) | (22) |
Net cash used in operating activities | (25,240) | (13,994) |
Purchases of equipment | (2,594) | (1,357) |
Purchase of available-for-sale securities | (12,418) | (6,614) |
Sales of available-for-sale securities | 141 | 246 |
Maturity of available-for-sale securities | 11,307 | 4,007 |
Net cash used in investing activities | $ (3,564) | (3,718) |
Issuance of common stock | 44,875 | |
Exercise of options | $ 542 | 730 |
Payments on capital lease obligations | (110) | (71) |
Net cash provided by financing activities | 432 | 45,534 |
(Decrease) increase in cash and cash equivalents | (28,372) | 27,822 |
Cash and cash equivalents, beginning of period | 53,563 | 30,029 |
Cash and cash equivalents, end of period | $ 25,191 | $ 57,851 |
Organization and Nature of Busi
Organization and Nature of Business; Basis of Presentation; Principles of Consolidation; Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization and Nature of Business; Basis of Presentation; Principles of Consolidation; Significant Accounting Policies | NOTE 1. ORGANIZATION AND NATURE OF BUSINESS; BASIS OF PRESENTATION; PRINCIPLES OF CONSOLIDATION; SIGNIFICANT ACCOUNTING POLICIES Accelerate Diagnostics, Inc. (we or us or our or Accelerate or the Company) is an in vitro Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, (U.S. GAAP), and applicable rules and regulations of the United States Securities and Exchange Commission (SEC), regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed with the SEC on February 26, 2015. The condensed consolidated balance sheet as of December 31, 2014 included herein was derived from the audited financial statements as of that date, but does not include all disclosures such as notes required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the entire year ending December 31, 2015 or any future period. All amounts are rounded to the nearest thousand dollars unless otherwise indicated. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Pronouncements | NOTE 2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11, Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other Internal-Use Software; Customers Accounting for Fees Paid in a Cloud Computing Arrangement In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables represent the financial instruments measured at fair value on a recurring basis on the financial statements of the Company and the valuation approach applied to each class of financial instruments at September 30, 2015 and December 31, 2014. FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds (cash equivalents) $ 3,214 $ $ $ 3,214 Corporate notes and bonds 11,324 11,324 Asset-backed securities 2,516 2,516 Total assets measured at fair value $ 3,214 $ 13,840 $ $ 17,054 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE December 31, 2014 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds (cash equivalents) $ 13,127 $ $ $ 13,127 Corporate notes and bonds 12,974 12,974 Asset-backed securities 141 141 Total assets measured at fair value $ 13,127 $ 13,115 $ $ 26,242 Level 1 assets are priced using quoted prices in active markets for identical assets which include cash accounts and money market funds as these specific assets are liquid. Level 2 available-for-sale securities are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. The Company uses such pricing data as the primary input to make its assessments and determinations as to the ultimate valuation of its investment portfolio and has not made, during the periods presented, any material adjustments to such inputs. There were no transfers between levels during the nine-month period ended September 30, 2015. Additional information regarding our investments is included in Note 5, Investments. |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | NOTE 4: CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments and accounts receivable, including receivables from major customers. The Companys main financial institution for banking operations held 99% and 83% of the Companys cash and cash equivalents as of September 30, 2015 and December 31, 2014, respectively. The Company extends credit to domestic and international clients in various industries. Exposure to losses on accounts receivable is principally dependent on each client's financial position. At September 30, 2015 and December 31, 2014, 87% and 98%, respectively, of the Companys outstanding receivable balance was with Denver Health Medical Center (Denver Health). See Note 7, License Agreements and Grants for more information. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Investments | NOTE 5. INVESTMENTS The following tables summarize the Companys available-for-sale investments at September 30, 2015 and December 31, 2014 (in thousands): AVAILABLE-FOR-SALE INVESTMENTS September 30, 2015 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Asset-backed securities $ 2,515 $ 1 $ $ 2,516 Corporate notes and bonds 11,324 7 (7 ) 11,324 Total $ 13,839 $ 8 $ (7 ) $ 13,840 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Asset-backed securities $ 141 $ $ $ 141 Corporate notes and bonds 12,967 10 (3 ) 12,974 Total $ 13,108 $ 10 $ (3 ) $ 13,115 The following table summarizes the maturities of the Companys available-for-sale securities at September 30, 2015 and December 31, 2014 (in thousands): AVAILABLE-FOR-SALE INVESTMENT MATURITIES (in thousands) September 30, 2015 December 31, 2014 Amortized Cost Fair Value Amortized Cost Fair Value Due in less than 1 year $ 12,334 $ 12,335 $ 10,586 $ 10,585 Due in 1-3 years 1,505 1,505 2,522 2,530 Total $ 13,839 $ 13,840 $ 13,108 $ 13,115 Proceeds from sales of marketable securities (including principal paydowns) . The Company determines gains and losses of marketable securities based on specific identification of the securities sold. There were no material gross realized gains or losses from sales of marketable securities for the three-month or nine-month periods ended September 30, 2015 and 2014. No other-than-temporary impairments are recorded as no investments had a fair value that remained less than its cost for more than twelve months as of September 30, 2015 and there have been no other indicators of impairment. The Company does not intend to sell investments and it is more likely than not that we will not be required to sell investments before recovering the amortized cost. Additional information regarding the fair value of our financial instruments is included in Note 3, Fair Value of Financial Statements. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 6. PROPERTY AND EQUIPMENT Property and equipment are recorded at cost and consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): Property and Equipment (in thousands) September 30 , 2015 December 31, 2014 Computer equipment $ 1,894 $ 1,020 Technical equipment 2,033 1,625 Facilities 1,790 842 Capital lease leasehold improvements 266 266 Capital projects in progress 331 227 Total property and equipment $ 6,314 $ 3,980 Accumulated amortization capital lease (233 ) (133 ) Accumulated depreciation other (2,405 ) (1,311 ) Net property and equipment $ 3,676 $ 2,536 Depreciation expense, which includes amortization of capital lease assets, for the three-month periods ended September 30, 2015 and 2014 was $465,000 and $251,000, respectively, and for the nine-month periods ended September 30, 2015 and 2014 was $1,194,000 and $536,000, respectively. |
License Agreements and Grants
License Agreements and Grants | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
License Agreements and Grants | NOTE 7. LICENSE AGREEMENTS AND GRANTS Schott Janaer Glas GmbH The Company signed a licensing agreement for microarraying slides using OptiChem coatings with Schott Jenaer Glas GmbH (SCHOTT) in November 2004. In November 2014, the agreement was amended and extended with an expiration date that coincides with the expiration of the underlying patents. Royalties are 5% of SCHOTTs net product sales. Revenue is recognized as SCHOTTs net product sales are reported to the Company. NanoString Technologies In October 2007, the Company entered into an exclusive seven-year license with NanoString Technologies, Inc. (NanoString). The license grants NanoString the right to apply OptiChem coatings to NanoStrings proprietary molecular detection products. Defense Medical Research and Development Program In May 2012, the Company and Denver Health were notified that the Defense Medical Research and Development Program (DMRDP) recommended $2,000,000 of funding for a project which ended in August 2015. The joint proposal became the sole recipient under the Military Infectious Diseases Applied Research Award program for rapid detection of serious antibiotic-resistant infections. The project applied the Accelerate ID/AST system to wound infections and other serious infections secondary to trauma. The Company has invoiced a cumulative total of $558,000 under this grant which is recorded as an offset to research and development expenses. The amount invoiced for the three-month periods ended September 30, 2015 and 2014 was $43,000 and $50,000 respectively, and for the nine-month periods ended September 30, 2015 and 2014 was $179,000 and $150,000, respectively. National Institute of Health Grant In February 2015, we were notified that the National Institute of Health awarded a five year, $5,000,000 grant to Denver Health and ourselves to develop a fast and reliable identification and categorical susceptibility test carbepenem-resistant Enterobacteriaceae directly from whole blood. In June 2015, we executed a subaward agreement with Denver Health for the services we will provide as part of this grant which covers the period of February 15, 2015 through January 31, 2016 and totals $689,000. The amount invoiced for the three-month and nine-month periods ended September 30, 2015 and 2014 was $467,000 and $0, respectively. Arizona Commerce Authority In August 2012, the Company entered into a Grant Agreement (the Grant Agreement) with the Arizona Commerce Authority, an agency of the State of Arizona (the Authority), pursuant to which the Authority provided certain state and county sponsored incentives for the Company to relocate its corporate headquarters to, and expand its business within, the State of Arizona (the Project). Pursuant to the Grant Agreement, the Authority agreed to provide a total grant in the amount of $1,000,000 (the Grant) for the use by the Company in the advancement of the Project. The Grant is payable out of an escrow account in four installments, upon the achievement of the following milestones: · Milestone 1 Relocation of Companys operations and corporate headquarters to Arizona and creation of 15 Qualified Jobs (as defined below). · Milestone 2 Creation of 30 Qualified Jobs (including Qualified Jobs under Milestone 1). · Milestone 3 Creation of 40 Qualified Jobs (including Qualified Jobs under Milestones 1 and 2). · Milestone 4 Creation of 65 Qualified Jobs (including Qualified Jobs under Milestones 1, 2 and 3) and capital investment of at least $4,520,000. For purposes of the Grant Agreement, a Qualified Job is a job that is permanent, full-time, new to Arizona, and for which the Company pays average (across all Qualified Jobs identified by the Company in its discretion) annual wages of at least $63,000 and offers health insurance benefits and pays at least 65% of the premiums associated with such benefits. The amount of each installment payment will be determined in accordance with a formula specified in the Grant Agreement. The Grant Agreement also contains other customary provisions, including representations, warranties and covenants of both parties. As of December 31, 2014, the Company had collected all of the $1,000,000 in milestones. The full amount is recorded in long-term deferred income until the economic development provisions of the grant have been satisfied in full, as there are claw-back provisions which would require repayment of certain amounts received if employment levels are not sustained during the term of the arrangement. Once the claw-back provisions expire in January 2018, we will recognize the grant as other non-operating income. Further details are included in Note 8, Deferred Income. |
Deferred Income
Deferred Income | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Deferred Income | NOTE 8. DEFERRED INCOME Deferred income consists of amounts received for commitments not yet fulfilled. If we anticipate that the income will not be earned within the following twelve months, the amount is reported as long-term deferred income. A summary of the balances as of September 30, 2015 and December 31, 2014 follows (in thousands): Deferred Income (in thousands) September 30, 2015 December 31, 2014 Fisher agreement $ 13 $ 13 Total current deferred income $ 13 $ 13 Arizona Commerce Authority Grant (see Note 7) $ 1,000 $ 1,000 Fisher agreement 14 Total long-term deferred income $ 1,000 $ 1,014 Deferred income includes a $40,000 payment received from Fisher Scientific in July 2013, none of which was recognized in the three-month periods ended September 30, 2015 and 2014, and $14,000 and $13,000 were recognized in the nine-month periods ending September 30, 2015 and 2014, respectively. We anticipate earning the remaining $13,000 in May 2016. Through December 31, 2014, we received $1,000,000 in milestone payments from the Arizona Commerce Authority under the Grant Agreement described in Note 7, License Agreements and Grants. As of September 30, 2015, no such payments have been recognized in income, and we do not anticipate recognizing such payments as income until the claw-back provisions under the Grant Agreement expire in January 2018. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 9. EARNINGS PER SHARE The financial statements show basic and diluted loss per share. The Companys net loss for the periods presented caused the inclusion of all outstanding warrants, restricted stocks and options to purchase our Common Stock to be antidilutive. As of September 30, 2015 and December 31, 2014, there were Common Stock options, restricted stocks and warrants exercisable for 6,676,081 and 6,174,886 shares of Common Stock, respectively, which were not included in diluted loss per share as the effect was antidilutive. |
Employee and Consultant Equity-
Employee and Consultant Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee and Consultant Equity-Based Compensation | NOTE 10. EMPLOYEE AND CONSULTANT EQUITY-BASED COMPENSATION The following table summarizes option activity under all plans during the nine-month period ended September 30, 2015. Stock Option Activity Number of Shares Weighted Average Exercise Price per Share Options Outstanding December 31, 2014 5,628,726 $ 5.20 Granted 589,577 21.46 Forfeited (54,505 ) 11.71 Exercised (99,127 ) 5.46 Options Outstanding September 30, 2015 6,064,671 6.71 The table below summarizes the resulting weighted average inputs used to calculate the estimated fair value of options awarded during the periods shown below: Black-Scholes Assumptions for Options Granted Three-month period ended September 30, 2015 September 30, 2014 Expected term (in years) 6.37 6.46 Volatility 91 % 94 % Expected dividends $ $ Risk free interest rates 1.79 % 2.11 % Weighted average fair value $ 15.94 $ 13.92 The following table shows summary information for outstanding options, options that are exercisable (vested) and outstanding options that are either vested or expected to vest as of September 30, 2015: Stock Option Supplemental Information Options Outstanding Options Exercisable Options Vested and Expected to Vest Number of options 6,064,671 3,411,338 5,983,442 Weighted average remaining contractual term (in years) 7.36 6.96 7.35 Weighted average exercise price $ 6.71 $ 4.21 $ 6.60 Weighted average fair value $ 5.25 $ 3.14 $ 5.16 Aggregate intrinsic value (in thousands) $ 49,844 $ 39,820 $ 50,048 The following table summarizes equity-based compensation expense recognized in the condensed consolidated statements of operations for the periods indicated (in thousands): Equity-Based Compensation Expense (in thousands) Three-month period ended Nine-month period ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Research and development $ 425 $ 1,113 $ 1,860 $ 3,225 Sales, general and administrative 1,385 1,290 4,135 4,109 Total stock-based compensation expense $ 1,810 $ 2,403 $ 5,995 $ 7,334 The following table summarizes restricted stock activity during the nine-month period ended September 30, 2015, none of which are vested as of September 30, 2015: Restricted Stock Activity Number of Shares Weighted Average Grant Date Fair Value per Share Restricted Stocks Outstanding December 31, 2014 $ Granted 40,250 20.91 Forfeited Vested/released Restricted Stocks Outstanding September 30, 2015 40,250 $ 20.91 As of September 30, 2015, unrecognized equity-based compensation cost related to unvested stock options and restricted stock was $11.2 million and $787,000, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11. INCOME TAXES The Arizona Commerce Authority (Authority) notified us that we meet the program requirements to receive a Certificate of Qualification and, therefore, are eligible for a refund of research and development investments amounting to a maximum of $647,000 and $527,000 for tax years 2014 and 2013, respectively. The Certificate of Qualification does not obligate the Arizona Department of Revenue to issue either refund. Furthermore, the calculation of the actual refund due will be based on actual qualifying expenses and income tax liability for the corresponding tax year and if qualifying expenses decrease or income tax liability increases, the refund amount may be less than the maximum amounts. If the amount received for the tax credit is later determined to be incorrect or invalid, the excess may be treated as a tax deficiency. We have recorded the refund amounts of $647,000 and $527,000 as a non-operating benefit from income taxes in the nine-month periods ending September 30, 2015 and 2014, respectively, and the refunds were deposited in June 2015 and May 2014, respectively. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Matters | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Matters | NOTE 12. COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS Operating & Capital Lease Obligations In August 2012, the company entered into a Lease Agreement (Lease) with Pima County, a political subdivision of the State of Arizona which has been subsequently amended, the details of which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed with the SEC on February 26, 2015. In May 2015, we exercised the option to extend the term of the lease for an additional one-year period, resulting in a new expiration date in January 2017. In July 2015, the Company entered into another Lease Agreement with Pima County, pursuant to which the Company leased approximately 6,207 square feet of space located in Tucson, Arizona for a period of two years, which may be extended by the Company for an additional year. The 6,207 square feet consists of approximately 3,827 square feet of existing space (Existing Premises) and approximately 2,380 square feet of new construction by the Company (Expansion Premises). The Company agreed to pay rent equal to $9.24 per square foot per year for the Existing Premises and $5.00 per square foot per year for the Expansion Premises for a combined total rent of approximately $47,000 per year. The Company will also pay for constructions costs and other expenses to get both spaces to a usable condition. Rent will commence and actual usable square footage will be calculated upon the completion of construction and notice of substantial completion. Total rent expense for the Tucson facility, including common area charges for the three-month periods ending September 30, 2015 and 2014 was $208,000 and $85,000, respectively, and for the nine-month periods ending September 30, 2015 and 2014 was $490,000 and $198,000, respectively. Future minimum lease payments are as follows (in thousands): Operating Lease Obligations (in thousands) Year ending December 31: Remaining in 2015 $ 186 2016 931 2017 114 2018 2019 Thereafter Total operating lease obligations $ 1,231 The future minimum lease payments under our capital lease arrangement together with the present value of the net minimum lease payments as of September 30, 2015 are as follows: Capital Lease Obligations (in thousands) Year ending December 31: Remaining in 2015 $ 38 2016 13 2017 2018 2019 Total minimum lease payments $ 51 Less amount representing interest (1 ) Present value minimum lease payments $ 50 Clinical Trial Agreements The Company has entered into master agreements with clinical trial sites in which we typically pay a set amount for start-up costs and then pay for work performed. These agreements typically indemnify the clinical trial sites from losses associated with their participation in the clinical trial. We incurred $665,000 and $0 for these arrangements during the three-month periods ending September 30, 2015 and 2014, respectively, and $1,023,000 and $0 for these arrangements during the nine-month periods ending September 30, 2015 and 2014, respectively which are included in research and development expenses on the condensed consolidated statements of operations and comprehensive loss. Legal Matters On March 19, 2015, a putative securities class action lawsuit was filed against us, Lawrence Mehren, and Steve Reichling, Rapp v. Accelerate Diagnostics, Inc., et al., U.S. District Court, District of Arizona, 2:2015-cv-00504 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Segments | NOTE 13. The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, who is the chief executive officer, in deciding how to allocate resources and assessing performance. The Companys business operates in one operating segment because the Companys chief operating decision maker evaluates the Companys financial information and resources and assesses the performance of these resources on a consolidated basis. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. |
Organization and Nature of Bu19
Organization and Nature of Business; Basis of Presentation; Principles of Consolidation; Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, (U.S. GAAP), and applicable rules and regulations of the United States Securities and Exchange Commission (SEC), regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed with the SEC on February 26, 2015. The condensed consolidated balance sheet as of December 31, 2014 included herein was derived from the audited financial statements as of that date, but does not include all disclosures such as notes required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the entire year ending December 31, 2015 or any future period. All amounts are rounded to the nearest thousand dollars unless otherwise indicated. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. |
Fair Value of Financial Instr20
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE September 30, 2015 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds (cash equivalents) $ 3,214 $ $ $ 3,214 Corporate notes and bonds 11,324 11,324 Asset-backed securities 2,516 2,516 Total assets measured at fair value $ 3,214 $ 13,840 $ $ 17,054 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE December 31, 2014 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds (cash equivalents) $ 13,127 $ $ $ 13,127 Corporate notes and bonds 12,974 12,974 Asset-backed securities 141 141 Total assets measured at fair value $ 13,127 $ 13,115 $ $ 26,242 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Available-for-Sale Investments | The following tables summarize the Companys available-for-sale investments at September 30, 2015 and December 31, 2014 (in thousands): AVAILABLE-FOR-SALE INVESTMENTS September 30, 2015 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Asset-backed securities $ 2,515 $ 1 $ $ 2,516 Corporate notes and bonds 11,324 7 (7 ) 11,324 Total $ 13,839 $ 8 $ (7 ) $ 13,840 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Asset-backed securities $ 141 $ $ $ 141 Corporate notes and bonds 12,967 10 (3 ) 12,974 Total $ 13,108 $ 10 $ (3 ) $ 13,115 The following table summarizes the maturities of the Companys available-for-sale securities at September 30, 2015 and December 31, 2014 (in thousands): AVAILABLE-FOR-SALE INVESTMENT MATURITIES (in thousands) September 30, 2015 December 31, 2014 Amortized Cost Fair Value Amortized Cost Fair Value Due in less than 1 year $ 12,334 $ 12,335 $ 10,586 $ 10,585 Due in 1-3 years 1,505 1,505 2,522 2,530 Total $ 13,839 $ 13,840 $ 13,108 $ 13,115 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment (in thousands) September 30 , 2015 December 31, 2014 Computer equipment $ 1,894 $ 1,020 Technical equipment 2,033 1,625 Facilities 1,790 842 Capital lease leasehold improvements 266 266 Capital projects in progress 331 227 Total property and equipment $ 6,314 $ 3,980 Accumulated amortization capital lease (233 ) (133 ) Accumulated depreciation other (2,405 ) (1,311 ) Net property and equipment $ 3,676 $ 2,536 |
Deferred Income (Tables)
Deferred Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Deferred Income Summary | Deferred Income (in thousands) September 30, 2015 December 31, 2014 Fisher agreement $ 13 $ 13 Total current deferred income $ 13 $ 13 Arizona Commerce Authority Grant (see Note 7) $ 1,000 $ 1,000 Fisher agreement 14 Total long-term deferred income $ 1,000 $ 1,014 |
Employee and Consultant Equit24
Employee and Consultant Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Activity Table | Stock Option Activity Number of Shares Weighted Average Exercise Price per Share Options Outstanding December 31, 2014 5,628,726 $ 5.20 Granted 589,577 21.46 Forfeited (54,505 ) 11.71 Exercised (99,127 ) 5.46 Options Outstanding September 30, 2015 6,064,671 6.71 |
Black-Scholes Assumptions for Options Granted | Black-Scholes Assumptions for Options Granted Three-month period ended September 30, 2015 September 30, 2014 Expected term (in years) 6.37 6.46 Volatility 91 % 94 % Expected dividends $ $ Risk free interest rates 1.79 % 2.11 % Weighted average fair value $ 15.94 $ 13.92 |
Stock Option Supplemental Information | Stock Option Supplemental Information Options Outstanding Options Exercisable Options Vested and Expected to Vest Number of options 6,064,671 3,411,338 5,983,442 Weighted average remaining contractual term (in years) 7.36 6.96 7.35 Weighted average exercise price $ 6.71 $ 4.21 $ 6.60 Weighted average fair value $ 5.25 $ 3.14 $ 5.16 Aggregate intrinsic value (in thousands) $ 49,844 $ 39,820 $ 50,048 |
Equity-Based Compensation Expense | Equity-Based Compensation Expense (in thousands) Three-month period ended Nine-month period ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Research and development $ 425 $ 1,113 $ 1,860 $ 3,225 Sales, general and administrative 1,385 1,290 4,135 4,109 Total stock-based compensation expense $ 1,810 $ 2,403 $ 5,995 $ 7,334 |
Restricted Stock Activity | Restricted Stock Activity Number of Shares Weighted Average Grant Date Fair Value per Share Restricted Stocks Outstanding December 31, 2014 $ Granted 40,250 20.91 Forfeited Vested/released Restricted Stocks Outstanding September 30, 2015 40,250 $ 20.91 |
Commitments, Contingencies an25
Commitments, Contingencies and Legal Matters (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Lease Obligations | Operating Lease Obligations (in thousands) Year ending December 31: Remaining in 2015 $ 186 2016 931 2017 114 2018 2019 Thereafter Total operating lease obligations $ 1,231 |
Capital Lease Obligations | Capital Lease Obligations (in thousands) Year ending December 31: Remaining in 2015 $ 38 2016 13 2017 2018 2019 Total minimum lease payments $ 51 Less amount representing interest (1 ) Present value minimum lease payments $ 50 |
Fair Value of Financial Instr26
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Total | ||
Assets: | ||
Money market funds (cash equivalents) | $ 3,214 | $ 13,127 |
Corporate notes and bonds | 11,324 | 12,974 |
Asset-backed securities | 2,516 | 141 |
Total assets measured at fair value | $ 17,054 | $ 26,242 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Money market funds (cash equivalents) | ||
Corporate notes and bonds | ||
Asset-backed securities | ||
Total assets measured at fair value | ||
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Money market funds (cash equivalents) | ||
Corporate notes and bonds | $ 11,324 | $ 12,974 |
Asset-backed securities | 2,516 | 141 |
Total assets measured at fair value | 13,840 | 13,115 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Money market funds (cash equivalents) | $ 3,214 | $ 13,127 |
Corporate notes and bonds | ||
Asset-backed securities | ||
Total assets measured at fair value | $ 3,214 | $ 13,127 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value | ||
Asset-backed securities | $ 2,516 | $ 141 |
Corporate notes and bonds | 11,324 | 12,974 |
Total | $ 13,840 | $ 13,115 |
Gross Unrealized Losses | ||
Asset-backed securities | ||
Corporate notes and bonds | $ (7) | $ (3) |
Total | (7) | $ (3) |
Gross Unrealized Gains | ||
Asset-backed securities | 1 | |
Corporate notes and bonds | 7 | $ 10 |
Total | 8 | 10 |
Amortized Cost | ||
Asset-backed securities | 2,515 | 141 |
Corporate notes and bonds | 11,324 | 12,967 |
Total | $ 13,839 | $ 13,108 |
Investments (Details 1)
Investments (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value | ||
Due in less than 1 year | $ 12,335 | $ 10,585 |
Due in 1-3 years | 1,505 | 2,530 |
Total | 13,840 | 13,115 |
Amortized Cost | ||
Due in less than 1 year | 12,334 | 10,586 |
Due in 1-3 years | 1,505 | 2,522 |
Total | $ 13,839 | $ 13,108 |
Investments (Details Narrative)
Investments (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments Details Narrative | ||||
Proceeds from sales of marketable securities | $ 0 | $ 125 | $ 141 | $ 246 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) (USD $) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property And Equipment - Property And Equipment Details Usd | ||
Computer equipment | $ 1,894 | $ 1,020 |
Technical equipment | 2,033 | 1,625 |
Facilities | 1,790 | 842 |
Capital lease-leasehold improvements | 266 | 266 |
Capital projects in progress | 331 | 227 |
Total property and equipment | 6,314 | 3,980 |
Accumulated amortization - capital lease | (233) | (133) |
Accumulated depreciation - other | (2,405) | (1,311) |
Net property and equipment | $ 3,676 | $ 2,536 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property And Equipment Details Narrative | ||||
Depreciation expense | $ 465 | $ 251 | $ 1,194 | $ 536 |
License Agreements and Grants -
License Agreements and Grants - Research and Development (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
License Agreements And Grants - Research And Development Details Narrative | ||||
Offset to research and development project | $ 43 | $ 50 | $ 179 | $ 150 |
License Agreements and Grants33
License Agreements and Grants - National Institute Health Grant (Details Narrative 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
License Agreements And Grants - National Institute Health Grant Details Narrative 1 | ||||
Development grant subaward agreement | $ 467 | $ 0 | $ 467 | $ 0 |
License Agreements and Grants-
License Agreements and Grants- Arizona Commerce Authority (Details Narrative 2) $ in Thousands | Dec. 31, 2014USD ($) |
License Agreements And Grants- Arizona Commerce Authority Details Narrative 2 | |
Revenue from grant agreement | $ 1,000 |
Deferred Income (Details)
Deferred Income (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deferred Income Details | ||
Fisher agreement | $ 13 | $ 13 |
Total current deferred income | 13 | 13 |
Arizona Commerce Authority Grant (see Note 7) | $ 1,000 | 1,000 |
Fisher agreement | 14 | |
Total long-term deferred income | $ 1,000 | $ 1,014 |
Deferred Income (Details Narrat
Deferred Income (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Deferred Income Details Narrative | ||||
Research and development offset expense | $ 0 | $ 0 | $ 14 | $ 13 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares | Sep. 30, 2015 | Dec. 31, 2014 |
Earnings Per Share Details Narrative | ||
Antidilutive common stock instruments outstanding | 6,676,081 | 6,174,886 |
Employee and Consultant Equit38
Employee and Consultant Equity-Based Compensation - Stock Option Activity (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Number of Shares | |
Options Outstanding, beginning balance | shares | 5,628,726 |
Shares Granted | shares | 589,577 |
Shares Forfeited | shares | (54,505) |
Shares Exercised | shares | (99,127) |
Options Outstanding, ending balance | shares | 6,064,671 |
Weighted Average Exercise Price Per Share | |
Options Outstanding, beginning balance | $ 5.20 |
Shares Granted | 21.46 |
Shares Forfeited | 11.71 |
Shares Exercised | 5.46 |
Options Outstanding, ending balance | $ 6.71 |
Employee and Consultant Equit39
Employee and Consultant Equity-Based Compensation - Black-Scholes Assumptions for Option Granted (Details) | 3 Months Ended | |
Sep. 30, 2015USD ($)yr$ / shares | Sep. 30, 2014USD ($)yr$ / shares | |
Employee And Consultant Equity-based Compensation - Black-scholes Assumptions For Option Granted Details | ||
Expected term (in years) | yr | 6.37 | 6.46 |
Volatility | 91.00% | 94.00% |
Expected dividends | $ | ||
Risk-free interest rates | 1.79% | 2.11% |
Weighted average fair value | $ 15.94 | $ 13.92 |
Employee and Consultant Equit40
Employee and Consultant Equity-Based Compensation - Stock Option Supplemental Information (Details) $ / shares in Units, $ in Thousands | Sep. 30, 2015USD ($)yr$ / sharesshares |
Options Outstanding | |
Number of options | shares | 6,064,671 |
Weighted average remaining contractual term (in years) | yr | 7.36 |
Weighted average exercise price | $ 6.71 |
Weighted average fair value | $ 5.25 |
Aggregate intrinsic value (in thousands) | $ | $ 49,844 |
Options Exercisable | |
Number of options | shares | 3,411,338 |
Weighted average remaining contractual term (in years) | yr | 6.96 |
Weighted average exercise price | $ 4.21 |
Weighted average fair value | $ 3.14 |
Aggregate intrinsic value (in thousands) | $ | $ 39,820 |
Options Vested and Expected to Vest | |
Number of options | shares | 5,983,442 |
Weighted average remaining contractual term (in years) | yr | 7.35 |
Weighted average exercise price | $ 6.60 |
Weighted average fair value | $ 5.16 |
Aggregate intrinsic value (in thousands) | $ | $ 50,048 |
Employee and Consultant Equit41
Employee and Consultant Equity-Based Compensation - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee And Consultant Equity-based Compensation - Equity-based Compensation Expense Details | ||||
Research and development | $ 425 | $ 1,113 | $ 1,860 | $ 3,225 |
Sales, general and administrative | 1,385 | 1,290 | 4,135 | 4,109 |
Total stock-based compensation expense | $ 1,810 | $ 2,403 | $ 5,995 | $ 7,334 |
Employee and Consultant Equit42
Employee and Consultant Equity-Based Compensation - Restricted Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Number of Shares | |
Restricted Stock Outstanding, beginning balance | shares | |
Shares Granted | shares | 40,250 |
Shares Forfeited | shares | |
Shares Vested/released | shares | |
Restricted Stocks Outstanding, ending balance | shares | 40,250 |
Weighted Average Grant Date Fair Value Per Share | |
Restricted Stocks Outstanding, beginning balance | |
Shares Granted | $ 20.91 |
Shares Forfeited | |
Shares Vested/released | |
Restricted Stocks Outstanding, ending balance | $ 20.91 |
Employee and Consultant Equit43
Employee and Consultant Equity-Based Compensation - (Details Narrative) $ in Thousands | Sep. 30, 2015USD ($) |
Employee And Consultant Equity-based Compensation - Details Narrative | |
Unrecognized share-based compensation costs | $ 11,200 |
Unrecognized equity-based compensation related to unvested stock options | $ 787 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes Details Narrative | ||
Research and development refund | $ 647 | $ 527 |
Commitments, Contingencies an45
Commitments, Contingencies and Legal Matters - Operating Lease Obligations (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments Contingencies And Legal Matters - Operating Lease Obligations Details | |
Year Ending December 31 remaining in 2015 | $ 186 |
Year Ending December 31, 2016 | 931 |
Year Ending December 31, 2017 | $ 114 |
Year Ending December 31, 2018 | |
Year Ending December 31, 2019 | |
Thereafter | |
Total operating lease obligations | $ 1,231 |
Commitments, Contingencies an46
Commitments, Contingencies and Legal Matters - Capital Lease Obligations (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments Contingencies And Legal Matters - Capital Lease Obligations Details | |
Year Ending December 31 remaining 2015 | $ 38 |
Year Ending December 31, 2016 | $ 13 |
Year Ending December 31, 2017 | |
Year Ending December 31, 2018 | |
Year Ending December 31, 2019 | |
Total minimum lease payments | $ 51 |
Less amount representing interest | (1) |
Present value minimum lease payments | $ 50 |
Commitments, Contingencies an47
Commitments, Contingencies and Legal Matters - Operating and Capital Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Commitments Contingencies And Legal Matters - Operating And Capital Leases Details Narrative | ||||
Rent expense for Tucson facility | $ 208 | $ 85 | $ 490 | $ 198 |