Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Jul. 17, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | DELCATH SYSTEMS, INC. | |
Entity Central Index Key | 0000872912 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Address, State or Province | New York | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 18,277,807 | |
Document Fiscal Year Focus | 2019 | |
Trading Symbol | DCTH | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Current assets | |||
Cash and cash equivalents | $ 264 | $ 2,516 | |
Restricted cash | 1,062 | 1,062 | |
Accounts receivables, net | 62 | 585 | |
Inventories | 775 | 858 | |
Prepaid expenses and other current assets | 1,003 | 898 | |
Total current assets | 3,166 | 5,919 | |
Property, plant and equipment, net | 861 | 925 | |
Right-of-use assets | 2,137 | ||
Total assets | 6,164 | 6,844 | |
Current liabilities | |||
Accounts payable | 10,268 | 7,715 | |
Accrued expenses | 8,360 | 7,964 | |
Notes payable, net of debt discount | 5,390 | ||
Convertible notes payable, net of debt discount | 367 | 2,038 | |
Lease liabilities, current portion | 1,024 | ||
Warrant liability | 26 | 33 | |
Total current liabilities | 25,435 | 17,750 | |
Deferred revenue | 3,223 | 3,405 | |
Lease liabilities, long-term portion | 1,117 | ||
Other non-current liabilities | 166 | 628 | |
Total liabilities | 29,941 | 21,783 | |
Commitments and Contingencies | |||
Stockholders' deficit | |||
Preferred stock, $.01 par value; 10,000,000 shares authorized; no shares and 101 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 0 | 0 | |
Common stock, $.01 par value; 1,000,000,000 shares authorized; 14,434,454 and 10,299,954 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively* | [1] | 144 | 103 |
Additional paid-in capital | 327,969 | 328,962 | |
Accumulated deficit | (351,947) | (344,054) | |
Accumulated other comprehensive income | 57 | 50 | |
Total stockholders' deficit | (23,777) | (14,939) | |
Total liabilities and stockholders' deficit | $ 6,164 | $ 6,844 | |
[1] | reflects a one-for-five hundred (1:500) reverse stock split effected on May 2, 2018. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 101 |
Preferred stock, shares outstanding (in shares) | 0 | 101 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 14,434,454 | 10,299,954 |
Common stock, shares outstanding (in shares) | 14,434,454 | 10,299,954 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cost of goods sold | $ (96) | $ (147) | |
Gross profit | 174 | 555 | |
Operating expenses: | |||
Selling, general and administrative | 2,549 | 2,366 | |
Research and development | 3,298 | 5,692 | |
Total operating expenses | 5,847 | 8,058 | |
Operating loss | (5,673) | (7,503) | |
Change in fair value of the warrant liability, net | 7 | 14,697 | |
Interest expense | (2,229) | (2) | |
Other income (expense) | 2 | (5) | |
Net (loss) income | (7,893) | 7,187 | |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | 57 | (34) | |
Comprehensive (loss) income | $ (7,836) | $ 7,153 | |
Common share data: | |||
Basic (loss) income per common share | [1] | $ (0.11) | $ 10.91 |
Diluted (loss) income per common share | [1] | $ (0.11) | $ 10.91 |
Weighted average number of basic shares outstanding | [1] | 73,558,713 | 658,893 |
Weighted average number of diluted shares outstanding | [1] | 73,558,713 | 658,893 |
Product Revenue [Member] | |||
Revenue | $ 90 | $ 702 | |
Other Revenue [Member] | |||
Revenue | $ 180 | ||
[1] | reflects a one-for-five hundred (1:500) reverse stock split effected on May 2, 2018. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) | May 02, 2018 |
Income Statement [Abstract] | |
Reverse stock split | 1:500 |
Reverse stock split ratio | 0.002 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Total | Series D Preferred Stock [Member] | Common Stock Issued [Member] | Common Stock Issued [Member]Series D Warrants [Member] | Preferred Stock Issued [Member] | Preferred Stock Issued [Member]Series D Preferred Stock [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Series D Warrants [Member] | Additional Paid in Capital [Member]Series D Preferred Stock [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2017 | $ 678 | $ 2 | $ 325,517 | $ (324,832) | $ (51) | $ 42 | ||||||
Balance (in shares) at Dec. 31, 2017 | 228,140 | (1) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Compensation expense for issuance of stock options | 7 | 7 | ||||||||||
Compensation expense for issuance of restricted stock | 14 | 14 | ||||||||||
Sale of common stock, net of expenses | 4,252 | $ 7 | 4,245 | |||||||||
Sale of common stock, net of expenses (in shares) | 668,855 | |||||||||||
Fair value of warrants issued | (18,306) | (18,306) | ||||||||||
Net (loss) income | 7,187 | 7,187 | ||||||||||
Total comprehensive loss | (34) | (34) | ||||||||||
Balance at Mar. 31, 2018 | (6,202) | $ 9 | 311,477 | (317,645) | $ (51) | 8 | ||||||
Balance (in shares) at Mar. 31, 2018 | 896,995 | (1) | ||||||||||
Balance at Dec. 31, 2018 | (14,939) | $ 103 | 328,962 | (344,054) | 50 | |||||||
Balance (in shares) at Dec. 31, 2018 | 10,299,954 | 101 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Compensation expense for issuance of stock options | 54 | 54 | ||||||||||
Compensation expense for issuance of restricted stock | 4 | 4 | ||||||||||
Compensation expense for issuance of restricted stock (in shares) | 15,000 | |||||||||||
Issuance of Series D Preferred Stock | $ 150 | $ 150 | ||||||||||
Issuance of Series D Preferred Stock (in shares) | 15 | |||||||||||
Retirement of Series D Preferred Stock | $ (1,160) | $ (1,160) | ||||||||||
Retirement of Series D Preferred Stock (in Shares) | (116) | |||||||||||
Exercise of Pre-Funded Series D Warrants | $ 41 | $ (41) | ||||||||||
Exercise of pre-funded Series D Warrants (in shares) | 4,119,500 | |||||||||||
Net (loss) income | (7,893) | (7,893) | ||||||||||
Total comprehensive loss | 7 | 7 | ||||||||||
Balance at Mar. 31, 2019 | $ (23,777) | $ 144 | $ 327,969 | $ (351,947) | $ 57 | |||||||
Balance (in shares) at Mar. 31, 2019 | 14,434,454 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (7,893) | $ 7,187 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock option compensation expense | 54 | 7 |
Restricted stock compensation expense | 4 | 14 |
Depreciation expense | 65 | 120 |
Warrant liability fair value adjustment | (7) | (14,697) |
Non-cash interest income | 0 | (4) |
Interest expense accrued related to convertible notes | 51 | 0 |
Debt discount amortization | 2,160 | 0 |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | (108) | 152 |
Accounts receivable | 523 | (24) |
Inventories | 61 | 24 |
Accounts payable and accrued expenses | 2,902 | 828 |
Deferred revenue | (120) | 0 |
Other non-current liabilities | (462) | (50) |
Net cash used in operating activities | (2,770) | (6,443) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (2) | (6) |
Net cash used in investing activities | (2) | (6) |
Cash flows from financing activities: | ||
Net proceeds from the issuance of debt | 400 | 0 |
Net proceeds from sale of common stock and warrants | 0 | 4,253 |
Net cash provided by financing activities | 550 | 4,253 |
Foreign currency effects on cash, cash equivalents and restricted cash | (30) | (12) |
Net decrease in cash, cash equivalents and restricted cash | (2,252) | (2,208) |
Cash, cash equivalents and restricted cash: | ||
Beginning of period | 3,578 | 5,324 |
End of period | 1,326 | 3,116 |
Supplemental non-cash financing activities: | ||
Fair value of warrants issued | 0 | 18,306 |
Series D Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from sale of Series D Preferred Stock | $ 150 | $ 0 |
General
General | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General | (1) General The unaudited interim condensed consolidated financial statements of Delcath Systems, Inc. (“Delcath” or the “Company”) as of and for the three months ended March 31, 2019 and 2018 should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“Annual Report”), which has been filed with the Securities Exchange Commission (“SEC”) on June 14, 2019 and can also be found on the Company’s website (www.delcath.com). In these notes the terms “us”, “we” or “our” refer to Delcath and its consolidated subsidiaries. Description of Business Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. Our investigational product—Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (“Melphalan/HDS”) —is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. In Europe, our system is commercially available under the trade name Delcath Hepatic CHEMOSAT ® Our primary research focus is on ocular melanoma liver metastases (“mOM”) and intrahepatic cholangiocarcinoma (“ICC”), a type of primary liver cancer, and certain other cancers that are metastatic to the liver. We believe the disease states we are investigating represent a multi-billion dollar global market opportunity and a clear unmet medical need. Our clinical development program (“CDP”) for Melphalan/HDS is comprised of The FOCUS Clinical Trial for Patients with Hepatic Dominant Ocular Melanoma (the “FOCUS Trial”), a global registration clinical trial that is investigating objective response rate in mOM, and the ALIGN Trial, a global Phase 3 clinical trial for ICC (the “ALIGN Trial”). Our CDP also includes a registry for CHEMOSAT commercial cases performed in Europe and sponsorship of select investigator-initiated trials (“IITs”). Liquidity and Operating Matters The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses since inception and expects to continue incurring losses for the next several years. These losses, among other factors raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s existence is dependent upon management’s ability to obtain additional funding sources or to enter into strategic alliances. There can be no assurance that the Company’s efforts will result in the resolution of the Company’s liquidity needs. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern. Basis of Presentation These interim condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with generally accepted accounting principles in the United States of America (GAAP) and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. They include the accounts of all entities controlled by Delcath and all significant inter-company accounts and transactions have been eliminated in consolidation. The preparation of interim financial statements requires management to make assumptions and estimates that impact the amounts reported. These interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the interim periods ended three months ended March 31, 2019 and 2018; however, certain information and footnote disclosures normally included in our Annual Report have been condensed or omitted as permitted by GAAP. It is important to note that the Company’s results of operations and cash flows for interim periods are not necessarily indicative of the results of operations and cash flows to be expected for a full fiscal year or any interim period. Significant Accounting Policies A description of our significant accounting policies has been provided in Note 3 Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) effective January 1, 2019, electing the practical expedients and applying the transition provisions as of the effective date. Reporting periods beginning on or after January 1, 2019 are presented under Topic 842, while prior period amounts, as reported under previous GAAP, were not adjusted. The adoption of Topic 842 on January 1, 2019 did not have a significant impact on the Company’s consolidated results of operations or cash flows. |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash | (2) Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Restricted Cash Cash, cash equivalents, and r estricted cash balances were as follows: March 31, December 31, (in thousands) 2019 2018 Cash and cash equivalents $ 264 $ 2,516 Letters of credit 1,012 1,012 Security for credit cards 50 50 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 1,326 $ 3,578 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | ( 3 ) Inventories Inventories consist of the following: March 31, December 31, (in thousands) 2019 2018 Raw materials $ 341 $ 358 Work-in-process 434 500 Total inventories $ 775 $ 858 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepaid Expenses And Other Current Assets | ( 4 ) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: March 31, December 31, (in thousands) 2019 2018 Income tax and VAT receivable 566 579 Insurance premiums 192 140 Security deposit 50 51 Financing costs 64 — Other 1 131 128 Total prepaid expenses and other current assets $ 1,003 $ 898 1 Other consists of various prepaid expenses and other current assets, with no individual item accounting for more than 5% of prepaid expenses and other current assets at March 31, 2019 and December 31, 2018. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant, and Equipment | (5 ) Property, Plant, and Equipment Property, plant, and equipment consist of the following: March 31, December 31, Estimated (in thousands) 2019 2018 Useful Life Buildings and land $ 589 $ 589 30 years - Buildings Enterprise hardware and software 1,741 1,742 3 years Leaseholds 1,696 1,701 Lesser of lease term or estimated useful life Equipment 1,002 1,002 7 years Furniture 198 198 5 years Property, plant and equipment, gross 5,226 5,232 Accumulated depreciation (4,365 ) (4,307 ) Property, plant and equipment, net $ 861 $ 925 Depreciation expense for the three months ended March 31, 2019 was approximately $0.1 million as compared to approximately $0.1 million, for the same period in 2018. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | (6 ) Accrued Expenses Accrued expenses consist of the following: March 31, December 31, (in thousands) 2019 2018 Compensation, excluding taxes $ 3,122 $ 1,785 Clinical trial expenses 4,151 4,530 Other 1 1,087 1,649 Total accrued expenses $ 8,360 $ 7,964 1 Other consists of various accrued expenses, with no individual item accounting for more than 5% of current liabilities at March 31, 2019 and December 31, 2018. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | (7) Leases The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non-cancellable operating and financing leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. The following table summarizes the Company’s operating and financing leases as of and for the three months ended March 31, 2019: (in thousands) U.S. Ireland Total Lease cost Operating lease cost $ 242 $ 56 $ 298 Financing lease cost 8 — 8 Sublease income (107 ) (47 ) (154 ) Total $ 143 $ 9 152 Other information Operating cash flows out from operating leases (262 ) (56 ) (318 ) Operating cash flows in from operating leases 107 47 154 Operating cash flows from financing leases (12 ) — (12 ) Right-of-use assets exchanged for new operating lease liabilities 874 — 874 Weighted average remaining lease term 1.9 2.4 Weighted average discount rate - operating leases 8 % 8 % Maturities of the Company’s operating leases, excluding short-term leases, are as follows: (in thousands) U.S. Ireland Total Nine months ended December 31, 2019 $ 710 $ 168 $ 878 Year ended December 31, 2020 936 225 1,161 Year ended December 31, 2021 190 131 321 Total 1,836 524 2,360 Less present value discount (172 ) (47 ) (219 ) Operating lease liabilities included in the condensed consolidated balance sheets at March 31, 2019 $ 1,664 $ 477 $ 2,141 |
Outstanding Debt
Outstanding Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | ( 8 ) Outstanding Debt On June 4, 2018, July 21, 2018, August 29, 2018, and September 21, 2018, the Company issued 8% senior secured convertible notes (collectively, “the Notes”) to investors with aggregate principal amount of $9.4 million and maturity dates between December 2018 and March 2021. T he Notes are secured pursuant to a Security Agreement which creates a first priority security interest in all of the personal property (other than Excluded Collateral (as defined in the Security Agreement) of the Company of every kind and description, tangible or intangible, whether currently owned and existing or created or acquired in the future. In April 2019, the Company received notices of default from the investors in the Notes. Amendment to June 2018, July 2018 and August 2018 Notes In March 2019, the Company amended the June 2018, July 2018 and August 2018 Notes to make them non-convertible. There was no impact to the financial statements. Issuance of March 2019 Notes In March 2019, the Company exchanged all of its Series D Preferred Stock (with a stated value of $1,160,000) and received $400,000 in proceeds and issued a senior secured promissory note with a principal amount of $1,560,000. The note is due on April 1, 2020, bears interest at 8% per annum and is nonconvertible. The principal was recognized in notes payable on the Condensed Consolidated Balance Sheet. The following tables provide a summary of the Notes by their maturity dates (absent provisions of default) at March 31, 2019 and December 31, 2018: (in millions) Interest rate Conversion price Principal Unamortized Discount Carrying value Short term convertible notes payable March 21, 2019 8.0% $ 1.75 $ 0.4 $ (0.1 ) $ 0.3 March 21, 2020 8.0% $ 1.75 0.1 — 0.1 0.5 (0.1 ) 0.4 Short term notes payable December 4, 2018 8.0% — 1.7 — 1.7 March 1, 2019 8.0% — 0.6 — 0.6 December 4, 2019 8.0% — 0.9 (0.2 ) 0.7 March 1, 2020 8.0% — 0.8 — 0.8 April 1, 2020 8.0% — 1.6 — 1.6 5.6 (0.2 ) 5.4 Balance at March 31, 2019 $ 6.1 $ (0.3 ) $ 5.8 (in millions) Interest rate Conversion price Principal Unamortized Discount Carrying value December 4, 2018 8.0% $ 1.75 $ 1.7 $ — $ 1.7 March 1, 2019 8.0% $ 1.75 0.6 (0.5 ) 0.1 March 21, 2019 8.0% $ 1.75 0.4 (0.2 ) 0.2 December 4, 2019 8.0% $ 1.75 0.9 (0.9 ) — March 1, 2020 8.0% $ 1.75 0.8 (0.8 ) — March 21, 2020 8.0% $ 1.75 0.1 (0.1 ) — Balance at December 31, 2018 $ 4.5 $ (2.5 ) $ 2.0 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | ( 9 ) Stockholders’ Equity Preferred Stock Issuances Series D Preferred Stock On November 5, 2018, the Company’s Board authorized the establishment of a new series of preferred stock designated as Series D Preferred Stock, $0.01 par value, the terms of which are set forth in the certificate of designations for such series of Preferred Stock which was filed with the State of Delaware on November 5, 2018. On March 29, 2019, the Company exchanged all of its Series D Preferred Stock (with a stated value of $1,160,000) and received $400,000 in proceeds and issued a senior secured promissory note to an investor with a principal amount of $1,560,000. Common Stock Issuances During the three months ended March 31, 2019 the Company issued 4.1 million shares pursuant to the exercise of Pre-Funded Series D Warrants. Share-Based Compensation The Company’s 2019 Equity Incentive Plan (the “Plan”) allows for grants in the form of incentive stock options, nonqualified stock options, stock units, stock awards, stock appreciation rights, and other stock-based awards. All of the Company’s officers, directors, employees, consultants and advisors are eligible to receive grants under the Plan. The maximum number of shares authorized for issuance under the Plan is 1,500,000. Options to purchase shares of common stock are granted at exercise prices not less than 100% of fair value on the dates of grant. As of March 31, 2019, the Plan had approximately 333,333 shares available for grant. The following is a summary of stock option activity under the Plan for the three months ended March 31, 2019: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2018 — Granted 1,250,000 0.28 Exercised — Cancelled/Forfeited (83,333 ) 0.28 Outstanding at March 31, 2019 1,166,667 $ 0.28 9.08 $ — Exercisable at March 31, 2019 112,498 $ 0.28 8.43 $ — The following weighted average assumptions were used to compute the fair value of stock options granted during the three months ended March 31, 2019: Three months ended March 31, 2019 Dividend yield N/A Expected volatility 147.6 % Weighted average risk-free interest rate 2.6 % Weighted average expected life (in years) 5.5 Weighted average grant date fair value $ 0.259 For the three months ended March 31, 2019, the Company recognized compensation expense of approximately $54,000 relating to stock options granted to employees. For the same period in 2018, the Company recognized compensation expense of approximately $7,000. For the three months ended March 31, 2019 the Company recognized compensation expense of approximately $4,000 relating to restricted stock granted to consultants. For the same period in 2018, the Company recognized compensation expense of approximately $14,000 related to restricted stock granted to employees. Warrants The following is a summary of warrant activity for the three months ended March 31, 2019: Warrants Exercise Share Weighted Exercise Price Weighted Average Remaining (Years) Outstanding at December 31, 2018 65,685,269 $0.01 - $10.00 $ 0.22 5.75 Exercised (4,119,500 ) 0.01 Expired — — Outstanding at March 31, 2019 61,565,769 $0.01 - $10.00 $ 0.23 5.49 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | ( 10 ) Fair Value Measurements The table below presents the activity within Level 3 of the fair value hierarchy for the three months ended March 31, 2019: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Warrant Liability Balance at December 31, 2018 $ 33 Total change in the liability included in earnings (7 ) Balance at March 31, 2019 $ 26 Management expects that the Warrants will either be exercised or expire worthless. The fair value of the Warrants at March 31, 2019 and December 31, 2018 was determined by using option pricing models with the following assumptions: March 31, December 31, 2019 2018 Expected life (in years) 4.75 1.13 - 5.11 Expected volatility 146.4% 145.7% - 265.3% Risk-free interest rates 2.2% 2.5% - 2.6% The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall in accordance with ASC 820. Assets and Liabilities Measured at Fair Value on a Recurring Basis (in thousands) Level 1 Level 2 Level 3 Total March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Liabilities Derivative instrument liabilities $ — $ — $ — $ — $ 26 $ 33 $ 26 $ 33 For the periods ended March 31, 2019 and December 31, 2018, there were no transfers in or out of Level 1, 2 or 3 inputs. |
Net Loss per Common Share
Net Loss per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | (1 1 ) Net Loss per Common Share Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period, without consideration of potentially dilutive securities except for those shares that are issuable for little or no cash consideration. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options and warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal. However, in certain periods in which the exercise price of the warrants was less than the last reported sales price of Delcath’s common stock on the final trading day of the period and there is a gain recorded pursuant to the change in fair value of the warrant derivative liability, the impact of gains related to the mark-to-market adjustment of the warrants outstanding at the end of the period is reversed and the treasury stock method is used to determine diluted earnings per share. March 31, (in thousands, except share data) 2019 2018 Net loss - basic $ (7,893 ) $ 7,187 Adjustment for gain on warrant income — (14,697 ) Net loss - diluted $ (7,893 ) $ (7,510 ) Weighted average shares outstanding - basic* 73,558,713 658,893 Weighted average shares outstanding - diluted* 73,558,713 658,893 Net loss per share - basic* $ (0.11 ) $ 10.91 Net loss per share - diluted* $ (0.11 ) $ 10.91 * The following potentially dilutive securities were excluded from the computation of earnings per share as of March 31, 2019 and 2018 because their effects would be anti-dilutive: March 31, 2019 2018 Common stock warrants - equity 4,202,909 — Common stock warrants - liability 189,029 1,014,041 Stock options 1,166,667 — Assumed conversion of convertible notes 268,558 — Total 5,827,163 1,014,041 |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Taxes | (1 2 ) Taxes As discussed in Note 14 Income Taxes The Company is subject to income tax in the U.S., as well as various state and international jurisdictions. The federal and state tax authorities can generally reduce a net operating loss (but not create taxable income) for a period outside the statute of limitations in order to determine the correct amount of net operating loss which may be allowed as a deduction against income for a period within the statute of limitations. Additional information regarding the statutes of limitations can be found in Note 14 Income Taxes |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (1 3 ) Commitment and Contingencies As previously reported, on March 26, 2019, the Company commenced an action (the “Action”) in the Commercial Division of the Supreme Court for the State of New York, County of New York, styled as Delcath Systems, Inc., v. Iroquois Capital Investment Group LLC, Iroquois Master Fund Ltd., L1 Capital Global Opportunities Master Fund and First Fire Global Opportunities Fund LLC (Index No. 651749/2019). The Action seeks expedited equitable relief in the form of reformation and a declaratory judgement to remedy a scrivener’s error in the Series D Warrants issued in the Company’s February 2018 public offering such that those warrants do not contain a price and quantity ratchet upon a sale of Company securities at a price lower than the offering price in the February 2018 offering. The defendant, L1 Capital Global Opportunities Master Fund, settled with the Company by exchanging its Series D Warrants for Company common stock on a one-for-one basis, which is the same ratio for which other investors in the February 2018 round exchanged their Series D Warrants in December 2018. The Company and the remaining defendants in the Action, Iroquois Capital Investment Group LLC, Iroquois Master Fund Ltd. and First Fire Global Opportunities Fund LLC, entered into a settlement agreement on April 18, 2019 pursuant to which such defendants surrendered the Series D Warrants and waived all rights granted to them by or in connection with the Series D Warrants and all rights afforded to them to participate in the Company’s future common stock offerings. In consideration therefor, pursuant to the settlement agreement, (i) the Company paid one-fifth of the reasonable fees and expenses of defendants’ counsel incurred in connection with the Action and negotiation of the settlement agreement, the total of which shall not exceed $50,000 (the “Settlement Fees”) and (ii) subject to the Company securing and closing certain contemplated financing, the Company agreed to pay to the defendants $400,000 and the remaining Settlement Fees. On July 17, 2019, the Company paid the amount of $440,000 to the defendants pursuant to the settlement agreement from the net proceeds received by the Company in a closing of a private placement transaction discussed in Note 14 below. On May 9, 2018, the Company received a Demand Letter from a vendor for an outstanding balance owed at that time of $2.1 million. The Company has worked with the vendor since that time to establish a payment plan for the balance owed. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (1 4 ) Subsequent Events Debt Issuances On April 19, 2019, April 26, 2019, May 9, 2019 and May 23, 2019, the Company borrowed an aggregate $3.3 million from two institutional investors and issued promissory notes to the investors. The promissory notes have an aggregate principal amount of $3.3 million, bear interest at the rate of 8% per annum and are due six months from the issuance of each note. The promissory notes are nonconvertible. The notes contain standard events of default and remedies therefor. The Company’s obligations under the promissory notes to the institutional investor are secured by a lien on the Company’s assets. On June 6, 2019, the Company entered into an agreement with two institutional investors, pursuant to which the investors agreed to transfer and surrender to the Company for cancellation of 3.9 million Series D Warrants and 53.4 million Pre-Funded Series D Warrants. Under the terms of the Purchase Agreement, the investors agreed to defer the payment of the purchase price for the Series D Warrants and Pre-Funded Series D Warrants and, accordingly, the Company agreed to sell and issue to the investors 8% Senior Secured Promissory Notes in an aggregate principal amount of $2 million in full payment and satisfaction of the purchase price for the Series D Warrants and Pre-Funded Series D Warrants. Equity Financing On July 11, 2019, the Company and certain accredited investors (each an “Investor” and, collectively, the “Investors”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) pursuant to which the Company expects to sell and issue to the Investors an aggregate of 20,000 shares of Series E Convertible Preferred Stock, par value $0.01 per share, $ million Warrant exercises 3.8 million Pre-Funded Series D Warrants have been exercised. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Liquidity and Operating Matters | Liquidity and Operating Matters The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses since inception and expects to continue incurring losses for the next several years. These losses, among other factors raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s existence is dependent upon management’s ability to obtain additional funding sources or to enter into strategic alliances. There can be no assurance that the Company’s efforts will result in the resolution of the Company’s liquidity needs. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern. |
Basis of Presentation | Basis of Presentation These interim condensed consolidated financial statements are unaudited and were prepared by the Company in accordance with generally accepted accounting principles in the United States of America (GAAP) and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. They include the accounts of all entities controlled by Delcath and all significant inter-company accounts and transactions have been eliminated in consolidation. The preparation of interim financial statements requires management to make assumptions and estimates that impact the amounts reported. These interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the interim periods ended three months ended March 31, 2019 and 2018; however, certain information and footnote disclosures normally included in our Annual Report have been condensed or omitted as permitted by GAAP. It is important to note that the Company’s results of operations and cash flows for interim periods are not necessarily indicative of the results of operations and cash flows to be expected for a full fiscal year or any interim period. |
Recently Adopted and Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) effective January 1, 2019, electing the practical expedients and applying the transition provisions as of the effective date. Reporting periods beginning on or after January 1, 2019 are presented under Topic 842, while prior period amounts, as reported under previous GAAP, were not adjusted. The adoption of Topic 842 on January 1, 2019 did not have a significant impact on the Company’s consolidated results of operations or cash flows. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restricted Cash [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash | Cash, cash equivalents, and r estricted cash balances were as follows: March 31, December 31, (in thousands) 2019 2018 Cash and cash equivalents $ 264 $ 2,516 Letters of credit 1,012 1,012 Security for credit cards 50 50 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 1,326 $ 3,578 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following: March 31, December 31, (in thousands) 2019 2018 Raw materials $ 341 $ 358 Work-in-process 434 500 Total inventories $ 775 $ 858 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: March 31, December 31, (in thousands) 2019 2018 Income tax and VAT receivable 566 579 Insurance premiums 192 140 Security deposit 50 51 Financing costs 64 — Other 1 131 128 Total prepaid expenses and other current assets $ 1,003 $ 898 1 Other consists of various prepaid expenses and other current assets, with no individual item accounting for more than 5% of prepaid expenses and other current assets at March 31, 2019 and December 31, 2018. |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Components of property, plant and equipment | Property, plant, and equipment consist of the following: March 31, December 31, Estimated (in thousands) 2019 2018 Useful Life Buildings and land $ 589 $ 589 30 years - Buildings Enterprise hardware and software 1,741 1,742 3 years Leaseholds 1,696 1,701 Lesser of lease term or estimated useful life Equipment 1,002 1,002 7 years Furniture 198 198 5 years Property, plant and equipment, gross 5,226 5,232 Accumulated depreciation (4,365 ) (4,307 ) Property, plant and equipment, net $ 861 $ 925 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consist of the following: March 31, December 31, (in thousands) 2019 2018 Compensation, excluding taxes $ 3,122 $ 1,785 Clinical trial expenses 4,151 4,530 Other 1 1,087 1,649 Total accrued expenses $ 8,360 $ 7,964 1 Other consists of various accrued expenses, with no individual item accounting for more than 5% of current liabilities at March 31, 2019 and December 31, 2018. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary of Operating and Financing Leases | The following table summarizes the Company’s operating and financing leases as of and for the three months ended March 31, 2019: (in thousands) U.S. Ireland Total Lease cost Operating lease cost $ 242 $ 56 $ 298 Financing lease cost 8 — 8 Sublease income (107 ) (47 ) (154 ) Total $ 143 $ 9 152 Other information Operating cash flows out from operating leases (262 ) (56 ) (318 ) Operating cash flows in from operating leases 107 47 154 Operating cash flows from financing leases (12 ) — (12 ) Right-of-use assets exchanged for new operating lease liabilities 874 — 874 Weighted average remaining lease term 1.9 2.4 Weighted average discount rate - operating leases 8 % 8 % |
Schedule of Maturity of Operating Leases Excluding Short-Term Leases | Maturities of the Company’s operating leases, excluding short-term leases, are as follows: (in thousands) U.S. Ireland Total Nine months ended December 31, 2019 $ 710 $ 168 $ 878 Year ended December 31, 2020 936 225 1,161 Year ended December 31, 2021 190 131 321 Total 1,836 524 2,360 Less present value discount (172 ) (47 ) (219 ) Operating lease liabilities included in the condensed consolidated balance sheets at March 31, 2019 $ 1,664 $ 477 $ 2,141 |
Outstanding Debt (Tables)
Outstanding Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of the Notes by Maturity Dates | The following tables provide a summary of the Notes by their maturity dates (absent provisions of default) at March 31, 2019 and December 31, 2018: (in millions) Interest rate Conversion price Principal Unamortized Discount Carrying value Short term convertible notes payable March 21, 2019 8.0% $ 1.75 $ 0.4 $ (0.1 ) $ 0.3 March 21, 2020 8.0% $ 1.75 0.1 — 0.1 0.5 (0.1 ) 0.4 Short term notes payable December 4, 2018 8.0% — 1.7 — 1.7 March 1, 2019 8.0% — 0.6 — 0.6 December 4, 2019 8.0% — 0.9 (0.2 ) 0.7 March 1, 2020 8.0% — 0.8 — 0.8 April 1, 2020 8.0% — 1.6 — 1.6 5.6 (0.2 ) 5.4 Balance at March 31, 2019 $ 6.1 $ (0.3 ) $ 5.8 (in millions) Interest rate Conversion price Principal Unamortized Discount Carrying value December 4, 2018 8.0% $ 1.75 $ 1.7 $ — $ 1.7 March 1, 2019 8.0% $ 1.75 0.6 (0.5 ) 0.1 March 21, 2019 8.0% $ 1.75 0.4 (0.2 ) 0.2 December 4, 2019 8.0% $ 1.75 0.9 (0.9 ) — March 1, 2020 8.0% $ 1.75 0.8 (0.8 ) — March 21, 2020 8.0% $ 1.75 0.1 (0.1 ) — Balance at December 31, 2018 $ 4.5 $ (2.5 ) $ 2.0 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Summary of Stock Option Activity | The following is a summary of stock option activity under the Plan for the three months ended March 31, 2019: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at December 31, 2018 — Granted 1,250,000 0.28 Exercised — Cancelled/Forfeited (83,333 ) 0.28 Outstanding at March 31, 2019 1,166,667 $ 0.28 9.08 $ — Exercisable at March 31, 2019 112,498 $ 0.28 8.43 $ — |
Summary of Weighted Average Assumptions Used to Compute Fair Value | The following weighted average assumptions were used to compute the fair value of stock options granted during the three months ended March 31, 2019: Three months ended March 31, 2019 Dividend yield N/A Expected volatility 147.6 % Weighted average risk-free interest rate 2.6 % Weighted average expected life (in years) 5.5 Weighted average grant date fair value $ 0.259 |
Summary of Warrant Activity | The following is a summary of warrant activity for the three months ended March 31, 2019: Warrants Exercise Share Weighted Exercise Price Weighted Average Remaining (Years) Outstanding at December 31, 2018 65,685,269 $0.01 - $10.00 $ 0.22 5.75 Exercised (4,119,500 ) 0.01 Expired — — Outstanding at March 31, 2019 61,565,769 $0.01 - $10.00 $ 0.23 5.49 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements using significant unobservable inputs | The table below presents the activity within Level 3 of the fair value hierarchy for the three months ended March 31, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in thousands) Warrant Liability Balance at December 31, 2018 $ 33 Total change in the liability included in earnings (7 ) Balance at March 31, 2019 $ 26 |
Schedule of fair value of the warrants | The fair value of the Warrants at March 31, 2019 and December 31, 2018 was determined by using option pricing models with the following assumptions: March 31, December 31, 2019 2018 Expected life (in years) 4.75 1.13 - 5.11 Expected volatility 146.4% 145.7% - 265.3% Risk-free interest rates 2.2% 2.5% - 2.6% |
Assets and liabilities measured at fair value on a recurring basis | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2019, aggregated by the level in the fair value hierarchy within which those measurements fall in accordance with ASC 820. Assets and Liabilities Measured at Fair Value on a Recurring Basis (in thousands) Level 1 Level 2 Level 3 Total March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Liabilities Derivative instrument liabilities $ — $ — $ — $ — $ 26 $ 33 $ 26 $ 33 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of net loss and number of shares used to compute basic and diluted earnings per share | Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period, without consideration of potentially dilutive securities except for those shares that are issuable for little or no cash consideration. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as stock options and warrants calculated using the treasury stock method. In periods with reported net operating losses, all common stock options and warrants are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal. However, in certain periods in which the exercise price of the warrants was less than the last reported sales price of Delcath’s common stock on the final trading day of the period and there is a gain recorded pursuant to the change in fair value of the warrant derivative liability, the impact of gains related to the mark-to-market adjustment of the warrants outstanding at the end of the period is reversed and the treasury stock method is used to determine diluted earnings per share. March 31, (in thousands, except share data) 2019 2018 Net loss - basic $ (7,893 ) $ 7,187 Adjustment for gain on warrant income — (14,697 ) Net loss - diluted $ (7,893 ) $ (7,510 ) Weighted average shares outstanding - basic* 73,558,713 658,893 Weighted average shares outstanding - diluted* 73,558,713 658,893 Net loss per share - basic* $ (0.11 ) $ 10.91 Net loss per share - diluted* $ (0.11 ) $ 10.91 * |
Anti-dilutive securities excluded from the computation of earnings per share | The following potentially dilutive securities were excluded from the computation of earnings per share as of March 31, 2019 and 2018 because their effects would be anti-dilutive: March 31, 2019 2018 Common stock warrants - equity 4,202,909 — Common stock warrants - liability 189,029 1,014,041 Stock options 1,166,667 — Assumed conversion of convertible notes 268,558 — Total 5,827,163 1,014,041 |
Restricted Cash - Schedule of C
Restricted Cash - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 264 | $ 2,516 | ||
Letters of credit | 1,012 | 1,012 | ||
Security for credit cards | 50 | 50 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 1,326 | $ 3,578 | $ 3,116 | $ 5,324 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 341 | $ 358 |
Work-in-process | 434 | 500 |
Total inventories | $ 775 | $ 858 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Income tax and VAT receivable | $ 566 | $ 579 |
Insurance premiums | 192 | 140 |
Security deposit | 50 | 51 |
Financing costs | 64 | |
Other | 131 | 128 |
Total prepaid expenses and other current assets | $ 1,003 | $ 898 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets - Additional Information (Details) | Mar. 31, 2019 | Dec. 31, 2018 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Maximum percentage of prepaid expenses and other current assets (in hundredths) | 5.00% | 5.00% |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Components of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 5,226 | $ 5,232 |
Accumulated depreciation | (4,365) | (4,307) |
Property, plant and equipment, net | 861 | 925 |
Buildings and Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 589 | 589 |
Enterprise Hardware and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,741 | 1,742 |
Property, plant and equipment, estimated useful life | 3 years | |
Leaseholds [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,696 | 1,701 |
Property, plant and equipment, estimated useful life | Lesser of lease term or estimated useful life | |
Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,002 | 1,002 |
Property, plant and equipment, estimated useful life | 7 years | |
Furniture [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 198 | $ 198 |
Property, plant and equipment, estimated useful life | 5 years | |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful life | 30 years |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 65 | $ 120 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Compensation, excluding taxes | $ 3,122 | $ 1,785 |
Clinical trial expenses | 4,151 | 4,530 |
Other | 1,087 | 1,649 |
Total accrued expenses | $ 8,360 | $ 7,964 |
Accrued Expenses - Schedule o_2
Accrued Expenses - Schedule of Accrued Expenses (Parenthetical) (Details) | Mar. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Maximum percentage of current liabilities accrued (in hundredths) | 5.00% | 5.00% |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Lease term | 12 months |
Leases - Summary of Operating a
Leases - Summary of Operating and Financing Leases (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lease cost | |
Operating lease cost | $ 298 |
Financing lease cost | 8 |
Sublease income | (154) |
Total | 152 |
Other information | |
Operating cash flows out from operating leases | (318) |
Operating cash flows in from operating leases | 154 |
Operating cash flows from financing leases | (12) |
Right-of-use assets exchanged for new operating lease liabilities | 874 |
U.S. [Member] | |
Lease cost | |
Operating lease cost | 242 |
Financing lease cost | 8 |
Sublease income | (107) |
Total | 143 |
Other information | |
Operating cash flows out from operating leases | (262) |
Operating cash flows in from operating leases | 107 |
Operating cash flows from financing leases | (12) |
Right-of-use assets exchanged for new operating lease liabilities | $ 874 |
Weighted average remaining lease term | 1 year 10 months 24 days |
Weighted average discount rate - operating leases | 8.00% |
Ireland [Member] | |
Lease cost | |
Operating lease cost | $ 56 |
Sublease income | (47) |
Total | 9 |
Other information | |
Operating cash flows out from operating leases | (56) |
Operating cash flows in from operating leases | $ 47 |
Weighted average remaining lease term | 2 years 4 months 24 days |
Weighted average discount rate - operating leases | 8.00% |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Operating Leases Excluding Short-Term Leases (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | |
Nine months ended December 31, 2019 | $ 878 |
Year ended December 31, 2020 | 1,161 |
Year ended December 31, 2021 | 321 |
Total | 2,360 |
Less present value discount | (219) |
Operating lease liabilities included in the condensed consolidated balance sheets at March 31, 2019 | 2,141 |
U.S. [Member] | |
Lessee Lease Description [Line Items] | |
Nine months ended December 31, 2019 | 710 |
Year ended December 31, 2020 | 936 |
Year ended December 31, 2021 | 190 |
Total | 1,836 |
Less present value discount | (172) |
Operating lease liabilities included in the condensed consolidated balance sheets at March 31, 2019 | 1,664 |
Ireland [Member] | |
Lessee Lease Description [Line Items] | |
Nine months ended December 31, 2019 | 168 |
Year ended December 31, 2020 | 225 |
Year ended December 31, 2021 | 131 |
Total | 524 |
Less present value discount | (47) |
Operating lease liabilities included in the condensed consolidated balance sheets at March 31, 2019 | $ 477 |
Outstanding Debt - Additional I
Outstanding Debt - Additional Information (Details) - USD ($) | Mar. 29, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 21, 2018 |
Debt Instrument [Line Items] | ||||
Debt instrument, principal face amount | $ 6,100,000 | $ 4,500,000 | ||
Series D Preferred Shares [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.00% | |||
Preferred stock, stated value | $ 1,160,000 | |||
Proceeds from exchange of preferred stock | 400,000 | |||
Issuance of senior secured promissory note in exchange of preferred stock | $ 1,560,000 | |||
Maturity date | Apr. 1, 2020 | |||
Senior Secured Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.00% | |||
Debt instrument, principal face amount | $ 9,400,000 | |||
Debt instrument maturity start date | Dec. 31, 2018 | |||
Debt instrument maturity end date | Mar. 31, 2021 |
Outstanding Debt - Summary of N
Outstanding Debt - Summary of Notes by Maturity Dates (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Principal | $ 6.1 | $ 4.5 |
Unamortized Discount | (0.3) | (2.5) |
Carrying value | $ 5.8 | $ 2 |
March 21, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 21, 2019 | |
Interest rate | 8.00% | |
Conversion price | $ 1.75 | |
Principal | $ 0.4 | |
Unamortized Discount | (0.2) | |
Carrying value | $ 0.2 | |
March 21, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 21, 2020 | |
Interest rate | 8.00% | |
Conversion price | $ 1.75 | |
Principal | $ 0.1 | |
Unamortized Discount | $ (0.1) | |
December 4, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 4, 2018 | |
Interest rate | 8.00% | |
Conversion price | $ 1.75 | |
Principal | $ 1.7 | |
Carrying value | $ 1.7 | |
March 1, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 1, 2019 | |
Interest rate | 8.00% | |
Conversion price | $ 1.75 | |
Principal | $ 0.6 | |
Unamortized Discount | (0.5) | |
Carrying value | $ 0.1 | |
December 4, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 4, 2019 | |
Interest rate | 8.00% | |
Conversion price | $ 1.75 | |
Principal | $ 0.9 | |
Unamortized Discount | $ (0.9) | |
March 1, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 1, 2020 | |
Interest rate | 8.00% | |
Conversion price | $ 1.75 | |
Principal | $ 0.8 | |
Unamortized Discount | $ (0.8) | |
Short Term Convertible Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 0.5 | |
Unamortized Discount | (0.1) | |
Carrying value | $ 0.4 | |
Short Term Convertible Notes Payable [Member] | March 21, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 21, 2019 | |
Interest rate | 8.00% | |
Conversion price | $ 1.75 | |
Principal | $ 0.4 | |
Unamortized Discount | (0.1) | |
Carrying value | $ 0.3 | |
Short Term Convertible Notes Payable [Member] | March 21, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 21, 2020 | |
Interest rate | 8.00% | |
Conversion price | $ 1.75 | |
Principal | $ 0.1 | |
Carrying value | 0.1 | |
Short Term Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 5.6 | |
Unamortized Discount | (0.2) | |
Carrying value | $ 5.4 | |
Short Term Notes Payable [Member] | December 4, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 4, 2018 | |
Interest rate | 8.00% | |
Principal | $ 1.7 | |
Carrying value | $ 1.7 | |
Short Term Notes Payable [Member] | March 1, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 1, 2019 | |
Interest rate | 8.00% | |
Principal | $ 0.6 | |
Carrying value | $ 0.6 | |
Short Term Notes Payable [Member] | December 4, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 4, 2019 | |
Interest rate | 8.00% | |
Principal | $ 0.9 | |
Unamortized Discount | (0.2) | |
Carrying value | $ 0.7 | |
Short Term Notes Payable [Member] | March 1, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 1, 2020 | |
Interest rate | 8.00% | |
Principal | $ 0.8 | |
Carrying value | $ 0.8 | |
Short Term Notes Payable [Member] | April 1, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 1, 2020 | |
Interest rate | 8.00% | |
Principal | $ 1.6 | |
Carrying value | $ 1.6 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock Issuances - Additional Information (Details) - USD ($) | Mar. 29, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Nov. 05, 2018 |
Stockholders Equity Note [Line Items] | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, stated value | $ 0 | $ 0 | ||
Series D Preferred Shares [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||
Preferred stock, stated value | $ 1,160,000 | |||
Proceeds and issued senior secured promissory note | 400,000 | |||
Issuance of senior secured promissory note in exchange of preferred stock | $ 1,560,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Issuances - Additional Information (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2019shares | |
Pre-Funded Series D Warrants [Member] | |
Stockholders Equity Note [Line Items] | |
Exercise of pre-funded Series D Warrants (in shares) | 4.1 |
Stockholders' Equity - Share-Ba
Stockholders' Equity - Share-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock option compensation expense | $ 54,000 | $ 7,000 |
Restricted stock compensation expense | 4,000 | 14,000 |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock option compensation expense | 54,000 | 7,000 |
Restricted Stock [Member] | Consultants [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restricted stock compensation expense | $ 4,000 | |
Restricted Stock [Member] | Employees [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restricted stock compensation expense | $ 14,000 | |
2019 Equity Incentive Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares available for grant | 333,333 | |
2019 Equity Incentive Plan [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares authorized for issuance | 1,500,000 | |
2019 Equity Incentive Plan [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options, exercise price of common stock granted as percentage of fair value on the date of grant | 100.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Stockholders Equity Note [Abstract] | |
Number of Shares, Granted | shares | 1,250,000 |
Number of Shares, Cancelled/Forfeited | shares | (83,333) |
Number of Shares, Outstanding | shares | 1,166,667 |
Number of Shares, Exercisable | shares | 112,498 |
Weighted Average Exercise Price, Granted | $ / shares | $ 0.28 |
Weighted Average Exercise Price, Cancelled/Forfeited | $ / shares | 0.28 |
Weighted Average Exercise Price, Outstanding | $ / shares | 0.28 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 0.28 |
Weighted Average Remaining Contractual Term (Years), Outstanding | 9 years 29 days |
Weighted Average Remaining Contractual Term (Years), Exercisable | 8 years 5 months 4 days |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Weighted Average Assumptions Used to Compute Fair Value (Details) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2019$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility | 147.60% |
Weighted average risk-free interest rate | 2.60% |
Weighted average expected life (in years) | 5 years 6 months |
Weighted average grant date fair value | $ 0.259 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Warrant Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Warrants outstanding [Roll Forward] | ||
Outstanding, beginning of period (in shares) | 65,685,269 | |
Exercised (in shares) | (4,119,500) | |
Outstanding, end of period (in shares) | 61,565,769 | 65,685,269 |
Warrants, Exercise Price per Share [Roll Forward] | ||
Outstanding, (in dollars per share) | $ 0.23 | $ 0.22 |
Warrants, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding, beginning of period (in dollars per share) | 0.22 | |
Exercised (in dollars per share) | 0.01 | |
Outstanding, end of period (in dollars per share) | $ 0.23 | $ 0.22 |
Weighted average remaining life | 5 years 5 months 26 days | 5 years 9 months |
Minimum [Member] | ||
Warrants, Exercise Price per Share [Roll Forward] | ||
Outstanding, (in dollars per share) | $ 0.01 | $ 0.01 |
Maximum [Member] | ||
Warrants, Exercise Price per Share [Roll Forward] | ||
Outstanding, (in dollars per share) | $ 10 | $ 10 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements Using Significant Unobservable Inputs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Roll Forward] | |
Beginning balance | $ 33 |
Total change in the liability included in earnings | (7) |
Ending balance | $ 26 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Warrants (Details) | Mar. 31, 2019 | Dec. 31, 2018 |
Contractual Term [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants expiration period | 4 years 9 months | |
Expected Volatility [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants measurement input | 1.464 | |
Risk-free Interest Rates [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants measurement input | 0.022 | |
Minimum [Member] | Contractual Term [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants expiration period | 1 year 1 month 17 days | |
Minimum [Member] | Expected Volatility [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants measurement input | 1.457 | |
Minimum [Member] | Risk-free Interest Rates [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants measurement input | 0.025 | |
Maximum [Member] | Contractual Term [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants expiration period | 5 years 1 month 9 days | |
Maximum [Member] | Expected Volatility [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants measurement input | 2.653 | |
Maximum [Member] | Risk-free Interest Rates [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrants measurement input | 0.026 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Derivative Instruments Liabilities [Member] - Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Liabilities [Abstract] | ||
Total Liabilities | $ 26 | $ 33 |
Level 3 [Member] | ||
Liabilities [Abstract] | ||
Total Liabilities | $ 26 | $ 33 |
Net Loss per Common Share - Cal
Net Loss per Common Share - Calculation of Net Loss and Number of Shares Used to Compute Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Earnings Per Share [Abstract] | |||
Net loss - basic | $ (7,893) | $ 7,187 | |
Adjustment for gain on warrant income | (14,697) | ||
Net loss - diluted | $ (7,893) | $ (7,510) | |
Weighted average shares outstanding - basic | [1] | 73,558,713 | 658,893 |
Weighted average shares outstanding - diluted | [1] | 73,558,713 | 658,893 |
Net loss per share - basic | [1] | $ (0.11) | $ 10.91 |
Net loss per share - diluted* | [1] | $ (0.11) | $ 10.91 |
[1] | reflects a one-for-five hundred (1:500) reverse stock split effected on May 2, 2018. |
Net Loss per Common Share - C_2
Net Loss per Common Share - Calculation of Net Loss and Number of Shares Used to Compute Basic and Diluted Earnings per Share (Parenthetical) (Details) | May 02, 2018 |
Earnings Per Share [Abstract] | |
Reverse stock split | 1:500 |
Reverse stock split ratio | 0.002 |
Net Loss per Common Share - Ant
Net Loss per Common Share - Anti-Dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,827,163 | 1,014,041 |
Common Stock Warrants - Equity [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,202,909 | |
Common Stock Warrants - Liability [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 189,029 | 1,014,041 |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,166,667 | |
Assumed Conversion of Convertible Notes [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 268,558 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) | Jul. 17, 2019 | Apr. 18, 2019 | May 09, 2018 |
Loss Contingencies [Line Items] | |||
Outstanding balance to vendor | $ 2,100,000 | ||
Subsequent Event [Member] | Settlement Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation settlement agreement date | April 18, 2019 | ||
Litigation settlement, agreed to pay amount to defendants | $ 400,000 | ||
Payments for defendants settlement | $ 440,000 | ||
Subsequent Event [Member] | Settlement Agreement [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Settlement fees | $ 50,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Jul. 11, 2019 | May 23, 2019 | Mar. 31, 2019 | Jun. 06, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||||
Debt instrument, principal face amount | $ 6,100,000 | $ 4,500,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Common stock, par value (in dollars per share) | 0.01 | 0.01 | |||
warrant ,exercise price | $ 0.23 | $ 0.22 | |||
Warrants exercised | 4,119,500 | ||||
Pre-Funded Series D Warrants [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrants exercised | 3,800,000 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Aggregate borrowed amount | $ 3,300,000 | ||||
Debt instrument, principal face amount | $ 3,300,000 | $ 2,000,000 | |||
Interest rate on promissory note | 8.00% | 8.00% | |||
Maturity period | 6 months | ||||
Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Payments to private placement agent | $ 552,000 | ||||
Subsequent Event [Member] | Series E Convertible Preferred Stock [Member] | Private Placement [Member] | Scenario Plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Expected proceeds from private placement, gross | 20,000,000 | ||||
Subsequent Event [Member] | Series E Convertible Preferred Stock [Member] | Private Placement [Member] | Roth Capital Partners, LLC [Member] | Scenario Plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Payments to private placement agent | $ 1,400,000 | ||||
Subsequent Event [Member] | Series E Convertible Preferred Stock [Member] | Private Placement [Member] | Securities Purchase Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of shares issued | 20,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | ||||
Shares issued, price per share | 1,000 | ||||
Subsequent Event [Member] | Series D Warrants [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of warrants available for cancellation | 3,900,000 | ||||
Subsequent Event [Member] | Pre-Funded Series D Warrants [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of warrants available for cancellation | 53,400,000 | ||||
Subsequent Event [Member] | Warrants | |||||
Subsequent Event [Line Items] | |||||
warrant ,exercise price | $ 0.06 | ||||
Warrant exercisible term | 5 years | ||||
Subsequent Event [Member] | Warrants | Securities Purchase Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 |